Zeneca on a forgotten narrative that could return this cycle

Transcript

GM good morning welcome to the milk Road show The Daily crypto show where we consolidate all your tabs from your browser into one clean 20-minute show I'm your host Jay Hamilton and today we're asking a few questions are nft floor prices ever coming back or this B down bad forever will we see an nft comeback in this cycle and is there any opportunities in nfts to invest most are down everyone listen is probably not doing it but I'll tell you one person who is watching and that is zenica who's back with us again this week and whose nft portfolio is worth over 15 million in the last bowl cycle so he knows a few

things about the nft game before we jump in just want to take one minute to hear from our sponsor who made this show possible shout out to coin gecko every crypto project needs reliable on chain data at milk Road We Trust coin gecko API for Dependable crypto prices for you and it's not just us coin Geto API supplies thousands of crypto projects with Comprehensive data including prices market trends nft data and onchain Dex data best part its integration and developer resources make it easy to set up friends of the Milkman guess what you get a free trial right now visit coingecko.com Ai and use code milk Road trial today

all right Zen let's start with a little bit of context here in 2021 the nft bull cycle when it all went crazy we were seeing weekly volumes above a billion on the regular Was Not Unusual now fast forward to today through most to 2023 we were lucky to see 50 million in weekly volumes now because of orals we jumped up and we're getting up to 200 million in Vol weekly nft volume but still nothing compared to the Bowl cycle what happened where we at is it all dead forever yeah I mean obviously 2021 was a

speculative bubble you know to rival the trit Mania bubble of the 16 or 1700s it was absolutely absurd manic I think even during 2021 those of us in the thig OFA trading we all knew the bubble was going to pop we knew we were in a crazy bubble we knew prices were going to come crashing down it was a matter of when not if and obviously at a certain point it did crash and it kept continuing to crash and prices kept bleeding across the board attention moved on and that's basically where we are now like we're three we're over three years on since sort of like nfts really took hold in 2021 and prices have largely bled down to you know zero in a lot of cases um and down 90 to 95% in the vast majority

of other cases the ones that have survived they're still down 90% And the real question now is is do they come back which ones come back will number go up again will floor price go up are there investment opportunities for people and I've been thinking about it a lot you know I came up through nfts that was sort of where I cut my teeth where I got into the space and even I find myself I find it difficult to get excited about nfts too much these days you know all these projects that are still around from 2021 they're doing stuff they post announcements it's like it's cool but it doesn't bring that same energy as it used to um and then that's definitely like a market-wide sent people are skittish people are not thrilled about nfts but I think it's a mistake to just outright dismiss them

because there are still a ton of teams building cool there are still the fundamental use cases of nft as like art as you know onchain provenance for nonf funable token like there's a lot of value to it and I think that there will be another point in this cycle as well as just many points in the future where prices go up again and and the difficulty is trying to pick which ones and and where to allocate your time and money and and not spend way too much time on it and I've been thinking about a bit lately and I have some thoughts we can dig into there if you think nfts are coming back this cycle is that because you believe that there is a speculative Euphoria stage of the cycle coming and you think nfts is a narrative or a meta

that will catch that or is there something else break down why you think that'll happen it's basically exactly that you said the the magic word there meta we've seen in the crypto space that the meta narrative will shift from one thing to another to another to another it might be gaming it might be AI tokens it might be real world assets it might be meme coins and it might be nfts and all all the majors like sometimes Bitcoin is the meta and and ether is the meta it kind of feels like actually right now the majors are like the meta most people including myself thinking about getting back to the majors but if you look at the last three years four years 5 years 10 years there's always these cycles and narratives emerge and and the attention will go into one thing

the last time we saw that with nfts was sort of late 2023 early 2024 when it seemed like it was like this airdrop meta and then you know pudgy Penguins were getting allocations for a whole bunch of tokens sappy seal started get getting allocations mes B Apes got some and everyone was like oh wow maybe this is like another use case for nfts where projects looking to airdrop tokens can just aird drop them to existing communities communities that have existed for a few years have shown that they you know they've stuck around they're active in the space and you know that the space took that narrative ran with it NF floor prices you know three four five six x across the board for like the major projects not absolutely everything and then things you know attention moved on Meme coins took it

took hold pump. fun came along and everyone moved on and prices crashed there will be another I'm very confident there will be another meta narrative that includes nfts I don't know if it'll be aird drops again it could be gaming I think gaming is is it one to watch because there are a lot of nft projects building in the gaming space right now and that sort of overlap between gaming and crypto and nfts I think there's something special there that at some point will capture the attention of the space AI is another big one you know if there's nft projects doing things with AI then the AI nft narrative will probably take off at some point and as soon as there is a narrative speculation just runs wild that's that's our space in a nutshell that's why price goes up for your favorite meme coin that's why

