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THE FREE MINT NFT META + ARE ADIDAS FINALLY RELEASING A PFP?!?
Disclaimer
The information contained in this NFT Scoop newsletter or podcast is not financial advice, it is provided for educational, informational, and entertainment purposes only.
Weekly Market Update
As the above chart shows, the NFT market has remained un-noteworthy this week. Very little has fundamentally changed with this bear market. We are still seeing blue-chip projects losing value which is compounded by the fact that Ethereum is also losing value. One positive sign we have noted in this market is the emergence and success of free-mint projects. Projects such as Goblin Town, ElfTown, and many other free-mints have seen nice volume and floor price increases over the last week or two. This suggests to us that the NFT market is near its lowest short-term liquidity and with new investors becoming profitable again we may see better volume across the market in a month or two. However, for now, we still expect to see the market bleed out and volume remain low.
NFT Scoops of The Week
Pharrell Williams is launching a new NFT platform called the Gallery of Digital Assets.
GODAâs founding team includes contemporary artist Nina Chanel Abney, investor, and entrepreneur Shaun Neff, gallery owner Todd Kramer, art collector Easy Otabor, investor Nick Adler, NFT collector, and advisor J1mmy.Eth, among several others. GODA says that it aims âto give contemporary artists a curated platform to approach the digital worldâ. The platform says it will work with artists to leverage NFTs âin a way that feels organic and true to their creative voicesâ. GODA also claims to be planning to âprovide the ultimate user experience by allowing access to the best drops from a curated collection of renowned figures from the traditional art world as well as up-and-coming artistsâ. The first drop is scheduled for early this summer and will include what a media release says is a âmust-have GODA mint passâ which guarantees access to future drops. Nina Chanel Abney will be the first artist collection to drop shortly thereafter.
The Portuguese Congress has Rejected Two Bills Seeking to Tax Crypto.
Portugal has an effective capital gains rate of zero on crypto, compared to the current capital gains tax rate for financial investment, of 28%. The proposals were submitted by two leftist parties. However, the government, which also seeks to apply taxes, hasnât submitted a proposal so far.
Withers Secures Injunction on Sale of Bored Ape NFT in Singapore
The Singapore High Courtâs injunction to protect an NFT is the first in Asia and the first globally in a commercial dispute. The courtâs decision to freeze trading of the NFT was based on a judgment to consider it as a digital asset. An individual Singapore NFT investor was represented who had used one ape from the series to borrow Ethereum worth around $103,000 from the defendant. The loan took place through the NFTfi, a community platform that operates as a cryptocurrency lending marketplace with NFTs as collateral.
VeeCon, the first-ever NFT-ticketed conference was held in Minneapolis this week.
To gain access to the conference, attendees had to own a VeeFriends NFT. In addition to being digital collectibles, the NFTs give holders access to three years of the in-person conference, VeeCon. The conference saw keynote speeches, Q&As, and informational panels which included entrepreneurs, influencers, artists, and celebrities. Snoop Dogg, Spike Lee, and Mila Kunis were just a handful of the notable A-listers in attendance. VeeFriends holders came from all over the world to attend, with around 80% of the attendees traveling from outside the state of Minnesota.
The Winnerâs Circle
We mentioned in our previous newsletter that this had more to run and we were predicting another leg up. Well as predicted, GoblinTown has increased from just under 2eth to around 3.2eth in the past few days. Alongside this, the free-mint has also topped the Opensea volume charts and has been the talk of NFT town. GoblinTown has seen 1000+eth traded this week which is the highest volume for an ETH project. Thus, outperforming blue chips such as the BAYC ecosystem. Despite, our prediction last week we are hesitant to recommend purchasing a GoblinTown at these levels as the project is due to see some retracement as the hype and noise dies down.
The project has also seen some serious volume this week. One thing to note is the project is currently retracing so we would suggest avoiding buying into this one at the moment. Both SnoopDogg and well-known NFT collector Cozomo deâ Medici bought into the project this week. After they publicly announced this purchase the floor price went ballistic. Hence the current retracement. RektGuy swiftly saw floor price increases from the mid .2eth range to around 1.5eth at its peak yesterday. However, with hype and fomo decreasing the floor has fallen to around .8eth. Despite this drop, RektGuy has had one of the most successful weeks in the space. The project saw a near 7x in value in one day and has had 3900eth traded in the last week. This makes it a weekly leader in terms of volume on Opensea.
