Another wild wild week in the cryptosphere Scoop Fam. Here's the latest... 🚀

SCOOPS OF THE WEEK 

⛓️ NFT’s

• Binance NFT Marketplace Adds Support for Ordinals

• DeGods Added To Blur’s Blend

• NFT Market Stats Show Decline

• JOMO Replaces FOMO

• Pudgy Penguins Announce New Partnership

👨‍💻 WEB3

• Portugal Is Becoming The Go-To Web3 Hotspot

• Deloitte Integrating Blockchain For Digital Credentials

• 5 Companies That Have Filed New Web3 Patents

🪙 CRYPTO

• Legacy Crypto Exchange Bittrex files for Bankruptcy

• Bitcoin tokens BRC-20 market closes in on $1Billion

• OpenAI / Chat CPT CEO releases crypto project Worldcoin

🔦 MEME SEASON SPOTLIGHT

You've heard of ERC-20, right? If you haven't, It's the token standard that is used to launch both reputable & of course shit coins on Ethereum.

Well BRC-20's have arrived and the market for them is in full swing. We bring these to your attention for two reasons. This is the second experiment to grace the Bitcoin chain, following Ordinals (Bitcoin NFTs) in Jan 2023 and secondly, it's kind of a monumental shift in the Bitcoin technology itself.

For years now, there has been a social war across Crypto Twitter. ETH vs BTC. Ethereum maxis have berated Bitcoin maxis for years calling Bitcoin a 'dumb stupid rock' and heckling it for being slow, boring with no innovation.

Well, the ETH maxis are current to some degree, Bitcoin has been slow, stable & relatively boring from an innovation perspective.

But are the tides shifting?

Following the rise in Bitcoin Ordinals, for better or worse, we now say welcome to BRC-20 tokens.

BRC-20's are being used to inscribe text on the Bitcoin blockchain, they are much more primitive than the Ethereum token standard, they don't support smart contracts and therefore can't be deployed in other applications.

At present the majority of BRC-20 tokens, represent.. you guessed it meme coins, just check out this list below.

Whos hungry for 'Piza' coin anon?

Remember what we said above 'New shiny object' syndrome. The interest in BRC-20's has been staggering, where is money to be made, people will flock. The total market cap sits just shy of $1 Billion dollars now, but only a week ago it was sitting around the $200M mark.

Innovation on Bitcoin is great, but the alarming part of this story is that with the BRC20 market pumping, the congestion on the Bitcoin network has also soared to the high heavens. BRC20s are currently accounting for 60% of all Bitcoin transactions.

Miners are making a killing, and so are those who are printing new tokens, but is this good for the future of Bitcoin?

It's important to remember that these are simply experimental tokens at this stage, but at one stage, so was Bitcoin. If you are interested in learning to explore BRC20's more you can check out this guide below.

⛓️ NFT’s

• NFT Total Market Cap - $8.32B - 24/hour change +2.85%

• Volume Traded Prev 24/hours - $23.6M +23.65%

• Overall sentiment has been stuck between 25-35 for what feels like forever now.

• Volume has spiked nearly 25% in the last 24 hours. Possibly due to MEME coin profits & liquidity flowing back in NFTs.

• NFT trading has dropped significantly, down to 70,000 traders from the highs of 430,000 traders in January 2022.

• For excitement to be injected back into the market we need 2 things.

• 1) Continued innovation from current blue chip collections that are inclusive to new collectors.

• 2) New innovative categories of NFTs.

• PFPs still dominate the NFT market in trading volume.

• We predict a new category will arise. Always think "new shiny object" syndrome.

Binance NFT Marketplace Adds Support for Ordinals

At a glance 🔎

• The addition will take place at the end of May. 

• Users will be able to purchase tokens on the Bitcoin network directly through Binance.

• Binance says that Bitcoin is the broadest choice for NFT collectors in a growing market.

