Why Opepen has the best risk reward profile in NFTs.

Top Mints happening this week.

Author

The Triple Scoop
June 13, 2023

The Triple Scoop

GM to 54 new readers who joined yesterday 😎

Let’s get to it.

SCOOPS OF THE WEEK 

⛓️ NFT’s

  • Rally in NFT Sales & Bitcoin Ordinals takes 2nd place.

  • Otherside x Gucci Pendants

  • Enigma Ventures Bridging from Solana To Bitcoin

  • OpenSea Update.

    👨‍💻 WEB3

  • Avalance helping game studios enter Web3

  • Snr Facebook executive Joins ThirdWeb3

  • Opepen - the Web3 experiment

🪙 CRYPTO

  • SEC’s Temporary restraining order could Cripple the US arm of Binance Business.

  • Etoro to follow suit of other large exchanges & delists 4 major Cryptocurrencies.

  • BTC dominance edges closer to 51%

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⛓️ NFT’s

  • NFT Total Market Cap $7B - 24/hour change +0.01%

  • Volume Traded 24/hours - $11.3M -14%$11,271,963.9

  • The sentiment is up a few points again this week to 28, let's push into the 30+ next week.

  • BTC Ordinals network has pushed past Solana and made Second place in the NFT sales rankings.

  • Most collections are down between 5-30% across the board

  • Bluechips are holding steady & somewhat stabilizing. In times of uncertainty, liquidity flows to the less risky assets.

  • On top of the Ethereum market, we will say it again, if you are looking for an exciting NFT category it’s without question that Bitcoin Ordinals are hot at the moment, and as suggested before, it’s worth your while to familiarise yourself with the ecosystem. Our last newsletter is packed with information on Wallets you can use to get started with Bitcoin Ordinals

We believe Opepen by Jack Butcher offers one of the best risk rewards profiles across the NFT space right now.

Sitting at just under 0.7 ETH floor price, the collection is affordable to most who are looking to make a serious long-term investment in the NFT market. The collection has solidified itself within the Generative Art category and has gathered a solid community around it.

As part of a wider series from Jack Butcher, Opepen combines Generative Art with PFP capabilities and has a goal of pushing the boundaries of the NFT space.

From our perspective, they tick a number of boxes that will allow them to stand the test of time.

Plus, is it just us.. or do they look stunning? Could definitely see that grey/silver one above hanging on the wall of The Scoop HQ… In fact what a good idea.

HOT GENERATIVE NFT MINTS & EVENTS THIS WEEK

June 15: On Chain Monkey is coming to Ordinals with the ‘Dimensions’ collection.

This is one of our favorites. The Art speaks to many across the space. We have all missed 100X pumps or fallen into the trap of selling too soon.

Will this collection create generational wealth for holders??

At a glance 🔎 

  • NFT sales saw a 39.35% increase on last week’s sales, amounting to a total of $202.2 million in Global sales.

  • ETH-based NFT sales accounted for 60.97% of all NFT sales in the past week.

  • Bitcoin NFT sales generated $34.97 million in revenue, securing a second place to ETH NFTs

  • Bitcoin-based NFT sales comprised approximately 17.31% of the total NFT sales during the week.

🕵️ Scoops take:

It is crazy that Bitcoin is now the second most active chain as far as NFT sales go. Why is it Crazy? Because for years Bitcoin has been berated by Ethereum Maxis that it is a dying chain, it just goes to show, never fade the king (Bitcoin). What is also crazy is that die-hard bitcoin maximalists are against innovation on BTC, they want to keep things how they are, how they always have been, which is a sound form of money.

One more reason is the fact that Bitcoin was never intended to be used in this way by core devs, but it has still managed to surpass both Polygon & Solana which have been purpose-built for fast frictionless web3 activity.

The fact that Bitcoin is now number 2 in terms of NFT sales call be viewed like this. Think of it as a Tractor beating a Ferrari when it comes to racing. Tractors are slow, purpose-built for resilience and to grind through fields. Yet it is still beating a Ferarri (Polygon & Solana) which are built for speed and fast execution.

