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Abstract

What IS a Boonji, anyway?</h1><p id="297d">Well, it’s a galactic explorer, basically. That’s what the NFT image will depict, based on the samples shown. Tech, space, modern art, and futurism are all popular categories, of course, in the NFT world. Here’s a sample from their site:</p><figure id="97cf"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/0*-JECEapPMEvrGY0L.jpg"><figcaption></figcaption></figure><p id="ce27">Much like the Mekas, the Boonji has built up an amazing following. Check out their <a href="https://discord.gg/GCSGKeer">Discord</a>:</p><figure id="4f37"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/1*ZLwJctBZQHpww6Rut9vTIg.png"><figcaption>123k members!!</figcaption></figure><p id="2fdc"><a href="https://twitter.com/BoonjiProject">Their Twitter</a>? Also not bad, at 20k:</p><figure id="0560"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/1*MM0f5CG5MZRYexrsbXOF0g.png"><figcaption></figcaption></figure><p id="1c48">So, the hype is basically there, though I wonder about the huge difference in their social channels. Why 123k on Discord and 100k less on Twitter?</p><p id="1452">Maybe that’ll grow quickly, though. After all, even Snoop Dogg’s newly revealed NFT-collecting persona “<a href="https://twitter.com/CozomoMedici">Cozomo de’ Medici</a>” has tweeted about this project:</p><figure id="57cc"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/1*mRGNbseJRtLWVP5X2XMcKg.png"><figcaption></figcaption></figure><h1 id="12c4">Questions!</h1><p id="7df7">I think this Dutch Auction is a super-interesting approach on such a high-profile drop, and should make for some good data to be considered later on, on the investment side. Questions arise like:</p><ul><li>If Dutch Auctions effectively move more of a drop’s initial volume (meaning, the amount taken in initially plus a bulk of the immediate secondary market) to the artist / team versus the “traditional” (if we can use such a word in an industry this new) approach of minting for much lower prices (usually 0.08 to about 0.2 these days) and then allowing the secondary market to blow up organically (as it predictably did with the Mekas), how does this affect the secondary market? Could we still see 5+ ETH levels there? (I’m sure we will if it sells out!)</li><li>How do flippers feel about this? Will they shun this as too big of a risk? Or will they still buy in at 2 or 3+ ETH and boldly list f

Options

or 6+ ETH on the secondary? And/or will they swoop in at the end and sweep the “primary floor” if the thing actually drops down to 0.3?</li><li>What happens to the secondary market if the drop doesn’t sell out? (Though, I suspect it will.)</li><li>Will the usual post-reveal floor price drop happen for a Dutch Auction mint? And if so, how pronounced will it be, or how different from the usual drop?</li></ul><h1 id="30fc">Predictions:</h1><p id="f674">Well, this is the fun part, for me. And, let the record show that I’ve often been right about calling the interesting ones, but have lately underestimated what happens next. I really didn’t see 9-freaking-ETH Meka sales coming in that wild secondary market (even if it “died” down to 5–6 ETH pre-reveal). So, who knows what could happen here.</p><p id="c275">I always find myself wondering: How many 5+ ETH-floor collections can the market bear?! And yet the answer is always: one more.</p><p id="03f4">Dutch auctions sure are weird, though. Maybe they’re fun for some, but I think they can potentially bit you right in the butt if you’re not careful. It’s one thing to drop 0.4 ETH on two Mekas (difficult as that proved to be) and then try to flip them for 10 ETH. It’s quite another to buy two Boonjis for like 5 ETH total (assuming that’s even doable) and flipping those for whatever you can. You’re just playing with 10x more $$$ and so if something goes sideways (which we can never rule out), you’re out 10x more.</p><p id="28e1">So, while the team gets more and wealthier investors / flippers get less in a Dutch Auction scenario, it’s also true that the smaller investors kind of get the shaft. So, I’m not sure how I feel about it in the end. I think I prefer the Meka-style ones, as I feel like I’d rather compete to get in at a lower price and then be rewarded for doing so. That said, I can also appreciate that artists/teams would like to capture more of the volume circulating around their drops.</p><p id="d901">Anyway, enough pontificating. I’ll follow-up with a piece on what happened!</p><figure id="da50"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/0*qdA0d0yIHWORcFDs"><figcaption>Jim Dee is a prolific writer, developer, and multi-media creator from Portland. You can find him, his businesses, his books, and more at <a href="https://jpd3.com/">JPD3.com</a>. Thanks for reading! Cat image here courtesy of Midjourney AI.</figcaption></figure></article></body>

NFTs, Investing

Can the Boonji Project Bump the Mekas Off the Top Spot for NFT Investors?

Find out in just two hours! 10–13–21 / 6pm EST!

