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

🍦STATE OF THE MARKET

NFT

• NFT total market cap - $20.09 Billion dollars (43x smaller than the Crypto Market).

• NFT trading volume is down $78 million dollars this week in comparison to last week

• The NFT Blue Chip Index has dipped in comparison to last week - (8501ETH/USD)

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

• Last 7 days showed significantly less profitable traders than non profitable

• Global organisations continue to make moves to adopt NFT technology such as Nike

Crypto

• Crypto total market cap - $881 Billion (43x larger than the NFT market).

• Retraced back from $1.03 Trillion.

• Majors including Bitcoin & Ethereum and the top 20 in the last 7 days are retracing.

• Collapse of FTX exchange has shattered investor confidence.

• ETH is down 19.2% in the last 7 days.

• Trends Narratives to watch - Decentralised exchange & wallet tokens.

Scoops take:

The collapse of FTX has shattered investor confidence in the crypto markets. The aftermath of FTX collapsing has had a knock-on effect known as the 'Contagion' - some Crypto funds, individuals & protocols, unfortunately, had their funds tied up in FTX which has left them unable to operate.

Naturally, with the crypto investors being spooked, NFT markets have of course taken a hit. We have seen Blue Chip NFT floor prices drop significantly including the Bored Ape & Mutant Ape Yacht club. We remain bullish on the long-term prospect of NFTs & Ethereum and continue to dollar cost average into the asset. Decentralized exchange tokens are holding up strong as investors lose confidence in centralized exchanges.

Closing thoughts, for those of you who are still here, the opportunity for life-changing wealth comes after significant crashes & black swan events that we have seen with FTX. As investors, our job now, is to seek & find the next narrative ahead of the crowd.

🍦SCOOPS OF THE WEEK

🍦 Nike launches deeper into the metaverse.

🍦 Yuga Labs brings another NFT collection under its Wing.

🍦 Playstation explores NFTs.

🍦 Nike launches deeper into the metaverse

As far as traditional brands entering Web3 go, it's safe to say Nike has dominated.

So what's next.. well it's pretty cool.

Nike's latest venture is Swoosh, which lives on the Swoosh.nike domain, and is going to be the home for Nike's virtual creations. Essentially Swoosh is going to be a community hub & marketplace, where members can buy, sell, create & flex Nike virtual creations. Notice how new phrases are being used instead of NFTs? The phrase 'virtual creations' seems to sit better with the normies.

When you land on the website, the website states "The past 50 years have been fun... We are going to create the next 50 years together". Nike simply gets Web3, they understand the future of the web is co-creation & co-ownership, with a community-first approach they are carving a clear path forward in web3.

So how will swoosh members be able to get involved? Swoosh.nike is launching on the 18th of November & the first virtual creations will be available in January 2023. Before the launch of the first collection, there will be a Swoosh community education & community challenge 'we imagine this will be a virtual clothing design competition'.

The bigger picture behind Swoosh is for members to have the opportunity to co-create & shape culture in collaboration with other Swoosh members, but also with top Nike designers. Those who contribute to designs will enjoy a royalty share of successful collections. Nike has also stated that Nike Virtual creations on the Swoosh platform will have IRL benefits such as early access to future physical drops, exclusive virtual events & meet & greet sessions with Nike athletes & influencers: "Helping to educate people that buying a virtual asset isn't the end of the purchaser's journey, its the beginning".

Interoperability has also not been forgotten. The sports giant has stated that the plan is for users to be able to wear virtual creations on the Swoosh platform but also as in-game wearables and in other virtual worlds.

Our view:

We love this move from Nike, it's Web3-centric, bringing the community closer to the brand. If one company was to do this correctly it's Nike, they have executed well so far, and given the serious IP & brand affinity the company holds, we are certain the community & customers will jump at the opportunity to co-create with them.

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🍦 Yuga Labs brings another NFT collection under it's wing.

Enter 10KTF

As a recap 10KTF is an interoperable digital storefront where holders of top NFT projects like BAYC, Moonbirds and more can mint one-of-a-kind digital wearables.

