Powering Through the TS Playoffs 🔌

The First Mint
The First Mint
Featuring Playoff Takes, Market Movers, Moonbird Mania, Challenge Corner & More

Good Morning, NFT Crew! Hope you all had an excellent weekend, and a Happy Easter and Passover to those who were celebrating!
Let’s get into all the action from the last few days:
Playoff Performers 😍
It was a relatively quiet weekend on Top Shot, with Moonbirds capturing the attention of basically everyone in the NFT space (more on that later).
Top Shot aside, we had some AWESOME game ones to kick off the NBA Playoffs — and you just can’t beat the intensity of postseason basketball. It feels like every possession matters — and momentum can swing at any second.
My three favorite series so far (with some highlights we’ll likely see as moments down the road):
Brooklyn vs. Boston — the Celtics realllllly should have tanked a couple more games to avoid that two seed! This feels like an ECF matchup, and whichever team gets out is going to be left bruised and battered heading into the rest of the playoffs. Kyrie Irving is amazing, and what a finish from Jayson Tatum for the rare layup buzzer beater!
This will make for a mighty fine playoff moment:
Boston Celtics
Jayson Tatum swooped in to save the day with a cutting layup as time expired to give us the victory in Game 1. https://t.co/nMHOK8Z5EF
Minnesota vs. Memphis: You gotta root for a Cinderella, and it feels like the Wolves are a fun, hungry young team that could pull an upset. Anthony Edwards vs. Ja Morant is also must see TV, and Patrick Beverley is the wrestling heel that every good series needs.
Bulls vs. Bucks: You didn’t think I’d leave out my squad, did you? I’ll admit, I expected us to get blown to pieces, so feeling like we were right there (and probably should have won the game) definitely hurts even more. The Doucet Bros. also have the DeMar DeRozan playoff yips firmly stuck in my mind after an awful Game 1. I still think it’ll be a sweep or Bucks in 5, but the Bulls showed more fight than anyone anticipated.
Market Movers 📉
Let’s take a look at the Top Shot market… (*covers eyes*)
Steef.eth
gm. Your weekly NBA Top Shot market update:

Not great!

🏀 All sets down bad
🏀 Engagement remains low
🏀 New users remain relatively stagnant

Data via @EvaluateMarke & @cryptoslamio https://t.co/9uNNpqh3N5
Me continuing to subject my eyes to the market:
In Monday’s TFM Pod, LG brought up some really thought-provoking musings on the state of the sports collectible NFT world — with most of the projects similar to Top Shot also struggling to find a healthy balance between supply, demand and user growth:
TheFirstMint
Ep 156 of @TheFirstMint🎙️

Will Sports NFTs Survive?😱

We love sports, but the supply dynamics in sports card NFTs don't add up

The platforms need revenue, but it comes at the expense of scarcity

So what now?

🌐 Apple https://t.co/1OIBdbVqRZ
🌐 Spotify https://t.co/TibBukVWge https://t.co/wVK5oXUZkD
Highly recommend giving it a listen to hear some recommendations on how sports platforms can innovate in a Web3 manner.
In terms of supply, we’re staring down plenty more moments coming as the playoffs chug along. Speaking of chugging, old friend @chugsnbugs had an idea for a Dapper playoff W:
chugsnbugs
Think @nbatopshot could really blow everyone’s minds [in a VERY good way] if they made any and all playoff momes/pax EXTREMELY hard to get AND scarce

Good flywheel 👍🏼 exclusivity

Bad flywheel 👎🏼 ‘everybody wins’ [bc it really means almost everybody loses]
Ghost's Corner: Moonbird Mania Edition 🦉
Not financial advice, DYOR, etc. etc. Disclosure — I currently own two Moonbirds.
One of the more hotly anticipated drops of the year happened on Saturday, with Moonbirds grabbing the attention of the entire NFT scene.
The PFP project from Proof Collective and founder Kevin Rose sold the majority of the supply via raffle, at a controversial 2.5 ETH price. However, in just a few days, the project’s floor has surged as high as 24 ETH (around $75,000 USD), and has already done over 70k ETH in secondary sales (already in the Top 15 projects by volume ALL-TIME).
A good thread on the entire story of PROOF/Moonbirds:
Cryptolocity
What's are MoonBirds and why is your twitter feed filled with fomo and/or cope about them?

Hopefully this thread can give you some more insight about this record breaking NFT project @moonbirds_xyz and their parent project @proof_xyz

1/🧵
While these numbers are staggering, the project is particularly interesting for a few reasons:
  • Kevin Rose isn’t your average NFT project leader. The former founder of Digg comes from the VC world, and is well-known outside of our little neck of the woods — with a massive 1.6M followers on Twitter.
  • Rose hosts popular podcasts Modern Finance and PROOF, as well as a written newsletter with a large reach. He also has the support and buy-in of what feels like every NFT tastemaker, whale and important crypto OG.
  • PROOF’s first project was 1,000 membership passes, granting access to the Discord and delivering a series of partnerships/allowlists that provided tremendous value to holders. The pass has also seen floor highs of nearly 100 ETH, and each pass holder was able to mint two Moonbirds.
  • ‘Nesting’ is around the corner — in which holders will be rewarded based on time held. Locking the bird into a staking-type contract will lead to less supply on the market, and the time factor will make many think twice about selling. Supply crunch coming?
While many were quick to jump on the narratives about unsustainable pumps or VC-led negativity, the NFT space has been trending towards this for a while. People want to invest in projects with founders they can trust — and we haven’t seen anything close to the stature and respectability that Rose and co. hold in the space.
It’ll be interesting to see where things go, but we might’ve witnessed the birth of the next major top-tier NFT project this weekend — and a new bar set for incoming founders in the space.
Challenge Corner 🏆
  • Reward: Darius Garland MGLE
  • Deadline: TODAY at 10 AM PST
  • Reward: Kevin Durant Holo
  • Deadline: TODAY at 10 AM PST
Flash Challenge: Rise & Dime
  • Reward: S2 Playoff Pack (rookie), S2 Rising Stars Pack (Hero Ball)
  • Deadline: TODAY at 1 PM PST
  • Reward: A'Ja Wilson Player’s Choice Moment
  • Deadline: TODAY @ 2 PM PST
WNBA Starter Challenge (New Users Only)
  • Reward: WNBA Best of 2021 Pack
  • Deadline: TODAY @ 2 PM PST
  • Reward: S1 With The Strip Pack
  • Deadline: Thursday, April 21 @ 10 AM PST
Around The First Mint 🗣
We love sports. But man, there are A LOT of sports card-style NFTs right now. To the point where some of the companies behind them have paused the release of supply for a few weeks in order to appease community sentiment. These companies NEED to sell product, but how do they do so while marketplace prices tank? We dive deep into this one.
Thanks for reading! — Zach @ The First Mint
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Follow The First Mint on Twitter at @TheFirstMint.
Follow Zach on Twitter at @GhostOfGregOden.
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The First Mint
The First Mint

The First Mint Newsletter recaps the best from the NBA Top Shot and TFM community with an occasional sprinkle of cool NFTs.

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