NFT/Token Deep Dive

Conclusion: The project is uniquely positioned to create a new meta within the broader ETH NFT ecosystem, thus far the team has been extremely innovative and dogmatically focused on brand alignment $SHIT. However, with any new approach comes its risks and rewards.

🧵🧵 

Overview of the Projects: 

ShitLabs is the parent entity of the collections multitude of derivative but interconnected projects. It’s worth noting that this project is less than 30 days old, however, their idiosyncratic approach and relative accomplishments makes it feel like this project has been around for over a year. No discord, Only Twitter Model.

Origin of Project

This team and origin of this project remain a mystery to most so this part of my analysis should be taken as strictly my intuition as to how SL/SB came to be. No discord, Only Twitter Model.

From the onset the sheer volume of preexisting art and seemingly coherent roadmap lead to my conclusion that most of this project was planned likely months in advance (to be explained), additionally, I believe that the project waited for a successful NFT collection (ended up being Goblins) to piggy back / launch off of. 

Overview of the Projects: Timeline

Goblintown (GT) hit the NFT scene at a time when the NFT market was holding it’s breadth at the overall slowdown, but this collection saw rapid growth (mkt cap 96.4m / floor price of 4.79ETH late may). GT was easily recognized by its wild fonts.

May 30th a mystery collections appears with a similar font to GT Wₐₙₜ ₛₒₘₑ ₒf ₜₕₑₛₑ gₒₒd ₛₕᵢₜ?

Twitter’s wildfire speculation determined that it was a Goblin derivative and it wen’t from a free mint to .07 ETH+ in one day, passing @Azuki’s @Beans and @doodles in daily volume. (total volume 4.6K ETH)

June 2nd the collection passed into the top 3, behind @goblins @bayc passing @mayc and then the true project began. #ShitBeasts

The team announcing that for 24 hours individuals can go to https://pieceofshit.wtf/ and burn 2 Shit NFTs for 1 ShitBeast and $10b $SHIT coins. These beasts would then become a collection of 3905 of “Genesis Beasts” denoted by a gold emblem in the upper left of the NFT (total volume 7.1K ETH).

The team then began the public sale of the ShitBeast (non-genesis) in $SHIT which coincided with the burning of $SHIT coins which started a slow increase in the $ price. 

Low and behold shortly after that mint the price of the original OG poops collection https://opensea.io/collection/pieceofshit-wtf sky rocketed to (.5-1 ETH) as the 6095 ShitBeast (non-genesis) public secondary sales were taking place. This was coupled with the teams decision to switch their meta from Goblin to Pixelated in anticipation of the next drop.

Shitlabs announced that they hadn’t forgotten about the OG poops and that each would be getting airdropped a plunger that would allow then to mint 5 pixel poops. For the public markets pluggers would be available for .26-.33 ETH .. and the Shitlabs team burnt 75% of the sale of the plungers in 1.5 trillion $SHIT. https://pieceofshit.wtf/shop 

https://etherscan.io/tx/0x23a7920df2b8dcd59f305fbd45ab1eb2b9ca2d4b2c7536e6ddd79bb5f0d3483f 

Like a bolt of lightning on June 5th-7th MEXC Global announced that they were listing $SHIT and the price jumped from .00000008 to .00000127 in other words the $10b $SHIT coins given to each Genesis SBs became worth $12700 from $800 in two days. (total value $39,306,500)

Multiverse introduction: June 9th the team introduced the idea of a multiverse which aligned with the dropping of several mythic lord of the rings looking creators (who look to be the evolutions of the SBs).

These dusty memories lead to the reveal of several new characters as well as a …

Multiverse Cont: On June 14th the team announced that they were officially partnered up with the most promising IGO platform @binary_x on  @BNBCHAIN and that they would be launching their game there!

Spray introduction: One day later the team dropped the land map and means by which the SB’s evolve namely Shit Spray.

The two types of sprays common and dope cleaner which were set at fixed prices but then given over to the secondary market: https://opensea.io/collection/noshitzone 

Conclusion: 

This brings us pretty much to today, with much anticipation for staking, new characters, a metaverse and much more: https://twitter.com/pieceofshit_wtf/status/1538922473789345792

In my opinion this project is extremely innovative in the NFT world, earning their keep across a plethora of NFT collections, that are all distinct yet intertwined. I believe that as we go forward interest will begin to slow down in the near term due to the rapid succession (NFT fatigue) but maintain a cult like following who will support the project as they build out the larger vision.

Personally I’d like to know more about the token supply, long-term roadmap, and team but where is the fun in that.