Floor Sweeper Coming Through! Why This Company Just Bought The MicroBuddies Latest Collection

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Tuesday, September 27, 2022

In the investing world, a “sweep to fill” order refers to a market order where a broker breaks the order into different parts to try and fill it as quickly as possible and at the best prices available. Effectively, the order will take all liquidity at one price before moving up to the next until the order is filled.

To protect against prices getting too far out of control, investors can attach a limit order to put a ceiling on the price being paid. While it sounds like an interesting trading strategy for a stock, it isn’t used that much because brokers are bound to try and get the best price possible as it is. In highly liquid stocks there is little difference at all compared to a conventional limit order. In very illiquid stocks, bulk buys can shock the market and cause volatility, so attaching a limit order is generally encouraged.

In the world of non-fungible tokens (NFTs), sweeping the floor has a different meaning. In this case, someone buys the components of the project at the “floor price,” or minimum price the collection is selling for. The premise is simple insomuch that an investor is looking for the next hit collection and wants to own as much of it as possible. If you ask Ryan Schadel, CEO of Metavesco (OTCPK: MVCO), Good Gaming’s MicroBuddies™ franchise is a smart place to be when looking for collectability and utility. Metavesco last week swept the floor of the Water Bear profile picture (PFP) mint, the first of a planned 10 mints in The Genesis Collections under the MicroBuddies™ brand.

PFP NFTs have grown in popularity as people transition into a digital world where unique avatars are treasured and envied. PLBY Group (NASDAQ: PLBY), owner of the iconic Playboy brand, made waves last year for its metaverse efforts and launch of its NFT collection called “Rabbitars,” cartoon bunnies stored on the Ethereum blockchain.

The Water Bear collection is a new Ethereum PFP project facilitating a value-based ecosystem. It is unique by feeding directly into other areas of the MicroBuddies™ brand, such as Good Gaming’s base game, a themed virtual world experience, on Polygon and GOO™. MicroBuddies™ was created last year when 2,500 novel microbes, comprised of 10 unique species, were discovered in an abandoned Nano Factory. Each novel microbe can self-replicate from their byproduct (called GOO) to spawn a next generation MicroBuddy.

The Genesis Collections are designed to allow cross-platform functionality between gaming platforms, as Good Gaming expands into other popular experiences, such as Roblox (NYSE: RBLX) and Microsoft’s (NASDAQ: MSFT) Minecraft. Being the first of the collection, the potential is there for Water Bears to be the coveted NFTs of the collection, like getting a rookie card for an athlete.

“We acquired a small collection of NFTs that we believe remains under the radar of the general public that has tremendous upside owing to their aesthetics and functionality,” said Schadel in a press release on the floor sweep. “What Good Gaming is doing by connecting its game with others is leading-edge technology and we're thrilled to own part of the collection at rock-bottom pricing,” he added.

NFTs have been around for more than five years, but earned a cult following last year with an explosion of excitement minting new millionaires that were early participants in some. For instance, an NFT from Yuga Labs’ Bored Ape Yacht Club (BAYC), a collection of 10,000 cartoon ape NFTs, could have been bought for $190 early in 2021. In April 2022, the cheapest BAYC NFT was $400,000. Even with the pullback in NFTs and cryptocurrencies since, the most basic BAYC NFT still commands at least $150,000.

For anyone that grabbed a BAYC at $190, that’s a cool 78,850% ROI.

Metavesco isn’t chasing BAYC at this point, but is looking for other NFTs that can appreciate in the coming years. The company has invested in Yuga Labs’ Mutant Ape Yacht Club and Otherside, an interoperable gaming metaverse that could revolutionize the immersive industry. This spring, Yuga Labs sold parcels of NFT land, called Otherdeeds, to fund continued development of its open metaverse role-playing game, raising about $320 million in the process. Metavesco has, in its words, “invested heavily” in Otherside NFTs. The company has also invested in ApeCoin, the native cryptocurrency to the Otherside ecosystem.

“With every investment we make, albeit in a smaller project like the Genesis Collections or a mega project such as Yuga Lab's Otherside, we expect to build corporate value with the added benefit of supporting fellow Web3 companies,” said Schadel.

Community support is one thing, but this is still about making money and holding Yuga Labs has historically proven to be a lucrative endeavor. A prized asset being speculated about in OtherSide is a Koda, rumored to be the final celestial race that brings Bored Apes and other interoperable NFTs into Otherside. Kodas are thought to be included with only about 10% of Otherdeeds. Metavesco is using a Koda as its Twitter avatar, suggesting that they have one of the envied NFTs.

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Metavesco (OTCPK: MVCO) Full Corporate Write-Up: Click Here.

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