This week in the NFT market.Mar 25, 2022
Apecoin brings much needed liquidity to the market.
Easily THE most talked-about topic in the NFT space over the last week has been the airdrop of ApeCoin. The new utility token from Yuga labs (Bored Ape Yacht Club, Punks, Meetbits) was airdropped to holders of BAYC, MAYC and BAKC (where paired with an Ape) and in a matter of days the token surged to be within the top 100 market cap.
Currently sitting at no60 on Coingecko with a price of around $13 - this airdrop had a very positive impact on the NFT market as it brought a lot of liquidity into the market. We sold 80% of our $APE over the last week, and re-invested that into other NFT projects and we're sure many others followed suit. We will look to buy back in when the token price re-traces, as many of those do after the initial hype settles down. It's our (not financial advice) thoughts that a fully diluted market cap of $13,369,430,768 is not realistic, so expect it to drop BUT we kept a moon bag just in case.
So what did we buy with our bonus?
Well the first stop was to sweep another Metahero and stake it for $POW, which we feel has a much more realistic fully diluted market cap of $142m. We love this project and it's a long term hold for us.
This week also saw a few mints we were excited about, so we grabbed some of these.
- The Martian Premier League (sold out and on opensea)
- The Toonsquad (still minting)
- Muri by Haus (sold out and on opensea)
- Bloopers by Metacitzn (still minting)
- LVCIDIA by Fvckrnder (WL only, public this weekend)
And we found an amazing 3Landers (link) and 3 Dour Darcels (link) mostly down to the fact we love the art, but nudge along by the fact that Sandbox bought 30 and really swept the floor, so we think something is brewing there.
We also picked of the Dour Darcels to feature on the homepage of this site. He's great.
Bathing Ape joins the NFT space.
We are huge Bathing Ape streetwear clothing fans, and this week they launched their first NFT collection called the (B)APETAVERSE - a 10,000 piece generative drop, saying, "THIS ONE IS ESPECIALLY FOR BAPE LOVERS."
Saying - "All beings of the Metaverse, come greet The King of Apes, whose new face has been unveiled! Introducing (B)APETAVERSE, our very own NFT Community for our most dedicated BAPE fans to access exclusive BAPE contents in a world of limitless possibilities."
So although this may become a real collectible, we're actually buying for the utility. I wonder if Ye is next?
Other stuff we found interesting this week.
Well, Meta confirmed NFT integration to Instagram and Coinbase wallet made moves to support Solana NFTs, and according to reports, Spotify is set to unleash NFT support, which could bolster artist earnings, so lot's going on for adoption.
Liverpool FC have just announced their first collection too (link) in partnership with Sothebys.
Alex Echo made the news with an NFT in support of Ukraine (link), and NFTs and the Metaverse hits Fashion week with an overlap between immersive digital realms and fashion that has been taken a step further by Decentraland, a browser-based 3D virtual world, which is in the midst of hosting a major multi-day fashion event. Over the course of three days, from March 24 to 27 (Metaverse Fashion Week), with a cluster of participating brands, artists, and designers, featuring AI and robots, luxury wearables, and immersive runway experiences.
And as always, stay safe out there.
In a mostly unregulated space, it's important to be super vigilant, and being part of a community like ours, is very important.
As an example, this week saw two 20-year-old men charged for allegedly running the Frosties NFT rug pull scam, and U.S. prosecutors say they planned another.
The Department of Justice is charging two men in connection with running a fraudulent NFT project that netted the pair $1.1 million, the office of the U.S. Attorney for the Southern District of New York announced in a news release on Thursday.
Scams known as "rug pulls" are bane of any cryptocurrency trader's existence, and this is especially true in the NFT space. Incidents where project developers suddenly disappear with their profits, leaving only broken promises behind, happen so regularly that it's a constant source of anxiety for investors attempting to vet projects before throwing in.
According to the news release, 20 year-olds Ethan Nguyen and Andre Llacuna were arrested in Los Angeles on wire fraud and money laundering charges connected to allegedly running the Frosties NFT project that ended in a rug pull in January.
So stay vigilant and WAGMI.
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