GM Scoop Family. You've been missed. Now let's dive in. 

🍦STATE OF THE MARKET

Crypto markets are ripping hard with Alts coins popping left right & centre, one which is notable is $matic, the native token of Polygon has rocketed up 29% due to the recent announcement they will powering the technology for 'Meta' to buy, sell & display NFTs on Instagram. 

'Fine' art pieces in the NFT markets have typically performed well of late & held up in the bear, I guess people just appreciate it for what it is, fine art has no expectation & value is in the eyes of the beholder. Collections such as Art blocks in particular. 

We have also seen a slight uptick in the last few days for NFTs when looking at 30-day volume, this is probably likely due to the Art Gobblers launch. But one thing is for sure, volatility in the NFT markets is back.

🍦SCOOPS OF THE WEEK

🍦Instagram To Introduce Minting and Selling NFTs On Its Platform

🍦Binance Partners With Ledger

🍦Yuga Metaverse Open Standards Coming

🍦Company Behind STEPN Opts Against 0% Royalties In Marketplace

Quick-fire stories

• Ralph Lauren's Former Digital Chief launches Web3 fashion Platform

• UK lawmakers will hold inquiry to explore NFT regulation

• Europes first NFT Vending machine gets cold reception at NFT London

Instagram To Introduce Minting and Selling NFTs On Its Platform

It's only been a month since their last big update, in case you missed it, Meta announced that users in the U.S and 100 countries across the world can now connect their wallets and share their digital collectables.

Huge news broke on the night of the 2nd of November where it was announced that Meta would be introducing a feature for Instagram users that would allow them to mint and sell NFTs on the platform. 

Similarly to the wallet connection, this latest update will first be tested amongst a smaller pool of users before a wider rollout.

A really important aspect of this new feature that may have been missed amongst the excitement surrounding the headline is that Meta has confirmed there will not be any fees for displaying and sharing a digital collectable on Instagram or Facebook and it will not charge any additional fees for selling digital collectables until at least 2024.

They further added that neither creators nor collectors will need to pay gas fees for digital collectables bought on Instagram at launch this is due 

Just because Meta hasn't introduced fees it doesn't mean there won't be fees applicable as it's also been confirmed that "digital collectable purchases made within the Instagram app on the Android and iOS operating systems are subject to applicable app store fees."

Our View

This is a bullish move and it will certainly bring a whole host of new users to the space. 

What we can expect to also see initially is the potential flooding of the market, especially in the case of popular content creators and influencers.

This news could be the jackpot for influencers, with the following and market direction they have at the power of their devices this could lead to many partnerships with projects. The disadvantage of this for the regular investor which we feel we must make you aware of is the likelihood of a widespread FOMO. 

As always, DYOR, we have seen the impact first-hand of FOMO, jealousy can be felt by anyone but channel this feeling into finding the right project to devote your time to.

Binance Partners With Ledger

We have told you before when it comes to safety in this space, we here at Scoop have invested in cold wallets from Ledger (not a paid ad) due to their reliability and reputation.

The Binance CEO recently offered a helping hand to Twitter and we did anticipate the news wouldn't stop there during the week of Websummit.

The news hasn't stopped, on Wednesday the 2nd of November it was announced by each of Ledger and Binance that they would be entering into a partnership with the joint purpose of enabling even more users to conveniently buy crypto.

For Binance users they will be able to buy crypto through Ledger directly with their bank cards and have the coins go straight to their address secured by a Ledger device.

For Ledger users who are not Binance users, it is possible now to create a Binance account directly in the Ledger Live app.

Our View

We have all witnessed too many hardships in this space through funds being stolen or wallets being hacked so when the largest crypto exchange partners with what we deem to be the safest cold wallet provider for the benefit of investors it lets us believe that we are progressing in this decentralized world (for now) with the ability to be safer each day.

Yuga Metaverse Open Standards Coming

The King-Pins of our world Yuga Labs have announced a really exciting prospect that has us gripped.

They want to build a truly interoperable metaverse that will allow users to play whatever character they are. The idea is a designer can create a model for the Otherside Metaverse and take it to another metaverse (and vice versa)

Our View

There is a complexity to overcome but we don't doubt they can tackle this successfully. The issue is that the idea of interoperability is such a unique feature of Web3 that investors can move their NFTs through multiple metaverse platforms has been to date very sparsely rolled out. If there was one group you would back to roll this out in on a larger scale it would be Yuga.

The motive of allowing users to truly own a virtual asset that can be transferred into another world or platform is hugely exciting. It differs from what we witness with Fortnite and Roblox which is a walled garden, and what we mean by this is any game with a walled garden has a closed platform where the provider of the platform has total control over content, applications, and/or media and has the ability to restrict access as it sees fit.

Interoperability is in your hands now Yuga, bring it home.

THIS NEWSLETTER WAS BROUGHT TO YOU BY: THE HYHU NETWORK 🎲 

Let's Play! The HyHu Network is a Web3 Pay to Play raffle site that allows you the chance to win Blue Chip NFTs for less than the cost of Gas! Sounds Fun & Fair to us! 

The HyHu raffle site, contains Free to Enter Raffles..Yup you heard it correctly, Holder-only Raffles & Public Pay2Play Raffles by buying a $HYHU token. Also, we can forget to mention the Prize Pools are the top draw!

