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

🍦STATE OF THE MARKET

• NFT Total Market Cap - $22.86B - 7 day change  +0.73%

• Volume Traded Prev 7 Days - $214M -14.30%

🍯 THE MELTING POT

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 0.79 ETH - (-58%) 

Lil Pudgy - x2 Current 0.59 ETH (1.19ETH total (-30%) 

Sappy Seal - Current 0.99 ETH (-51%)

Friendship Bracelets - Current 0.37 ETH  (-31%)

Total Melting Pot value  Current - 3.4 ETH

ETH value Melting Pot Performance since 5th Jan (-32%)

Market Performance -  Denominated in ETH- -11%

Melting Pot - Trade change - 27th Jan

In trading, one rule is to not 'over trade', but there is another school of thought that states the trend is your friend.. until the end. 

An NFT that is certainly on trend right now is the Sewer Pass. As of today, we will be selling the above NFTs in exchange for a Floor priced 'Sewer Pass' for the Price of 3ETH, which leaves us a balance of 0.39 ETH to play with should a low-priced gem arise. 

We still believe in the long-term prospect of the above projects & personally still hold a number of them across the team, but the objective of the melting pot is to grow the ETH stack & of course provide some entertainment for you guys.

There are around 11 days left for people to play the Dookey Dash game using 'The Sewer Pass'. We plan to ride this trend & flip for a profit just before the end. 

As of today, New Melting Pot - 1 Floor Sewer Tier 1 Pass + Balance of 0.39 ETH. 

See you on Tuesday!

🍦SCOOPS OF THE WEEK

🍦Amazon enters Web3

🍦Doodles Unveils Plans for Doodles 2

🍦Huge Theft Sees Kevin Rose's Portfolio Drained

🍦Porsche Mint Divides Opinion

🍦NFT Collector Sues OpenSea

Amazon Enters Web3 & NFTs

Your friends and family doubted you for collecting cute pictures on the internet. Well NFT doubters, you've got another thing coming. The world's largest company has set its sights on the NFT industry. How much more confidence do you need in the future of an industry? 

Amazon is about to shake up the digital collectibles game with its latest endeavor - a new digital assets enterprise! According to insiders, the e-commerce giant is planning to launch an NFT initiative in the spring, and they've been busy courting some heavy hitters in the industry, including layer-1 blockchains, blockchain-based gaming startups, and digital asset exchanges.

It's said that the focus is on blockchain-based gaming and related NFT applications, with one source even mentioning that Amazon is working on getting customers to play crypto games and earn free NFTs in the process. April is reportedly the month when Amazon will make its ambitions public, and insiders are calling it "a big one" for Web3

Details about the platform and who will be leading the NFT initiative are still scarce, but sources say it will run out of Amazon, rather than their web-hosting platform, Amazon Web Services (AWS). It's also worth noting that Amazon has been exploring a number of other Web3 initiatives lately, so it's unclear what their end goals are.

But one thing is for sure, Amazon's entry into the NFT market could be a game-changer. With over 2.5 million users interacting with the leading NFT marketplace today like Opensea, Amazon's massive customer base will undoubtedly make a huge impact in the NFT space.

Andy Jassy, the CEO of Amazon, has previously stated that the company is open to selling NFTs and not closing the door to cryptocurrencies in general. So, NFT fans buckle up! Amazon's about to take the NFT world by storm!

Stay tuned, for good or for worse, things are about to get crazy!

Doodles Unveil Plans for Doodles 2

Snapping up Golden Wolf was not enough for the project, in the same week as the takeover announcement, Doodles announced plans for Doodle 2. 

It has been confirmed that the highly anticipated project will be released on the Flow Blockchain. The reason why the Flow Blockchain was chosen was due to "frictionless onboarding and world-class security, safety and recoverability" 

So what is Doodles 2?

Doodles 2 will allow anyone to mint a "base-level Doodle" and choose generic traits e.g. skin tone and hair colour. Owners will then be able to customize their Doodle with wearables that come in a variety of rarities with the completed customized Doodle being available as a full-body dynamic image or a PFP.

An example of the customization options was shared on Twitter and can be viewed here.

The information released to the community can be read here.

It has been confirmed that the first step of the Doodles 2 experience will be open to existing Doodle holders on the 31st of January.

You can pick up a Doodle here - the current floor price sits at 7.2 ETH. 

