ApeCoin Surprise, Intro to Tatsumeeko, & TreasureDAO

MAR 17, 2022 • 7 Min Read

Joo Kian + 1 other

DISCLOSURE: DELPHI VENTURES HAS INVESTED IN TATSUMEEKO AND LAYERZERO. MEMBERS OF OUR TEAM OWN BAYC AND MAYC, AND MIGHT BE PARTICIPATING IN THE APECOIN AIRDROP. THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.

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Chart of The Day: ApeCoin Launches!

  • The launch of ApeCoin (APE)—an airdrop tied to Bored Ape Yacht Club—was announced yesterday at around 5 pm ET, which led to a spike in floor price for the community’s various NFT collections. BAKC saw an initial spike in floor price, but soon trended down as they were required to be paired with either a BAYC or MAYC to be eligible for APE token claims.
  • The uptrend of floor price continued throughout the day until the claims of APE tokens opened and started trading on multiple prominent exchanges like Coinbase, FTX, and Binance.
  • As APE went live, the floor prices of all three projects started to sell-off as part of their value were priced in APE. For example, each BAYC holder is eligible for 10,094 APE, and at its price of $7.3 (at the time of writing), was equivalent to $73k or ~25ETH. For the NFTs that had their tokens claimed, their intrinsic value will decrease proportionately to the rough amount claimed.
  • BAYC was the most resilient, as prices bounced back and were only down 2% in the day. MAYC and BAKC were affected more, causing them to be down 14% and 30% in the day, respectively.
  • BAYC, MAYC, and BAKC were eligible for 10,094, 2042, and 856 APE tokens. (The 856 figure was only if paired with a BAYC or MAYC.)
  • Those with BAYC or MAYC can claim your APE tokens here.
  • For more on APE, you can visit their website here.

Yuga Labs Acquisition, Solana NFTs, & Tatsumeeko
[Excerpt from our Mar. 16 NFT Insights]

  • Introduction: Tatsumeeko is a P2E RPG metaverse on Solana. The story begins on a peaceful island within the Federation – a partnership between the 5 city-states on the continent of Steyria. The world has a design style that is nostalgic and reminiscent of old-school Japanese RPGs like Suikoden and Secret of Mana with anime characters represented by small pixelated avatars on a grid-like map.
  • Core features of the game include:
    • Free-to-Play
    • Deep personalization options for party members
    • Auto chess-type gameplay: automated, turn-based combat against squads of enemies to earn loot (such as NFTs, in-game tokens)
    • Non-combat, side activities with community/social elements like fishing, customizable housing, and growing pets.
  • One unique feature of Tatsumeeko is that 95% of the game will be playable on Discord, a platform that already houses a large number of gaming enthusiasts and reduces the barrier to entry. Web, iOS and Android apps are also planned for the future.

  • Meekolony NFT: This is the genesis NFT collection for Tatsumeeko, comprising of 10,000 avatars released on 24 Dec 2021 at a mint price of 0.5 SOL (which sold out in 9 minutes). The collection is listed here on Magic Eden. NFT owners will receive airdrops of project tokens ($IGS, $MKLN) and NFT items in the future. Owners will also be able to customize their characters with special cosmetics (based on their NFT’s traits), access exclusive VIP locations, and receive other early member benefits.
  • For more, Delphi members can see our latest NFT Insights here.

A Hint of MAGIC: Hunting for Treasures on Arbitrum

[Excerpt from a Delphi Pro Report]

  • Treasure DAO is a GameFi ecosystem on Arbitrum that’s recently garnered a huge amount of attention. It began as a simple Loot derivative in Sept. 2021. But as the project amassed a large community, Treasure DAO has been able to expand far beyond its initial vision into an entire ecosystem of projects in the short span of a few months. MAGIC, the native token of Treasure DAO, is the glue that ties together the various products in the ecosystem. Currently, it’s the denomination asset (like ETH on Opensea) for all NFTs in the Treasure marketplace.
  • Armed with a sizeable treasury and a $20M + ecosystem fund, Treasure’s vision is to be a decentralized game studio, kind of like a Nintendo for the Metaverse. Blockchain game developers will be able to leverage Treasure DAO’s infrastructure and community to bootstrap game universes much quicker.
  • Treasure DAO comprises five main product lines at various stages of development:
    1. Bridgeworld

    2. Smolverse

    3. Life

    4. Treasure (Marketplace)

    5. Trove (Marketplace)

  • Note: On Mar. 2, the Treasure marketplace was hit by an exploit that resulted in several Genesis Legions & Smol brains being stolen by a malicious hacker. 154 NFTs were affected, but in the end only 4 NFTs could not be recovered – the team has committed to making affected members whole again. The marketplace was paused and re-deployed again on Mar. 12 after code reviews and audits. There is no evidence of any long-term consequences from this incident as things currently stand.
  • Trove is the second marketplace being built by the DAO. Here, the denomination asset will be ETH instead, making it open to all NFT projects including those that don’t want to denominate their collections in MAGIC. It will include different user levels (based on volume traded) that unlock greater personalization and deeper analytics of NFT collections. Stakers on Atlas Mine, the main incentive program, may earn a share of the royalties on the platform, in addition to MAGIC rewards. The estimated launch date for Trove is in Q2 2022. To learn more, you can read the seven-page Trove whitepaper here.
  • In terms of the roadmap, the Product Lead for Life and Bridgeworld added some color for Treasure DAO’s plans in a recent podcast. To sum it up: there is a lot in the pipeline, such as refining the Bridgeworld and Life games in the coming months and continuing to develop Trove. The team is actively hiring new team members with plans to have a designated development team for each core project.
  • Separately, the team has indicated a plan to move the games onto Cosmos using an application-specific chain that would enable low latency and zero-cost transactions (important for games that require lots of micro-transactions). NFT trading would remain on Arbitrum. However, that would require Treasure DAO to bootstrap a validator set for the Cosmos app-chain.
  • Transaction volumes on the Treasure marketplace have been substantial since its launch, with daily transaction volumes recording at least 500K MAGIC on the majority of days (before the marketplace pause). The marketplace charges a 2.5% transaction fee and 2.5% creator fee on all transactions. Since the biggest share of the volume is DAO projects, Treasure is generating revenue for the DAO equivalent to ~5% of transaction volumes. As of Mar. 14, ~4M MAGIC (equivalent to $9.2M) in transaction fees have been collected by the DAO.
  • If we compare the marketplace volumes between some of the NFT marketplaces (excluding OpenSea as the dominant NFT marketplace), Treasure is doing relatively well. In Feb. 2022, its volumes exceeded that of Foundation, SuperRare and Rarible combined, while slightly behind LooksRare. Treasure’s transaction volume for the month were about 12.6% of Ronin (Axie), which is quite a feat considering Axie Infinity has been live for a long time now.
  • For more, Delphi members can see our latest NFT Insights here.
Notable Tweets

Smart MEV-ooor Rinses Bored Ape NFTX Vault

Notes on LayerZero AMA

LunaX Strategies

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Joo Kian + 1 other