GM to the Scoop family.

Let’s get into it!

SCOOPS OF THE WEEK 

⛓️ NFT’s

• Azuki Fallout Continues

• BAYC Floor At Its Lowest In Almost 2 Years

• Pudgy Penguins x Comic Con

👨‍💻 WEB3

• Hong Kong Sets Up Task Force for Web3 Development

• Ubisoft Reveals Blockchain Game, Champions Tactics

• Warner Music Funding Web3 Music Projects

🪙 CRYPTO

• PEPE Strikes Back with $PEPE 2.0 - Dollars Turn to Fortunes

• Bitcoin Bull ‘Max Keiser’ thinks Ripple will lose against the SEC

• Bitcoin traders are cautious, but for what reason?

⛓️ NFT’s

• NFT Total Market Cap $6.4B - 24/hour change +1.93%

• Volume Traded 24/hours - $28.6M -4.46%

Are NFTs going to Die?!?

• Whilst the PFP market is in freefall, don’t worry NFTs aren’t going to die.

• Some Bluechip NFT stats 👇

• Bored Ape Yacht Club is down to 32 ETH, Mutant Apes are down at 5.89 ETH, Azuki is down to 7ETH and DeGods currently sit at 8.44 ETH.

• NFTs aren’t going to die, far from it, but what may be apparent is that the dominance in the PFPs category may be dropping.

• There is still, Metaverse Land, Digital Collectibles, Generative Art, In-Game Items, photography, etc. But there has been such a focus on PFPs.

• As you can see from the graph above, PFPs volume and sales have far outweighed any other NFT category for too long.

• For an industry to thrive, you need a diverse landscape, fresh innovation & continued development.

• Whilst we are fans of everything PFPs bring and what the projects have brought to the space, new ideas are needed to bring back excitement to space.

• In general, the market is bored of ‘Just another PFP release’ and projects doing very similar things.

• This could be the moment, where the market is forced into true innovation mode and new exciting categories emerge.

• By now, there is too much, investment, infrastructure, community & enthusiasts within the market to let NFTs fall by the wayside, not to mention how well-funded some projects are, plus the arrival of major Web2 brands.

• The cat is out of the bag.

• Honestly, we are excited to see how the market develops moving forward.

Whales Are Scooping up:

• Azuki Elementals

• DeGods

• Azuki

• Mutant Ape Yacht Club

• Azuki Elemental Beans

⛓️ NFTs

Azuki Fallout Continues

At a glance 🔎 

• The Project’s week since the launch of Elementals has gone from bad to worse.

• The floor has nose-dived even further to 5.99 ETH yesterday which is a 60% down over the timeframe.

• The Azuki DAO, which was formed last week, is demanding a $39m refund from the founder, Zagabond.

• The DAO has said that it is seeking legal action for allegedly rug-pulling investors in both the Elementals collection and Zagabond’s previous actions.

  🕵️ Scoops take:

The Azuki team has handled serious heat before and came out the other side smelling of roses but something about this whole ordeal feels different.

With the floor hovering around 7 ETH the task that currently faces the team is probably beyond anything they could have imagined.

The last thing any project with the status that Azuki holds within the space is a full-blown civil war so we imagine Zagabond is going to get real and sort this out.

It is worth adding that the DAO does not speak for the whole Azuki community but having your dirty laundry aired out in public the way it is unfolding is something that the project could do without.

We have always remained bullish on Azuki so we hope once again, they come out stronger.

BAYC Floor At Its Lowest In Almost 2 Years

At a glance 🔎

• Over the weekend, the floor reached a low of 27.4 ETH

• This is the first time that the floor has dropped so low since October 2021

• From that low in October 2021, the floor reached an ATH of 153 ETH in April 2022 ($430,000)

• Notable Celebrity purchasers such as Justin Bieber are over $1.4m down on their investments.

  🕵️ Scoops take:

There can be a whole host of reasons trying to explain what has caused this free-fall in the floor price. From the over-diversification of its ecosystem, complexity within the varying storylines, and natural market sentiment this is another project that is really up against it.

What can be said for BAYC and Yuga Labs especially, is that they are well funded, tried, and tested, they have been masters of the game for the last 2 years so you would be a bold person to completely write them off.

The PFP market may be having a serious shake down, but Yuga Labs have usually been one step ahead of the game and given the current state of the market there has been no better opportunity to enter their ecosystem with the current floor prices across the board.

Pudgy Penguins x Comic Con

At a glance 🔎 

• The project has announced it will have a booth at San Diego Comic-Con 2023

• The event brings together over 100,000 people from all over the world.

• With the project onboarding 30,000 people to Pudgy World over the past month, momentum is on their side.

  🕵️ Scoops take:

Having such a prominent NFT Project at one of the largest events can only be a good thing. As of late, everything that the project is doing has been golden.

Following the takeover of Luca Netz, the Pudgy’s have gone from strength to strength, building towards their goal of being one of the world’s biggest entertainment companies. Their launch of the physical toys was a success, having managed to onboard many into the NFT space that previously had no prior experience with the blockchain at all.

They are certainly outperforming their main “rivals” within the PFP sector he space and some of the latest statistics prove that over the last 12 months, Pudgy Penguins have been the strongest investment.

If you had purchased any of the below ‘Blue Chip’ floor PFPs exactly one year ago today this is what your profit & loss would look like in ETH:

Punks -30.77%, BAYC -61.21%, Moonbirds -93.57%, Doodle -89.38%, Azuki -37.98%, Pudgy Penguins +180.74%

They are currently doing everything right, long may it continue.

TWEET OF THE WEEK

Check out 10 reasons why you should be bullish on the future of Web3 from Wale.swoosh.