🕵️ Scoops take:

This is an extremely positive move for investors. As always, as demand increases, services will need to continue developing new and convenient ways for investors to operate to ensure continued traffic and onboarding. The best part to come out of this story is that users will not need to set up a compatible Bitcoin wallet in future mints, Binance has completely simplified this process.

DeGods Added To Blur’s Blend

At a glance 🔎

• The new feature will allow investors to borrow up to 7.6 ETH for existing holdings.

• The biggest feature is that there is a buy now, pay later option starting from 1ETH

🕵️ Scoops take:

We have shared our concerns about the lending/borrowing for NFTs due to the volatility however, if executed correctly can make a lot of investors money. One trend we have noticed is quick pumps followed by dumps which happened in the case of Azuki, Punks and Milady. The importance of self-custody couldn’t be stronger with this type of activity so make sure you know what you are doing in terms of leverage…the last thing you want is your exposure being worth more than the NFT.

NFT Market Stats Show Decline

At a glance 🔎

• April saw a decline of 30% in trading volumes compared to March.

• The 1st week of May saw the lowest number of sales and users this year.

• Weekly sales in May dropped to 370,000 and trading volume dropped to 90,000 ETH which is 2022 Bear levels.

🕵️ Scoops take:

Given the BLUR farming that was going on we aren’t surprised to see the numbers drop compared to recent months. A concern that we did raise was that projects have to offer so much more now in terms of utility as other opportunities such as Meme coins are grasping the space’s attention. It’s time now for projects to click into gear and get the masses onboarded.

JOMO Replaces FOMO

At a glance 🔎 

• JOMO (Joy Of Missing Out) is a new project launched to tackle the anxiety of missing out on NFTs.

• The project launches on the 10th of May via the Magic Eden marketplace and is minted on Polygon.

• The cost to mint will be 24 MATIC and proceeds will benefit 5 mental health charities.

🕵️ Scoops take:

If you have been in the space long enough you will have experienced many opportunities come and go, big and small. Whether that be Bored Apes, Invisible Friends, Doodles etc there have been so many projects missed that you will sit there and feel hard done by that you missed out. We really like the idea behind this project as it highlights that these scenarios are not personal to a select few. However, if you take a step back and look at the bigger picture, the next opportunity to obtain generational wealth is only around the corner.

Pudgy Penguins Announce New Partnership

At a glance 🔎

• The project has announced WME has become its official agency.

• The aim is for Pudgy Penguins to expand their brand and audience.

• This follows from the project launching physical figures at the end of March.

🕵️ Scoops take:

As we have highlighted, projects need to keep coming up with ways to keep the community engaged and offering new utility. There is no shame in seeking outside guidance in taking a project to the next level. WME have some experience within the space so we hope this will see some positive movement for Pudgy Penguins.

🧵 THREAD OF THE WEEK

The Plague & Sappy Seals are 2 of our favorite NFT communities. Shahh gives us a deep dive into how these two projects have built communities that have been a key element to their success.

🌐 WEB3

Portugal Is Becoming The Go-To Web3 Hotspot

At a glance 🔎

• Portugal is quickly becomig the go-to hotspot for Web3 startups

• The blend of culture, climate, and low cost of living makes Portugal attractive for businesses.

• Portugal's light regulations and crypto-friendly laws are proving a big attraction for Web3 agencies.

🕵️ Scoops take:

With the trifecta of culture, climate and low cost of living - it's easy to see the draw here. Portugal's offering a hard-to-beat package: live well and a chance to innovate freely. It's Interesting to see the state of crypto laws and regulations making a genuine impact on the attractiveness of a destination for international business - A trend we expect to become more pronounced over the coming years.... 🇵🇹☀️🌊

Deloitte Integrating Blockchain For Digital Credentials

At a glance 🔎

• Deloitte has partnered with a digital credential verification platform, ConCert, to create a blockchain-based solution for managing and verifying digital credentials.

