Art

The team is heavily focussed on driving value through their detailed and diversified PFP artwork to be a strong and reputable brand. The combination of art and strong community will look to drive the bullish narrative for the project.

Spice Vessels

Holders initially staked for an on-platform points system called Spice. This however, shifted to Spice Vessels in July 2023.

Spice Vessels are a cNFT and for now, are airdropped to delisted Oogys at a rate of 1 per week. Once Harvesting V2 is launched, NFTs will need to be staked on the platform to continue earning Spice Vessels. Additional Spice Vessels can be earned via:

• 1/1s get an additional Spice Vessel per week
• Oogy Blasters yield additional Spice Vessels depending on rarity tier with a Tier 3 Blaster yielding one extra spice vessel, and a Tier 1 Blaster yielding 3

Holders will be able to exchange Spice Vessels for:

• Exclusive 1/1 Collabs with top artists
• High quality merchandise and goods
• Real life events and experiences
• Access to Software Products
• Season 1 End Game Entry
• Wagering on Oogy Products like Wheel of Oogy

Software Products

At present, the Oogy team have two core software products in the works.

1. Art Finder
   1. A machine-learning platform to make it easier to gather and discover new art and artists
2. *Classified*
   1. A social media application designed specifically for the Web3 community.
   2. The team have previously created a stock-market social platform called ‘CoreVest’ and would like to create a similar product for Web3.

Ooze

Part of the post-mint phase and leading into the reveal was speculation around the use case of Ooze which was airdropped to Holders. The team have stated repeatedly that ‘there will never be enough Ooze’. For now, the only utility for them to be revealed is for it to be used to allow people to re-roll their Oogy on the reveal process to try and snag a higher rarity.

Wheel of Oogy

Alongside the introduction of Spice Vessels, the Oogy Team launched Wheel of Oogy in July 2023. The platform allows holders to wager their Spice Vessels earned from staking for a variety of prizes.

Team Members	Role

Powered by

Justin

• Co-Founder
• Product Design Engineer
• Twitter: @justin_oogy

Andrew

• Co-Founder
• Strategy, Tech and Start-ups
• Twitter: @Andy_Oogy

Bryan

• Co-Founder
• Strategic Investment for Labs
• Twitter: @bryan_oogy

Update: 17th August 2023

I’m going to be brutally honest – Oogy have been a massive disappointment since they launched with a lot of their decision making raising various concerns which I will break down.

Shift to Spice Vessels

This was marketed as a massive revolutionary change through the use of cNFTs and for me personally, it was a nothing burger. The benefit of using a points-based system like Spice is staking for a reward that does not have a financial value tied to it. This stops potential securitisation concerns as well as ensures people don’t look at Oogy NFTs from an ROI perspective of ‘how long will it take me to earn my investment back from staking’. The introduction of cNFTs completely negates this in a move that strikes me as unnecessary given everything else they’ve launched since then could have easily utilised points as well.

One particular thing that irked me was that I could not transfer my cNFTs to a burner wallet so I could trade them on Tensor. When I opened a ticket, I was told that the tech behind cNFTs does not permit transfer which I know cannot be true because MeeJump cartridges were cNFTs and were transferable. The response caused me concern as it reflected a lack of understanding the tech.

Blasters

Blasters was a huge red flag for me personally. I understand the need for the team to try and eat up the Spice that had been earned to date prior to the launch of Spice Vessels – but to use rewards earned from staking to mint something that increases rate of rewards emissions? It’s a very poor move in my opinion and simply kicks the proverbial can of managing emissions down the road.

It effectively dilutes the collection from a staking standpoint as well. At time of writing, an Oogy costs 3.9 SOL on MagicEden and will earn me 1 Spice Vessel per week. If I want to increase my emissions, I can either purchase another Oogy for 3.9 SOL OR I can purchase a Tier 3 Blaster for 0.483 SOL instead. The choice is pretty obvious.

So the Blasters have created two problems:

1. They’ve drastically increased emissions for Spice Vessels
2. They discourage further purchasing of Oogy NFTs since it is cheaper to increase emissions by purchasing a blaster than another Oogy.

