Guest: DeezeFi “Deeze”
Host: Jason Choi
2017, playing fantasy sports, saw friends making money on crypto / eth
2018, lost all that money in shitcoins
Spent next 2 years dollar cost averaging into ETH and crypto, learning, trading
Defi summer – spent all day in Telegram for alpha
Lightbulb moment – flipped a floor punk, NFTs are like trading rare items in MMOs (WoW, Runescape) – had done a lot of that before, gave up on trading tokens (coins), and went full time on NFTs
owns 1500-2K NFTs, probably 300 “nice art” (1/1s)
initially bothered by lack of privacy, but now it’s a huge asset to easily show credibility / past performance / DAOs
hard to get accurate degenscore because he splits activity across wallets
Biggest win?
Holds a hoodie 3D glasses pipe cryptopunk
Realized wins: Squiggles (minted 50+ for under $100 each, sold $30K+), Fidenza (69eth to 290+ flip)
He flipped punks more for market making, higher volume and lower spreads
Biggest loss was buying Punk for 142eth and sold for 88eth
Spray and pray approach, similar to VC bets
Most important is team – Are they doxxed? Can he chat with them?
Hosts Twitter Spaces with interesting projects, brings other trusted investors / collectors to also ask questions, good way to vet team and project
Galactic Game NFT (?) – psychedelic PFP project
each one looks like a piece of art
artist was doxxed, prior track record
So much of NFT prices is memetic desire / human psychology
Only thinking “can I sell this to someone else for more money?”
Nansen holders breakdown is useful
See which whales have big positions
Some whales have paper hands – warning sign if they own large % of a collection
Bet on Azuki – good community, good team, NFT ownership was distributed
Crypto OGs generally buy what they like
New whales / institutions generally buy what’s popular / memetic
Early 2021 – Top Shot went insane – sparked lot of NFT degeneracy
Big issue is over-supply (also Art Blocks)
Still holds some Art Blocks – praying new institutional money will come in to bid
Which ones does he value most?
-his 2 forever Punks
-Squiggles – genesis Art Blocks project, by SnowFro
–CloneX – bet on the RTFKT team, just hodled for 100+ eth gains
-Azuki
negative on Pixel Vault, but early hodlers did very well (5+ eth)
Punks – limited supply, one of first, OG community, betting on lindy effect
not as bullish on Apes, doesn’t know how to value $APE coin
wary of hype
constantly “tries to sell hype”
always need 3 (of an NFT collection) so you don’t feel bad when you sell one
hired early to Fractional (fractionalizing NFTs) – thought their model was more sensible than NFTX
unlocks upside for large NFT owners, protects downside for smaller NFT buyers
photography NFTs
collected Twin Flames early – creator Justin Aversano was also doing stuff in Punks community
met other photographers, featured them in Twitter Spaces
sold a Twin Flames for 100+ eth
every 1/1 NFT – he immediately assumes it’ll go to zero (price)
allows him to hold for a long time, for a (potential) big win
in NFT space, you wanna bet on artists who are extraverts – someone who keeps sharing their narrative online
Justin (Aversano) was borderline annoying in how persistent he was in meeting his collectors and getting his work out there
Apes – very big grassroots movement – how they launched dogs to reward hodlers + gain momentum, then mutants, etc
Need 1 or 2 influencers to get ball rolling (for projects)
Ideally your project has “tinder”, the influencers add the fire
Advice to NFT investors
-be active on Twitter – add value and make friends
-survive the swings, steadily add capital
-be ok with losing – but you need to learn from your losses