State of the market ⚡

We aim to navigate you through the ‘Builders market at NFTscoop, without sounding like a broken record things do remain fairly flat. We are seeing strength in bluechip more so than we would have expected at this point which is good news and builders keep on building.. no we don't mean houses, we’re talking about solid NFT projects that continue to build & strengthen their foundations ready for when the bulls return once again.

On top of that, we are seeing Degen mints which are often ‘Free’ mints still firing. At this stage, we do expect this meta to cool off soon, we are not saying free mints won’t be here to stay, We actually like them & if executed correctly they can foster a strong community with a low barrier to entry.. and fast, but the team must under promise & continue to deliver. However, the pump and dump nature of those we see at the moment will run their course as investors wise up. These pump and dumps are often coordinated and by the time you hear about them or feel FOMO you are probably going to be someone’s exit liquidity. Let’s wind it back a minute, take it slow. Remember “no position is still a position”. Holding or building up your ETH for a well-researched strategic purchase could prove more fruitful.

The best plays are made on solid projects that the masses aren’t yet looking at yet. Right now the vast majority of volume & attention is on PFPs. Now ask yourself the question, what categories of NFTs are there at the moment which have high growth potential that isn’t hot right now. Right now the vast majority of the volume is on PFPs.

We will give you a clue, here are a few categories NFT scoop are bullish on with the lowest overall market caps with high growth potential in years to come.

Collectibles: - NFT Collectibles has 4x lower market caps than PFPs but also demonstrates one of the higher levels of volume at the moment. Think Sports stars, Movies, and Comics. Theirs a lot of money in IRL baseball cards naturally this is going to transition into NFTs. Crumpled cards no more!

Land - Plots of land in the metaverse have one of the lowest market caps out of the NFT categories. The metaverse space continues to develop. Start by looking at platforms like OVR and Superworld that divide the real-world maps into augmented reality space. Why were bullish? Imagine owning augmented reality space at the Superbowl viewed by millions. What artists or corporate brands might want to use that space and how much would they pay? Think outside the box. Where are the eyeballs?

Music - We have said one and we will say it again. The Music industry is extremely ripe for disruption. We are almost certain at some point in the future we will see trending artist fund their careers via an NFT launch and make their earliest adopters wealthy. We are not quite there yet but this is something to be explored.

Alpha - Music Project just launched -

KINGSHIP

Could KINGSHIP be the next Rolling Stones? KINGSHIP is a very exciting project that is still going through its minting process. And can currently be picked up on Opensea for just over mint price. Based on what we have said above, Kingship could be the closest thing to that right now and it’s backed by a dynamite team.

The founders include Jimmy Mcnelis who was listed by Fortune in the top 50 most influential NFT people and CEO of NFT42. Secondly, we have Celine Joshua creator & founder of KINGSHIP. Celine is an accomplished individual in the music scene and founder of 10:22PM a joint venture with Universal Music Group which aims to redefine content creation & delivery for the music and entertainment industry, delivering products & services that deliver value & utility within the Web3 world. Thirdly we have Creative Director Zack Lanza who is the go-to animator for the biggest names in entertainment who want to bring their Bored Apes to life. What a roster!

KINGSHIP is the first supergroup signed to a major record label comprised of 3 rare Bored apes & a rare Mutant ape. What we love is the story & lore being created for the project of how the group came together to form Kingship. The project is currently in its minting process and delivering a collection of 5000 key cards that represent 1 of 4 towers (1 for each member of the supergroup). The key cards unlock the world of KINGSHIP granting you membership to a virtual world, that unlocks music, utility & a token gated community over time. Something is giving us Proof collective vibes but for Music. Big statement but so far we are impressed. Here is our bull thesis.

KINGSHIP Bull thesis

• Bored Apes turned into a Music supergroup

• Talented, established & Well connected team

• Medium collection size

• Music / Entertainment is an industry we are bullish on

• Being minted & bought by influential NFT collectors / blue chip holders.

Pro tips

• Don’t revenge trade. If you’ve fucked up on trade, don’t immediately try to find one to recoup losses. Trust us, your emotions get the better of you and chances are it won’t work.

• As discussed above, look where no one is looking. This takes time, patience, research & high conviction on projects that have less attention. Get the early advantage.

• Bet on builders. Think of the biggest NFTs you know today. Bored Apes? Moonbirds? CloneX, Doodles? What are they backed by? Strong teams that execute. Research teams.

Scoops of the Week 🍦

🍦 Proof collective expansion

🍦 Celcius Files for Bankruptcy

🍦 Snapchat NFTs

Proof Collective Expand Team

Apart from holding a solid floor price of 84ETH and launching one of the most successful recent NFTs to date ‘Moonbirds’, Proof Collective is doing one thing more, ‘Proving’ to the NFT world that they mean business.

Proof led by Kevin Rose has just acquired ‘Divergence’ - a London-based Engineering Firm known for its Ethereum smart contract ability and has worked behind the scenes on successful projects like G Money’s ‘Admit One’ collection. The strategic acquisition has boosted Proof’s tech team in preparation for the highly anticipated ‘Socialverse’.

Details on the ‘Socialverse’ so far are being kept under wraps, but what we do know is the project will be challenging the current web2 tools available for community communication. Kevin Rose Said in an Interview:

“The tools we’re all using for curation and communication are not built for Web3. Discord was made for gamers, Reddit is an early Web2 product. We’re trying to build something where we can interact with the rich data behind the scenes”

Full details will be released at the ‘Future Proof’ conference in august, where we can also expect further detail on ‘Ravens’ and ‘Moonbirds oddities’.

