Wizard Wednesday Recap, 2024-03-06
After introductions from Elf, Bear, Dotta, and Tadmajor, Elf teases "big announcements that [they're] not going to announce today."
Summer '21 On Ordinals & Art Chat
Dotta mentions that he's been spending a bunch of time on Magic Eden lately and asks if anyone has been using OpenSea anymore. Dotta is in disbelief at the lack of Ordinals support on OpenSea.
Elf reiterates his thoughts from last week that OpenSea should "launch a token and then just bounce."
Dotta mentions that it's like "Summer of '21 on Ordinals."
Elf's Buying On Tezos
Elf says his controversial statement is that he is just going to stay out of Ordinals. He says that he likes the Shadows and that's really the only collection he's interested in on Ordinals. He notes he's mostly buying NFTs on Tezos these days.
Dotta says that he likes a lot of the art that he sees on Tezos, but he wishes those artists would move to a platform with more liquidity. Dotta says he and Jitcy were speaking about a Tezos artist that Dotta says has amazing pieces but no business sense." Dotta says he wants to reach out to the artist and set up a collection but he doesn't have time for any of that. Jitcy says, "It's gonna spiral."
The Dark Fortress Spiral
Dotta agrees, noting another spiral that he and Jitcy are in with regard to the Dark Fortress collection on Solana. Dotta notes that the collection minted out yesterday, but the platform that they were generated on has other marketplaces blocked—he notes they cannot be listed on Magic Eden. He says he feels bad because it's going to die on the vine, saying New Frontier's website barely works.
Flipping NFTs Vs Purely Collecting
Dotta says that Elf probably isn't going to make any money buying on Tezos; he's just going to be buying art that he likes. Elf says he never buys an NFT to make money and that he doesn't think he's ever sold an NFT. Dotta says he likes to flip them. Dotta says as the person who is in charge of tokenomics for the project, it helps him keep his finger on the pulse and figure out what moves.
Jitcy says the treasure hunting aspect is what keeps him going.
The Crypto Cycle
Bear says that he believes things will rotate back into ETH.
Dotta says in terms of NFTs on ETH as a general asset class, it's always this way. New things come along, say the old thing is trash, the old thing falls to "trash prices", and people realize it's undervalued. Dotta encourages people to look at Vitalik's blog posts and look at the roadmap for Ethereum. He says it's clear that Ethereum isn't over forever, it's just not the thing of the moment.
Bear says that it's human nature to assume the new thing will destroy everything else, when they often just sit side by side, creating new niche audiences that care about different things.
Dotta says that there are different rates of change in different areas, giving the example that he's more likely to mint a new collection on Ordinals that's on the front page of Magic Eden than he is to mint a new ETH collection on the front page of OpenSea. Dotta says that the projects that become a major standout are the ones that bring something substantial over a long period of time and he's not that worried about it.
RosbelDev's Dark Fortress Collection Gets Listed
Jitcy then chimes into note with breaking news that Rosbel's collection "Dark Fortress" is listed on Magic Eden. He says that in a moment of chaos it's nice to get something for an artist and see them baffled by the support from the Cult.
Cult Questions
After a mention about a competition between Bear and Jitcy for who can get the Cult on the best whitelists this season, Elf dives into Cult Questions.
Power Scaling Fights
He starts with a question about the potential for "power scaling fights" in the vein of Dragon Ball Z within the Runiverse. Elf says he definitely thinks there should be "power scaling fights" written into a few episodes. He notes that Derek Kolstad loves to write fight scenes and says there is one in particular that he is excited to put onscreen.
Honoraries
Next the team answer a question about receiving honoraries from other projects. Dotta says he says he feels forever greatful and loves receiving honoraries in that he enjoys seeing the "essence of Dotta" translated across different interpretations. Dotta says he loves receiving honoraries as a surprise, stating that often when you are asked if you would like an honorary, you're usually asked for something in return, like a tweet about the project, which can "feel a little icky sometimes."
Dotta says he's never sold an honorary, and didn't realize people did until recently. Elf says that he prefers to be asked first and gifted the honorary, with his promise that he will never sell it.
Elf's Lore
Elf responds to a question about the Lore for his Black Goat. He notes that he did speak about the Lore on a prior Wizard Wednesday, and also says that the founders' Characters may have cameos in the show, but he doesn't think they would put their storylines in the script.
