PancakeSwap, NFT Farming, Stoner Cats and A Nostalgic Use-case For NFTs
Institutional investing is back in vogue, the crypto markets are seeing an explosion not seen since May. ADA is battling BNB for a podium place as the world’s third-largest cryptocurrency by market cap, Bitcoin is running with the bulls in the mid-40Ks and Eth is being ETH and setting everyone’s heart racing. Safe to say, it has been a week of champagne and celebration in the land of crypto, Valuart, NFTs and the Metaverse.
However, with so many swimming in the warm waters of a global crypto market currently valued at $1.95T, our guest list suffered crash not seen since Elon Musk went on Saturday Night Live and then tweeted about the on/off, will they/won’t they Tesla & Bitcoin relationship.
But we all know Elon is a sideshow to the long-term, world-changing blockchain technology and the cryptocurrencies which nestle within it. Normal service will be resumed next week. In the meantime, we had the Valuart Podcast to ourselves.
The curious and charming Eddie, and Stoner Cat owner Izzy (Yes! We now have NFT royalty in the team) were joined by Metaverse Mark to speak about a few of the unbelievable happenings in the world of crypto and NFTs this week.
Pet NFT Rocks
Pet rocks may be the least… rock and roll NFT currently vying for mainstream attention and an OpenSea valuation of $100 thousand, but that is exactly what they are doing.
Those of a certain age may remember the original incarnation. Pet rock was a collectible toy made in 1975 by an advertising executive by the name of Gary Dahl. He went to Rosarito Beach in Mexico, chose some rocks, put them in a box and sold them for $4. Rock lovers around the world bought over a million of them. Gary Dahl became a millionaire. One million pets at $4 is an awesome return on a rock. There is only one place to look in 2021 that could compete with that kind of ROI. You know what’s coming, don’t you?
In 2017 a collection of 100 NFT rocks (known as EtherRocks) were minted and, because they were digital rocks, only 20 sold. They then vanished from the world.
And there they lay, dormant. Worthless.
Until August 2021.
Looking for a gem, only to find a rock, NFT archaeologists unearthed the EtherRocks. On Sunday, an EtherRock sold for 45 Eth ($145,000)
**Breaking News**. Ether Rock #61 sells for $250,000.
Gary Dahl would be proud.
PancakeSwap and NFT Farming
PancakeSwap says the moon is made of pancakes. I don’t think the moon is made of pancakes, I think it is made of rock, but not Pet Rocks, or EtherRocks, but space rock. NFT the moon.
PancakeSwap’s geology is a bankrupt science. However, with 2.3 million users in the past month, 38 million trades, a 24-hour trading volume of $597,478,665, a market cap of $3,241,181,759 and over $9.9 billion staked, their DeFi platform is a meteoric success.
PancakeSwap promises to make it easy to earn passive income on your crypto. I got a headache looking at the UX and gave up trying to farm Tezos for BNB. I also gave up on CHESS-USDC, TITAN-BUSD and RABBIT-BNB pairings.
Not that I couldn’t see the promise of 200% APR on my investment, the numbers are high across the board. With institutional investment and the hammering of crypto on the mainstream doors of the collective conscious getting louder by the month, the short-term future at least looks to remain on an upwards trend.*
The issue for me, and, one assumes the billions of people who haven’t started their cryptocurrency journey, let alone the beautiful labyrinth of yield farming, is the complexity of getting the job done.
To give you an idea, here are the 12 steps from Crypto-Explained on how to yield farm on PancakeSwap:
- First, open PancakeSwap and go to farms to explore the pairs. In this case, we will use Tezos (XTZ). Make sure that MetaMask is on Binance Smart Chain Network.
- After that, go to exchange to find the coins and tokens. You need to have a BNB coin.
- Select the token and amount you want to buy. Bear in mind that you should leave the same amount in BNB for liquidity and some for paying the transaction fees.
- When the desired coin is selected, press confirm swap.
- Confirm on MetaMask.
- Next, go to liquidity and press Add liquidity.
- Select proportion BNB to XTZ you like to stake and click supply.
- Confirm supply on MetaMask.
- Now go to farms and click to approve the contract.
- Proceed by pressing Stake LP.
- Select max and confirm.
- Confirm it in MetaMask Wallet.