price goes up for your favorite gaming token your favorite altcoin your L2 your even your Majors it's all like you know the ETF narrative around eth or is there going to be a salana ETF is why you know maybe Salan prices might be going up my my whole thesis is keep an eye out and look for when the next narrative is going to set its sights on nfts in one way or another and then I have like a watch list of maybe a couple dozen projects that I'm keeping an eye on and then you know might look to buy and flip during that sort of cycle and I want to get into your watch list in a sec quick question what sort of return do you think is possible to achieve when this next meta happens yeah I think that sort of like a 3 to 5x on

on quite a few different projects is quite reasonable and achievable even just looking at like historical prices or like prices of the last sort of little mini bull late 2023 early 2024 to where they are now a lot of projects are down 80 90% just in the last 6 to n months I think it's not unrealistic to see a project that was at you know 1.5 e or 1.8 e let's use sappy seals as an example at the start of this year that's now at like 04 or something like that it could easily get back over one e one and a half e which is you know two to 5x right there and so like that's kind of the range I'm looking for I don't think this is the area to be focused on if you're looking for a 10x 100x you know that's that's where mean coins shine but

if you're if you're looking to try and make some I don't want to say easy but like lower risk flips if the narrative does ship shift to nfts there were probably some relatively easy two three 4X out there okay uh let's get to your watch list in just a sec but first I just want to go back to something you said which was I I appreciate that you mentioned that gaming and AI were the narratives within nfts that you think could take off because are do you when you mention sappy seals you're talking about pfp projects although sappy seals is more than a pfp project now but do you do you think that pfp projects come back existing ones any of them and or do you think there's new pfp projects or do

you think it's it's more it's going to be gaming it's going to be AI it's going to be these other categories so the interesting thing about most of the pfp projects that I think will come back and and flourish their pfp project that are also doing gaming or some element of gaming sappy seals they're building a game parallel avatars are building a game forgotten runes Wizards club building a game bought Apes now they're building they're building games pudgy penguins they're building a whole pudgy world it's a game of fied experience so like I think those projects also realize this is where the attention and money and and future might be and so they pivoted into that direction there's a couple that aren't building games that I think Will Survive Crypt punks being by far the most notable example that they are simply they simply just need to

exist and they have that collectibility that provenance that history that culture that that can that can maintain a store of value and maybe there's one or two others that can do that but by and large the ones that pfps that I think Will Survive are the ones that are also tied to something else like gaming for instance when do you think this will happen any idea that's the million dollar question but like you know break down the if you put it into the context of the rest of this cycle which you believe is everyone's saying anywhere between six to 18 months where's your take on that yeah I would say that's about I would say like like 6 to 12 months now I think you know six to 18 months was a few months ago now like I

don't think we go into 2026 I think end of 2025 is probably pushing it and in terms of when it's going to happen it it's so hard to tell I I'm not even trying to pick or guess or imagine it could happen next week it could not it could happen till the end of the cycle it could it could not happen but I do feel confident it will happen this cycle and because I have almost no idea when it's going to happen my strategy when I think about this is It's evolved over time and now I think about opportunity cost a lot like I might think oh there's a bunch of nfts at 0. 2 or. 3 eth that will probably do a 3X sometime in the next you know couple of years but you have to think about the opportunity cost of you know if I just stuck that money

in Soul maybe Soul's going to do a two or three x in that time frame and so instead and with nfts you largely you buy it you hold it and the money is just sitting there doing nothing and you kind of you need to wait for it to go up in price before you can you know extract or sell and get some money out you can't sell like half an nft which is one of the difficult things things about nfts um so my strategy is just like keep an eye out for when I start to sense the market turning and I might miss out on some of those really early gains like something might go from I'll use sappy seals again 04 to 6 before I realize oh maybe there's a narrative forming here maybe I want to buy in um but then it goes to 1.5 e so I might capture the the

the bulk of it but not all of it and I'm okay missing out on a bit of those early gains just to stay liquid to not miss out on you know some other gains in some other areas because who knows if it happens in in a couple months or in a year from now or even later than that okay let's let's get to your watch list what what's on your watch list yeah so I mentioned a bunch of them already it is largely the projects that are tied to gaming specifically so you've got forgotten runes Wizards cult they've I think they're just coming out with their open beta for their they have an MMO RPG Style game it's actually awesome fun I've played it it's really cool which is again ahead of 99% of web 3 games that aren't fun or interesting um parallel they have these avatars which I used for