Like their Moonbirds, Proof are soaring from strength to strength and in our opinion, they are the closest thing to Yuga labs we have seen. We are bullish.

Celcius Files for Bankruptcy

This weekend in the UK we could see temperatures hitting as high as 40 degrees Celcius’, but one thing is for sure, Crypto asset lending platform ‘Celcius’ which touted itself ‘better than a bank’ is diving down into the minuses and entering winter. As for today the company, the company filed for bankruptcy.

Celcius, as of May had a total of 1.7 million customers & $12 billion in assets held on its platform. They are now the 3rd major crypto platform to fall due to price plummets in the crypto markets.

Withdrawals of users funds were halted on the June but the company claimed users’ interest rewards would still be accrued during the time of pause. For now & for the time being at least these rewards are fugazi in the words of Mathew Mchonnaghy “they’re fairy dust”.

Alex Mashinsky their CEO has stated that the financial restructuring will stabilize their business in the best interest to safeguard company and customer assets.

Protip - As the age-old crypto saying goes “Not your keys, Not your Crypto”.

We remind our scoop family to use a hardware wallet to safely store your crypto assets such as a ‘Ledger’.

Hey.. it happens to the best of us, I have some Bitcoin in Celcius.. Guess I won’t be seeing that for a while.

Snapchat NFT Filters

In their world where social media dominates, filters are everywhere. Used in every photo uploaded in an effort to make life look better. Some are so good that it’s become hard to know who or what you're going to meet on your next date. The era of catfishing is well and truly now.

NFT Markets may be shakey, but that doesn’t stop tech giants from driving forward into the Non Fungible industry to future-proof themselves & better serve their users. Enter Snapchat, the next Social media platform to venture into the world of NFTs. The company is said to be experimenting with the possibility of allowing creators to display their NFTs on Snapchat as filters & place them on real-world images as augmented reality projections. Genius move. The platform has said that it won’t charge creators to list their NFTs on Snapchat, but rather strike partnership deals with 3rd parties that allow creators to monetize their art on the platform.

We can see it already… Limited collections of filters, PFPs & Icons that are sold to the highest bidder on the platform allowing them to deliver the ultimate social flex to their Snap buddies.

Bullish sign: Tech companies like Twitter, Meta, Facebook & now Snapchat don’t just make moves like this on a whim. They are betting big on the future of NFTs. Buckle up.

7-DAY SNAPSHOT 📷

The last 7 days has been relatively stable aside from a slight drop and recovery over the last few days. Floors began to decrease on the 12th but have since recovered back to the previous trajectory. Moreover, the volume also took a tumble that has since recovered. Finally, NFT listings began to increase but have recovered to some extent and are remaining stable now.

Monster NFT Purchase 👾

CryptoPunk #4464

After hodling since mint in 2017, the owner of this Punk finally cashed in this week for 2500eth ($2,600,000). The buyer of the Punk is a super-whale called ‘zoomc’ who has a large stake in Meebits. The avid investor has accumulated 113 Meebits and 24 Punks. The reason this Punk became the joint 5th most expensive in the collection to be sold is due to its rarity rank. It is ranked #34 in the collection.

What’s Dropped 💧

Nina's Super Cool World

This is a project that is a part of the GODA ecosystem and its holders were allowed to mint along with a lucky few that made in the pre-mint raffle. Its launch has been a massive success 565eth is already traded today which takes it to #4 for volume today. It launched yesterday which takes the total volume total to above 700eth. The floor price also sits above 0.6eth which is a nice start. This is great going in a short span of time and we expect to see volume continue on this one.

Life goes on, META KONGZ

This is the last collection of Meta Kongz and it completes Meta Kongz's ecosystem on the Ethereum chain. In less than 24 hours the project has racked up over 400eth in volume and now sits at #6 for daily volume. The project has also reached a floor of 0.3eth which is very respectable in such market conditions.

moonbats.wtf

The launch of moonbats has been a success this week which is no surprise considering it fits into the current meta. Although it hasn’t performed as strongly as the other two projects it has still seen a respectable performance. The project has racked up around 340eth in volume today and sits at #9 for daily volume with this figure growing by the hour. The floor has also increased to 0.04eth. We expect to see some more movement on this one if the memes catch on, on Twitter.

Whale Watch 🐋

This week there has been some interesting whale activity once again.

Whale Buying

1. 17 whales bought 33 CryptoPunks this week at a total price of $6,100,000.

2. 14 whales bought 43 Otherdeeds this week at a total price of $329,636.

Whale Selling

1. 6 whales sold 16 Pudgy Penguins this week.

The trend of whales purchasing Otherdeeds in their masses continues this week with the beta fastly approaching. This may or may not be insider information or simply whales taking educated bets on the project. The whales have also been buying up a ton of CryptoPunks this week due to a new-found confidence in the future of the project after Yuga took over and began to implement positive well-needed changes. Finally, Pudgy Penguins oddly appeared which may suggest that if you hold any now is a good time to get out since these sales appear to have come out of the blue.

Alpha 💪

The HyHu Network raffle number 4 offers you the chance to win some solid NFT projects… Yes its free!

• Prize 1; Doodles Genesis Box

• Prize 2; Adidas Originals Capsule

• Prize 3; Boki NFT

• Prize 4; Free Hybrid humans Mint

• Prize 5 - 10; Hybrid Humans White List Spot.

Disclaimer

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

NFT’s can be highly illiquid markets, causing sharp drops in prices due to changes in narratives and trends.

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