Just realized I say GM in each edition of Mint or Skip, but (checks notes) not a single soul has ever said it back.

Surely that can't be right? Mic check?

GM

In today’s edition:

• Masterclass on how PFPs gain value

• Updated Mint and Watch Lists

• Four new drops

Links for the Mint/Watch list drops are HERE.

Did you know?

We have a premium pass that gives you access to a directory of every drop we cover, complete with detailed information on how to get on every whitelist (including those underrated ones that aren’t already full).

And for those curatooors out there, you can get free NFTs just by finding drops that end up on the Mint or Watch list.

Lastly, hang with me and the MoS team in a private discord with weekly voice chats. The vibes are great.

Would you like to be featured in Mint or Skip like the above ☝️ ?

Masterclass on how PFPs gain value

This weekend we got ourselves a good old-fashioned brawl.

Not Jake Paul vs Nate Diaz.

Not the riots in NYC.

Not this fight, which got me to watch a baseball clip for the first time since 2003.

Nay, this was a classic Gentleman’s Duel on NFT Twitter.

A Clash of Words, A Verbal Joust, A Philosophical Quarrel – if you will.

The topic? How does an NFT capture upside from growth in the underlying brand?

In other words, how does a collector actually make money when an NFT sells more product?

This all kicked off with the following tweet by NFT commentator Gary Henderson:

Gary’s point is that partnerships like this one between Doodles and Crocs are great for Doodles Inc. and all those venture capitalists that invested tens of millions last year.

But it doesn’t really do anything for collectors. And this is ok, it’s how every other product works, so why should NFTs be any different?

This tweet triggered Luca Netz, who owns the company behind Pudgy Penguins and has been launching his own toy products as of late.

Luca called it a “terrible take”, and then produced a masterclass thread outlining his own Value Thesis for how collectors will benefit hugely from any NFT brand that makes it to the mainstream.

Here’s how he sees things

I highly recommend reading the entire thread since it gives you a behind-the-scenes look at how one of the most prominent operators in the space is approaching things.

But if you can’t, here’s a summary:

1. NFTs are not like most products because they are finite. This means they’re better at capturing value.

2. For NFT value to increase you need DEMAND and HOLDING.

3. Demand comes from brand awareness. Holding (choosing not to sell) comes from emotional attachment.

4. Marketing deals that happen today (like toys, crocs, etc.) won’t lead to immediate conversion but will set the brand up for success during the next “bull market”.

5. The winners will be the brands that have the most “touchpoints” from these deals.

6. Institutional investors are a big part of the space (and why BAYC got so big), and these products also attract those funds.

7. A single fund can dramatically increase floor price. (1 institutional investor > 500 degens).

Our Take

Like always, I think the truth lies somewhere in the middle.

As Luca shows, there’s a very clear attention funnel that can lead to greater demand for onchain collectibles.

I’m sure everyone agrees that some value would trickle to the OG Pudgies if they started to sell millions of toys around the world and became a household name.

On the other hand, Gary is right that there isn’t a direct, guaranteed tie between a PFP and the underlying company or its cash flows.

Part of Luca’s argument relies on the team maintaining support for holders (in his case he talks about using revenue to create experiences that drive fomo).

But you could imagine, for example, a brand like Pudgies going 100% Web2 after its initial crowdfund mint and never mentioning the NFTs again or providing any utility for holders.

This shows why teams matter when it comes to centralized PFPs and why it’s the first thing we look for at Mint or Skip HQ.

BUT HERE’S THE THING. The savviest individual collectors that I know don’t approach NFTs as pure investments anyways.

Anyone who does tends to burn out quickly when they realize most go to zero and there are easier ways to make money.

Instead, these whales are buying because they’re getting something today.

With art, it’s present enjoyment and supporting the artist.

With PFPs, maybe it’s access to experiences or utility.

And with expensive collectibles of any kind, they’re buying status and social cache.

Any ROI beyond that is a bonus, but in general, they view this as a depreciating asset.

For a deeper dive from me on this topic, check this post.

And lastly, for a more comprehensive view on NFT Value, check out Understanding NFT Value, our free guide that we send to anyone who gets at least 1 newsletter referral (more info below).

Class dismissed ✨

NOTE: These drops are lightly curated. Our only requirement is that they have recognizable founders. As usual, DYOR. To learn more go here.

Cre8ors PFP

Cre8ors, a media brand from web3 entertainment studio DEFIENT, will start minting their collection of 8,888 AiPEPs (Artificially Intelligent Protocol-Enabled Pictures) tomorrow as it continues to build a collaborative community for web3 creators. Full mint details in this nice infographic.

These PFPs emphasize the interplay between IP and AI, envisioning a future where token holders are rewarded through AI-generated content created by the token itself (think AI agents). Executing this seems challenging.

But the project is also pushing for content in other forms, like the programmable NFT hooks in these PFPs, which in theory allow for more creative onchain interactions.

SquiggleDAO Membership NFT

Are you a Squiggles maxi? Have you ever wanted to be in a room full of other Squiggle maxis? If so, this one’s for you.

SquiggleDAO, a community initiative started in March 2021 with the sole goal of collecting as many Squiggles as possible (treasury’s got 333 right now), is transitioning its membership from the current ERC20 model using the $SQUIG governance token to an NFT model minting soon.

To mint a membership NFT, you’ll need 1,000 $SQUIG (approx. ~0.4 ETH right now).

Genesis KOR

Pixelynx, an Animoca Brands music company founded by famous electronic musicians Richie Hawtin and deadmau5, is launching its first big product release with the KORUS platform and its accompanying KOR AI music companion.

Details are scarce, but they’re introducing KOR as your personal music producer which (with the free genesis mint) will unlock special features and access to KORUS, a music creation platform that uses AI and blockchain tech to streamline music creation.

Judging from the content posted on social media, I expect a supply of at least 5,000 NFTs.

Untitled Art Project by Han

Han, a crypto artist active since 2020 and perhaps most known for his CryptoCubes series, teased an upcoming art project coming soon, maybe his last one.

It’ll be onchain, and if I can make a prediction, probably feature the sleek minimalism we’ve come to know from his previous work.

This artist also has quite the notable collector base, making this an interesting drop to track.

The Mint List

1. Taproot Wizards. OG Bitcoin meme inscribed as ordinals

2. 10KTF PFP. Drop from a team that includes Yuga and Beeple

3. Project Animus. RTFKT's biggest launch since Clone-X

4. Shadow Hats. Ordinals drop from the creators of Forgotten Runes

5. Genesis SFT Pass. Digital anime collectibles from a notable team

6. LUCI: Chapter 5. Follow-up from artist with esteemed collector base

7. Symbiogenesis. Square Enix's upcoming gaming NFT

8. Quasi Dragons. Innovative drop from an Art Blocks veteran

9. Studies in Color…. Art drop from a pioneer and museum exhibitor

10. Memeland [TBC]. High-value treasure MVPs minting on BTC