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- Art Basel Miami!
Art Basel Miami!
ETH & Solana Hit yearly highs!

GM to the 34 new readers who joined this week. Without further ado. LFG
SCOOPS OF THE WEEK
āļø NFTās
Third Web Reveals Smart Contract Problem
Heavy Metal Band Launch Collection
Sothebyās To Host 1st Ordinals Auction
šØāš» WEB3
Crypto Tax Evasion On The Rise
Michael Jacksonās first-ever demo released on blockchain
CZ Guilty; But Is He Going Home?
šŖ CRYPTO
Jamie Dimon just really hates crypto. Find out whyā¦
ETH & Solana hitting yearly highs - Is it a bull trap?
Grayscale CEO feels optimistic about Bitcoin ETF, following discussion with SEC
š PREMIUM

āļø NFTās

NFT Total Market Cap $8.27B - 24/hour change -9.17%
NFT total Volume 24 Hours - $29.15M +30%
The NFT market experienced a healthy pullback with Pudgy Penguins dropping to an 8ETH floor, but now they are back above 10ETH. It will be interesting to see how far these guys fly as the NFT market continues positive momentum.
Despite a few other collections dipping in price, we have seen a strong reversal across the board. NFTs want to bounce back!
Moves have been seen across PFP collections and generative Art. Notably, Mutant Hounds have jumped nearly 100% in the last day!
The Kings of the NFT world āPunksā have maintained relative strength and continue to perform well in the market.
Rug Radio NFTs saw a notable surge, reaching a high of 0.4ETH after a significant purchase of 150 units by dingaling.
Itās Art Basel today in Miami. So we can expect to get some exciting announcements and developments, coming off the back of it.
Overall across the board, we will likely see some consolidation across the NFT market ready for another upward trend.
Certain PFP collections remain strong, but they are often tied to Utility or a Game, outside of that Generative art is also performing nicely.
Here is our list of solid pickups below.
CrypToadz by Gremplin
Opepen
The Captainz
Yoga Petz
Kubz
Pudgy Penguins / Lil Pudgys
Sproto Gremlins
MFāers
OnChain Monkey
Notable Floor Movers Today
Mutant Hound Collars +99% (Lore based PFPs)
Exosama +49% (Web3 Gaming )
Mocaverse +46% (PFP / Membership pass)
Notable Floor Movers this Week
ColorGlyphs +230 % (Generative Art)
Gray Boys 182% (PFP / Gaming)
Castaways Genesis 171% (PFP / Gaming)
āļø ART BASEL: MIAMI

Get the rundown of the best events from NFT Power Rankings!
The Ultimate NFT Art Basel Event Thread š§µ
Going to keep updating as I see new events
Comment if you know of any Iām missing Iāll add them š«”
1/x
ā NFT POWER RANKINGS (@nftpowerranking)
12:45 AM ⢠Dec 1, 2023
At a glance š
The prominent crypto platform disclosed the issue with smart contracts this week.
The issue was a security vulnerability in a commonly used open-sourced library for smart contracts.
FYI - smart contracts hold the code that powers Dapps and NFT collections.
šµļø Scoops take:
From double-digit growth to double-panic fear, this is news that the space could have done without!
Third Web has been working tirelessly to sort this āOur tool has helped successfully migrate over 8000 smart contracts across 43 chainsā
Unfortunately despite all the good work, there are currently two known cases of unmitigated smart contracts being exploited.
OpenSea has said they will release more information on how they can assist any affected collections - maybe this will get them back towards the lionās share of the marketplace warsā¦
Hopefully back for some more triple-growth stories next week!

At a glance š
Megadeth has released the NFT collection to connect with its community in both physical and digital reality.
5000 NFTs will be made available to the public.
Utilities include both physical and digital experiences including one-to-one conversations with the band.
šµļø Scoops take:
If heavy metal is your thing then youāll have heard of Megadeth! With over 50 million albums sold worldwide, they can hopefully bring a whole tonne of their fans to the space.
Unlike the gaming community, this news was welcomed with open arms with many buzzing to get their hands on the NFTs which go live on the 22nd of December
The metal goes mainstream!

At a glance š
Shroomtoshiās collection BitcoinShrooms, has never been made available to the public so this is a story of firsts.
The collection is pixel art pieces that reference Bitcoinās history and underlying principles.
The estimates are set at $20,000 and $30,000 and bids can be made with crypto.
The auction ends on December 13th at 12pm EST.
šµļø Scoops take:
History will look kindly on Sothebyās as giving NFTs the platform to show true worth.
A concern has always been that digital art will never reach the same levels as physical art however, with groundbreaking auctions such as this, the digital world is muscling its way into the top table.
Above the price affordability for many, however, an extremely important story to keep your eyes on for all things mass adoption.
You can follow the progress here.
If you are biddingā¦Good Luck!