their they have a trading card game and they're also building an AI game which is merging n it's insane you have these agents that the game it's it's mindblowing that make money for you you can train an AI agent who would make you money in a game through NFS it's wild keep going um that that's what I'm super excited about because they're basically they they're forming a new genre of gaming and if they pull it off then it's it's absolutely Monumental sappy seals pudgy Penguins um I think they both fall into the category of cute pfps that are doing some gamified gaming things as well that have like a cultish following online um

and have importantly stepped out of the crypto space like pudy penguins were just at ComiCon and I think it was ComiCon and they had like a massive presence there and most people that didn't even know anything about crypto although they were tied to crypto they just seen the cute penguins on Instagram or you know someone someone they knew had a plushy toy at their house and they're becoming a household named brand which is is huge and then like little Pudgies so like the associated nfts in their ecosystem B apes and punks are are worth keeping an eye on punks I think have that historical longevity that will always hold value B Apes that they're in this really precarious State now where they've they've burnt so many bridges over the last couple years like doing

missteps and you know they brought in a CEO who didn't really do that much and became a giant Corporation and the game got very complicated and confusing and now it's like gagger is back at the helm he needs to like pull a pull a rabbit out of a hat if he can pull it off then I think they have a lot of room to run but I'm I'm a little less bullish on them than say punks or some other projects B Bor Apes is like the hot girl in high school you know just pee so early that's a great analogy it's and just like always just trying to get back to that so hopefully they come back but yeah I I think you just have to keep them keep an eye on them because so much of the space is keeping an eye on them

maladies are an interesting one they've sort of captured this counterculture grunge alternative side to the crypto space that is kind of separate to the rest of the nft market that came up in 2021 worth keeping an eye on chimpus is another one that's sort of in that cute pfp pixel art gamified gaming category didn't quite reach the same level of like notoriety of pudy penguins or sappy seals but they've got a big Instagram following a lot of gifts floating around people are bullish on them that's that's just off the top of my head like what's on my watch list there's obviously going to be a handful of others but for me oh and one big thing I didn't mention Master is anything art related I think art is like another separate category and there will be an art meta for nfts but I think the

way I look at Art now is on like a decade time Horizon I look at it over a much longer period because I think that it's harder for people to speculate in the short term on pure art because art has collectibility value it has artistic value it has all these other stores of value has provenance but you don't have the whole oh are they going to airdrop tokens to this or is the team going to do this are they going to partner with Disney all these narratives that people latch on to to pump a floor price in the immediate term doesn't really exist for art as much which can make it more stable but I think it it's a longer term investment there's a lot of art I'm very bullish on x copy chomy squiggles you know certain other generative art project s but it's it's I look at it

from a much longer time Horizon and so when we're talking about you know 6 to 12 months flipping 2 3 4 5x not too much in the art world that I'm looking at for that yeah so that's a bunch of bunch of them if you're sitting there and you're thinking like okay The Meta right now is the majors maybe that might mean it's time to shift out of the majors or The Meta just beginning it's always hard to know where we're at right but if you you think that the majors are going to do so well over the same time period like why go and do it in nfts when it's less liquid and it's like you said you can't sell fractions of it it's a whole nft which some of these projects get quite

expensive you're spending thousands of dollars on one investment what what do you is it is it because you love nfts and that's your your attachment to it or would do you think it's a there's a a noticeable difference for an investment to me it it comes down to the whole almost like huous thing can you outtrade the market and I think that most people can't and they shouldn't even try like 95 to 99% of people would be better simply just holding the Maes but I bet most people listening to this most people that tune into the space every day think that they can outperform the market I think it's there's some crazy stat where it's like 70% of people think that they can outperform the market but only 2% of them can something like that which is is just Humanity right so my

advice to almost everyone is just stick to the majors but if you think that's boring if you think that you know you want bigger gains than that that's when you look at memec coins that's when you look at altcoins and that's when you look at nfts as a way to you know yes maybe Bitcoin does a 2 and a half X from here to the end of 2025 maybe Soul does a 5x and honestly that's probably what most people should just be doing holding those but if you think oh by keeping an eye on nfts and if I sense a narrative I can make a 3X in six weeks and then flip that and put that money back into Bitcoin or put that into stable coins or Soul um that's the kind of reason you might be looking to flip nfts from an investment perspective it's the same

with mean coins if you think you know oh I'm going to buy a mean coin it's going to do a 50x and then I take some profits and put it back into Bitcoin or back into Soul I'm G to like outperform the market and just beat the market outpace the market that way it's all about timing right like I think almost no one would say that whiff is gonna outperform Bitcoin over a 25 year time Horizon no one is going to say that you know pick almost anything is going to outperform bitcoin ether Soul over a 25 year time horizon or 10 year time Horizon you're you're betting that you can outperform the market on a one day one week one month six month time Horizon and then take those profits and either take it out of crypto put it in stable coins or

