DigiDaigaku Moons & Parent Company Raises $200,000,000

Welcome to the Exit Liquidity newsletter, the place to stay up to date on the ridiculous things that happen in the Crypto, NFTs & Web3. If you are looking to join the community check out the AlphaMint Discord where all the degens gather to chat in the dojo.

Another weekend and even more happenings in the world of Crypto, NFTs and Web3. We took a bit of a dip in the Crypto markets which mirrored the brutal day in stocks on Friday. The never ending debate of royalties popped up again over the weekend, but the big scandal was that the project Ragnorak and the insane spending they have been doing. The beginning of this week has been great for JPEGs though. DigiDaigaku is absolutely ripping while sitting above 15 ETH as of writing and people were frothing over the EPICS // MERGE mint on Monday from Proof of Beauty.

X2Y2 decided they wanted some of that sweet royalty free action that Sudaswap was capitalizing on and announced that they are going to let users opt in or out of paying royalties. They took a lot of heat from NFT Twitter and people were not happy, but they have walked it back slightly with updated terms. We were seeing comments ranging from people saying that this is X2Y2’s desperate attempt to stay relevant in the space to people calling for a straight up boycott. Sudoswap really let the cat out of the bag, it’s not a surprise that we see other platforms following. People were also sharing solidity code snippets on how to block marketplaces so traders and collectors could not list on specific platforms.

This latest round of debates did bring up a few new discussion points. People were more keen to talk about the obvious this time around which is that OTC deals do not pay royalties and most of these big ticket sales are private OTC transactions that leave artists and creators completely out. With the amount of scams and rug pulls happening with the current free mint meta, people do not want to fund or reward these scammers and rug pullers any more. Unfortunately, the current meta does not favor the long term artists and projects that have established good communities in the space. The most active people in the space right now are the PVP traders, they are the ones taking risk and spending. They are going to do everything to maximize profit and de-risk where they can. And lastly, there’s no going back. Sudaswap changed the game and people can argue about or speculate on how royalties should work, but it doesn’t matter because they can’t undo Sudoswap or any other marketplaces or AMMs that choose to follow the no royalty or opt in/out royalty model.

Ragnarok founder, Fanfaron, dropped a bombshell of an update on the project in their Substack last Friday. It is a breakdown of the treasury and where the money is going and where it has gone. For those that don’t know, Ragnarok Meta is a P2E, Role Playing Game based in the metaverse. They launched the project and minted out back in April 2022 netting $15.5M for the treasury. This list of expenses is why everyone was dumbstruck:

The project has already spent $11.6M of the $15.5M they raised from the original sale. Topping off the list is the $1.827M lost due to trading, slippage and fees. It is noted that it was/will be repaid by team members, but that’s probably because the team paid themselves $6.9M in compensation and salary. $1.9M was spent on outsourcing fees for developers and then they spent almost $500k on buying their own Ronin NFTs.

It’s pretty wild to see a project waste so much money and have nothing really notable to show for it. What is also pretty crazy, is that at current writing the floor on the project is .12 ETH. I’m not sure if people are stuck and hoping for a decent price to exit or what, but I would not bet on it.

DigiDaigaku is going straight to the moon. The floor price has passed multiple “blue chip” NFT projects that costed degens way more to mint given DigiDaigaku was a free mint. The floor is currently above 15 ETH as of writing. For some context, the floor is higher than Mutant Ape Yacht Club, Moonbirds, Azuki, Clone X and Doodles.

Founder and creator, Gabriel Leydon, made his name in the free-to-play mobile games scene where he sold his company for $600M. Now he is joining the blockchain gaming space with his company Limit Break. This anime themed project has a supply of 2,022 which helps drive the price, but what else is mooning this project? Today Gabe/Limit Break announced the company received $200M in funding. Given this guy has a history of delivering on games, the NFT space is boolish. Gabe also recently took a poll to see what they should offer DigiDaigaku holders next and an airdrop was unanimously chosen. With the community making their choice, Gabe announced that the airdrop would come Friday, September 2nd, 2022. Things are looking good for DigiDaigaku holders. You never know when that free mint is going to turn into a generational wealth!

Monday there was an early frenzy for Proof of Beauty’s latest project EPICS // MERGE. They released a NFT project for the London Fork and they are back with another fun, on-chain drop. This time it was supposed to be a no supply cap project featuring Gods & Heroes. Demand was heavy early on and they paused minting after 8300 NFTs were minted. This pause led to a full stop on minting and this when the East coast started to wake up and buy. The project saw some nice volume and a bunch of AlphaMint members were able to get in thanks to Clampy dropping the alpha.

Crypto

• Crypto down as the U.S. Stock Market drops $1.2 trillion in one day

• Professor re-uploads Tornado Cash code to GitHub for research purposes

• Mastercard announces partnership with crypto exchange Binance to launch bitcoin and crypto payments in-store and online

• The FBI drops a new podcast on the infamous Founder Ruja Ignatova who created one of the biggest crypto ponzi schemes known as OneCoin

• Argentina's Mendoza province will now take tax payments in cryptocurrencies

NFTs

• 18 Uncomfortable truths about the NFT industry that'll put you ahead of 96% of people - a thread by OKHotshot

• Pudgy Penguins announce they are releasing a children's book and @cobie buys a Pudgy Penguin

• barrelDAO, a community run brewery, teases their new beer called Solana Summer Shandy featuring many known SOL NFTs on the can

• Facebook and Instagram users can both post NFTs and digital collectibles to their accounts by linking their wallets

• Clone X drops what they are claiming to be the first fully Phygital Fashion collection

Web3

• Deep Dive on Kevin Rose, Proof Collective and Moonbirds 

• ENS DAO domain, eth.link, expired with original owner sitting in jail and they are scrambling to renew it

• Learn how to read the basics of a Solidity contract by 0xQuit

• Will Free-To-Own become the default model for NFTs and Web3? DigiDaigaku Founder, Gabriel Leydon, definitely thinks so and stirred the Twitter pot with his takes

• The Web3 veteran, Li Jin, drops a thread on the community first path to building in Web3

• Great article on Tokenized Communities

Disclaimer: The Exit Liquidity Newsletter is meant to be an informational and entertaining way to share interesting things found in and around the Crypto, NFT and Web3 space. Nothing in this newsletter should be taken as the contributor's, Exit Liquidity's or AlphaMint's personal opinion or views. Nothing in this newsletter constitutes as professional and/or financial advice. Cryptocurrencies and crypto-related assets can be extremely risky investments, invest at your own risk.

Forever hodling your favorite influencer’s bag: @R2Degen @DRTYMLK @dripcult

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