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- 🍦Tools to profit in an NFT bear market.
🍦Tools to profit in an NFT bear market.
Web3's most wanted arrested.
The Triple Scoop
March 24, 2023
GM Scoop fam! Another day another dollar, another truckload of treats to sink our teeth into today 🍧 Let's dive in. 😎
🗞️ SCOOPS OF THE WEEK 🗞️
⛓️ NFT’s
Magic Eden Launch Ordinals Marketplace
Tinder Style App For Trading NFT Positions
IRS Wants New Tax on NFTs
👨💻 WEB3
Web3's Most Wanted Arrested...
France Cracks Down On Crypto Influencers
Tokenised home nets $214k in under 3 minutes
🪙 CRYPTO
Will the US banking crisis present opportunity?
$BTC could hit $30K this weekend
Adoption of the Digital Yuan
🔦 PROJECT SPOTLIGHT
Or as we call it - an NFT degens paradise
Even if your favorite NFT is dumping to the depths of hades now you can benefit thanks to NFTperp. Think of it like betting on your team to lose the Superbowl, it doesn't feel good, but you gotta get the bag somehow. We won't judge.
NFT Perp is an NFT perpetual futures decentralized exchange. In short, the platform allows you to go long (bet that the floor price will rise) or go Short (bet that the floor price will drop) on NFT collections.
Oh and there's one more pretty important aspect. You can use leverage... 5X leverage.
So why would you use such a tool? Let's say Bored Apes release some bullish news like they are running for President or something, and you believe the floor price will go up and want to benefit from your mystic foresight, but... there's a problem, you can't afford to purchase a measly floor ape for 60 ETH. Enter NFTperp.
With NFTperp you can enter a long position with any amount of ETH and should the floor price of Bored Apes rise you make bank.
One of the major unlocks NFTperp provides is being able to short NFTs. Currently, there is little to no option in the market to bet on the downside price action of NFT collections. NFTperp unlocks this superpower. No bull market. No problem.
The good news is beta is live to try out, but even better you can practice your skills in the paper trading section of their platform before throwing down some real moolah.
We cover another similar project that has popped up below 👇. What does that tell us? NFTfi is on the rise.
Note: Whilst Perp trading may sound simple, make sure you practice & learn the rules of the platform. Should your position go the opposite way, you are at risk of being liquidated and losing the $ETH you placed in your position.
⛓️ NFT’s
NFT Total Market Cap - $22.06B - 7 day change -2.40%
Volume Traded Prev 7 Days - $352.2M +3.24%
DeGods hit All time high - 655 Solana
NFT Market has been generally trending down following the rallies in the crypto
Steady gains across the mid-tier NFT collections including Psychedelics anonymous, Iconic NFT, Slimhoods & Dooplicators seeing some major gains.
Stay cautious with regards to short term opportunities.
Likely a strong buying opportunity now for projects with long term potential.
🍦 UNDERVALUED PROJECT
Current Floor Price - 4.1ETH
Highest Floor Price - 5.8ETH
Main PFP project from Memeland ecosystem
🕵️ Scoops take:
We love Memeland & recently wrote a thread on who we feel are the best builders in the Web3 space. We would go as far as saying there are only a few builders who truly understand Web3 culture. 9GAG and the team behind the Memeland ecosystem are no exception.
The main Memeland PFP collection 'The Captainz' recently revealed.. as babies, but I guess that's how we all came into this world. In true Memeland fashion, 'The Captains' reveal is phased and over time, they will morph into greatness, just like we saw with their secondary collection 'Potatoz'.
So what do the Baby 'Captains' look like? We have to say Memeland hasn't disappointed and we are certainly getting Dragonball Z vibes.
At a glance 🔎
The largest Solana marketplace adds support for Ordinals
The experience will be similar to what users are already familiar with within the platform
They claim to be the first fully audited Ordinals marketplace.
You can checkout the marketplace here
🕵️ Scoops take:
Ordinals, the fancy name for Bitcoin NFTs, have certainly cemented their place in the space. Despite their meteoric rise, normies struggled to scoop them up, due to the lack of a reliable marketplace and poor infrastructure. A lot of trust was required from sellers as everything was being handled "over the counter".
With this move, the concerns should be lifted and with big names already dipping into the market in the form of DeGods and Yuga Labs, we shouldn't be surprised to see a whole host of Ordinals movements in Q2 of this year.
At a glance 🔎
SynFutures' launches a new app called NFTures
The function allows users to long and short NFTs up to a 3x leverage either way
Positions are all settled on Ethereum
🕵️ Scoops take:
To some if not most, having the opportunity to buy and sell a CryptoPunk would be difficult given it requires 6-figure capital. What this new app does is allow those to have a taste of the market of high-end blue-chip NFTs whilst having a position as big/small as you would like.
We are big fans of the choice for the app to be "mobile-first" so users will not be restricted to needing a desktop/laptop to make some trades. You just never know when you want to long the apes.