stack more of the majors and so that's the reason to get into nfts from an investment perspective it is another option to try and like another section of the market to try and flip and trade and out compete mem coins altcoins nfts l2s there's a bunch of different ones now and it's just another area and and yeah that's it I I don't recommend people at all get into the trading flipping trying to outperform the market game but if you're already there and you're spending 10 hours a day but you're going to do it but you're going to do it so exactly exactly yeah if if you're if you're listening to this and you're there because we know you are be smart about it it's totally fine to do as well if you have like I think we've spoken about it before 80% of your

portfolio can be in the majors and then you have 10 to 20% 80 90% of the major 10 20% s like you're gambling money your you know you're you're going to be a little more high risk aggressive with it great go for it just be smart about it let me let me summarize here you've done a great job today's end of a investment bull case on nfts I I'm now starting to think like I can't believe believe I'm saying this I might buy some nfts again there will be there will be another there will be another nft cycle within this cycle there'll be an nft meta an nft narrative within this cycle okay that's the first belief in this bull case for nfts number two is there is certain projects that are that are well set up they they have massive

communities they have great IP and they're in gaming and that's key if you compare that to the other opportunities to get the even larger returns which is is like the 10 to 100x that's meme coins you're probably very hard much harder to do it's hard to pick the meme coins there's so many so much of a narrative happening right now in nfts you probably only have like 10 or 12 they're even worth considering right so like narrower that's nice okay and then there's it's going to be short like the time frame on this is probably a we don't know one week two month time frame when you could get considerable returns that are you know three to five higher that that are

just higher than the majors would be at that time yeah yeah exactly and from a flipping trading investment perspective it's a compelling reason to keep an eye on on the space and that's why I recommend a lot of people just dismiss nfts outright and it's true most people lose money on nfts and if you buy and hold for long terms then you get married to your bags you're going to lose money on them as well but if you're purely looking at it from an investment perspective I think you're you're doing yourself a service and it's just like there's so many ways to make money in the space and just cutting off an entire Avenue like we didn't even talk about ordinals either that's a whole you know it's nfts on bitcoin there's node monkeys there's a bunch of cool projects over on ordinals that I think are also

worth paying attention to and sometimes like ordinals pump but like nfts on eth or salana or other chain don't and so there's like little meta narratives and it's all about how much time do you have to invest in this space and how much work are you willing to do and and what opportunities are you looking to find if you only have three hours a week to put in a crypto just stick to the majes if you're you know 19 years old and and have the high risk tolerance and all the time in the world and you have 20 hours a day to put in or let's say 16 because you're sleeping eight hours a day like like you should be go nuts like just try and get all the water out of the rocks and and just like find these opportunities because they're out there

they're everywhere you just have to go looking for them I love I love how you can't help you know be be zenica dad every now and then and remind us all to get our of sleep thanks thanks thanks that's great I love it awesome how how do we keep everybody up to date on this because here's the big question that comes out of this is okay I buy in Zen I'm listening to this I want to try to hit this but I don't have the time to know when The nft Meta is happening so I'm gonna listen to you on the milk Road show every Thursday because I know you're going to be there what do we do we do an nft meta checkin every week now and you give a you know a thumbs is yeah we can do that and just like just a

quick thumbs up thumbs down where we're at yeah just by I nature of who I follow on Twitter and just like who I know in this space I'm just even when I'm not paying much attention to crypto I still know how the NFC Market is doing because it just pops up on my Twitter feed all the time my portfolio I still have a large amount of entities and everything so I feel like I have a good pulse on the space and consense when maybe the narrative might be shifting we've been just like trading water down for a very long time now so it might be for the next few weeks few months there's just not much interesting happening but if there is I'll make sure to to tell people on here and I recommend you know keep an eye out on like floor prices yourself and like if you see things

going up it takes five minutes to make a little watch list for yourself and then just check it in once a day takes a minute two minutes a day once you start seeing floor prices go be like maybe maybe there's something going on here look into it some more see if there's a narrative forming and maybe that's when you want to buy in and again you might miss those super early gains but if the narrative last a few weeks or or a month which they tend to do there's a lot of opportunity there to get in and get out and make some make some nice money I want to know if uh you any of our listeners are you investing in nfts what are you thinking did you like this show because we want to know should we talk more about nft investment opportunities or are you guys like n not what I'm

looking for because this show is all about you so let us know in the comments also hit a like And subscribe if you haven't already remember none of this is financial advice investing in crypto or nfts is risky and you should only invest in what you can afford to lose if you want to help us grow want to help the milk Road Show grow we'd really appreciate it leave us a festar review a review on Apple on Spotify subscribe to The Daily Show on YouTube wherever you're listening make sure you stay up to date with us see you next time have a wicked awesome day