Huge Theft Sees Kevin Rose's Portfolio Drained

Kevin Rose, the co-founder of PROOF Collective, is, unfortunately, the latest high-profile victim of a phishing scam.  

Kevin took to Twitter to share that over $1.1m worth of personal NFTs had been stolen. Items stolen include an Autoglyph worth 345 ETH, 25 Art Blocks (Chromie Squiggles) worth 332.5 ETH and 9 OnChainMonkeys worth 7.2 ETH. 

So, how did this happen?

The thieves set up a phishing website that was able to view all assets held in Kevin's wallet. They then set up an order to transfer all of Kevin's assets that are approved on OpenSea which Kevin signed which led to the listing of all of his assets. 

The hackers allegedly used Seaport when stealing the items.

For background, Seaport was a protocol introduced by OpenSea and the concept of it is to allow more flexibility with trading assets by allowing you to create a listing that consists of an asset or a bundle of assets (offer items) along with assets required to fulfil it (considerations). 

There is a tiny silver lining in this hack in that a few items were unable to be stolen including Kevin's punk zombie which is worth 1000 ETH but cannot be traded on OpenSea.

How to ensure this doesn't happen to you!

Wallet Siloing - this is the concept of moving assets from your vault to a separate selling wallet before listing on marketplaces. This will prevent malicious signatures leading to drained wallets. 

You can check out the activity from the account here.

Porsche Mint Divides Opinion

We told you all the details about Porsche's upcoming mint, and now it's time for the harsh reality of what went down.

Even though the floor is currently at 2.1 ETH, remember this was a 0.911 ETH mint, it does not tell the full story.

The Project had the intention of selling out the collection of 7500 items, however, a day after the mint had begun only 1600 had been minted with many items being sold on the secondary market for less than the mint price.

In true panic fashion, the company stated that they were halting the mint stating that "our holders have spoken".

The total number of items minted to date is 2363. With the current floor price, those who were able to pick up an item for under the mint price will have made a tidy flip profit however they don't speak for the wider concerns from this mint.

At a time when we are seeing several large Web2 brands entering the Web3 space, this is a reminder that the size of the brand does not equal success in Web3. The current market is already flooded with utility and strong communities so those new have to understand potential investors' wishes and ensure that the utility is on point. 

NFT Collector Sues OpenSea

All the latest court cases seem to involve bankruptcy and fraud so it is interesting to see something a little different. 

OpenSea user, Robbie Acres, is suing the largest marketplace with several allegations which include Robbie being locked out of his account for months after falling victim to a scam.

The details are that following the scam, Robbie alerted OpenSea immediately but they took 48 hours to respond and during this period, the stolen assets had been sold. 

The marketplace also decided to lock his account to prevent any further damage however Robbie argues that this did cause damage as he states his assets were held ransom. A final allegation is that OpenSea required Robbie to perjure himself for his account to be unlocked. 

Robbie is convinced that OpenSea's actions have led to him suffering losses in excess of $500,000. 

His lawyer/attorney has gone on record stating this is not an isolated case with many people dealing with the same issues so OpenSea needs to focus on its customers rather than being blinded by growth, investor dollars and revenue.

OpenSea responded to the initial allegations by stating the theft took place outside of OpenSea and the items were sold before they became aware of the theft. The items were disabled and the account was unlocked. On top of this, they continue to explore stolen item policies.

As we have not seen many issues in the space proceed to Court and obtain findings, we are still awaiting precedents and legal standings of where investors stand in terms of the space.

🏆SCOOP'S WEEKLY WINNER 

We are going with something a little different this week. 

They have faced fudding like you wouldn't believe as well as being constantly associated to fraud and theft. 

But the long and short of it is that it is at its highest value since August 2022, and they are on pace for its best month since October 2021 as well as Goldman Sachs naming it as the best-performing asset of 2023.

It's been an unbelievable start to the year and the ramifications for the space as a whole rely on the movement.

Congratulations to Bitcoin who at the time of writing have a price of $23,025 which can be compared to the price at the start of January which was $16,523

THE REKT SECTION 😡

We have unfortunately been left extremely underwhelmed with the launch of this project.

Yes, a profit was available to those snipers amongst us but as a whole, it's been a really disappointing week.

When you have to abandon 69% of the available items you can tell it's not been a success. 

We are heading towards a future where large Web2 brands need to set the benchmark for those looking to make the leap and unfortunately, Porsche failed in this.

As a result...Porsche...You've Been Rekt.

🤡 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.