Can Bitcoin NFTs overtake ETH in the NFT race?

At a glance 🔎 

  • On April 6th 3019 limited edition KodaPendants were launched.

  • A snapshot will be taken on the 21st of June for holders who will get access to the physical pendant.

  • The pendants will be made of sterling silver, featuring a Koda-shaped pendant, with Gucci’s logo on an interlocking G chain.

  • The wallet that holds the NFT at the time of the snapshot is the only wallet that will be eligible to claim the pendant

🕵️ Scoops take:

Just like LV last week, we have a huge hitter in Gucci that is cementing its place in the space.

Picking one of the largest blue-chip projects in the space for collaboration was certainly a smart move. As we have seen with Yuga Labs, they can dominate their market, which is something Gucci has been able to do throughout their existence. Two industry giants coming together, the perfect Web3 power couple.

At a glance 🔎 

  • The project which has called Solana its home for 18 months is set to move over to the Ordinals network.

  • The bridging is set to take place over the next few weeks.

  • The decision has been met with some backlash from the community.

🕵️ Scoops take:

It was only last week that the natural order was disrupted and Bitcoin overtook Solana to become the 2nd most popular NFT Chain.

The idea that Solana users will already be using Bitcoin but the same does not apply vice versa is a massive pull to increase the size of projects that decide to take a similar plunge.

With the rapid rise that the Bitcoin NFT market is currently experiencing, we expect to see more projects ride the wave and transfer over to the Ordinals ecosystem.

At a glance 🔎 

  • The largest marketplace announced a refreshing update on their Twitter.

  • They have introduced gas-less cancellations for new offers.

  • Offers can be canceled across all chains without paying any fees, making offers easier to use.

🕵️ Scoops take:

With the competition in this sector really intensifying, we have always maintained that the real winners will always be investors who will be able to benefit from all the new introductions and adaptations made to make our Web3 lives easier.

This latest update has rightly gone down a treat, as there was nothing more infuriating than changing a bid but having to pay for the pleasure.

We see this as a positive step in the right direction so now we just wait for the next marketplace to introduce something else that will enhance user experience.

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THREAD OF THE WEEK

The highly anticipated Memeland’s $MEME token is dropping soon. But where many NFT projects have failed to launch successful sustainable tokens, can Memeland succeed? Dive into this great thread by Crypto Kermit to find out!

🌐 WEB3

At a glance 🔎

  • Ava Labs has launched a new platform named Avalanche Arcad3, which aims to make it easier for game developers to transition into the Web3 space.

  • Avalanche Arcad3 promises to provide developers with the tools necessary to create decentralized, blockchain-based games, including elements like NFTs, tokens, and decentralized finance (DeFi) capabilities.

  • With a fund of $200 million allocated, Avalanche Arcad3 plans to support the game studios in terms of funding, technical resources, and partnerships. This initiative signals a significant move in the gaming industry's shift toward blockchain integration.

🕵️ Scoops take:

The launch of Avalanche Arcad3 by Ava Labs is a significant stride toward merging the gaming industry with the decentralized Web3 sphere. Avalanche is not merely laying a welcome mat; they're building a bridge, making it easier for game developers to cross over and unlock the transformative potential of blockchain technology.

The platform is offering a toolkit for the creation of decentralized, blockchain-based games that might fundamentally redefine what 'ownership' means in the context of digital gaming. By integrating elements like NFTs, tokens, and DeFi, we may soon witness an industry shift from pay-to-play to play-to-earn models. Their $200 million fund further sweetens the deal, serving as both a safety net and springboard for developers willing to take the plunge. Indeed, as Avalanche's icy veneer melts away, it reveals an inviting playground for innovation that might just mark the beginning of an exciting new level in the game of digital evolution.

At a glance 🔎

  • Web3 infrastructure provider ThirdWeb has appointed former Facebook executive Atif Khan as its President and COO as part of its efforts to expand into Web3 gaming.

  • ThirdWeb plans to launch tools to enable game developers to integrate NFTs and cryptocurrencies into their games without having to worry about the complexities of blockchain technology.

