NFTs are now worthless

Author

The Triple Scoop
September 22, 2023

The Triple Scoop

GM to the 11 new readers who joined this week. Without further ado. LFG

SCOOPS OF THE WEEK 

⛓️ NFT’s

  • 95% of NFTs Are Worthless

  • Pokemon Goes Live

  • Man Tries To Pay Gas Bill With NFT

👨‍💻 WEB3

  • ML Baseball In The Metaverse Is Here

  • Judge Bans SBF Defense Witnesses

  • PayPal Integrates PYUSD Stablecoin into Venmo

🪙 CRYPTO

  • Ex Andreessen Horowitz ‘Katie Haun’ thinks now is a good time to buy crypto

  • Binance to delist stablecoins in Europe

  • Mark Yusko Says Bitcoin ETF will send it $BTC to $150K+

  • Alameda research employee claims the firm is responsible for 87% $BTC price drop in 2021

  • ‘Wall Street Memes’ $WSM token Hitting Tier 1 exchanges

  • Why stable coins holdings are on a decline

🏆 SCOOP PREMIUM

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⛓️ NFT’s

  • NFT Total Market Cap $4.58B - 24/hour change +0.19%

  • Volume Traded 24/hours - $6.3M -11.74%

    • We have had 4 mainstream news outlets jump on the bandwagon this week and state “NFTs are now worthless” Uhhh Sigh.. when such headlines have graced media outlets for crypto in the past, it has marked a bottom.

    • An entertaining aspect of this is that one of the news outlets stating NFTs are dead was Rolling Stone magazine, that’s right the same ‘Rolling Stone’ that sold out a 6 figure NFT collection in collaboration with BAYC is now slating the technology.

    • With such news, it is likely you will hear your normie friends shout out that NFTs are dead & buried. But believe us when we say it, we have seen it all before with Bitcoin right before a rally.

    • Web3 Gaming and subsequent NFT assets are really starting to pick up steam. Our advice watch this space.

    • Notable winners this week have been:

    • Red Bull Velocity Pass +28%

    • A Kid Called Beast +11%

    • Checks VV originals +7%

    • The Pudgy ecosystem has also seen some significant positive moves.

EVERYONE! NFTS ARE NOW WORTHLESS

According to some mainstream media outlets…apparently

They say never kick a man while he is down, but that’s exactly what they have done.

It is very easy for media outlets to jump on this headline bandwagon while floor prices have been hit hard.

It is lazy journalism and their disregard for the underlying technology is laughable.

The headlines came from a report by DappGambl, which states 95% of NFTs floor prices are now nearly worthless. Interestingly that’s how new start-ups fail in the web2 world.

The market is evolving, and maturing. Name a recent major multimillion-dollar RUG pull or scam project. They are minimal in today’s markets as the average investor becomes wiser.

DappGambl report finds that 95% Of NFTs are worthless - mainstream media rejoices.

At a glance 🔎 

  • Rolling Stone released an article citing a study that showed that 95% of NFTs owned by more than 23m investors have no value.

  • 73,257 collections were analyzed with 69,795 showing to have a market capitalization of zero Ether.

  • Less than 1% of NFTs have a price tag of over $6000

🕵️ Scoops take:

Have we finally reached the bottom?

We all know the mainstream media don’t need any encouragement to stick the boot in.

Knowing this space, it’s these types of events that spur the market into action so go and pick up these low-priced gems and stick it to the media.

Time to prosper.

At a glance 🔎

  • 175 cards were claimed within seconds by both cryptocurrency and Fiat money.

  • Mystery boxes were being sold and it gave investors a chance to receive a pre-disclosed-themed card.

  • Luxurious 2000 Base Set booster boxes-super-rare collectibles from this drop are valued at over $15000

🕵️ Scoops take:

Massive fanbase x affordable prices = successful drop.

Probably the simplest equation since 1+1 =2

It’s another W for Polygon as well who are really making a name for themselves in delivering for the huge Web2 brands.

We Gotta Catch ‘Em All.

Man tries to settle a utility bill using NFT - the plan failed miserably.

At a glance 🔎

  • Simon Williams was in a £650 debt to British Gas and decided to clear the debt by offering an “ape” as a payment.

  • Williams says that the company wanted to be paid “using a currency of the past, one that is tied to the central banks and trackable by the Government”

  • The company refused to accept the NFT so the debt lives on.

🕵️ Scoops take: 

Using a different much less high-profile Ape may not have been the most intelligent way to go, even if he did offer to cover the “gas fee” (pardon the pun)

To Williams's credit, he says he has driven the price of assets high enough to cash out, whether he now wishes to pay them in cryptocurrency is to be seen.

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🌐 WEB3

At a glance 🔎

  • PayPal has introduced its stablecoin, PYUSD, to Venmo, allowing users to purchase and transfer it to other PayPal and Venmo accounts, as well as compatible external wallets, broadening crypto usability.

  • Launched by Paxos Trust Company, PYUSD is backed by U.S. dollar deposits and short-term U.S Treasuries; its total circulating supply has reached $44.376 million since its recent launch.

