State of the market ⚡

Welcome to the state of the market this week, we have seen a few major pulls back with some of the blue-chip major NFT collections as reflected in the blue-chip index taking a pullback this week, but with $ETH rallying in dollar value, this was expected as holders cycle into ETH & take profits.

Overall the NFT market cap sits at $24.3BN, it’s up 1.4%+ in the last 7 days, however, comparing this to 3 months ago were down 27%- overall. In any market pullbacks are healthy and consolidation is needed for healthy sustained growth, especially in a nascent & fresh industry like NFTs. It isn’t all bleak my degen friends, what we love to see is that when comparing the overall NFT market cap to this time last year we are up at a staggering 2000%+! One thing is for sure you are not getting that in the S&P500. In relation to NFTs as discussed we sit at $24BN Mcap, to put that into perspective crypto is currently circa a $1Trillion market cap. It may sound cliche, but as the saying goes… that data shows “WE ARE EARLY”.

The growth we have seen over the last year demonstrates that NFT interest & adoption have grown at a phenomenal rate, despite the more recent pullbacks. If in doubt Zoom out! With market retracement also comes an exciting opportunity and dare we say it..bargain blue chips to be Scooped which we will cover further on in the letter.

Now on to $ETH, over the past 2 weeks, $ETH is up around 60% and with the merge on the horizon for September, a strong narrative is certainly forming amongst the crypto & NFT on Twitter. NFA, but we foresee ETH running to the $2300-$2800 range in the lead-up to the merge in September, and following that there will likely be a market-wide selloff. Buy the rumor, sell the news. Long term the Scoop family is very bullish on $ETH and the network effects taking place, Dollar cast average is always the safest method of accumulation, though if you have the stomach for it then expect some turbulent price action over the next 6 weeks.

Scoops of the Week 🍦

🍦UK Courts to award damages in Bitcoin

🍦Lazio teams up with Binance to launch NFT Tickets

🍦Biggie NFT sells out in 10 minutes

UK Courts to award damages in Bitcoin

In the forever-developing Crypto era, the courts don’t want to be left behind.

It is being proposed by the Law Commission in England that the Court should have the power to award damages in Bitcoin.

The Law Commission stated “Their unique qualities mean that many digital assets do not fit easily into current private property law categories or definitions,”

As we are all well aware bringing a claim over an NFT or cryptocurrency could mean your $100m lawsuit could be worth $20m 6 months later! or in a positive light, it could be worth $300m! let’s manifest rising prices!

Who’d have thought the Government is actually going to simplify our lives?

Lazio teams up with Binance to launch NFT Tickets

We did say NFT tickets will soon be a thing, it was a match made in heaven that just needed put together.

Well Binance have teamed up with Lazio to offer tickets for all home games via NFT.

In their press release, Binance highlighted that NFT tickets will solve the issue of counterfeit tickets, preventing disorder in sporting events.

Further, the NFT will not only be for tickets, it will also provide access to events, store and match discounts, token giveaways, and other experiences with Lazio.

This is just the beginning, soon it will be concert tickets, airplane tickets, and any other ticket you can think of. One thing we envisage is that Metaverse FC themselves Crawley Town won’t let any potential NFT opportunity slip!

Biggie NFT sells out in 10 minutes

No…no…no.. NOTORIOUS (apologies it had to be done….. but Conor Mcgregor isn’t following the introduction)

According to Marketplace Oneof (which sold the NFT)…..An NFT collection called “Sky’s the Limit” featuring a freestyle by Hip-Hop legend The Notorious B.I.G. sold out in only 10 minutes.

The collection consists of 3,000 unique items that explore the legend’s outlook based on his life and lyrics.

Now, what all investors are here for, is the utility!

Investors hold 80% voting rights on the creatives, which may include artists, DJs, and musicians who can remix or sample the iconic “Fulton Avenue Freestyle.”

The collective of the collection will be entitled to all licensing, sales, and streaming revenue from the use of the freestyle. They will then be able to invest in future music projects, NFT collections, IRL events, and other VIP activations. The collective will also have early access to The Brook Metaverse, which is expected to launch later this year, as well as a few future surprises.

it’s safe to say this was a Juicy launch!

