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🍦STATE OF THE MARKET

NFT

• NFT total market cap - remains steady at $20.08 Billion dollars (41x smaller than the Crypto Market).

• NFT trading volume is down $33 million dollars this week in comparison to last week

• The NFT Blue Chip Index has seen little to no change - (8799ETH/USD)

• NFT blue chip index down 54% from All Time High in April 2022

• Last 7 days showed significantly more non profitable traders against profitable

• Despite the market looking rocky currently, significant amounts of VC capital continue to be deployed into Web3 & Metaverse-based start-ups.

• Inside Scoop - Some of the NFT scoop team works with Fr0ntierX (Web3 infrastructure tech provider for global brands) - We can confirm & report some of the largest brands in the world are looking to adopt web3 tech & NFTs. We just wish we were allowed to tell you the names. Hint - VROOOM VROOOM

Crypto

• Crypto total market cap - $869 Billion (41x larger than the NFT market).

• The continued unraveling of the FTX saga has done us no favors. We are unsure if the story really can get any worse at this point.

• ETH down 6.9% last 7 days - 75% down from all time high

• BTC down 4.9% - Last 7 Days 76% down from all time high

• Crypto trends Narratives to watch - Ethereum Layer 2 ecosystems (Optimism) + (Arbitrum)

Scoops take:

The general sentiment is that there will be one last capitulation event for crypto where we see Ethereum hit between $700-900 before we finally bottom and then either crab sideways for a while until the inevitable redemption arc to Valhalla. In a raging bull run, we would have likely seen floor prices surge against crypto dips, but given an overall poor market sentiment, we would imagine NFT floor prices will take a hit given the FTX situation is unprecedented / Black swan.

🍦SCOOPS OF THE WEEK

🍦Adidas Virtual Clothing Announced

🍦Azuki x F1 Red Bull

🍦Class Action Lawsuit Following FTX Collapse

🍦Kevin Hart Bored Ape Merchandise

Adidas Virtual Clothing Announced

It's fair to say that a chain reaction is common in this space, especially regarding competitors. Earlier in the week, Nike announced Swoosh's launch which shall be their home for virtual creations.

Rivals Adidas have wasted no time being behind their rivals by announcing the launch of their virtual gear genesis collection, the company's first NFT collection of wearables.

The collection contains 8 silhouettes within 16 variations including rarities chosen by the community. You can check it out here. If you are interested in purchasing one, here is the Opensea link.

Our View?

Just like Nike, we love this. The company are continually looking at ways to bolster its Web3 adaption with the community.

Nike may be the pinnacle of the sportswear brand in terms of Web3-centric ideas but Adidas is following closely behind.

Phase 1 of Adidas into the Metaverse provided holders with physical merchandise in the form of clothes which contained a black hoodie with an ETH address, a yellow tracksuit with the logos of the four collaborators, and a Gmoney orange beanie.

The project is currently at phase 2 and although not yet confirmed, this phase is expected to advance upon physical merchandise to provide greater utility for holders both IRL and via access to metaverse experiences.

Azuki x F1 Red Bull

They recently launched their Physical Backed Token protocol and now they are going to be launching around the racetrack... well, item 8494 is anyway.

It was announced by the Red Bull Formula 1 team on the 17th of November that this item will be the first-ever NFT character to feature on a car.

Lei the Lightning Azuki, as the item is now known, will be featured on both Max Verstappen's & Sergio Perez's cars at the upcoming Abu Dhabi Grand Prix, which is set to take place this weekend.

The story doesn't stop there as Bybit announced they have teamed up with Red Bull to launch a commemorative collection consisting of 8494 items of Lei which shall be a free giveaway (7700 will be available to claim by pre-registered users). Registration has opened and shall remain open until 8 pm UTC on the 19th of November.

If you are successful, you will then be able to claim your free mint from 9 am UTC on the 20th of November.

Click here to register.

Our View

Sports, particularly F1, have an endless avenue of Web3 opportunities. Whether they take the Metaverse jump through tickets, merchandise, NFTs, giveaways and games etc. it is positive to see this move and we look forward to seeing where they go next.

What is interesting to note is that Red Bull will be using Tezos as their Blockchain partner. If you remember our story about Shopify on the 21st of October, we explored the Tezos Blockchain. We concluded our analysis of the Blockchain by saying there could be a bit of a surge with Tezos following the platform registering 50,000 transactions per day in the first quarter of 2022 which was up from less than 10,000 per day in January 2021.

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Class Action Lawsuit Following FTX Collapse

Unless you have been stuck on a desert Island or living under a rock, you will be well aware of all things FTX concerned.

The stories keep coming and each is worse than the last. In terms of what has broken over the last few days, it was revealed that Alameda provided SBF with a $3.3bn loan. The news didn't stop there, FTX has been using company funds to purchase luxurious homes in the Bahamas. In what has been a very quick series of unfortunate events, the authorities in the Bahamas have taken full control of all FTX digital assets.

