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

🍦STATE OF THE MARKET

• NFT Total Market Cap - $22.68B - 7 day change  +3.46%

• Volume Traded Prev 7 Days - $214M -20.04%

Flat for now, but are bullish pastures on the way.

Since we last met the overall market sentiment has stayed pretty steady. We have dropped just 1 point from 28 now down to 27. We have certainly seen some floor price retracements in some of the major NFT collections following a pump at the start of the year, but could bullish pastures be on the way?

CryptoKaleo - Founder of WonkyStonks took to Twitter to share some predictions of what he thinks is next for the NFT market.

TLDR:

• The next mini NFT bull market is here

• 1st Major NFT bull run 2021 coinciding with a ETH rally

• ETH has rallied 33% from base range similar to summer 2021

• ETH NFT sales in USD steadily climbing last 4 months

• Quality projects who have built through the bear have seen price rallies

• Number of unique buyers has not yet increased (This is important)

• The same happened in July 2022 before market went parabolic

• Quality projects increased - Next volume increased - Then unique buyers

• As current quality projects surge in price, current investors rotate into other quality projects

• This then sparks confidence in retail investors to invest.

• Digital collectibles appeal more to the non crypto native that currencies.

• Prepare yourself accordingly when it's boring.

• When the market moves, it moves fast. making it hard to be reactionary.

Read the full breakdown in the tweet below

🍯 THE MELTING POT

Ahh, the Melting Pot..one of the latest editions to the scoop. How has our basket of NFT gems performed this week? Let's dive in.

Below are the individual % changes in Floor price for each of our selections since we decided to Ape in.

The Plague OG - Current 0.9 ETH - (-46%)

Lil Pudgy - Current 0.51 ETH (-44%)

WonkyStonks x2 - Current 0.38 ETH (0.76ETH total) (+26%)

Sappy Seal - Current 1.27 ETH (-27%)

Friendship Bracelets - Current 0.46 ETH  (+/-0%)

Total Melting Pot value Current - 3.9 ETH

ETH value Melting Pot Performance since 5th Jan (-24.7%)

Market Performance - Denominated in ETH- -0.92%

Our strongest performers are still in the 'Generative 'Art' category with WonkyStonks continuing to rise & Friendship Bracelets holding at break even.

It could be safe to say 'The Melting Pot is Melting'

Though we aren't ones to panic sell, with the NFT gods watching us, if we sold now, the floors would immediately skyrocket. Were kidding, but we're sure you have experienced that before.

In hindsight, maybe a better play would have been to ape the starting 5ETH into 'Feetpix.wtf' collection which has since pulled a 17x multiple. Yes crazy, but it's the power of memes, they simply cannot be taken lightly in the world of Web3.

On to the news!

🍦SCOOPS OF THE WEEK

🍦NFT Influencers Wallet Drained

🍦3AC Attempting a Marketplace Revival

🍦Controversial Minting Process Leaves Whitelisted in The Dark

🍦Are Disney Gearing Up For a Huge Entry?

NFT Influencers Wallet Drained

We hate that another hack where several assets have been stolen makes the news again. We hope that sharing these stories will ensure you don't make the same mistake and as we have previously said hacks are coming in all sorts of shapes & sizes.

The unfortunate victim this time goes by the Twitter name NFT God who has over 90k followers on Twitter.

So, how did it happen?

It is claimed by NFT God that he was downloading a standard video streaming software to share live streaming of video games. Unfortunately, he selected the top link on Google (an advertisement link) to download the software.

The link he selected contained malware that allowed hackers to access his system. The hackers managed to take control of NFT God's Twitter, Substack, Gmail, Discord and his personal wallets.

The hack led to virtually all of his digital assets being stolen which included 19 ETH and a Mutant Ape NFT.

The hack didn't just lead to his assets being stolen, several tweets were sent from his account as well as two malicious emails which were sent to his 16,000 subscribers.

So the lesson to be learned from this latest high-profile hack is to make sure when googling a website you are not selecting the advertised page. Hackers will often create malicious websites with a similar domain to the one the user is looking for. We saw it multiple times in the NFT bull craze, with things like Open.sea / or Opnsea.io. The hackers pay google ads to rank at the top, when investor emotions are running high they easily overlook simple things like website domain spellings.

3AC Attempting a Marketplace Revival

Again, this is news we didn't want to see but unfortunately, it's a piece that has to be reported.

In case you aren't aware of who 3AC (Three Capital Arrows) are, they were a cryptocurrency hedge fund that went bust back in June 2022 after owing $3.5bn to creditors.

