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

🍦SCOOPS OF THE WEEK

🍦WEB3

• Binance AI-Powered NFT Creator

• Mutant Ape Planet Founder Update 

• Nouns 3D Printed Collection

🍦CRYPTO

• Silvergate Plunges

• Coinbase Truth Regarding Binance

• HSBC Updates Crypto Deposit Rules for UK Users

🍦TECH 

• Elon Musk Demonstrates Robot At Tesla Investor Day

• Microsoft LLM

• NFT Total Market Cap - $22.79B - 7 day change +0.56%

• Volume Traded Prev 7 Days - $469.3M -51.67%

Whilst we remain in the cool zone it's important to remember that the NFT industry is predicted to grow to a total of $210BN industry over the next 7 years, If you're not the sharpest at maths don't worry that's nearly 10X from where we are today.

What a time to be alive, we are witnessing a revolution of the internet. 

 🍦WEB3

Binance AI-Powered NFT Creator

Binance took very little time in attempting to connect AI with NFTs by testing a new product called "Bicasso" where users can turn their creative visions into NFTs with the assistance of AI.

The BETA was launched with 10k items available to be minted.

It only took 2 1/2 hours for the collection to be sold out. 

How the AI works is that users type in a prompt or upload an image then as if by magic a custom AI-generated NFT is generated, which as you would expect can be used on Binance's chain BNBchain.

Binance has been clear in advising that this was a pilot launch and there were a few glitches that need to be cleared, but due to demand, CZ is giving the degens what they want.  

A creative new way that allows users to develop NFTs. But like everything, it's likely the start of the megatrend coming right at us, the battle of who can best bend AI to their will & create the next generation of NFTs could be sitting on a gold mine.

Mutant Ape Planet Founder Update

It wasn't the best start to the year for Aurelien Michel and 2023 doesn't seem to have gotten any easier for him.

Let us remind you:

The developer of the Mutant Ape Planet NFT, which was a knock-off of the Mutant Ape Yacht Club, Aurelien Michel, has been arrested and charged with fraud for allegedly carrying out a $2.9m rug pull. 

Michel, who lives in the UAE was taken into custody on the evening of the 4th of January at JFK Airport following a flight and is set to face the courts this week.

The Update

It has been reported by Bloomberg that Michel has pleaded guilty to the charges and is currently in a plea bargain discussion with prosecutors. 

Nouns 3D Printed Collection

Combining a blue-chip project with fashion was certainly a way to capture the crowd at NFT Paris and that is exactly what designer, Danit Peleg, did. 

At the event, Peleg, brought 5 outfits with her, each individually inspired by specific NFTs within the Nouns collection as well as one displaying the overall brand.

Each piece was designed and then created using 3D printing technology. You can check out the video here.

The ambitious artist wants to take Nouns apparel around the world and she is even contemplating an open edition NFT drop.

 🍦CRYPTO

• Global Cryptocurrency $1.03 Trillion - 24/hour change -3.56%

• Volume Traded 24/hours - $55.4 Billion +24.04%

The crypto market has been spooked in the last 24 hours, with some dips in the majors like ETH & BTC, this could be due to the fact that the Shanghai upgrade is coming, and a large amount of ETH could be dumped onto the market when users are allowed to unstake.

Price action often proceeds these events as speculators theorize the outcomes of what is going to happen.

But those stakers will still want their tasty tasty yields. 

As discussed previously LSD (Liquid staking derivatives) narrative is kicking off. 

An interesting project to check is LIDO $LDO.

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Silvergate Plunges

The bank Silvergate is on extremely thin ice following the announcement that they will be delaying its annual report with the SEC.

They service many of the top players within the Crypto industry but it has been well established that they are struggling to recover from FTX's collapse which led to an $8.1bn withdrawal wave.

Their 4th quarter of 2022 announcement showed that they suffered a $1bn loss and slashed its workforce by 40%.

The latest announcement however has set of a chain reaction that no-one could have predicted so quickly.

Coinbase, Circle, Paxos, Galaxy and CBOE have all announced throughout the 2nd of March that they are in the process of unwinding services with the bank. 

The stock price is down 52% over the last 24 hours and many are predicting this could be the end.

You can monitor the price here.

Coinbase Truth Regarding Binance

Coinbase dropped a surprise announcement earlier in the week when they announced that they will be suspending trading for Binance USD. 

At the time, the reason for the announcement alluded to Coinbase's own internal monitoring and review process where they concluded that BUSD no longer met their listing standards and will be suspended.

However, over the course of the week, the situation has been met with more clarity. 

CEO of Coinbase, Brian Armstrong, has gone on record stating that they are concerned about liquidity issues for their customers.

The depth of this was missing earlier in the week and the clarity certainly leaves Paxos in a tricky position due to the washing of dirty laundry in public.

We expect this one to have another twist in the tale.

New Updates On Crypto Deposit Rules for UK Users

We are all too familiar with banks tightening the screws on UK users regarding crypto deposits.

It was only in November of last year that Santander customers received an email advising that 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. 

The latest update restricting crypto deposits in the UK from two banks leaves us in a split position.

HSBC announced that UK customers will be banned from using its credit cards to purchase crypto. We don't disagree with this decision due to the potential debt that credit cards possess. 

Nationwide has announced similar restrictions to Santander which we do not agree with. They have imposed a £5000.00 daily limit on cryptocurrency purchased with a debit card.

 🍦TECH

Elon Musk Demonstrates Robot At Tesla Investor Day

Tesla held its first Investor day on the 1st of March and it's safe to say it was as terrifying as it was interesting. 

The main take from the day was the update regarding the robot, Optimus, who Elon Musk predicts will eventually outnumber humans.

The plans for Optimus are for the robot to be used in Tesla factories and sold to the public.

The timeline however, has not been confirmed.

You can check out the latest video on Optimus here.

Microsoft LLM

Just like Meta, Microsoft has wasted no time in revealing another avenue of its AI. 

Again, identical to Meta, Microsoft will be launching their own Multimodal Large Language Model.

Named, Kosmos-1, this MLLM can recognize general procedures, learn in context and follow instructions. 

Has AI reached max velocity? We think it's probably just getting started. Get the popcorn out because the world is about to change, it's about to change fast. 

🏆SCOOP'S WEEKLY WINNER 

"I don't think there's anyone even close to Tesla on solving real-world AI"

To be successful in this ever-developing world you need to have belief in what you are doing and demonstrate leadership.

If you have ever watched The Terminator 'starring Arnie' then the new AI creation from Tesla 'Optimus' may be giving you the fear of god. It's either end of the human race as we know it, or before long you will have a handy helper to grab you a beer and make you a sandwich while you kick your feet up & watch the game. Either way, humanity at large is about to go on a journey together. Buckle up. 

So to round us off, not that you need any more accolades Elon, but congrats on the successful 1st Investor day at Tesla. 

THE REKT SECTION 😡

£5000 may be a lot to most or a drop in the ocean for others but the control that has been placed is undeniable. 

If you decide to watch the news, it is currently filled with hiked interest rates, a cost of living crisis and plenty of scaremongering. 

The last thing investors need is freedom of investment being reduced and or removed.

They have imposed a £5000.00 daily limit on cryptocurrency purchased with a debit card and for that reason...Nationwide You've Been REKT.

🤡 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.