  • Despite previous regulatory hurdles, PYUSD has been greenlisted by the New York State Department of Financial Services, symbolizing increasing acceptance and integration of stablecoins in mainstream financial platforms.

🕵️ Scoops take:

Remember when buying a coffee with Bitcoin seemed like a wild dream? PayPal's latest move is like turning that fiction into our daily reality—it's paving the way for a new era. By putting its own stablecoin on Venmo, PayPal's not just giving folks a new way to split the dinner bill; it's mainstreaming crypto. Just think, with PYUSD's integration and New York's greenlight, we're looking at a future where paying with digital dollars could be as common as swiping your credit card at the bar. Cheers to that!

At a glance 🔎

  • Major League Baseball collaborates with Improbable to stream the Rays vs. Angels game in a virtual stadium, enabling fans to watch the real-world game in 3D in the metaverse.

  • This immersive experience, fueled by MLB's Gameday 3D technology and Sony’s Hawk-Eye camera-tracking system, offers an interactive layer, allowing fans to choose angles, engage in spatial audio conversations, and participate in trivia games and digital scavenger hunts within the virtual ballpark.

  • Improbable, valued at a reported $3 billion, sees this innovative approach as a way to enhance broadcasting experiences and open up new revenue-expanding opportunities through microtransactions and exclusive access within the virtual environment.

🕵️ Scoops take:

MLB’s venture into the metaverse with Improbable is a game-changer, a kind of "Field of Dreams" for the digital age. It’s not just about baseball; it’s a new inning in how we consume sports, blending the real and the virtual, granting us the freedom to choose how we experience the game. This is more than a digital transformation; it’s a cultural evolution, a glimpse into a future where our experiences are not confined by the physical, but are enriched by the limitless possibilities of the virtual, changing not just how we view baseball, but potentially reshaping the whole ballpark of sports entertainment.

At a glance 🔎

  • Judge Lewis Kaplan has disallowed all witnesses proposed by FTX founder Sam Bankman-Fried's defense team, imposing stringent conditions to reconsider any testimonies.

  • The defense can reattempt to present four of the initially proposed witnesses, albeit with comprehensive legal disclosures provided at least three days prior, though the U.S. Department of Justice retains the right to object.

  • The development complicates Bankman-Fried's trial, with the defense's attempts to block one of the government's witnesses also being thwarted by the judge.

🕵️ Scoops take:

Imagine you're watching a courtroom drama, and the defence’s star witnesses just got booted off the stand. That's what's happening in the high-stakes play off with Sam Bankman-Fried. Kaplan's move to sideline these witnesses is like taking the chessboard and tossing a few key pieces off the table. For the web3 community, it's a sobering reminder: no matter how revolutionary the tech, when the law comes knocking, it's a whole different ballgame - and this one just got real.

🪙 CRYPTO CRUNCH

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  • Crypto Total Market Cap $1.06T - 24/hour change +0.75%

  • Total Crypto Volume 24 hours - $22.66B - Change -27.69%

  • We still wander Chop City and have been in a range-bound movement in crypto for some time now.

  • In investing, patience pays. Movies, Scammers, Ads & the like want to convice you that it is fast-paced & you need to make moves every day.

  • This couldn’t be further from the case, be patient, and wait for the opportune moment like a tiger.

  • Right now, we still expect to see lower prices for Bitcoin, around the $23K region, which will of course drag the rest of the market down with it.

  • We are not bearish, far from it, but levels need to be taken before we rise to Valhalla.

  • Cathie Wood, from ARK predicts $500K BTC by 2025 and $170K ETH, whether we reach these levels is hard to say, but even making half of these predictions would be huge.

  • There are no major trending narratives in play right now, but this typically happens before a new trend emerges.

  • On-chain is also pretty dry right now, with a number of pumps and dumps launching, with many new tokens lasting no longer than a few hours.

  • What is clear in these choppy waters, is that these are perfect times to dollar cost average and accumulate for the future.

    Crypto narratives to focus on this Fall

  • - AI Tokens

  • - Social-Fi /Gambefi

  • - Telegram trading Bot tokens

  • - Trading tool platform tokens

  • - Revenue Sharing projects

  • - Liquid Staking derivative projects

  • - Metaverse & gaming tokens

  • - RWA - Real-World Asset tokens

Top Stories

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😡 THE REKT SECTION 😡

ANOTHER COMPLEX SCAM

Scams are getting worse, they are happening more often and becoming extremely well-disguised.

The latest was shared on X and for educational purposes, please read the thread.

Do not become a statistic.

🏆 WEEKLY WINNER 🏆

Cloaks 16766

The latest drop from the Nakamigos collection has dropped and sold out.

One item, in particular, has made an incredible profit.

Step forward item number 16766.

The item was minted for 0.05 ETH and was sold for 8ETH on the 21st of September.

with an $80 mint cost, the seller has made $12,766 on the sale.

Who said NFTs are worthless?

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