Scoop’s Weekly Winner 🏆

It’s hit and miss and it’s certainly failed before however this week we have a success story in the form of an Ape Derivative

The winner is….. Lady Ape Club 

This project sits at number 10 on Opensea for volume traded in the last 7 days with an impressive 1441 ETH traded.

It’s an interesting project which initially launched on STRMNFT marketplace but has recently migrated to Opensea.

Having a dig into the project, there is certainly some utility on offers such as 100 BAYC holders being airdropped an item and the potential to breed Baby Apes.

With the floor sitting at 0.12 ETH this time last week it has had a real positive rise to 1.99 ETH and with a really thin wall this project could smash through the 2 ETH barrier.

One area of concern is the art is very similar to BAYC, they are in no way affiliated so we are unsure how Yuga will react to this one.

All in all with a 1.7 ETH rise in 7 days this project is a well-deserved winner!

REKT SECTION 😡

For the 90s kids it was a chance of nostalgia, the opportunity to link our childhood with our new degen metalife.

Unfortunately it’s flopped and still flopping hard.

Nickelodeon welcome to REKT!

The 1st launch took place with a 4.2k collection consisting of RUGrats & Hey Arnold!

The floor was sitting at a mediocre 0.11 ETH following launch and those that bought in on secondary will be disappointed as the floor has since halved and sits at a messily 0.05 ETH.

For the sake of us 90s kids’ childhoods we hope the next drop is better…..maybe Kenan and Kel to save the day

The Future of NFTs 🔮

When someone mentions NFTs, the first thing that comes to mind is a picture of a cartoon ape or pixelated avatar. “It's just a jpeg”, I’m sure we are all familiar with that one.

Outside the world of degen mints & mutants, it’s important to reflect on the technology we are all helping to accelerate. ‘Non Fungible Tokens’ are pieces of digital data and code where ownership is recorded on the blockchain and allows for ownership & verification of both physical & digital goods to be assigned digitally. “Don’t trust..verify”. So why is it important? Well as the industry develops it’s going to reduce a lot of bureaucracy found today in modern society. We love this image below tweeted from @shivshakhuja giving us a visual representation of where NFTs are going! The future is bright. The future is Non-Fungible.

Where Would We Blow ETH This Week? 🤑 Bargain Blue Chip Edition 🔷

There are too many opportunities to be had right now in the NFT blue chip section. We couldn’t just pick one. Given these are blue chips we recommend a medium to long-term hold. Here is a quick-fire round-up of undervalued blue chips to wet your appetite.

Clone X - Current Floor 8.8ETH - All-time high - 21ETH Floor

Scoop NFT Risk rating: 4/10

Clone X right now is just a steal. 8.8ETH is close to their overall all-time low. RTFKT the creators of Clone X are some of the most prominent builders in the space and continue to deliver value to their holders. Plus, with the backing of Nike it’s a great opportunity to acquire a solid blue chip project.

Mutant Ape Yacht Club - Current Floor 17.45ETH - All-time high 40.89ETH

Scoop NFT risk rating 2/10

No comment needed, but this is one of the cheapest ETH entry points we have seen MAYC in a while. The MAYC PFP gives serious digital flexing rights and is led by the infamous Yuga labs. Yuga labs are great storytellers and have continued to deliver value, entertainment, and intrigue to their community. As far as NFTs go, it’s hard to go wrong with a Mutant.

Meebits - Current Floor 5.1ETH - All-time high 7.2ETH

Scoop NFT Risk rating 6/10

With Yuga labs acquiring the IP to Meebits from Larva labs, it’s difficult to see these guys not doing well long term. Yuga labs are very deliberate in their actions and we are certain Meebits will play a large part in their future plans. See the tweet from Ryan Gordon below

Whats Dropped 💧

Stickmen Toys

Stickmen Toys is a collection of 5000 NFTs that just this week even in this current minted out with ease. Wondering why? Stickmen toys is a collaborative project by music giants, Warner Bros UK & Bose. Holders can expect brand collaborations, exclusive merchandise, as well as future Warner Records NFT drops. These guys were free to mint and currently hold a floor of 0.29ETH.

It’s hard to say how these will perform long-term, though their social engagement is strong, they are certainly creating a buzz on NFT Twitter and are being scooped up by some notable NFT influencers & collectors. As we at Scoop have said for a long time now we are bullish on the NFT Music category.

 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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