Sheet Fighter — Alpha Update 3.10.2022
Not Financial Advice — Prepared March 10th, 2022
Be Curious, Not Judgmental
TO THE READERS — First Time Writer, Long Time Reader
(Bear with me)
Alpha Report Highlights
Going to very briefly explain what the heck this project is (although who really even knows), look at some fundamentals, and examine the latest announcement. Together I am hoping we can take a look at the history of the project, check the pulse, and see if we can identify where it’s heading.
You can find their White Paper here: https://medium.com/@SheetFighterNFT/sheet-fighter-nft-gpt-3-generated-fighting-spreadsheets-593d485b2cbd
The collection is down roughly 70% from the average ATH seen just a few weeks ago when it launched. Volume has shriveled like my plant that I forgot to water at the office. The team does have a significant war chest (520ETH), with 75ETH in royalties on OS alone.
Approximately 56% of the entire collection is currently staked, with roughly 2% of the collection currently listed for sale. Each of these staked tokens are generating $CELL, which soon will have its first use case, if the recent announcements come to fruition.
Approximately 56% of the entire collection is currently staked, with roughly 2% of the collection currently listed for sale.
One important takeaway: I am not a registered financial advisor, and it is not my intent to give you financial advice whatsoever through this report. I have made many bad financial decisions (eyes forward though bb) in this space, and this report is geared towards starting a discussion amongst the Web 3 community about the Sheet Fighter project. Do your own research. Now let’s figure out what the heck is going on with this project.
This project gives me the same personal feeling that I get seeing my PTO request approved by the boss man: Excitement about the possibility of having a good time.
· Collection Size: 8888
· Original Mint Cost: 0.05ETH
· Mint Date: February 16th, 2022
Project first minted 22 days ago with a mint cost of .05 — max 20 per TX. Charts show the project reaching a high cost (average) of 0.21ETH on February 22, 2022. Current floor price at press time is 0.055ETH (ETH at $2575), 1D Sales at 44, with 0–10 sales every hour or so.
7.5% collection royalty (with OS fee).
Overall the project financials are not too dissimilar from other projects that have a tendency to come back and run strong. Huge war chest for the team to develop, mint ended in gas war, drew lot of excitement early on, and while our short attention span has moved on — the team has had their head down developing ever since.
Posted Roadmap on their website with what’s been completed marked off:
Max of 10 staked tokens per wallet
Staking earns $CELL
Each NFT yields 10 $CELL per day
“Future utilities include battles, upgrades, and more”
Tokens aren’t time locked, can be un-staked with tx.
• ~5,011 NFTs appear to be staked
Last announcement on 3.04.2022
· Team has done a few AMA through Twitter Spaces, etc. the past few weeks. Their communication style has remained consistent, fun, and witty. In my opinion they pop up from working on the project to throw some office humor out. However, their news-breaking project announcements have been lackluster. Until this past week.
Announcing “Spreadaverse” on Polygon
• Leveling will be first use case for $CELL — “fun mini-game”
• Likely to be used for battles, upgrading, etc.
New website coming any day now
- New “immersive experience”
- Hints at possible surprise with new website launch
Reading through some of the team’s Discord messages over the past two weeks, it seems like Upgrades and bridge to Polygon first. Then battles. Expect to see a video released any day now, perhaps showing off details on the Spreadaverse.
Ultimately the reason I am excited in a nutshell: there has been zero utility for these, but that is hopefully about to change.
One reason I am bearish is that Polygon has been having difficulty here lately, which could cause additional delays. Until the team delivers something, you’d be trading on pure speculation.
Floor price is almost back to mint cost, plus the large staking amount means people want to play/utilize the NFT when it becomes available.
• Short term flip strategy — flip when the mini-game comes out and if excitement returns.
• Long term flip strategy — play the mini-game, scream “holy sheet!” and keep your fingers crossed that the team continues to mold this into a solid project.
For some reason I get something similar to MultiverseVM price action vibes from this. Hopefully without the huge time gap between hidden folder and being a proud resident of moon town.
This team does have some marketing chops though. I personally love the aesthetics and fun nature of them. Jury is still out on the team execution and the dev skills. Having Fonky on the team eases my worries here.
Before I forget: Pranksy is the largest holder.
For my portfolio, I am thinking that this is a relatively low risk — medium reward pickup. Unless you have my seed phrase, my portfolio is likely not like yours and you should weigh your own strategy.
• I originally minted, staked a few, sold a few.
• Projects with known members in their team, a big war chest, and good communication are bullish indicators for me.
- I have been picking floor Sheets back up from .055-.07
What do you think about Sheet Fighters?
Tweet @HeartofTexas and let me know what you think.