Project of the Month (Jan '23)

 

Crypto enthusiasts and NFT degens are often accused by normies of “throwing money down the drain."

 

What’s new? Armchair critics abound, complete with pompous muttering and snarls twisted by the weight of cynicism. Why invest in a space comprising pointless primate portraits, childish meme culture and currency that’s illegitimate because, well, it cannot be printed at the rogue behest of a behemoth debt machine…? It’s not a huge bubble, there’s just something in the pipes, trust me!

 

Clearly, Yuga Labs is either wielding virtuosic wordplay or is exhibiting some latent unintentional genius by quite literally throwing the money down the drain, with their latest contribution to the PC repair industry game Dookey Dash and its accompanying Sewer Passes. With trading volume (at the time of writing) well above 25,000 ETH and a floor price of 2.6 ETH, they have once again delivered the statistical goods with what was essentially a free mint for holders of BAYC, BAKC and MAYC.

 

Unsurprisingly, ahem, they’ve attained the infinitely greater achievement of being MVHQ’s Project of the Month! Alright alright, pipe down with your rampant applause. Without further arsing around, let’s plunge into the mechanics behind this project, brush up on some hot tips and trading insights, and put a lid on the controversies, because this game really is the shit. And if my illustrious lavatory puns are draining you - don’t worry, because I’m really starting the article now.

 

Project Overview - Let’s Traverse the Sewers

 

Holders of BAYC, BAKC and MAYC were able to claim a Sewer Pass in tiers 1 to 4, with each increasingly offering in-game utility and secondary value. The lowest tier, for holding one MAYC, currently sits at a FP of 2.6 ETH, whilst the highest, for holding a BAYC and BAKC pair, fetches a cool 6.4 ETH. $APE can be used to bolster your pass with temporary power-ups, introducing a novel deflationary mechanic and thereby reducing its status as a shitcoin through expanding its use cases. It’s also heartening to finally see some benefit ascribed to those dogs - Sewer Passes put the poor things out of their misery after a seemingly perpetual existence as glorified side pieces. Think Paris Hilton-esque handbag pooches. The Kennel finally resembles something more akin to a Club, rather than a battered animals’ shelter, which exhibits Yuga’s commitment to sustaining users’ engagement, maintaining the relevance of past tokens and a “no loose ends” approach to the future of their ecosystem.

 

 

Similarly, whilst clearly no flagship game nor masterpiece, Dookey Dash instils confidence in Yuga Labs’ ability to solidify itself as a web3 gaming titan and to eventually deliver an end product. The game, which tasks valiant holders with the retrieval of a special key from the smouldering depths of Jimmy the Monkey’s obviously well-practiced rectum (really, Jimmy?), is open for players until 8 February. Thereafter, scores are locked to the metadata of each pass before a slew of mystery prizes are announced on the 15th during an event dubbed “The Summoning,” which I suspect is merely euphemistic for the high-strength laxatives given to Jimmy. Maybe. In seriousness, it’s rather impressive that this pay-to-play concept is rivalled in engagement solely by the likes of Axie Infinity, undoubtedly evidencing the faith placed in Yuga by the space at large to fulfil its gaming roadmap. I refuse, however, to join the ape fanboys in lauding Yuga with praise over what is essentially a repackaged Subway Surfer, and more literally a reskinned version of a 2008 web game called Missile Game (more on this later), since it’s foremost an engagement initiative, rather than a foray into unchartered web3 gaming territory. While it has its merits in integrating NFTs, the concept is not revolutionary by any stretch of the imagination, nor do I think Yuga intended it to be. It’s simply an entertaining, infuriating competition to facilitate a skill-based mint and foreshadow their future plans, nothing more, nothing less. Yuga is not yet a web3 gaming company, so let’s stop fussing about whether it’s a GUD GAME or not.

 

 

Tips - Trading and Delegating Access

I would expect to see floor prices for Sewer Passes dip as we approach 8 February as the chance to compete for the Dookey Dash leaderboard decreases for new entrants. If this happens, there’s potentially a lucrative opportunity for those already seasoned in the game or equipped with a legion of competitive gaming delegates to acquire comparatively low-priced passes and wrangle themselves further points. After 8 February, when scores are bound to each token and are rendered unchangeable, we can expect a price divergence with low-scored or untouched passes dipping, and higher-scored passes fetching a premium. Particularly meticulous traders will undoubtedly snipe bargains on high-score passes that forgetful participants forgot to delist, as is often the case. Prior to “the Summoning,” between 8 and 15 February, pricing will be entirely speculative. This will be a risky time to trade Sewer Passes as you’re essentially betting on Yuga Labs’ propensity to deliver its next phase of goods, the extent of rewards for certain scores and whether the market is overhyping or undervaluing them – both equally valid opinions in this case. Proceed with caution here. A single announcement or “hint” could send things askew.