A Simple Coin-Flip NFT Generating Real Dollars For Owners
NOTE: This story first appeared in my Ministry of Alpha NFT newsletter on Substack. I have reprinted it here with minor modifications.
Finally, I’m sensing “animal spirits” again.
For months, crypto has felt like a wasteland of despair. An over-aggressive Federal Reserve fighting an inflation battle over which it has very limited control, combined with a bushy-haired crypto-fraudster involved in a polyamorous Caribbean sex circus will do that to a market.
Alas, the FTX scandal is fading, and the Fed is rapidly approaching an inflection point at which its interest-rate hikes will cease. The market is already telling us that day is near. The U.S. dollar, which had been riding an interest-rate sugar high for most of 2022, has been plunging of late. In last year’s final quarter, the buck suffered its worst quarterly decline in more than a decade.
And recently, we’ve seen Solana pop higher — up more than 120% since late-December lows.
Hard to say with any certainty if that will continue, of course. Solana could very well retest lows because we’re still mired in a morass of economic uncertainty.
But what seems likely is that the crypto market writ large will begin to benefit from structural tailwinds the moment the Federal Reserve officially announces that its rate-hike fever dream is finished.
As such, I am wading back into the NFT space these days, snapping up or adding to specific projects that have A) survived the last year of bloodletting, B) continued building during the downturn, and C) have bright prospects ahead of them.
One such project I’ve been adding to my portfolio of late is:
Degen Fat Cats
This used to be known as Degen Coin Flip (DCF) before the team rejiggered a wildly successful project based on a game-of-chance as simple as they come — the flip of a coin to win or lose Solana.
I missed the original mint and watched in awe as the DCF floor at one point was up more than 850x.
Worse, I missed out on a project that was spitting out a big and sustained stream of weekly income. By the time the team expanded the project last summer…