• The new platform will provide a secure, tamper-proof way to issue, store, and share digital credentials, thus enhancing trust and transparency in the digital economy.

• The implementation of blockchain technology can significantly streamline processes and reduce costs associated with credential verification, with potential applications in multiple sectors including education, healthcare, and employment.

🕵️ Scoops take:

In an age where trust is the new currency, Deloitte's leap into blockchain-backed credential verification is a smart move, and not just a buzzword parade. Tapping into the inherent trust of blockchain to combat the pandemic of fake credentials, their partnership with ConCert is poised to bring much-needed transparency and efficiency to various sectors, not just education, but also healthcare and employment. It's a reminder that the potential of blockchain extends far beyond crypto and memecoins... 🐸

5 Companies That Have Filed New Web3 Patents

At a glance 🔎

• The number of Web3 patent applications is surging, with big names like IBM, Visa, and Mastercard filing applications.

• Patents can help companies protect their intellectual property and maintain a competitive edge in the rapidly evolving Web3 space.

• Patenting, however, can lead to monopolisation, potentially stifling innovation and access in the sector.

🕵️ Scoops take:

The patent parade in the Web3 domain is a clear signal of big players like IBM, Visa, and Mastercard marking their territory in the crypto jungle. Yes, it's a strategic move to safeguard their innovative prowess, but let's not ignore the elephant in the room: the risk of monopolisation that could put the brakes on the very essence of decentralization that Web3 champions.

It's like planning a surprise party in a glass house – sure, it protects the cake, but you could also end up with shards in your mouth 😕 So, while patents may be a golden ticket for these corporate giants, we must remain vigilant that they don't turn Web3 into a members-only club where the spirit of openness and democratisation is merely a faded sign at the entrance.

🪙 CRYPTO CRUNCH

• Global Cryptocurrency $1.14T Trillion - 24/hour change -1.11%

• Volume Traded 24/hours - $39.2Billion -5.52%

• The market appetite has dried up ever so slightly & we have fallen back to the neutral zones.

• Meme coins rallied hard over the weekend and then dumped hard yesterday.

• These will likely pump as hard as they dumped once bitcoin concludes its bleed out.

• Bitcoin dipped down high $29K levels to now mid $27K.

• Expectancy is that we will revist $23-26K before regaining the moon mission upwards.

• The sentiment is long term bullish. short to mid term chop.

Top stories

• Legacy crypto exchange Bittrex files for bankruptcy

• Bitcoin tokens BRC-20 market nearly hits nearly $1Billion

• Open AI / Chat GPT CEO releases cryptoproject - Worldcoin

😡 THE REKT SECTION 😡

There is an epidemic within the space that we are really struggling to shake off.

Rugs in relation to Tokens.

We have to keep raising awareness to eventually wipe these guys off the map.

The latest is from a self-proclaimed artist who went by the Twitter handle Yeethzz.

He stole 30 ETH on a coin presale for his $Yolo token and quickly deactivated all of his accounts.

Not thinking this one through, all the funds were sent to a Binance account which then revealed his Kucoin account and OpenSea.

He has taken YOLO literally but this may backfire badly.

🏆 WEEKLY WINNER 🏆

You may be causing Havoc on the Bitcoin blockchain, and Bitcoin OGs may hate you but given the staggering growth in both your market size and interest..

BRC20 token standard you have been crowned weekly winner.

We are always seeking out the next iteration of technology in the space, and whilst BRC20s may be clunky now, every new innovation deepens the roots of Web3 throughout the internet.

It will be interesting to see how these play out. But having reached nearly a $1 Billion market cap in such a short space of time & following the success of Bitcoin NFTs, it is likely that the cat is out of the bag and this tech is here to stay.

Annd that's a wrap for today gang!

Love and sprinkles as always, catch you back here soon for the latest

~ Scoop~

*Disclaimer*

The Triple Scoop newsletter & podcast is not financial advice, it is provided for educational, informational, and entertainment purposes only.