[Thoughts #73] Tiffany, Meebits, Rats Pt. 3?!
What kind of topic mashup is this?! 🧟
Today’s newsletter is brought to you by my fiancée, A. She constantly reminds me that she introduced me to sneakers and sneaker culture (this is accurate). She also constantly reminds me that she taught me how to be more sarcastic and have thicker skin (accurate as well). She also gave me the nickname ‘CK’, Context King, while complaining that I provide too much context about…well, everything. 😂
Basically, A taught me to walk while I was crawling. NFTs and Web3 taught me to run.
Did she pay me for this sponsored segment? I’ll let you be the judge 🤔
Alright, onto the good stuff. That was not worth $5.
Breakfast NFTs at Tiffany’s
If you subscribe to any other NFT/Web3 newsletter or follow these topics on Twitter, you’re probably aware that Tiffany & Co (yes, the high-end jewelry brand) is releasing limited edition NFT jewelry for Cryptopunks holders at 30 ETH a pop (~$50k). There will only be a supply of 250 of these:
Here’s the second hype video with a rendering of the actual product.
So why am I writing about this when every newsletter and the newsletter’s mom is writing about this? Let’s peel the layers of the onion a bit more:
This effort has been months in the making
Alex Arnault (son of LVMH group CEO Bernard Arnault) is the EVP of Products and Communication at Tiffany & Co. Alex calls this out on his Twitter so they know they walk the talk.
Speaking of months in the making, this was actually my first topic for this newsletter. Time to manifest a sponsorship from LVMH Group 🧘♀️🧘🧘♂️ That’s how sponsorships work, right?
If you’re curious to learn more about the background of their efforts, check out my first post.
Also, here’s a quick primer on Alex’s brother, Frédéric Arnault, the CEO of Tag Heuer.
Oh ya, Alex is 30 and Frédéric is 27. I think we’ll see more NFTs and Web3 initiatives from LVMH with these two holding senior positions 😉
Who are they working with?
Did you notice this Cryptopunk in the second hype video I linked? That isn’t anyone’s Punk. That’s Deepak’s, the CEO of Chain. That’s an Alien Punk too, there’s only 9 in the collection of 10,000 Cryptopunks. Deepak purchased his for 8,000 ETH or almost $24 million earlier this year. 🤯
Oh snap, he already got his! No fair, Tiffany is playing favorites? I wouldn’t quite call it that, but if you look on the Tiffany NFT website, you see this:
Interesting, how are Tiffany and Chain working together? Maybe in this way.
If all goes well, LVMH may ‘link up’ more for future initiatives.
Overall sentiment
Though I didn’t come across much negative sentiment, it seems that there was a fair amount of it. 30 ETH is a LOT, whether ETH is at $1,500 or $4,500.
However, others in the space responded with their thoughts.
Good points. Seems like Alex’s brother may be hinting at something if the Tiffany x Punks launch goes well?
Lastly, Tiffany or not, NFT jewelry is already a thing. These NFT jewelers and their supporters took the opportunity to promote their own wares.
Is this gaudy AF? Yes. Does this already happen elsewhere? Yes. The hip hop industry is probably one of the biggest patrons of custom jewelry. Remember, this isn’t for you, me, or probably 99.99% of the world. But the .01% that partake in this culture probably have an outsized influence on culture as a whole.
Mainstream influence
Speaking of influence, Tiffany has 1.7 million followers on Twitter and 13.5 million followers on Instagram. The brand has been outspoken on Twitter like most other brands entering Web3. But what about Instagram, the holy grail channel of most brands?
I didn’t get a chance to see the IG Story for myself, but that’s a big deal. Kudos to Tiffany & Co. for taking a big swing. The luxury fashion industry will be watching closely and if it goes well, they’ll be pushing the boundaries of phygital in their own unique ways.
PS: Interesting how Tiffany front-ran the typical newscycles by making an announcement on Sunday. Even though Crypto is 24/7, weekends are naturally slower. Tiffany & Co. made a bet to make a Sunday announcement in order to dominate the NFT newscycle for the week. And when Monday (today) rolls around, what was the talk of the NFT town?
Let’s see how the mint goes on Friday. Maybe I’ll do a followup.
Meebits Commercial Rights
It seems like someone else was thinking of the same Sunday news cycle strategy, but got beat:
First of all, I love the intro and outro animation, it loops perfectly and compliments the length of the video, encouraging replays.
Meebits, the second NFT avatar collection made by Larva Labs and was acquired by Yuga Labs, will be getting the same commercial license treatment as the other collections owned by Yuga (Bored Apes and Cryptopunks).
This is great news for Meebit holders and I’m curious to see what creative integrations will happen from a licensing perspective.
For anyone interested: More notes on commercial rights here, here, and here.
Subway Rats Pt. 3?!
For those that didn’t catch it, Part 1 and Part 2.
This project keeps punching above its weight, so here I am writing about them for the third time. This time, it’s about their minting experience and project launch that happened yesterday.
Not as elaborate as the Discord onboarding experience (Part 1) or community voting experience (Part 2), but a nice detail that provided positive signaling nonetheless.
If you want to see it for yourself, here’s a recording of the minting experience! I’m using a different tool to screen record now, so we have sound folks!! The Subway Rats team has a great taste in selecting music that matches the experience/vibe they want their community to feel, so give it a watch! It’s only 19 seconds.
Here’s how it went:
I like that the user has to click ‘I’m Ready’. It encourages buy-in and subtly suggests a ‘buckle up, folks!’ mindset.
Ah…we’re in the back alley where it all started!
What’s this? I hear a vibrate noise and a phone pops up from the bottom of the screen. Yes I’m ready to mint!
And that was the minting experience. Nothing over the top, but a little extra effort that continues to give my NFT spidey senses a tingle.
Projects in current market conditions take on considerable risk. Grand plans fall apart due to lack of marketing, technical errors on launch day, or everyone trying to sell for a couple dollars in profit. Not to mention, the constant battle for attention where the consumer base has dwindled significantly in the past few months.
Subway Rats was a free mint. This allowed for more confidence in minting out, but also a more uncertain community of holders that might all try to sell for any amount of profit, big or small.
For free mint projects, surviving (from a floor price POV) the first ~24 hours from launch is critical. Project funding comes from secondary fees as opposed to taking in revenues from the mint itself since it’s free.
If there is a cold start problem, free mint projects are basically DOA. This is the end result for a very large majority.
Fortunately for SR, this is where they’re at ~18 hours after launch:
The team’s investment in creating a relatively simple but fun and immersive experience caught not only my attention, but many others’, resulting in a lot of activity considering the slow market.
#12 in last 24 hours of volume on Opensea? And it hasn’t even been 24 hours! Pretty good…
Now the questions for the team are: Can Subway Rats retain the attention of the community and continue to drive value? Can they continue to surprise and delight their holders?
Only time will tell. I’ll be riding the subway with my fellow rats onto the next station.
See you tomorrow folks! 🐭🚊