Floors to Watch
We donât have one single project to watch this week due to the rapidly changing market conditions and direction. However, we do have a category of NFT projects that you should be watching if you want to remain profitable in this bear market. This week, obviously that market direction is free mints. Last week it was Solana. That is how fast the market is changing direction during these rapidly changing market conditions. Free-mints have become a trend lately after the success of GoblinTown. Investors have become quite satisfied with simply paying a small gas fee to risk making some profit. This comes as no surprise to us. For weeks freshly minting projects, no matter the hype were unprofitable and swiftly dropping under the mint price. This was leaving thousands of investors holding the bags. This was then compounded by the fact that nobody no longer wanted to take the risk of minting anything which led to projects not selling out and floors dropping below mint even faster. This free-mint trend goes against this and changes the game. Several free-mints have seen good gains with projects such as GoblinTown netting initial investors around $6000 profit. Not bad for a project that would have set you back a gas fee of under $100. However, it is important to remember that this is a trend, and like every other trend that came before it will fade out of popularity. This will make free mints eventually next to unprofitable. Despite this, the free-mint trend still has two or three weeks left of being a trend. There is also definitely big money to be made with this trend if you can spot the best upcoming free mints early. As a closing remark, we would like to remind you about security regarding these mints. Hackers will be utilising these trends to gain access to your wallet. Donât just fomo into any free-mint you see. Do your research on the project and mint with a burner wallet. With many new âfree-mintâ teams popping up every day, you have no idea whose website youâre connecting your wallet to. You also have no idea what their intent is. Stay safe.
Whitelist - Alpha Pass Giveaway
Dragon Fam is an upcoming âCuteâ cartoon-style NFT PFP project with a vision we havenât yet seen from other projects in the space so far. The project has an aim to be inclusive to all fostering a real community spirit throughout. Whatâs different about Dragon Fam is that rather than building brand support to the project with a mission of building a large global brand.
Number of Initial OG Dragon NFTs on Mint: 5000
Dragon Fam is led by the two founders Mike (@WeinG_NFT) and Alex (@Halk_art) , they began creating the project having experienced a number of rug projects themselves and understand the challenge & harm that they cause to NFT investors. The team is ambitious & transparent having disclosed proceeds from the NFT sale to be used for the production of anime series, toys, and video games to build a brand that aims to be recognized globally.
Both Mike & Alex have publically stated their frustration with both the NFT space & Rug Pull Projects that aim to drain cash from investors. In order to help combat this, the project is supporting their community with an Anti Rug space for their community called the Dragon Anti Rug squad where the community will support each other by identifying other projects which are rugs & scams.
The Web3 Wizard Alpha pass is a side project from the team behind Dragon Fam, whilst the Dragon Fam may have its sights set on building a childrenâs brand to compete with the likes of Spongebob & Paw Patrol, the Web3 Wizard Alpha Pass is something to get your degen juices flowing.
There are 1000 Wizard Alpha Passes now trading on Opensea, holding a pass gives you access to Alpha Group within the Dragon Fam server. In the Alpha section of the Dragon Fam discord, you will have access to Alpha callers who are exclusive to Web3 Wizard pass holders dropping you the latest Alpha on upcoming NFT projects.
Be sure to follow NFTScoop on Twitter for your chance to win a whitelist for Dragon Fam & 1 FREE Web3 Wizard Alpha pass NFT.
We have mentioned previously that Adidas into the Metaverse is an excellent buy during this bear market. The Web2 giant is going nowhere and appears to have a really exciting roadmap ahead. With the floor price sitting around 1eth this is a project we have extensively shilled to our subscribers. It appears that Adidas is ready to make some moves to take the next leg up. In our previous summaries of the Adidas project, we have analysed the different phases that the project will undergo. We are currently in Phase 2 of 4 at the moment. The main complaint from holders so far is how long it has taken for Adidas to reach the second phase. This is simply due to how impatient the Web3 community is as a whole. However, Adidas has dropped some exciting information and it looks like the project will be on the move soon. Firstly, those who progressed to Phase 2 by burning their Phase 1 NFT were given an exclusive Adidas clothing airdrop. These physical; items are now in production, with some products already heading out to the distributors. This is good progress from Adidas and it is nice to see them on track. However, this merch claim is not the point of this article. The Adidas team has announced that an airdrop is âincomingâ. Phase 2 holders at the time of the snapshot on the 18th of May are eligible to receive this exclusive first NFT airdrop from Adidas. While not many details are known and Adidas is keeping their cards close to their chest, we can prise some information out of their announcement. This airdrop focuses on Adidasâ heritage. It will also include a reveal and the airdropped item is a âutilityâ in the ecosystem as it is part of game theory. We can expect to see traditional Adidas patterns, traits, and rarities in the airdrop itself. This is very bullish news and something that we at NFT Scoop predicted a long-time ago. Moreover, the announcement revealed some information that makes the project look extremely bullish on a more long-term scale. Firstly, Adidas revealed that this airdrop is simply the first of many and for those that have missed out it is not the end of the world and that they are âstill earlyâ. Moreover, Adidas teased the future of the project at the end of the announcement. Firstly, they are building identity which will come in the form of a profile picture as part of the roadmap. However, this isnât the only thing. The project is going to be integrated into a bigger platform and will work with the biggest and best names in the space. Holders will get priority to this. We predict this is them speaking about a potential metaverse and working with their collaborative partners such as BAYC and Prada. Things are looking good for Adidas!
This newsletter is written by @Walty
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