It’s wild, a crazy frontier of decentralised finance which those with the foresight, nous and courage to embrace it are in the midst of a financial experience, and dare I say, experiment, the likes of which has never been seen. And if you are watching the markets pump for the rings of Saturn right, you could be inclined to believe that this is just the beginning. When it is so potentially complex to get involved, yet the numbers are so high, imagine DeFi when the UX becomes as simple as signing up and pressing a big green button.
And it will be green, not red.
Izzy is leading the Valuart DeFi charge, for not only does she farm on PancakeSwap, as of last week she is now the owner of a Stoner Cat.
Sometimes the language of blockchain is straightforward.
Stoner Cats are stoned cats in an NFT.
OK, there is a little more than that.
Stoner Cats is an animated series created by Hollywood power couple Mila Kunis and Ashton Kutcher. Joining Mila and Ashton as writers, producers and fans are Jane Fonda, Chris Rock, Seth Macfarlane and Ethereum founder, billionaire, philanthropist and smartest 20-something in the universe, Vitalik Buterin.
Whether Stoner Cats would have reaped in $8 million in 38 seconds had the project been led by your neighbours, is not for today. The cult of personality and the influence of celebrity is about to go beyond even the boundaries set by the social media addiction of the past 15 years. (The Valuart podcast will get to the power of celebrity in the NFT world at a later date.)
Stoner Cats – the animated series, not the NFT – is only available to view by those who buy a Stoner Cat NFT. Or it was, until it was leaked onto YouTube and made available to everyone.
Which brings us to…
If you buy a Stoner Cat you can sell it. Alternatively you can hodle and hope it follows in the pixelated footprints of CryptoPunks and the price goes to the moon. Thirdly, you can forget about the money side and become ingrained in the community of Stoner Cats. You can get unique access to Discord channels and Telegram groups and stay connected to your peers. Stoner Cats will no doubt create a decentralized autonomous organization (DAO) that permits token holders to participate in the development of new animated series.
Stoner Cats have utilization beyond the investment opportunities. In a sense, You can become your Stoner Cat. With the Metaverse, blockchain gaming and the transition of NFTs to identities the potential key to ownership and identity in future incarnations of the internet, this is not as absurd as it sounds (and I realise it sounds pretty absurd).
And the Stoner Cats are not alone.
CryptoPunks, Bored Apes, Meebits, Cool Cats, World of Women, Royal Society of Players, Goatz. Stoner Cats are one of a new wave of NFT collectibles; opportunities to buy into a community, join like-minded thinkers and congregate around a common ground of art, culture, design or philosophy. Your Twitter avatar now gives away you NFT allegiance; it signifies which NFT club you belong to and what your future Metaverse identity could be. If this sounds like a cult, well…
Religious devotion aside, a cult is: a person or thing that is popular or fashionable among a particular group or section of society.
On the flip side of the future of NFTs is the past. Welcome to the sepia-toned nostalgia of NFTs.
NFTs and Nostalgia Use-Case
You may be wondering what Nostalgia (a sentimental longing for a period in the past) could possibly have to do with the modern, cutting edge lunacy of NFTs and the futuristic blockchain technology which keeps it all together.
As an existential resource, nostalgia helps people maintain and enhance meaning in the present by reminding them how damn good the past was. What if you could combine this ‘feeling’ with an NFT by adding real life experiences (as Patreon and KickStarter do already)? Could you have a use-case for NFTs which would bring Generation X and, whisper this, maybe even the Baby Boomers to the NFT party?
Eddie’s favourite article of the week was this one from Cointelegraph on Bauhaus and Love and Rockets. It links the concepts of a longing for the past with a legitimate use-case for NFTs.
The Visceral response you may feel to a band or a song or a TV show or movie from your youth could be exploited by NFTs incorporating real live experiences into the product.
For example, a Star Wars fan could buy a 20th Century Fox NFT (do they still exist?) and get to meet Mark Hamill (I’m showing my age, I know). A sit-com obsessive could buy a Friends NFT and get to have dinner with Phoebe and Chandler. Alternatively, you purchase a Metallica NFT and sell it on Napster… No, you wouldn’t do that, because as tempting as it would be, wrapped up in the NFT is a guitar lesson with Kirk Hammett.
For many the future use-case of NFTs is to incorporate real experiences and tangible objects with the digital art/culture/administration of the token.
And on that, we’ll see you next week for an exploration of the Metaverse with the founders of Realm.
*Obviously this isn’t financial advice; this blog is purely for entertainment and education. Seek professional guidance from a trained, qualified investment professional when making investment decisions.