Lessgo,
Funding is closed and we are making moves. Over the last week we have collected a few more NFTs, bought more ASH, and participated in Pak’s latest drop. All purchases are detailed below and remember the guidelines about this newsletter:
Is not required reading
Should not stop you from contacting me directly with questions or thoughts
Should not be shared with anyone else without checking with me
Important links
The Lessgo Fund collection (excluding ASH)
Purchases
3 “Pages” - Average cost 0.39ETH (~1.7K/Page)
The Lost Poets project began with the sale of 65,536 pages at a cost of 0.32ETH (~1.4k/Page). After pages sold out in less than one hour, there was a two week window to convert pages into poets. Over that time 27,542 pages were converted into poets reducing the page supply to 37,994. Then the next stage started (the stage we are still in and will be for a few months), and pages were given a new utility to be converted into words for poets. As of today, there are 33,946 pages remaining. Over that time period (Sep-Dec) pages have fluctuated in price from 1.5ETH (~6.45K) to 0.35ETH (~1.5K). I believe pages are massively undervalued right now due to people’s inability to hold, getting distracted by other Pak/NFT projects, and reluctance to give more words to poets. A couple other reasons I believe page value will rise is new utilities and Pak’s quotes on Discord:
And this quote from the beginning of the project via Twitter:
It is likely that we will purchase more pages and convert some to words for our poets.
228.655 ASH - 2 ETH (~$8.6k)
We now have a total of 397.908 ASH with an average cost of $44.25/ASH. This purchase of ASH was partially to dollar-cost average our basis because the price dropped from our last purchase from $50/ASH to $40/ASH. More importantly, there are two ASH exclusive drops that are happening over the next couple weeks. You can read about each of those drops here. You can also check the current trading price of ASH at anytime here.
Snapshot of ASH price at 12/7/21 11:27AM PST
“m(67) #657” - $17,043 (~4ETH)
Merge was Pak’s latest drop and it was historic. This was the largest sale ($91.8 million) by any living artist EVER and made Pak the highest grossing crytpo artist. It coincided with the most high profile art event of the year (Art Basel) starting on 12/2/21 and ending on 12/4/21. The drop started with a 30 minute window for Pak collectors to buy at a discounted price of $299 then went to $400 and increased every 6 hours by $25. Each buyer can only have 1 “merge” and was able to add as much “mass” as you want. Buying more mass during the drop was rewarded with bonus mass. We bought 57 mass and received 10 bonus mass. There were ~29k individual buyers and each were numbered from 1 (most mass) to smallest 28,986 and our number is 657. My strategy here was to try and take advantage of the bonus without pricing ourselves out of the bigger buyers ($25k+). Pak has teased that this is a game of “mass extinction,” could lead to “yielding” ASH, and starting in 2022 will include some form of “treasure hunt.”
More details about the project:
10 Min YouTube video - Very good overview in simple terms
Most popular Pak newsletter - For a deeper dive
Merge in the Press:
ARTnews - Mysterious Pak NFT Project Generates $91.8 M. in Sales on Nifty Gateway
The Art Newspaper - NFT project sells for $91.8m, debatably achieving the highest price ever for a work by a living artist
Gotham - NFT Artist Pak Sells New 'Merging' Art for Record-Breaking $91.2 Million
Barron’s - PAK’s NFT Artwork ‘The Merge’ Sells for $91.8 Million
Observer - Nifty Gateway Just Hosted a Stunning $91.8 Million NFT Sale
HypeBeast - Pak Breaks Record for Most Expensive NFT Sale
StreetInsider - World-Renowned Digital Artist Pak Breaks Highest NFT Sale In History With First of Its Kind Drop on Nifty Gateway
iTechPost - NFT Art by Pak Nears $100 Million in Massive Sale: 259,000 'Shares' Sold, Full Details of 'The Merge'
Decrypt - Pak’s Experimental Ethereum NFT Drop 'Merge' Sells for Nearly $92M
NFT Now - Pak’s Nifty Gateway Drop Sets World Record as Largest-Ever Sale by a Living Artist
Crypto News - Pak’s NFT Collection Breaks an Art Auction Price Record
*This morning (12/9) it was announced there there was a “bug” in Merge. The exact details of this are being sorted out, but will have no direct impact to us. It is too early to say what what the impact of this will have on the overall project and I have faith Pak and Niftygaetway will get this sorted out ASAP. I will cover all the details in the next newsletter.
Lessgo!