New company CEO, John Ray III, has taken to the media to share his thoughts on what has happened so far...spoiler alert, he doesn't hold back: "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here...From compromised systems integrity and fault regulatory oversight abroad; to the concentration of control in the hands of a very small group of inexperienced, unsophisticated, and potentially compromised individuals. This situation is unprecedented."

Back on American soil, the latest development wouldn't look out of place on an episode of Curb Your Enthusiasm where Larry David faces disasters daily. Unfortunately for Larry David, he and a whole host of other Celebrities are facing a class-action Lawsuit for promoting FTX.

The Federal class-action lawsuit was filed on Tuesday the 15th of November where consumer's losses are set to exceed $10bn.

The lawsuit states that "Plaintiffs and consumers have been aggrieved by Defendants' unfair and deceptive practices and acts of false advertising by paying into the Ponzi scheme that was the Deceptive FTX and in the amount of their lost investments"

Other high-profile celebrities included in the suit are Tom Brady, Steph Curry, Shaquille O'Neal and David Ortiz.

Our View:

It's a continuing mess with FTX, and every piece of news that comes out surrounding the company is rotten to the core.

We won't comment on the suit itself as that's not our place, we just hope all those that have suffered badly are remedied.

Kevin Hart Bored Ape Merchandise

When you were younger there was no doubt you had a set of bed sheets that resembled something you loved; could have been a TV show or your favourite football team.

Part of maturing includes getting some more "adult" sheets and throws but what about getting a blanket for your adult passion?

Kevin Hart has been providing the goods for those buying VIP tickets for his latest show with one of the handouts being a large blanket featuring his Bored Ape 9258.

Remember, all holders of Bored Ape NFTs receive full commercial rights to create projects and products based on their NFTs.

Our View

Even though the Bored Ape belongs to Kevin, we really like the idea behind this, to be fair if you spent over $200,000 on an Ape (the cost of Kevin's at the time) you would want it on display.

We have seen a variety of uses under the commercial rights so far from Ape Holders including restaurants, decks of cards, chocolate and a TV show.

We have no doubt more creativity will arise, and we look forward to seeing what could come next.

🏆SCOOP'S WEEKLY WINNER

They hit the Marketplace in November last year and set off a trend that was copied time and time again.

There are 13,737 items with only 104 for sale...that's 0.75%...BULLISH

The floor rose from 0.7 ETH to 1.4 ETH before retracing back a little to 1.1 ETH but this is still an impressive gain.

This gain is purely down to one thing and one thing only. It was announced on the morning of the 17th of November that the full game was coming in December.

Congratulations to Wolf Game, you are this week's winner.

Check out the trailer for the full game below.

THE REKT SECTION 😡

It's fair to say the squeeze has been felt by those in the Bear Market.

Some have certainly felt it harder than others...but unfortunately, some investment woes just stick out. This could be down to badly timed entries due to FOMO or just having too much money to burn.

This week sees the value of an NFT purchased for $1.31m be worth $69k today.

The investment in question is Justin Bieber's Bored Ape purchase this year.

Now as you know, we love all things Bored Ape but holding over a $1.24m loss can only mean one thing...Congrats Bieber, you have been REKT.

MONSTER NFT PURCHASE 👾

Do they know something we don't?

The Bored Ape Yacht club is hands down the most successful NFT collection known in existence so purchases like this in a bull run weren't as rare, but this is a huge purchase given the current market sentiment.

One thing is for sure if that this individual is very bullish on the future of BAYC and Yuga labs.

🔥ALPHA / PROJECTS TO WATCH

Valhalla

We bring Valhalla to your attention as it has certainly got the NFT community excited. As discussed gaming has a huge opportunity to be disrupted & improved by Web3 & NFTs. Valhalla is set to be a community of gaming & culture & is built by Web3 studio 'Stacked'.

Stacked has received $15 million in funding and has stated they are building the next generation of Web3 products. Pardon the pun, but the team is 'Stacked' with talent with experience from the likes of Y combinator, Microsoft & Uber. One product in the pipeline is a Web3 streaming alternative to Twitch. Given the investment they have received they will have the capital to build and stay afloat during bearish times.

Valhalla has already teamed up with the most globally recognized & successful esports teams worldwide. Esports is a rapidly growing space with millions of fans worldwide which could provide a huge platform & marketing opportunity for Valhalla.

They have faced backlash as their mint price is 0.5ETH ($600) which the community feels is steep given they already have a $15M war chest.

NFT art is inspired by anime. Whilst this project could dump in price post-mint, the fact they are backed by a studio with strong talent & deep pockets is promising.

It can't be ignored that they are looking to tackle a market with huge growth potential (Gaming) & Esports, with all this in mind, we would imagine this project has a high potential for the long term & could be worth a pick-up on the secondary once minted.

🤡 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.