The owners failed to repay loans, missed multiple margin calls and attempted to borrow funds from new investors to re-pay previous investors which is a major trigger for a Ponzi scheme.

After going under the radar, it broke out on the 16th of January that the team are looking to bounce back into the Web3 space in the form of a marketplace.

It's not your regular marketplace and it is very early regarding rollout but the general gist of the platform is that creditors to insolvent digital-assets firms, including their own, would be able to buy and sell claims.

In their pitch deck, they claimed that there is a $20bn market for crypto claims.

The pitch deck stated the company is seeking to raise $25m in seed money and referred to itself as GTX although this is not the final name of the company.

Their track record in the industry makes us apprehensive as to where this will go and this apprehension is shared by those already in the market. Wintermute, which is the largest crypto market maker, distanced itself from fundraising.

Controversial Minting Process Leaves Whitelisted in The Dark

If you have been browsing Opensea over the last few days, you will notice a new trending project called a KID called BEAST

Their launch in terms of stats would suggest that it has been fairly successful, the floor is (currently at the time of writing) at 0.33 ETH and they have done 1125 ETH of volume.

There is however a controversial cloud surrounding this project and it comes in the form of the mint.

The collection was set at 10k items, which is nothing out of the ordinary, with 9769 wallet addresses on the contract for whitelist.

After hiring a wallet analytics company, the company cut botted wallets, suspicious wallets, wallets lacking liquidity and more from the whitelist.

It has transpired that there was a 10% over-allocation of whitelisted spots and the excuses have not sat well with the community, especially the lacking liquidity requirement.

The mint suffered problems during the process where over 18 million pull requests were made by bot/sniper accounts which led to the project pausing the process with only 6325 out of the 10,000 items being minted.

As you can imagine, there is widespread concern about those previously whitelisted now not being able to mint one of the remaining items.

The project is yet to decide how they will re-allocate the final spots but they have been providing regular updates on Twitter and are set to host a space outlining what the process will be.

Co-founder Rafsby seems to be dealing with the majority of interactions from the community.

Has there been malpractice or is this just a case of jealousy from those unable to mint? We will let you decide that.

Are Disney Gearing Up For a Huge Entry?

It's being whispered for now but rumours are building that Disney could be set to explode into the Web3 world and specifically NFTs.

It was only back in September that the company put a job advertisement out for a corporate lawyer for emerging technologies and NFTs.

The role included Corporate Transactions, Emerging Technologies & NFTs to work on transactions involving NFTs, the Metaverse, blockchain, and decentralized finance.

The current CEO, Bob Iger, has always backed innovation in the company and is said to be bullish on NFTs. He recently stated that "fans could soon see an explosion of things being created, traded, and collected in Non-Fungible Tokens"

It is pretty much a match made in heaven with the variety of characters and stories that are under the Disney brand means they could have a real market share in the field.

For those of you that have been to Disney World, you will be familiar with the virtual experience rides within the theme parks so there is already plenty of infrastructure in place.

It's not a matter of if...it's when.

🏆SCOOP'S WEEKLY WINNER

Despite the mint issue that is still taking place, sometimes you just need to look at the bigger picture and see the results.

A 0.07 mint is currently sitting at a floor price of 0.33 ETH - a 4.7x before the rest of the collection is minted is extremely impressive.

Even though the team are facing some heat from the community, we are crediting their honesty and transparency with the space in general providing general updates, ways to improve and what the future holds.

We are intrigued to see where this will end up, of course, the situation may turn sour but for now a 4.7x has presented itself in the current market conditions so for that reason a KID called BEAST is taking home the trophy.

THE REKT SECTION 😡

We understand those who immerse themselves in all things NFTs however sometimes it may just be a little over the top.

a North Hollywood home which has a Cryptocurrency/NFT theme throughout the property has received 0 bids since going on the market back in October.

The initial asking price was $1.2m however this has now been brought down to $949,000 but again, 0 bids have been received so far.

The house's décor is filled with BAYC and CryptoPunks wallpaper and if that is not to your taste each of the 4 bedrooms has a different theme. One bedroom has a Bitcoin theme, one has an Ethereum theme, one has a Dogecoin theme and the final has a series of tweets praising crypto.

In a try-before-you-buy attempt, the house has been placed on Airbnb however don't panic in booking as there are no reservations for the foreseeable future.

We can't fault the sentiment but having to knock 20% off the value and still receive no interest leaves us no other option but to REKT the NFT house.

🤡 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.