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🍦SCOOPS OF THE WEEK

🍦WEB3

• Yuga Labs Enter into Bitcoin NFTS

• Largest NFT Dump Ever

• 1000 Eth Bid Accepted For NFT

• Doodles Update

🍦CRYPTO

• Coinbase Suspends Binance Stablecoin Trading

• Mining Scheme Ran From School

• Liquid Staking Overtakes DeFi Lending

🍦TECH

• Snapchat AI Bot

• Meta Releasing Their Own Large Language Model

🍦WEB3

• NFT Total Market Cap - $22.85B - 7 day change -0.8%

• Volume Traded Prev 7 Days - $579M -33.64%

Back down in the cool zone, with regard to market sentiment, we can only guess that NFT Paris attendees are suffering from a 2-day hangover.

But as expected we have had some great project announcements come out following the event, are Bitcoin NFTs now going to catch on? Will the recent Yuga Key sale spark a frenzy in competitive Web3 gaming?

Let's dive in.

Yuga Labs Enter into Bitcoin NFTS

We have long used the phrase 'Don't Fade Yuga labs'. You can consider them like Bitcoin, but for the NFT market. In other words, they heavily influence NFT market trends and price action.

We once thought Bitcoin NFTs or 'Ordinals' could be a passing fad, but Yuga has just announced they are diving headfirst into them with their release of TwelveFold.

TwelveFold is a limited edition, experimental collection of 300 generative art pieces inscribed onto satoshis on the Bitcoin blockchain. These pieces represent a complete art project and will not have other utility or interact with or be related to any previous, ongoing, or future Ethereum-based Yuga projects.

The auction will begin this week and bids will be made in Bitcoin. With just 300 pieces available, you can bet your bottom bitcoin that these things will fetch some serious value & price action.

It may be difficult for the average collector to scoop up one of these, but with Yuga stamping their immutable mark on the Bitcoin Blockchain, take it as a sign that Bitcoin Ordinals could be here to stay. Expect other collections to continue to experiment with this new way of minting NFTs on the oldest technology in Blockchain.

You can get full details here.

Largest NFT Dump Ever

It is normally around the end of March you start your spring cleaning but one major investor decided to do theirs at the end of winter.

At the end of last week and over the weekend, Machi Big Brother sold over 1010 NFTs from his collection with notable sales including:

90 BAYC for a total of 5707 ETH

191 MAYC for a total of 3091 ETH

112 Azuki for a total of 1644 ETH

308 Otherdeed for 582 ETH

You can check out his OpenSea account here.

1000 Eth Bid Accepted For NFT

Huge breaking news from the winner of Dookey Dash!

In case you missed it Mongraal came number 1 in Dookey Dash ahead of 25,000 other players and as a result of winning, a golden key was gifted to him which was quickly listed on OpenSea for 2222 ETH.

It's not quite the asking price but an offer of 690 ETH came in from UPDAO which was rejected by Mongraal who Tweeted back "double it and I'll accept"

The double offer didn't arrive but a fresh offer has arrived and this one is a little more tempting as it's in the sum of 999 ETH. The offer was still not accepted.

Mongraal held out for that 1 extra ETH and sold the key for 1000 ETH ($1,622,570.00) which makes this transaction the 3rd largest individual ESports win of all time.

This is brilliant for mass adoption as this metaverse game is now mixing with the likes of Fortnite and Shadowverse.

Doodle Update

The Doodles community asked for more communication and the team quickly delivered.

They took to Twitter on the evening of the 27th of February to announce the new plans for the upcoming term.

Genesis boxes have been updated with every item being rare and they also contain only an exclusive or a grail and a beta pass.

They did stress that they are not dropping an ETH roadmap but a DOODLEMAP which will drop later this week with holders being encouraged to register for Doodles 2 and turn the notis on.

There are certainly more details to be expected over the coming week so one to keep your eyes peeled.

You can check out the thread here.

🍦CRYPTO

• Global Cryptocurrency $1.12 Trillion - 24/hour change -/+0%

• Volume Traded 24/hours - $46.12 Billion +21.95%

We still expect to see Bitcoin push up to the $25-27K range as discussed in our last post, and should that happen altcoins should explode to the upside.