If you have been a Scoop reader for the last few months you will know by now that we have long speculated on a partnership between Yuga & 10KTF, but better yet an acquisition?!? The 10KTF collection has featured in sections including 'Projects to watch' 'Alpha' & 'Where would we blow our ETH'

Firstly why did we speculate & why does the acquisition now seem so obvious? First off the Otherside (Yuga Metaverse), 'Don't Drink me' potion was constantly showing up in the Wagmi San shop, secondly the Koda avatar used in the main Otherside promo video was spotted wearing a scarf also seen in Wagmi Sans Shop. Both Yuga & 10KTF are master storytellers and top of their game at creating immersive worlds. Is it fair to say that 'Wenew' already 🙃

Yup! Yuga has scooped up Web3 studio & ecosystem Wenew Labs which means their flagship NFT collection '10KTF' will now fall under Yuga Lab's wings joining the ranks of the Bored Apes, Punks & Meebits. Wenew Labs was founded by heavy hitters including world-famous digital artist Mike Winkelmann - AKA Beeple along with Guy Oseary & Michael Figge. The acquisition means that Beeple will now be an advisor at Yuga Labs and Michael Figge will join Yuga as Chief Content Officer. On top of Wenew leaders joining Yuga, 20 staff will also move across taking Yuga's total headcount to 100. The market may be unfolding with the recent FTX saga, but one thing is for sure Yuga is building an empire.

Greg Solano, the co-founder of Yuga Labs, stated, “Storytelling and world-building are foundational at Yuga and I’m thrilled that we get to work with the creative mind hive at WENEW in a much more robust way. The possibilities of what we can do together are endless.”

🍦 Playstation explores NFTs

We believe video gamers have the most to gain when it comes to in-game NFTs assets, for a few reasons:

• The assets are owned by you not the game developer

• You can benefit from the appreciation in value

• You should in theory be able to port them over to other games.

• If the game shuts down, other developers can build games around the network of gamers who hold these in game assets.

Well... PlayStation might.. 'might' be exploring NFTs.

The details of a patent filed by Sony Interactive Entertainment suggest the PlayStation parent company may be interested in implementing NFTs and blockchain technology on its platform. The patent title is "Tracking Unique In-Game Digital Assets Using Tokens on a Distributed Ledger,".

The patent details a system where the history of a unique in-game item would be tracked with blockchain technology, including details of who created the item, who owned it in the past, and whether it has been modified along the way.

🏆SCOOP'S WEEKLY WINNER

10KTF & Wenew Labs

10KTF is a story-based NFT & interoperable digital storefront where holders of top NFT projects like BAYC, Moonbirds, and more can mint one-of-a-kind digital wearables.

It's tough to think of a better accolade than being acquired by Yuga. 10KTF welcome back to the Weekly winner's section. This week the spotlight is on you.

WHERE WOULD WE BLOW 5-10 $ETH?💰

Not financial advice you know the drill!

The NFT market has for sure taken a hit over the last few days. But what a time to Scoop up some NFT assets from the Yuga labs ecosystem.

We can only make calculated guesses about where the market is heading, but Mutant Apes in particular seems like an absolute steal right now trading at 10ETH Floor (Warning they could dump lower)

The Yuga labs ecosystem consists of the Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Meebits, Punks & now 10KTF.

It couldn't be a more important time to bet on long-term builders with deep pockets who can weather the storm if you are looking to deploy capital into the NFT markets. Yuga labs certainly fit that criteria.

🔥HOT TRENDS

At the present moment, it's quite difficult to spot where the direct trends are for NFTs given current market sentiment.

Overall we firmly believe the next section to pop will be in the entertainment space, this includes Video games, music, and film. Music NFTs are already starting to emerge with Web3 native artists such as Sammy Arriaga growing in popularity.

As far as the crypto markets go, at this stage, it's easier to see where the puck is moving. Given the recent FTX saga, trust has been lost in centralized exchanges. We want to be very clear, all of the recent crashes in crypto have been a direct result of mistakes made by centralized exchanges... an emphasis on the word 'Centralized' and not crypto itself. Crypto came into existence as an alternative to centralized banks, is it a surprise we are seeing centralized exchanges crumble & decentralized Defi protocols thrive?

Our prediction for the next crypto narrative is that DEX tokens (decentralized exchange tokens) will prosper as traders seek alternatives to centralized exchanges. We will give you some examples of tokens with solid fundamentals which could moon when markets turn green.

$GMX - GMX

$GNS - Gains Network

$MVX - Metavault Trade

If you are looking to learn more about these crypto protocols you can search the above token cash tags on Twitter and find some great threads. Here they are again if you are unsure what a 'Cash tag' is '$GMX, $GNS, and $MVX'.

🤡 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.