š WEB3
At a glance š
IRS reports an uptick in crypto-related tax evasion cases, with investigations ranging from unreported capital gains to deliberate non-disclosure of crypto ownership.
Previously, money laundering cases dominated, but now approximately half are tax-related cases.
The IRS was involved in the Binance probe, which led to a $4 billion settlement, with Binance pleading guilty to several charges, including failing to comply with registration requirements and operating as an unlicensed money-transmitting business.
šµļø Scoops take:
If ever there was a sign that cryptoās now mainstream, this is it my friends. As more people invest, governments want their fair share. It also highlights the need for clear crypto tax regulations, so both taxpayers and authorities know the rules of the game. Whether you're a crypto enthusiast or not, it's a reminder that the crypto space is growing up, and it's time to pay attention to the taxman. *Sigh

At a glance š
Michael Jackson's first-ever studio demo, recorded over 50 years ago, will be released as "digital vinyl" on a blockchain music platform, Anotherblock.
The track, titled "Big Boy (One-Derful Version)," captures an eight-year-old Michael Jackson's inaugural studio session with his brothers in 1967.
This collaboration between Recordpool and Anotherblock aims to preserve and elevate iconic music by using blockchain to create a unique digital ownership experience for fans.
šµļø Scoops take:
MJ, yes, the King of Pop himself, is dropping a track on the blockchain. I mean, it's not exactly a new release - we're talking about a demo from 1967 here, but hey, it's finally seeing the light of day, thanks to blockchain magic. They're calling it a "digital vinyl," and it's gonna have all those cool extras like master tape images and song stems. It's like a blast from the past meeting the future of music. So, if you're a fan or just curious, mark your calendars for December 7th!

At a glance š
Binance founder Changpeng Zhao (CZ) pleads guilty to violating the Bank Secrecy Act, with a federal judge accepting the plea.
Sentencing for CZ is scheduled for February 23, 2024, and he's released on bond, though there's a debate on whether he can return to the UAE until then.
Binance, also pleading guilty to charges, must pay a $4.3 billion fine and allow monitors as part of its plea deal, with a new CEO, Richard Teng, taking over.
šµļø Scoops take:
Breaking the Bank Secrecy Act is kind of a big deal and these regulators aināt playing. Thereās a lot up in the air for CZ at the moment, with his guilty plea a little like a heavyweight bout ending in a surprise knockout. It signals regulators' growing scrutiny and sends a message that the crypto space needs to clean up its act. With Binance facing a hefty fine and new leadership, it's a pivotal moment, reminding us that even the giants can't dodge the rules forever.

šŖ CRYPTO CRUNCH

Crypto Total Market Cap $1.62T - 24/hour change +2.21%
Crypto Market Volume 24 hours $69.2B 1.79%+
Extreme greed. Should we be cautious? The crypto community says no, but when the sentiment is an extreme creed, we would always air on the side of caution in case we are close to a local top.
After Bitcoinās impressive rally up to $44K+ in combination with Bitcoin Dominance rising to a high of 54%, could it be ETHās time to shine next?
ETH is now pushing up to $2300+ and if Bitcoin's dominance begins to drop, then expect Alts to go on a ridiculous tear to the upside.
Following this movement, it could very well be a local top before a pullback, when that will happen though will be hard to tell.
Overall it is likely we will see some solid strength from ALTS in the coming days & weeks into Christmas.
Crypto narratives to focus on this Fall
- AI Infrastructure / AI tokens.
- Metaverse & gaming tokens
- Social-Fi / Gambefi
- RWA - Real-World Asset tokens
- New Layer 1ās
- Telegram trading Bot tokens
- Privacy Dexās
Top Stories
LayerZero confirms its long-awaited Token airdrop, which will hit crypto in 2024!
LayerZero has always been built with the ability to have a native token within the protocol, as can be seen in the immutable code launched on day 1. Weāve heard the community discussion over the last few months and the lack of clear communication around this. Weāll state now in⦠twitter.com/i/web/status/1ā¦
ā LayerZero Labs (@LayerZero_Labs)
8:41 PM ⢠Dec 7, 2023

š” THE REKT SECTION š”
Do Kwon
Itās been a while since the disgraced founder of Terra Luna graced this newsletter.
Thankfully for those (all) who hate him (despise), there has been a pretty significant update.
Montenegro will formally be his problem as he is set to be extradited to the United States for charges related to the companyās collapse.
We donāt imagine itāll end well for himā¦shame.


š WEEKLY WINNER š
Jack Butcher
It was revealed by Forbes that they are going to create a wallet dedicated to collecting NFTs for the long term.
The move was to signify their commitment to recognizing artistic talents and embracing the new possibilities presented by digital art forms.
Now, what could be more bullish than being selected by Forbes for their first NFT purchase?
Step forward, Jack Butcher!
Thatās right, Forbes has chosen a Jack Butcher asset to be their first purchase!


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