#002: Pak, Deadmau5 x Mad Dog Jones, and SEEN x Jordans
Welcome to the second edition of NFTDrops. We cover drops across the digital art and collectibles world and give readers the information necessary to stay up to date with the space.
This week we're covering Pak's The Title and upcoming drops from Deadmau5 x Mad Dog Jones and SEEN x Jordans.
Recap of the Past Week
The Title by Pak
Pak continued to experiment with the meaning of art through The Title. In this collection on Nifty Gateway, Pak released nine unique NFTs with different mechanics composed of the same .mp4 file.
The Collection
The Cheap
Open Edition, $499, 192 editions purchased
The Expensive
Open Edition, $10,000, 8 editions purchased
The Unsold
Open Edition, $1,000,000, 0 editions purchased
The Lucky
Limited Edition of 3, $1
The Flipper
Limited Edition of 99, $1
The Blind
Silent Auction of 3, Sold for $10899, $7777, and $6667
The Gift
Limited Edition of 3, Not for sale (gifted)
Copy
Single Edition Timed Auction, Highest bid: $17,888
Paste
Single Edition Timed Auction, Highest bid: $17,777
Our Thoughts
Pak's seventh collection on Nifty Gateway was a turning point for NFTs. Not only did Pak net $236,918 in sales, but he also caught the attention of Sothebys and Elon Musk (supposedly).
Besides experimenting with the value of art, one of the most exciting aspects of this drop was the distribution mechanism behind The Gift. For the first edition of 3, Pak tweeted a cryptic video containing a clue, which turned out to be a QR code if you could piece the frames together successfully. The winner of the first edition was allowed to choose who received the second edition, and the third was gifted to Sotheby's.
Upcoming Drops
Deadmau5 x Mad Dog Jones
Thursday, January 14 @7PM EST
Platform: Nifty Gateway
The Collection
This drop will see a collaboration between electronic music producer Deadmau5 and artist Mad Dog Jones. Based on this preview, it appears that there will be at least four unique NFTs in this collection. Additionally, we believe this collection will contain open editions based on Mad Dog Jones' tweet.
Our Thoughts
While this is Deadmau5's first drop on Nifty Gateway, Mad Dog Jones released a collection in November. In his last drop, Mad Dog released five different NFTs. Two of these were single edition auctions, while the other three were limited editions. Two of the limited editions, Thought as a system and Ideas r the currency, each had 50 copies initially priced at $1.
Thought as a system
Average Resale Price: $321.46
Change from Primary Market: +32046%
Most Recent Sale: #26/50 for $650
Ideas r the currency
Average Resale Price: $350.68
Change from Primary Market: +34968%
Most Recent Sale: #46/50 for $600
We have previously noted that open editions are starting not to see a significant price increase on the secondary market. Despite this, we believe that collectors will seek this drop based on data from Mad Dog Jones' last drop, and since this collection is a collaboration with two prominent figures. Deadmau5 previously released a limited edition series of NFT packs on WAX.io in December. Six thousand packs were sold for a little under $100,000.
SEEN x Jordans
TBD
Platform: Seen.haus
The Collection
seen.haus may be relatively new to the NFT space, but they are making a name for themselves by merging the digital and physical space. Each collection on seen.haus contains an NFT with an accompanying physical product.
While seen.haus has not announced the specific date and time for this drop, we believe that the drop should be coming in the next week or two based off this tweet. We believe that the drop will most likely include a pair of Jordans paired with an NFT, given seen.haus' merger of the physical and digital worlds.
Our Thoughts on The Drop
Even though seen.haus may not be widely known in the NFT space yet, their prior drops have sold for high prices at auction. To The Moon - Lot 1 (1 of 4) sold for 18.76 ETH while Safe Keeping - Lot 2 (1 of 4) sold for 20 ETH. This drop will most likely follow suit.
We also see this as a introduction to the world of NFTs for new collectors given the iconic nature of Jordans. We like that seen.haus combines a physical product with a digital NFT because this helps newcomers better understand the value of the item. While a fresh collector might not completely understand the value proposition behind NFTs, buying a tangible product can help bridge the gap.
NFT News
Metapurse, a crypto-focused fund, announced on Twitter that they purchased all 20 single editions from Beeple's EVERYDAYS - The 2020 Collection on NiftyGateway. Metapurse is financed by pseudonymous NFT Whale Metakovan and operated jointly with Twobadour. Metapurse has previously invested in Polkadot, Filecoin, and Tezos.
Crypto Investment Firm 1confirmation purchased Robbie Barrat's AI Generated Nude Portrait #1, which was the first NFT listed on SuperRare. 1confirmation bought Nude Potrait #1 for for 100 ETH (approximately $112,717). This NFT last sold in January 2020 for 75 ETH, which was only $13,265 at the time.
Matthew Vernon, Head of Design and Co-Founder of Foundation, tweeted his Crypto Thesis for 2021 - Future Nostalgia. Vernon believes that in the future, tokens that are important to Ethereum's history, such as CryptoKitties, will hold a lot of sentimental value. Vernon has been buying up tokens that fit this narrative and that have been overshadowed by more recent ones.
NBA Top Shot #9/49 Legendary LeBron James (Dunk at Lakers v. Kings on November 15, 2019) was purchased for $26,543.
The Citadel of the Sun sold for $800,000 in USDC on OpenSea. This breaks the highest sale record, which was previously held by Beeple's THE COMPLETE MF COLLECTION at $777,777 on Nifty Gateway.