Greetings Chiefs!
The last few days have been some of the strangest days we have experienced in the Solana NFT Space. Even though the volume on Magic Eden came back over 200,000 the way the price action is going on in the secondary marketplace shows that after some big flops the space has become a little over degen. We will talk more about this in the latter half of the article.
Over the last few days there have been consistent launches of projects with a great number of followings and members in their Discords, majority of them came with the same vision of (bridging the gap between Web2 and Web3) and a few of them with a full-fledged roadmap with something to offer in reality.
We have almost come to the end of this week but before that, there is one more big launch going to happen on the 9th of June.
Let’s talk about Wobblebug.
Now, this is interesting, wobblebug is going to be the first tokenized musician which will allow a fan to own a piece of the DJ’s career.
In simpler terms, the holders will contribute in every phase there is for a professional musician to build his/her career and will have a share in the returns of all of these activities. A wobblebug will perform live shows, create and release music, host events, develop merch, and do everything a professional musician would do, but there is already a community there supporting all of this.
The mint details of the project are as follows:
Supply: 10000 | 8879 (WL)
Cost: 3 $SOL
Time: 5 pm UTC (WL) | 6:30 pm UTC (Public)
Launchpad: Magic Eden
Now let’s go into the depth of the project…
TEAM
Since it is a project related to music and will include the release of music labels and live performances, who better to lead the project other than a Grammy-nominated DJ and Producer Wuki.
Apart from Wuki, the team includes a bunch of other music industry veterans and some of the big names from the Solana NFT itself including (Dwoopy and Zach).
ART
Going against the meta, Wobblebug preferred to come with a 3D art. Some of the NFTs are looking great however, I am not that big of a fan of 3-D Art. So will leave this to you guys to decide for yourself.
Apart from the art of the NFTs, the website of the project is also top-notch and it is a much-needed break from all the similar websites I have been looking at these days.
ROADMAP & UTILITIES
One of the main catalysts of the project is the opportunity for the holders to be a part of an exclusive club of musicians in a DAO. This might be a very big thing for an aspiring artist in the community.
Apart from that, the other utilities include early access to shows Wobblebug performs in, potential VIP experiences at larger music events, inter-group alpha, etc.
Other things mentioned in the roadmap include releasing of the first single from the debut album of the wobblebug and the first exclusive wobbleverse live event.
Staking
How can an upcoming project be complete without launching its governance token and some utilities associated with it?
The name of the utility token of Wobblebug is $WOB which the holders will receive after they stake their NFTs.
The total supply of $WOB is 88,888,888 with 20% of the supply being allocated to the NFTs staked.
- All $WOB earned from staking your MegaWob NFT can be claimed on the first anniversary (12 months) of your MegaWob NFT staking date without penalty
- MegaWob NFTs that are staked for a full 12 month continuous staking period will receive a 30% bonus on their $WOB tokens accrued
There will be different tiers of NFTs, and each tier will come with a separate multiplier for staking and a different vesting period
Things you’ll be able to purchase with $WOB…
(i) Evolution and transformation of MegaWob NFTs
Holders will be able to purchase a royalty-free randomized sample pack called Wobblesynth. Holders that create music using samples from the Wobblesynth will have special access to potentially release music through WobbleLabs, the Web3 music label surrounding Wobblebug.
(ii) 3-D BabyWobs
You will be able to mint a BabyWobs by combining 2 music NFTs along with a specified amount of $WOB. BabyWob will increase the staking rewards by 1.5x and If you hold a staked MegaWob and a BabyWob you will also get a free airdrop of Wobbledrugs, the top-secret utility NFT the details of which have not been provided yet.
(iii) Wobblebug merchandise
(iv) Custom Wobblebug stems
(v) Premium Wobblebug toys
(vi) Wobblebug shows
(vii)Wobblebug raffles
ENGAGEMENT
Well, just like all the projects that were launched in the past two weeks, wobblebug is also one of the strongest projects in terms of the members following the project and the level of engagement they are farming.
On Twitter, the project has around 1/3rd a million followers with around 100 followers are the accounts which I follow.
What makes Twitter stand out in comparison to other projects with the same level of following is that they have around 230 tweets made from the official account, which not only includes giveaways but other big updates of the projects. This particular point is what I found missing in projects like Okay Bears, Great Goats, Jikan Studios and others before their mint.
The Discord server has over 100,000 members and an active community throughout its building phase with them clocking an average of over 1000 reactions per post in their announcement and sneak peeks.
One more great point to consider in the Discord server is that all the moderators and the community manager have over 2000 messages on the server which means all of them were quite active in the chats as well.
To conclude I would say that from the first look of it the project is looking strong. The vision of the project is quite different from what we usually see in this space and they have almost built a dream team to support the vision with team members having a multitude of experience in what they are going to build.
Apart from this, the project has done some great partnerships with projects like Astrals, Enigma Ventures and Portals.
Also, to counter the issue which we had faced where the project was getting listed before the mint ends and the floor of the project tanks. After you mint your Wobblebug, you have to stake your NFT for 24 hours to see what you have minted. This will make sure that everyone will get to see their NFTs almost at the same time and will bring a level playing field.
This was all about the project.
Now let us talk about the things I mentioned at the start of the article about the Solana NFT Space becoming more and more degen with minters getting exhausted after every mint.
On 8th June, 2different things happened all pointing out the same thing that this is not the same space we were witnessing in May or April.
- A project with a supply of 2420 NFTs minted out completely in the whitelist sale in about 12 minutes. Since it got sold out in the Whitelist sale there was no chance of it getting botted and someone ended up getting a good chunk of the supply. The project went 50% under mint price within the first 10 minutes.
- Yesterday also was one big project that went for mint with over 150,000 Twitter Followers and around 100,000 members in Discord. The supply of the project was 10,000 but they had to cut down the supply by 66.67% just to make sure it gets sold out.
Apart from these two points, over 3 Million Dollars have been taken out from the ecosystem in just 3 days with most of that money being locked in an escrow for a week or something.
The point of sharing this information is for you to become more cautious while you trade. This is not the time to go all-in any project, hoping that it would be the next blue chip. This is where you should choose wisely about the projects you wanted to invest your money in and the time where your number 1 priority is to conserve your capital and not bluff it.
As always DYOR
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