At a glance 🔎
The IRS is planning to tax NFTs as collectables in the same way as Art or Gems.
Collectables currently carry a top capital gain tax rate of 28%
They have requested comments from the public which are due by June 19th
🕵️ Scoops take:
We are heading in the direction of the decentralized world being as decentralized as the Government wants it to be. We did have concerns that some of the activity within the space, especially wash trading, would lead to the Government having its paws all over the space and it may just come to fruition.
As with every other feature in life, however, we will no doubt see some incredible creativity with any tax that would be due. For some of the Degen traders amongst us, we are excited to see what the position will be regarding losses.
🧵THREAD OF THE WEEK
There is a sleeping giant in the NFT space, and today, I want to talk about a collection that is yet to launch: @Yogapetz
This is an opportunity you don't want to miss, and it's not too late yet.
A thread 🧵
— Rudekid (@Nico9683)
10:17 PM • Mar 22, 2023
🌐 WEB3
At a glance 🔎
Terraform Labs co-founder Do Kwon reportedly arrested in Montenegro using false documents
Kwon has been on the run since Sept 2022 following the collapse of Luna
He’s charged with “Orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities”
🕵️ Scoops take:
Holy Guac! Looks like the game’s up for old man Kwon! The 2023 hide-and-seek reigning champ has been dethroned. Staying under the radar this long is pretty impressive however these things always catch up with you in the end… Given the catastrophic impact of the Luna collapse, there will be more than one champagne bottle popping tonight off the back of this news.
For Kwon however, this could be the beginning of a very bleak existence for a rather long time. The hammer will likely come down hard on him and to top it all off he’s only gone and missed his ARB drop 😨
At a glance 🔎
France is set to ban all forms of unliscenced crypto product promotion by influencers
Here's the cheese... there are no liscenced crypto products in France...
Meaning that it's essentially illegal to promote anything crypto related
🕵️ Scoops take:
This one’s raising more eyebrows than a Frenchman with a wheat intolerance… Intentions are probably…hopefully, good here. Protect the public from misinformation and potential scams, absolutely…. We’ve all seen enough shade in the space to know what’s up.
Thing is, this doesn’t sit right with us. Not only from a freedom of speech point of view but by gagging the very people with the power to open the conversation to the masses, this severely limits the educational discussions that need to take place to empower citizens to make smart, informed decisions and better understand an emerging technology with the potential to improve quality of life.
Tighter regulations on content, and vetting of influencers - sure, but this isn’t the way about it…. Close but no cigar Amigo Ami ! 🐩
At a glance 🔎
🕵️ Scoops take:
Pretty darn groundbreaking stuff we're witnessing here gang. No doubt about it this is a major breakthrough, especially in a relatively traditional industry. Another showcase of web2 shifting the focus towards the opportunities held in a web3 future. This tokenisation and sale really demonstrate the shift in how we are set to perceive property ownership and transfer in the future.
Sitting with our sundaes, this one's got us thinking about quite how much this stands to streamline the home buying process and how much this opens up access to investment opportunities. We see a much more fluid and dynamic property market ahead of us and we cannot wait to see the evolution of this crazy exciting landscape! 🏡
For more insights into the rapidly evolving world of Crypto based real estate, check out the 'Crypto Native’s Guide to Real Estate Investing'
🪙 CRYPTO CRUNCH
Global Cryptocurrency $1.17 Trillion - 24/hour change +0.19%
Volume Traded 24/hours - $56.5 Billion 15.1%
Top Stories
😡 THE REKT SECTION 😡
Logan Paul is still holding his L from the DegenZoo emergence and just in case you forgot he has been sued for his involvement with Crypto Zoo.
Well, his brother may need to call him for his lawyer's details as the SEC has sued Jake Paul for his illegal promotion of cryptocurrencies.
Back in October 2022, Kim Kardashian was fined $1.26m for a Crypto endorsement.
Things may be a bit bleaker for Jake as despite Kimmy K's post stating "not financial advice" and "ad" she was still hit with the fine.
The SEC are not here to mess about.
Jake's one saving grace is that he is no stranger to talking into a mic.
🏆 WEEKLY WINNER 🏆
We have all heard the saying "there is no such thing as bad publicity" and that might just be the case for the former President, Donald Trump.
The news surrounding his possible arrest and indictment has set off a chain of events that only happens in our space.
That's right you guessed it, the news has caused a complete upshot of his digital trading cards which have risen from 0.33 ETH to 0.52 ETH.
With 766 sales, this has brought 418 ETH of trading volume into the project.
With the sudden rise of ETH over the last 24 hours, it has been profitable news.
Annd that's a wrap for today gang!
Love and sprinkles as always, catch you back here soon for the latest
~ Scoop~
*Disclaimer*
The Triple Scoop newsletter & podcast is not financial advice, it is provided for educational, informational, and entertainment purposes only.
