NFT Mania: Take #1

written by sxoses

I am super bullish on NFTs in general, but more specifically those launched on Base. My top pick right now is “Swatches” by JVMI. He is a well known creator in the NFT realm for his work at Optimism and his prior collection “Motorheadz.” It is easy for people to get behind previously successful creators who have persevered through the bear market. JVMI is a perfect example of someone who not only made it through, but is leading the new era. 

NFTs are a prime example of a digital asset made for the people. Similar to the memecoin mania we have been

experiencing, NFTs don’t require too much technical information. These assets rely on narrative, community,

and hype. The idea of a 100x is extremely attractive to a generation lacking attention spans. They would fire

into any project with the slightest chance of striking gold. In the last cycle, Ethereum’s high fees would cause

many to second guess an NFT purchase. There would have to be significant upside for profits to roll in, but the

integration of Base has made NFTs more accessible to the average retail buyer. 

With Coinbase’s large user base migrating on-chain, the pool for Base users is astronomical. The entire Base team is extremely dedicated and active in space. Jesse Polak is always promoting the best builders (including JVMI). Base is not just a name either. Their network has put up ridiculous numbers and shows no signs of slowing down. Because of all of these reasons and more, NFT projects built on BASE are showing extremely positive signs. 

Leading NFT marketplace Magic Eden is in the process of launching a governance token called $NFT. The name speaks for itself: bullish. While this process is being done through a DAO, this launch is very significant for the community. Many have started farming the airdrop and trying to get more involved through their rewards program. I also have very strong reason to believe that they will be integrating Base to their marketplace. These steps are massive in attracting an even larger audience to the NFT world. Currently OpenSea has all of these Base NFTs and they are constantly infiltrating the trending and top collection sections. 

The introduction of Farcaster and leading dApp Warpcast has provided another set of reasons to be bullish. The communities formed on the purple app are transforming the game. They are very tight knit and active. People spend all day looking for new projects, making friends, or trying to farm $DEGEN. One key feature of the app is being able to mint directly off of different casts. This has made the app an extremely popular spot for artists. There are countless channels for art general and specific channels for certain projects. The “Swatches” channel currently has over 13,000 followers and continues to grow by the day. The app allows fans to get close with their favorite creators and for them to reward each other through a tipping mechanism. This application is making projects easier to be a part of and believe in. 

Swatches are a very unique project. Beside being early on Base and having a well-known

creator, they represent a unique approach to the space. Owners and potential investors

have the ability to play/transform their swatches by entering night mode, making them

different sizes, rotating them, and even altering the mode. This innovative approach has

caught the attention of many crypto enthusiasts and has even drawn comparisons to the

monumental project “Chromie Squiggle” by Snowfro. KOLs have started to get involved and

have made extremely large purchases. Creator @coopahtroopa.eth recently purchased the

“Base” swatch for 10 ETH. Since then the project has continued in a general upward trend. At

launch, most Swatches were trading for less than .05 ETH. Recently, the floor price reached

.19 ETH. It seems that after every dip in price, there is a massive sweep. 

Looking at the project from a technical standpoint, there are over 40% unique owners and only 10% listed. This is very positive because the distribution is pretty spread out, and most people insist on holding for the long term. I have been actively participating and keeping up in the farcaster group and many people are continuously discovering aspects of this project. For example, casters are just starting to pick up on hash rarity. Each swatch is arranged in a certain manner, but very few have their own 1/1 arrangement. Different traits, palettes, shapes, and colors also have a great effect on the rarity. The most rare from the collection are the 100 custom swatches that have their own name. Lastly, creators on Warpcast have been adding their own designs and twists onto swatches. This has helped garner more support to the project and is a way for artists to get involved. I think this communal approach will be more and more common as NFTs regain popularity.

 I personally love this project. I feel attached to my swatches, and I am looking into portraying them on my wall. In general, many people buy NFTs because they simply look cool or they find a special connection with a project. I think this is the purest form of investments: one based on personal conviction, belief, and adoration. In the last cycle we saw NFTs go parabolic toward the end of the cycle. From an investment standpoint, I believe we are still very early, but it is prime time to get in on some projects. 

JVMI continues to build on this project. He has recently previewed a gallery page on the farcaster channel. He described it as “the best place to showcase your curated swatches.” Until that is built, my gallery will be here: