Very interesting 24 hours in Macro; What we've seen is some weakness in stocks after successive days of positive action, as well as some decoupling of stocks from crypto, with little apparent correlation. It seems to be moving on its own without any link to the macro environment. 

The headlines when we hit the local lows recently have led to many large investment firms following suit with Blackrock's attempt to create an ETF for Bitcoin. There have been some very strong pushes into the crypto market as a result. Imagine a future where financial advisors are offering BTC as a part of long term financial plans. 

Although this is a net positive for the entire crypto market, this is very much a Bitcoin dominant narrative. Be wary of buying up alts in hope of riding the wave up, there will be corrections and BTC will likely be the overall winner when this cycle is complete. 

Jerome Powell says "we see stable coins as a form of money" basically slapping the SEC and their securities battle in the face

We haven’t really seen NFTs sell off from the crypto move, it has basically been a wash. The main move mover has been the Mutants which have dropped below 8. Yugalabs also dropped some news about something with the Forge and their HV-MTL game. 

There is some heavy FUD around the Moonbirds, with people bringing up discord messages from 6 months ago where Kevin Rose said he would FUD himself if xyzzy didn't happen. 

Jeff staple and Gmoney dropped their collab at Paris fashion week> The hat is black on black and features a big pigeon dropping splat on the brim, are you in?

TallyLabs

We were joined by the @TallyLabsNFT team. You may or may not remember the V1 Azurians, but they heeded the community and have come back stronger than ever. IF you own a Bored & Dangerous NFT, you can burn it for 1 of 3 possible Azur Root pass, which is essentially a mint pass. The team shared that you want to burn before tomorrow because they are giving away a gold Azur Root for holders of roots.

The books still have a use for the Bored & Dangerous writers room, but the community is showing up and burning happily, straight fahrenheit 451 status. 

The new art has already been well received and let's be real everybody loves a good comeback story.

GM!

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GM Web3 ☀️Recap - Jun 20, 2023

Degenz Market Report by @osf_rekt and @rektmando

Markets are opening lower with the S&P and the Nasdaq down almost 1% after yesterday's market close. Equities are hovering within a similar range that they have been. This is just a quiet time period in between the FOMC and the next major events

Bitcoin dominance went up slightly and almost hit 27k, but it has fallen short. ETH was at 1830 last time we saw Bitcoin at 27k, showing the continued weakness in Ethereum. 

There has been talk lately of dollar strength in headlines, and the commodities market seeing trades in currencies outside of the dollar.. The dollar makes up something like 70% of bank currencies, so it will take a long time to truly weaken. Mando says it's definitely possible over the course of the next hundred years, not 6 months. 

NFTs

It feels like the only real thing going on yesterday was Yugalabs FUD. Contributing factors include Gordon leaving, who was a huge community player, especially in regards to morale, and there are a lot of different things going on in their ecosystem, making it difficult to keep up with. As a result, Apes dipped briefly below 40 ETH causing FranklinisBored to fire up the buy machine and start sweeping

If you are an NFT project based in IP, you are just simply not making money right now. The hope of future IP use is seeming to surface as something that might be a reach for most. However, volume in BAYC is still looking healthy…Even as it stands they are pulling in millions annually on royalties. 

TAY 🦊

@tayvano_ who built metamask has built wallets in the space for years with a focus on constantly improving wallet security; She is also a hobbyist on chain sleuth. The atomic wallet hack is the current focus of sleuthing that she is doing with @zachxbt . There is a ton of money moving, and the catalyst for the hack is still unknown even by the atomic wallet. 

Wallet creation is what led Tay to the on chain sleuthing. If a user had their wallet compromised, Taylor would follow the money and try to get clues to the user and the money's location. 

An essential to on chain sleuthing is keeping a pulse on the space, especially when funds enter a smart contract. Knowing how things work and how they are ever changing helps to understand the weird things and odd movements seen on etherscan.

Tay shared some safety tips for us:

1. GET A HARDWARE WALLET! 

2. Write down your seed phrase using paper! Don't take a picture, paper is really difficult to hack. Write it down in a few places!

3. Do not keep all of your funds in one wallet! In the event of a phishing attack or wallet compromise, you want to have your funds distributed amongst multiple addresses. Siloed funds ensure you do not lose everything via one tragic event!

@farokh highlights that many larger accounts have recently been attacked via SIM swaps. Do not set SMS 2FA for your crypto as this is the entry point for this type of attack. 

GM!

