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In today’s edition:

• What were they thinking?

• The Top 25

• 4 new drops

Links for the Top 25 drops are HERE.

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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).

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What were they thinking?

Context

Nakamigos announced details for their upcoming drop Nakamigos Cloaks.

Here’s what we know:

• 20,000 supply

• 0.05 ETH public price

• 9/21 mint date

• Free claim for Nakamigos holders (although originally there was a strange head-fake where they had to pay full price)

Our take

Ok, let’s review how we got here.

Nakamigos minted their original collection in March. It had clean pixel art (to some), and a day 1 collab with the anonymous artist Sartoshi, but was otherwise an unremarkable drop.

Then, memetics took over. Holders whipped themselves up in a frenzy coming up with far-fetched theories about the founders. Some people suggested it could be Larva Labs, or maybe Yuga Labs (why not).

Others believed them, and the price went up.

This made Twitter mad, which made the price go up even more.

Ultimately it became one of the most traded collections of the year, with roughly $71 million (!) in volume year-to-date. They’ve likely made millions in royalties from that volume alone.

Meanwhile, the Nakamigos team essentially did nothing other than post screenshots of migos over and over again for the entire year. Seriously, check the feed.

That is the Story of Nakamigos.

It’s not just my recollection as a licensed NFT historian, it’s also in line with what the top Nakamigos whale told me several months ago.

This brings us to Nakamigos Cloaks

The original structure of the mint came with a 0.05 ETH price for everyone, including Nakamigos holders.

This surprised basically everyone and received near-unanimous disapproval on the timeline:

Luckily the social pressure worked. This morning they walked back and announced that Cloaks would actually be free for all Nakamigos holders.

Theoretically, that means the entire collection is now free since there are 20k OG claims. But I imagine some holders will forget or aren’t paying attention, meaning a small public sale is still likely.

So, the mood has gone from disastrous to, perhaps, cautiously optimistic, which is a nice improvement.

But I still have a lingering question: Why? 

Why are they using the same 2021 Yuga model by releasing a random second collection of 20k NFTs, except in a market that’s down 99% vs when that meta was popularized?

The lesson we’ve learned in the past couple of years is that mindless dilution does nothing for a collection, and if anything, kills momentum.

I think everyone was hoping for a bit more here. To me, this whole weird episode ends speculation that the team has anything resembling a long-term plan.

However, I can’t be mad at a free drop, even if it took some detours to get there. Hence we’ve added it to…

✨ The Top 25 ✨

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

Ghost Forest Seedlings by Maya Lin

I first covered this Maya Lin x Pace Gallery drop in our very first New Drops section in April, back when it was called The Secret Life of Trees.

Although the name has changed, it’s still the historied artist’s first generative art project, one that’s based on her 2021 New York installation Ghost Forest.

Collectors can choose from 500 hand-curated pieces by Lin, each accompanied by a separate video time-lapse and signed print. More information here.

✨ Added to Top 25 ✨

Starbucks Odyssey - Vinnie Hager Stamp

Another month, another Starbucks stamp.

This one comes in the form of a free airdrop for those who’ve completed at least two in-app Journeys (aka missions). It’ll feature artist Vinnie Hager, who recently sold over $200k worth of Diary editions.

As usual, it’s only available for US residents.

CP1919: Sweeping Sun White 2023

An iconic 70’s album cover is getting a web3 remake with Pace Gallery's release featuring influential band Joy Division.

This audiovisual project sees artist Peter Saville recreate his artwork for the band’s debut album Unknown Pleasures in an animated 3D style. It’ll sell as an open edition and a separate 1/1 auction.

Joy Division superfans will also be pleased to know that each purchase gets you a free limited edition t-shirt matching your minted artwork (sounds cool, honestly).

Kubikino by Carlina Melis

Accomplished animator and illustrator Carolina Melis debuts on Art Blocks with the 320-supply Kubikino, a collaboration with creative coder Enrico Penzo.

Their 2D animations explore the creation of different “personas” in our lives, using dancing geometrical shapes to form peculiar abstract faces.

One for the existential crisis enjoyooor.