Art Basel Miami!

ETH & Solana Hit yearly highs!

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The Triple Scoop
December 08, 2023

The Triple Scoop

 

GM to the 34 new readers who joined this week. Without further ado. LFG

SCOOPS OF THE WEEK 

⛓️ NFT’s

  • Third Web Reveals Smart Contract Problem

  • Heavy Metal Band Launch Collection

  • Sotheby’s To Host 1st Ordinals Auction

👨‍💻 WEB3

  • Crypto Tax Evasion On The Rise

  • Michael Jackson’s first-ever demo released on blockchain

  • CZ Guilty; But Is He Going Home?

🪙 CRYPTO

  • Jamie Dimon just really hates crypto. Find out why…

  • ETH & Solana hitting yearly highs - Is it a bull trap?

  • Grayscale CEO feels optimistic about Bitcoin ETF, following discussion with SEC

💎 PREMIUM

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⛓️ NFT’s

  • 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 ‘Punks’ 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.

    • It’s 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

    • MF’ers

    • OnChain Monkey

⛓️ ART BASEL: MIAMI

Get the rundown of the best events from NFT Power Rankings!

At a glance 🔎 

  • 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.

🕵️ 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 “Our tool has helped successfully migrate over 8000 smart contracts across 43 chains”

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 lion’s share of the marketplace wars…

Hopefully back for some more triple-growth stories next week!

Heavy Metal Band Launch Collection - It’s time to digitalize the mosh pit!

At a glance 🔎

  • 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.

🕵️ Scoops take:

If heavy metal is your thing then you’ll 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 🔎

  • Shroomtoshi’s 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 Bitcoin’s 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.

🕵️ Scoops take: 

History will look kindly on Sotheby’s 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 bidding…Good Luck!

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🌐 WEB3

At a glance 🔎

  • 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.

🕵️ Scoops take:

If ever there was a sign that crypto’s 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 🔎

  • 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.

🕵️ 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 🔎

  • 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.

    🕵️ Scoops take:

Breaking the Bank Secrecy Act is kind of a big deal and these regulators ain’t playing.  There’s 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.

🪙 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 Bitcoin’s impressive rally up to $44K+ in combination with Bitcoin Dominance rising to a high of 54%, could it be ETH’s 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 1’s

  • - Telegram trading Bot tokens

  • - Privacy Dex’s

Top Stories

LayerZero confirms its long-awaited Token airdrop, which will hit crypto in 2024!

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😡 THE REKT SECTION 😡

Do Kwon

It’s 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 company’s collapse.

We don’t imagine it’ll end well for him…shame.

🏆 WEEKLY WINNER 🏆

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!

That’s right, Forbes has chosen a Jack Butcher asset to be their first purchase!

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