In my article “Upcoming NFT Drops that Look Promising for Investors” last week, I discussed the much-hyped Mekaverse NFT drop, predicting (as pretty much anyone in the know could have done) that it would be epic in terms of the financial outcome. And, as discussed in my follow-up piece, “The Feeding Frenzy of the MekaVerse,” it truly was outrageous in all respects.

And, by the way, as predicted in those pieces, the floor did in fact drop post-reveal on the Mekas. As of right now, it stands at a still-healthy 4.5 ETH (though that’s about half of its peak during pre-reveal):

All totaled, the Mekas have moved upwards of $100 million USD thus far, although in their case a sizable chunk of that happened in the secondary market.

But what happens if more of the secondary market volume happens in the primary stage? The Boonji’s are going to do a Dutch Auction for their drop, starting the minting at a whopping 3.3 ETH (about $11.6k, which, right there, would likely surpass the secondary floor price of an otherwise super-hyped drop), and then lowering the price by .1 ETH every five minutes for about 2and a half hours until the price reaches 0.3 ETH (or $1,057). The schedule looks like this:

If the Boonji’s manage to sell out in the first five minutes (which sounds a little crazy, but then again this is the NFT space), they would clear more than 25,000 ETH (or, about $90 million). (I’m not sure of the actual number, as I’m sure they’re holding back some Boonji’s for marketing and giveaways.)

What IS a Boonji, anyway?

Well, it’s a galactic explorer, basically. That’s what the NFT image will depict, based on the samples shown. Tech, space, modern art, and futurism are all popular categories, of course, in the NFT world. Here’s a sample from their site:

Much like the Mekas, the Boonji has built up an amazing following. Check out their Discord:

Their Twitter? Also not bad, at 20k:

So, the hype is basically there, though I wonder about the huge difference in their social channels. Why 123k on Discord and 100k less on Twitter?

Maybe that’ll grow quickly, though. After all, even Snoop Dogg’s newly revealed NFT-collecting persona “Cozomo de’ Medici” has tweeted about this project:

Questions!

I think this Dutch Auction is a super-interesting approach on such a high-profile drop, and should make for some good data to be considered later on, on the investment side. Questions arise like:

If Dutch Auctions effectively move more of a drop’s initial volume (meaning, the amount taken in initially plus a bulk of the immediate secondary market) to the artist / team versus the “traditional” (if we can use such a word in an industry this new) approach of minting for much lower prices (usually 0.08 to about 0.2 these days) and then allowing the secondary market to blow up organically (as it predictably did with the Mekas), how does this affect the secondary market? Could we still see 5+ ETH levels there? (I’m sure we will if it sells out!)
How do flippers feel about this? Will they shun this as too big of a risk? Or will they still buy in at 2 or 3+ ETH and boldly list for 6+ ETH on the secondary? And/or will they swoop in at the end and sweep the “primary floor” if the thing actually drops down to 0.3?
What happens to the secondary market if the drop doesn’t sell out? (Though, I suspect it will.)
Will the usual post-reveal floor price drop happen for a Dutch Auction mint? And if so, how pronounced will it be, or how different from the usual drop?

Predictions:

Well, this is the fun part, for me. And, let the record show that I’ve often been right about calling the interesting ones, but have lately underestimated what happens next. I really didn’t see 9-freaking-ETH Meka sales coming in that wild secondary market (even if it “died” down to 5–6 ETH pre-reveal). So, who knows what could happen here.

I always find myself wondering: How many 5+ ETH-floor collections can the market bear?! And yet the answer is always: one more.

Dutch auctions sure are weird, though. Maybe they’re fun for some, but I think they can potentially bit you right in the butt if you’re not careful. It’s one thing to drop 0.4 ETH on two Mekas (difficult as that proved to be) and then try to flip them for 10 ETH. It’s quite another to buy two Boonjis for like 5 ETH total (assuming that’s even doable) and flipping those for whatever you can. You’re just playing with 10x more $$$ and so if something goes sideways (which we can never rule out), you’re out 10x more.

So, while the team gets more and wealthier investors / flippers get less in a Dutch Auction scenario, it’s also true that the smaller investors kind of get the shaft. So, I’m not sure how I feel about it in the end. I think I prefer the Meka-style ones, as I feel like I’d rather compete to get in at a lower price and then be rewarded for doing so. That said, I can also appreciate that artists/teams would like to capture more of the volume circulating around their drops.

Anyway, enough pontificating. I’ll follow-up with a piece on what happened!

Jim Dee is a prolific writer, developer, and multi-media creator from Portland. You can find him, his businesses, his books, and more at JPD3.com. Thanks for reading! Cat image here courtesy of Midjourney AI.