  • Khan, who formerly led Facebook's multi-billion dollar advertising business, will focus on forming strategic partnerships and overseeing ThirdWeb's expansion into the gaming sector.

🕵️ Scoops take:

ThirdWeb's recent appointment of ex-Facebook exec Atif Khan signals a seismic shift in the gaming industry. By providing tools to integrate NFTs and cryptocurrencies into games, ThirdWeb is bringing gaming into the Web3 era. Kahn’s move from Facebook to this frontier showcases the irresistible allure of the decentralised world, hinting at an exciting, game-changing digital landscape on the horizon.

At a glance 🔎

  • Jack Butcher, the artist behind the successful Checks NFTs project, launched Opepen, an NFT collection inspired by the Pepe the Frog meme and geometric digital art, boasting trading volumes of over 63,250 ETH.

  • Unique to Opepen is its innovative reveal and distribution process, with owners opting into artwork previews and full NFT reveals contingent on a 200% opt-in rate.

  • Opepen experiments with the ideas of uniqueness, scarcity, and abundance in Web3, fostering a sense of community among its collector base through the participatory reveal process.

    🕵️ Scoops take:

    Opepen, paints the web3 canvas with a fresh layer of innovation, it’s more than just a charming doff of the cap to Pepe the Frog that intrigues us. Opepen's departs from NFT norms; it brings to the fore a community-fueled dynamic, pivoting from the scarcity-riddled standards towards the abundant ethos of art.

    The mechanics, intertwining collector opt-ins, and randomized artwork allocation tap into a deeper sense of participation and suspense, nudging away from a mere spectator role and towards that of an involved stakeholder. With Butcher's flair for redefining perceived limits, Opepen promises to be a mesmerizing dance between art and technology, community and individuality, pushing the boundaries of the NFT narrative. Its evolution could potentially reshape the rules of engagement in the burgeoning NFT marketplace, prompting a shift in how we perceive and interact with digital assets.

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🪙 CRYPTO CRUNCH

  • Crypto Total Market Cap $1.11T - 24/hour change +0.31%

  • Volume Traded 24/hours - $26.04B -21.25%

  • The SEC’s recent declaration of War against Crypto has shaken investors in the Altcoin markets.

  • BTC dominance has moved further to the upside, suggesting investors are flocking to Bitcoin as a safe haven.

  • We are still caught in a range.

  • We can expect BTC to spike down to the 24-25K region before a rally up to into the 30s.

  • Coinbase continues to defend its position by not delisting the cryptocurrencies that the SEC considers securities and is preparing to defend against the war on crypto.

  • Hold steady, we could see more downside on the entire market, but a bottoming is forming.

Crypto narratives to focus on this summer

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😡 THE REKT SECTION 😡

ORNG

Another unfortunate wallet drainer has spread itself.

A new meme token project called ORNG launched offering users the availability to mint MRC-20 fungible tokens via the Ordinals protocol.

Unfortunately, those that signed up hadn’t realized that the website used was one vowel different from the legitimate website and was, in fact, a rug.

Those that had signed up, quickly noticed that their Bitcoin wallets had been drained.

The final amount of stolen Bitcoin hasn’t been confirmed the wallet tied to the scam took in 2.37 BTC ($63,000)

An expensive lesson for those that rushed in. Always, always double-check what sites you are connecting your wallets to.

🏆 WEEKLY WINNER 🏆

It is very rare that we will be putting politicians in this section but sometimes they go above and beyond to defend the space and it needs to be publicised.

Step forward, Congressman Warren Davidson who this week has filed the SEC Stabilization Act to restructure and remove the “tyrannical” Gary Gensler from office.

We REKT Gensler last week and for good reason and we must say, it is amazing to see those outside the space also sticking the boot in.

We are still hopeful this will end in a strong victory for the space and this Act could be a big help in that aim.

And that's a wrap for today gang!

Love and sprinkles as always, catch you back here soon for the latest

~ Scoop~

How did we do?
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*Disclaimer*

The Triple Scoop newsletter & podcast is not financial advice, it is provided for educational, informational, and entertainment purposes only.