Wheel of Oogy

Just another lootbox but with a different front-end appearance.

Summary

To be fair to Oogy, everything they’ve launched, they’ve done so at a very high level. Staking interface was clean, the reveal process was absolutely stunning and their Wheel of Oogy UI is very nice. Unfortunately Oogy have been a case study for just how difficult it is for a brand-style project to capture hype and attention and then maintain it. The launch of MadLads in close proximity to their own launch probably didn’t help either.

Original Notes:

Art

Anyone who has read my reviews before knows I’m the furthest thing from an ‘art connoisseur’. Admittedly, I found the art a bit on the weird side when I first saw it but I think now, that was more due to it being an unrecognisable creature. As I look at the art now, the combination of being humanoid but with animalistic features that isn’t just another ape/bull/bear is growing on me.

Value

In my opinion, the Founding team have absolutely hit the nail on the head when it comes to project valuations and utilities. Most people associate utility with revshare or access to tools/applications. This is all well and good but it means these types of projects will always have a ceiling in terms of their floor price based on how people quantify and value what they get.

The top valued projects like DeGods, y00ts, Claynosaurz, BAYC etc. all share similar characteristics in that their value isn’t based on quantifiable utilities or resources. It’s about creating the feeling of being in an ‘exclusive and prestigious community’ more than anything else. Yes, it is true that brand plays are far more speculative and trying to identify the next big thing is a high risk game, but ultimately they are the ones that will take off and reach the highs.

The Oogy Brand

Do I think Oogy has what it takes? It’s hard to say. I’ve yet to get in on a brand project that took off like the others have so I wouldn’t consider myself an expert in identifying them in their early stages. That being said, I do believe the following qualities are important in assessing this:

• Founder presence
  • If there’s one thing every Founder of a brand project needs to do, it’s to take a leaf out of Frank’s book and how he has represented DeGods. Love him or hate him, nobody can deny that his social presence and engagement with the wider community is a BIG part of what drives the appeal of DeGods. Having a charismatic leader makes a big difference in this space. I have only just started following Andy and Justin on Twitter and I am eager to see what they get up to.

• Content
  • What’s the quality of content and subsequent engagement that you are creating on social media? From what I have seen so far, their videos and their website are very clean and engaging.
  • I also believe that the fact that they’ve already collaborated with some of the most well-known artists in the space suggests having connections that will give them a big leg up.

• Ability to maintain and generate hype
  • This one is self-explanatory. The fact that they sold out a 10 000 supply collection at a 6 SOL mint price in bearish conditions is impressive.

Whilst I’m certainly not an expert, I do believe Oogy have a lot of potential to grow into a fantastic brand in the space.

The Tech

I’m not overly sold on the software being built at the moment if I’m being honest. There are already several platforms trying to make exploring art and finding artists easier. Perhaps if they can get exclusivity for the many artists they collaborated with on the 1/1s, that could be what allows them to stand out amongst the rest.

As for a social media platform for Web3, I’m already someone who minimises their social media engagement for my own sanity, ESPECIALLY the crypto community on Twitter. Having a space specifically for that? Just sounds like a toxic nightmare. Would be thrilled to be proven wrong here though!

Ooze

This is pure speculation on my end but I get the sense that there has to be more than that to it given the supply it has and the likelihood that not everybody will want to spend 3 SOL (current FP) to re-roll their traits. In my opinion, there will inevitably be further use cases for Ooze and I think it will make for some great game theory for those who kept their Ooze to potentially capitalise in the future.

The Team

Having watched the Founding Team’s podcast with Marc Colcer, I can honestly say I was very impressed. The three-man team are very clear about what each of them brings to the table and how they work together. Bryan in particular was fantastic to listen to. He made several points that I thought were very pertinent such as (and I’m paraphrasing):

• The value of the best utilities can be completely nullified if the art and community turn people off.
• Communities are inevitably reflections of the Founding team in terms of how they conduct themselves.

I would strongly recommend people watch the podcast and engage with the Founders in Twitter spaces for themselves to make their own assessments but I can personally say I liked what I saw.