More monkey JPEGs? Unfortunately, yes.
Nodemonkes is the latest NFT craze that has become a topic of heated discussion. Here’s the TL;dr:
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A 10K PFP collection that minted out for 0.03 BTC each, now at a 0.28 BTC ($12,000) floor
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Pixel art by 2 anon founders, with no roadmap.
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Lots of Crypto Twitter accounts talking about their NodeMonkes (they distributed 400 honoraries to influencers). Ex-founder of BAYC also bought a NodeMonke.
The public narrative around NodeMonkes is simple:
1. NodeMonkes claims to have provenance as the first 10K PFP collection on Bitcoin, having been inscribed in Feb 2023 at inscriptions #s between 83,522 to 111,319.
2. Bitcoin is lacking a leading 10k PFP collection, similar to Ethereum’s CryptoPunks or Solana’s MadLads. NodeMonke can fill this gap.
3. Wealthy Bitcoiners will buy these up in the future since they’re on Bitcoin, even as they continue to hate on Ethereum NFTs.
Essentially, NodeMonkes has craftily positioned itself as the CryptoPunks of Bitcoin, generating a lot of interest.
Here’s my take:
A collection doesn’t become a “CryptoPunks” of a $800B blockchain one week after launching.
It has to earn this right. What’s going to keep people’s attention on NodeMonkes after this initial hype wears out?
CryptoPunks’ rise to fame was gradual, bolstered by its holders who became influential figures in the crypto community. Similarly, MadLads garnered attention through continuous technological innovation (e.g. Backpack) and community engagement.
I think that the public narrative around NodeMonkes sounds strong at first glance, but there are holes when you think deeper. So yes I’m mid-curving and fading NodeMonkes for now. I think there will be opportunities to buy in lower if you believe that it will eventually be the “CryptoPunks” of Bitcoin.