Bringing the Runiverse to the Masses
After that, the team is asked how they plan to bring the Forgotten Runiverse game to the masses. Bear says he feels like they will talk themselves into a corner, but he will say that he is excited about where things are going—noting that good things can take a long time.
Madotsuki notes that Bisonic has been doing internal playtesting for the next playable event to figure out a date for the event launch. In response to another question, Elf notes that the Warrior Event has been pushed by ~another month because "other things have popped up."
The Beasts' Immortality
Elf then answers a question about immortality of the Beasts in the Runiverse, noting that he thinks the Quantum Ouroboros is the only one that is truly immortal while the Nightmare Imp and Kitsune are very close to immortality. They are very old and may not be able to be killed. Elf says that he believes that Wizards and Souls are "forever" but isn't sure that is synonymous with "immortal." He says the true status of immortality is up to the holder to decide. Mado notes at least one Wizard has come back from the dead.
Force of Anti-Magic
Elf answers another question about a force of anti-magic. He says this is likely technology, as he sees them as opposing forces within the world.
The Infinity Veil
Elf also answers a question about the Infinity Veil and if there will ever be any other relic from it. He says the Flame can be thought of similarly to the fire that Prometheus brought down from Mt. Olympus. He is writing more about the Ouroboros and what the Flames are. Dotta mentions that Battle For Goblin Town is on hold for the time being. He says the plan is to do the Forgotten Runiverse game first. Then at the request of MeepleDad, they speak about merch they would like to see in the next Treasure Trove.
Thoughts On the Bull Market
Elf wraps up the Cult Questions and asks if everyone is ready for the bull market. Jitcy says no and that he's not prepared for how much crazier it's going to be from last cycle — he says he's excited but he likes the bear a lot.
Bearsnake says that he believes the cycle will burn really hot and be much shorter than last time. Elf asks him to give dates. He gives ranges instead, saying he thinks it will peak in "September-ish" and die anywhere from December to February, but it will be net-positive.
Dotta's Notes On Treasuries and The Fed's Current Position
Dotta says he believes that macro will still guide the cycle. He notes thoughts that the Fed is in a position where it is forced to employ quantitative tightening on one hand and quantitative easing on the other.
"It's going to be awful for inflation, but amazing for our bags."
Dotta says the forced quantitative easing will be great for our bags because that usually causes risk-on assets to go crazy. He thinks the bull will run harder for longer.
"Take out some profits, I guess. You'll need them because your grocery bills will be super expensive."
Elf says that Raoul Pal thinks believes the cycle has around a 60% chance to plays out as normal. There is then talk around the idea of treasuries being "staked US dollars." Dotta says the staking mechanism for the country are actually less sophisticated than some in DeFi.
Memecoins
The team is then asked about Memecoins that they're interested in. Elf mentions the community-based coin/project, Soda404. Dotta mentions AMPL. Jitcy says IMX, RON, MAGIC, and PRIME.
Mado speaks about DeFi plays that he believes will rip. Jitcy says he believes Solana will be the meme printer for this cycle. Dotta mentions that the morning of the show there were an abundance of funny political name meme coins, like "Jeo Boden." The team briefly speaks about Runes protocol on Ordinals.
Notes From the DAO
Acideater then joins the conversation with notes from the DAO:
She notes that moving forward, there will be a form Cult members receive upon submitting proposals that makes the snapshot process more streamlined. The council will also try to keep up 2 Twitter Spaces a month. Acid notes that she has posted a calendar in the HOWDAO chat and will post a finalized DAO calendar on the Notion page.
She also speaks about conversations with Legal and invoices for Magic Machine. She also notes a mishap with the quorum required for Brennen's board game proposal. Acid says that though Brennen's proposal has a majority of the votes in favor for it, it did not meet the 6,000 required tokens to vote to pass for a request of that size.
This was not posted publicly, and a vote has been taken to retroactively change bylaws to allow for this. Acid wraps up DAO notes by mentioning that she plans to put forwards a values statement in a community proposal for the DAO
She also gives a shout out for March proposal deadlines, which are due March 14 for those who want their proposal voted on in March.
Cult Content
The team then wraps up the show with the Cult Content Chronicle—art from within the Forgotten Runes community throughout the past week, aggregated weekly by Tania del Rio.