Altcoin narratives to keep your eyes on:

• ZK (Zero Knowledge) Roll ups

• Projects within the Arbitrum (Scaling solution for Ethereum)

With the Bitcoin halving happening in March of next year, we are witnessing interest in of course bitcoin but on top of bitcoin alone we are seeing an increased interest in projects which are providing Defi layers on top of Bitcoin.

One project, in particular, is Stacks ($STX) which allows developers to create smart contracts & build decentralized applications with the Stacks layer.

Coinbase Suspends Binance Stablecoin Trading

Coinbase dropped a surprise announcement in the afternoon of the 27th of February when they announced that they will be suspending trading for Binance USD.

The reason for the announcement is based on Coinbase's own internal monitoring and review process where they concluded that BUSD no longer met their listing standards and will be suspended.

The length was not confirmed and the motive has certainly been questioned by the community.

It's been suggested that the SEC's enforcement action against BUSD had a bit of sway in the matter, and others are questioning whether the SEC are focused on the stablecoin market or just targeting Binance.

Paxos, who issued the coin, has stated previously that the coin is fully backed by reserves held in fiat cash or U.S. treasury bills.

Paxos are yet to comment on the Coinbase issue due to ongoing talks with the SEC.

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Mining Scheme Ran From School

It's like something you would find in an episode of South Park however this assistant facilities director from the Council did it for real.

Nadeam Nahas was running an illegal cryptocurrency mining operation from a small crawling space underneath a school in Massachusetts.

The operation ran from April 2021 to December 2021 and cost the high school $17,500 in electricity.

It wasn't quite an empire being amassed with only 11 computers running the mining software but it was enough for the small school to be "damaged financially"

He appeared in court on Friday and pleaded not guilty.

Liquid Staking Overtakes DeFi Lending

Liquid staking may not be a term familiar to all of our readers so we will make it as easy as we can for you.

Liquid Staking is the process of investors earning rewards for locking cryptocurrency in a blockchain network whilst retaining the liquidity of the locked funds.

The concept has proved to be massively popular in recent times due to the higher yield difference offered compared to DeFi lending and borrowing.

At the time of writing, the total value of assets in liquid staking is $14.1bn, compared to the total value of assets in DeFi lending and borrowing which sits at $13.7bn.

Decentralized exchanges with deposits remains top of the pile with a total of $19.4bn

🍦TECH

Snapchat AI Bot

The popular app which provides filters to allow people to make themselves look nothing like how they really do has jumped on the AI hype.

Open AI's ChatGPT will be powering the chatbot known as My AI.

It is open to all Snapchat plus users only for now but plans are for a rollout for all 750m users in the immediate future.

For those users that have access, you can find your chatbot pinned above the conversations with friends tab.

You can check out a preview here.

Meta Releasing Their Own Large Language Model

It won't be long until AI becomes a regular feature of our everyday life and Meta is the next large company to announce a variation of it.

They have introduced to the world their large language model which is designed to help researchers advance their work.

🏆SCOOP'S WEEKLY WINNER

We are heading up to the Web3 section of our Newsletter for this one.

The gaming community is one of the largest on this earth and their hesitancy towards NFTs is well-known.

With the Dookey Dash victory and subsequent sale, it has really put metaverse gaming on the map and can only lead to bigger and better things for mass adoption. We expect to see increased interest in Gamefi & Web3 gaming emerge.

With the bonus of a 1000 ETH ($1,622,570.00) sale from the prize, Mongraal is this week's winner.

THE REKT SECTION 😡

As we have seen before, weekly winners can become REKT and then back to being winners.

Unfortunately, this week has been a previous winner.

We did a post about them recently and did ask the question if their success was down to wash trading...we may have received an answer.

CryptoSlam has detected that at least $577m of wash trading has taken place on Blur since the platform dropped air tokens on Valentine's day.

There have been patterns of suspicious behaviors such as NFT resales within a short period of time at prices close to the initial transactions.

This does not mean to say we aren't bullish on Blur, we just hope that they can organically be as best they can.

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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.