The HyHu Network is a sustainably funded Pay2Play ecosystem and is pushing boundaries in the NFT space! You can buy $HYHU tokens for just a fraction of an ETH (0.007) save them on your account and enter the Prize draws whenever you like 😎

Pro Tip - You can earn a $HYHU token and use it to enter the Pay2Play raffles for free just by referring The NFT Scoop to your friends! Check out the referral scheme below! 

Company Behind STEPN Opts Against 0% Royalties In Marketplace

It's been a topic of debate across the whole space with each marketplace taking different stances. 

It was only last week Looks Rare had a real shake-up regarding creators fees and prior to this X2Y2 and Magic Eden both made the change to optional creator royalties.

Another player in the game has taken their stance and it's saying no to optional royalties.

Satoshi Lab, the company behind the move-to-earn app STEPN launched their new marketplace MOOAR on the 1st of November and made their feeling pretty clear regarding royalties..."no optional royalties"

Instead what the marketplace will be doing is setting a standard NFT royalty policy to a default 2% but creators do have the ability to set royalties between 0.5% and 10%. What is important to note is there will not be any ability for 0% royalties.

Our View

We have been fairly consistent on our view in that royalties create an aligned incentive between creators and holders. Creators get to earn on every sale, and holders get to fuel innovation in a project they care about.

In a 0% world with no provision for sellers, this has removed the opportunity for sellers to show the artists some financial gratitude towards potential profits the artist's work may have led to.

We are pleased to see the stance MOOAR have taken.

THE REKT SECTION 😡

When interest rates are being hiked and the word recession is lingering like a bad smell, the last thing we need is our freedom of investment being reduced and or removed.

Well that is what has happened in the UK with one particular bank...Santander welcome to REKT.

Customers received an email on the 3rd of November advising that from the 15th of November the bank will be limiting the amount that can be sent to cryptocurrency exchanges. 

The limits are £1000 per transaction and a total limit of £3000 in any rolling 30-day period. 

This isn't the end though, they have gone on to say they will be making more changes to limit and prevent payments to crypto exchanges in the future.

Where's that Revolut referral?

💧WHAT'S DROPPED

y00ts reveal... Finally..

what’s dropped - Top mints

Y00ts. The highly anticipated sister project to Degods which sits on Solana have finally revealed. 

FrankDegods leader of the Degods ecosystem has been thrown hate & shade from NFT twitter given the delay. It is safe to say this has been a drawn-out affair. 

The ‘NFTs’ themselves currently sit on Magic Eden as ‘T00bs’ & by owning one you can use it to mint a y00t.

DeGods is arguably the most successful project on Solana have achieved Floor prices of around $30,000 previously. The team was not happy with how the y00ts looked so decided to scrap them all & give the art some upgrades. There is a mixed opinion on the overall reveal, some people feel there isn’t enough change to warrant the length of time people had to wait. 

The artist behind y00ts has laid out below the inspiration for the traits & avatars. You can check the link below. 

The Degods & now the Y00ts team have always tried to tackle things differently, starting with a whitelist application process & then revealing y00ts one by one every minute until the final reveal. 

Despite the hate towards the team on Twitter, they also have an extremely loyal community & fan base. The reveal today has overall ignited excitement & hype & generally, people are pretty pumped with the outcome. 

Y00ts currently stand at a Floor price of around 99 $SOL, having held pretty well during this period. The floor has dropped somewhat, this is usually when people see they haven’t minted a super rare and throw it to the lions. Time will tell, but things look positive for y00ts, and it’s great to see hype and excitement across the space. 

WHERE WOULD WE BLOW 5-10 $ETH?💰

Not financial advice you know the drill!

y00ts 

Given all of the above, we think y00ts would be a good place to blow our ETH.. wait, or should we say, Solana. Yes, y00ts are on the Solana blockchain for some labeled as the chain for ‘Brokies’ ... we disagree. ETH holds a special place in our hearts but innovation & newer chains can’t be ignored. Regardless of chain, the quality of the team & project should always be considered. 

y00ts are highly transparent as a group, they literally publicly lay out there work day by day, they aren’t afraid to innovate & coupled with top-notch artwork & roaring community we think the future is bright for y00ts. 

You can probably Scoop up a y00t now they have revealed it at a discount or purchase an unminted one by grabbing a t00b mint pass. Buying a t00b is a bit more of a gamble, you can use it to mint a y00t & either land a common or a 1/1... if you have the Midas touch. 

If you are looking to make any purchases on Solana, you can do this on the NFT exchange Magic Eden & topping up a Phantom wallet with $SOL. 

t00bs Mint pass - Magic Eden

Lens Protocol Social Handles

Lens Protocol is a protocol that allows developers to build out decentralized social media platforms. You have to be invited in order to create a handle. 

But individuals are now selling the handles they have created on Opensea. Look at this as a web3 social media domain name. 

If you can hunt and purchase a sought-after name/handle & the platform gains traction in the future you could see them rocket in value in the same way we have seen domain names sell for large sums as well as ENS names. 

🤡 WHOEVER CONTROLS THE MEME CONTROLS THE UNIVERSE 

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.