🌐 WEB3

Hong Kong Sets Up Task Force for Web3 Development

At a glance 🔎

• The Hong Kong government has established a task force consisting of 15 industry participants and 11 government officials to oversee and promote the growth of Web3 in the region in a sustainable and responsible manner.

• The task force's creation is part of Hong Kong's goal to become a leader in the Web3 sector by attracting top companies and talent to build a thriving ecosystem.

• Hong Kong's Securities and Futures Commission (SFC) announced its intent to soon permit licensed platforms to cater to retail investors and is encouraging virtual asset trading platforms to submit license applications.

🕵️ Scoops take:

Hong Kong's deliberate stride into Web3 development marks a significant leap towards a decentralized digital future. The creation of a dedicated task force - an amalgam of industry and government minds - showcases an enlightening understanding of the Web3 wave: that it's not a trend to be observed from afar, but an ecosystem to actively participate in and shape responsibly.

The city's call to crypto firms and platforms denotes a forward-thinking perspective on regulation, one that embraces innovation while safeguarding investors. Ultimately, Hong Kong's strategy underscores a promising blueprint for other regions - harnessing the Web3 megatrend to create an ethical, robust, and thriving digital economy.

Ubisoft Reveals Blockchain Game, Champions Tactics

At a glance 🔎

• Ubisoft is developing a tactical RPG called Champions Tactics: Grimoria Chronicles on the Oasys blockchain.

• The game will be PC-based and hints at the use of free NFTs or tokens at launch for gameplay.

• Despite past backlash over NFTs in games, Ubisoft continues to innovate in the Web3 gaming space.

🕵️ Scoops take:

Ubisoft's bold venture into blockchain gaming with Champions Tactics: Grimoria Chronicles signifies the mainstream gaming industry's increasing embrace of Web3, setting the stage for a fusion of fantasy and blockchain technology. The concept of offering free NFTs or tokens for gameplay at launch demonstrates a savvy move towards wider adoption by breaking down barriers to entry and mitigating past backlash.

As a trailblazer in this arena, Ubisoft is not only pushing the boundaries of interactive entertainment but also molding the future of gaming economics, offering players a level of ownership and engagement unheard of in traditional formats. This step may prove pivotal, driving blockchain's ubiquity in gaming and expanding the horizon for decentralised digital experiences.

Warner Music Funding Web3 Music Projects

At a glance 🔎

• Warner Music Group (WMG) and Polygon Labs have launched a music accelerator program aimed at driving innovation at the intersection of Web3 and music, providing support for developers launching music-related projects on the Polygon network.

• The program seeks applicants operating at the intersection of music, technology, and Web3 with projects that focus on various areas including fostering artist-fan communities, establishing decentralized music production and distribution systems, and innovating ticketing solutions.

• Selected projects will receive funding from both WMG and Polygon Labs, as well as support ranging from mentorship, strategic advising, networking opportunities, and marketing and promotion. Applicants will be reviewed on a rolling basis.

  🕵️ Scoops take:

The Warner Music Group and Polygon Labs partnership shows a transformative leap for the music industry, meshing creativity with blockchain technology. This initiative enables artists and developers to redefine music production, distribution, and fan engagement through a decentralized lens. Providing not only funding but also mentorship and strategic guidance, the accelerator program extends beyond mere capital injection. The embrace of Web3 technology by an industry titan like Warner underscores the pivotal role of blockchain in shaping the future of music, paving the way for innovative artist-fan connections and a vibrant Web3 music ecosystem.

🪙 CRYPTO CRUNCH

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• Crypto Total Market Cap $1.22T - 24/hour change +0.67%

• Volume Traded 24/hours - $36.72B +10.94%

• Overall we are macro-bullish for crypto.

• We are Just hovering around the $31K mark for $BTC.

• Sights are set on breaking through the $32.5K market before we see a move higher, but we could be gearing up for a pullback before the bulls regain full control.

• Analysts are eyeing the range $28K-29k as a buy zone before the rally continues for $BTC.

• ALT coins have had their fair share of excitement, which was expected. Although a full-blown ALT season is yet to be seen.

• Expect some sideways chop for now.

  Crypto narratives to focus on this summer

• - AI Tokens

• - Privacy Tokens

• - Decentralised Exchange Tokens

• - Liquid Staking derivatives projects

• - Metaverse & gaming tokens

• - RWA - Real-world Asset tokens

• - Cross Chain Projects

• - ‘Real Yield’ Bearing tokens/projects

  Top stories

• PEPE Strikes Back with $PEPE 2.0 - Dollars Turn to Fortunes

• Bitcoin Bull ‘Max Keiser’ thinks Ripple will lose against the SEC

• Bitcoin traders are cautious, but for what reason?

😡 THE REKT SECTION 😡

Logan Paul

We thought this story was long-gone but much to our surprise, it couldn’t be further from the truth.

Internet detective, Coffezilla, the person that shed light on all the issues surrounding CryptoZoo, has released a YouTube video telling the world that Logan Paul has still not paid back his victims the $1.9m owed from the sham.

It has now been 6 months since Logan Paul promised that he would be refunding investors and despite there being a class-action lawsuit brewing it has not sped up this process at all.

This is just another reason why to approach all Celebrity projects with some serious hesitation.

You can check out the video here.

🏆 WEEKLY WINNER 🏆

South Korea

With the passing of The Virtual Asset User Protection Act, we are seeing a Government approach that will leave investors delighted.

The law contains 19 proposals and will be coming into effect next year.

Some of the proposals include, defining digital assets, imposing penalties for unfair transactions, service provides segregate user assets, offering insurance coverage, storing reserves in cold wallets and maintaining meticulous transaction records.

This latest law should be a certain blueprint for other countries to follow. The proposals ensure that investors are well protected, a regulated environment and a completely positive outlook on the future of the industry.

And 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.