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GM Web3Recap - June 19, 2023

Degenz Market Report by @osf_rekt and @rektmando

Kind of quiet with equities being sworn over the past few opens and today is Juneteenth, so traditional markets are closed.

We had a bounce back in crypto on Friday with BTC in the 26k range and ETH is sitting in the mid 1700's. The fact that Bitcoin ended higher on the close of the week last night is a good look. Although Ethereum was not named as a security, there are still questions to be answered regarding regulation from the SEC, and as a result, ETH continues to underperform

$APE dipped below $2.00 yesterday making for some overshared screenshots on the timeline.

Fidelity Investments is also joining suit and filing for a BlackRock style, spot Bitcoin ETF and have acquired Grayscale.

NFTs

Still a busy week for jpegs across the board. Yugalabs finger pointing was the trend over the weekend with the floor dipping quite a bit. A big liquidation event on BLEND is causing concerns that could result in a large batch of assets pushing the floor lower. Mando points out that this type of event has happened many times in the past and the collections tend to recover.

The flurry around generative art seems to have gone quieter; Interest continues but volumes have seemed to halt after the resolution of the Sothebys auction.

"I think AI art is going to be bigger than generative art" - Hot Mando take

Updates

Nike announced they are holding a sneaker hunt inside of Fortnite titled Airphoria. The big takeaway for the space is seeing the dot.SWOOSH logo in the ending tying it back to Nike's web3 initiatives. YLTCI

Canary Labs is having an event in London in collaboration with W1 Curates with artwork being displayed at their gallery for the next couple weeks. The gallery features a load of great artists from the space representing pieces from OSF & Mando's collection as well as various pieces from the artists.

STUBS

We had @apocalypticform on as this week's STUBS artist. He has been making art for 30 years and started with huge ambitions in the art world before becoming a Dad and having a family. He ended up continuing to create art on the side, inspired by his work and his view on how much culture affects society. The ideas in people's minds, their dogmas, their priorities were all things that piqued apoc's art. He interviewed people trying to shift societies for the better and leaders trying to make changes pre-covid.

Jake the degen bought his first piece who was then followed by 6529. He officially went full time into art 2021 and has been going hard ever since. His work ranges from attempting to display the utopia side of potential outcomes in some of his work. Other pieces depict coarser ideas like the masks worn everyday, yet he uses color and themes outside of the usual dark imagery associated with something heavy like this.

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equities are really strong "like bull" as of late. Stoke are up again today even if on ly slightly. This has been a monster mover nearly 10-15% up on the month. 

WE saw a bit of a bounce with crypto yesterday being led by Bitcoin. It does feel like there is a lot of shorting going on in crypto and TA is pushing a bearish narrative. With stocks pushing we are all hoping for crypto to follow suit and perhaps it will once things level out. 

OSF pointed out that people are calling this a bear market squeeze, yet that isn't really a fair statement as this has been something building up over the last 12 months. 

The blackrock ETF filing did come to fruition. Mando does see this as a positive.

We also had burn for clown vamps STUBS piece!

GM!

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GM Web3 ☀️Recap - June, 14 2023

Degenz Market Report by @osf_rekt and @rektmando

Another day of stocks up higher! Interest rates did sell off a little bit yesterday, possibly due to inflation numbers being priced in, but they did rebound already. 

Crypto had a very small bounce with BTC up to  26k and ETH in the same $1700 range. 

FOMC is today, if they pause rates this will be the first shift after many many months. The market is pricing in rate cuts for q4, although the FED has said otherwise in their commentary. Our hosts are expecting an uneventful meeting for the most part. 

A US judge blocked assets at Binance US in order to force negotiations; This is one of the first obstacles in front of the SEC's warpath to attack crypto.

NFTs

Azuki is having their Vegas event and they are holding it down for the "blue chips". $Meme drop is also incoming for the Memeland ecosystem and captains are holding strong around 9 ETH floor. 

A Fidenza traded at 130 ETH along with a few other notable Fidenza sales. 

The Blur token unlock is today with 7% of supply set to be released with the token currently sitting at $0.31. 

The Apecoin DAO council is making waves again with the upcoming election. Our favorite mutant @notthreadguy is running for a seat! It's tough to see the fruit of the council over the course of the last 6 months following the last election; We had promising elects, and threads full of ambition, but no real results that anyone can point to. The 25k per month salary is forcing some uneasy feelings on the community during this bear market when everything is down. 

FEWOCiOUS

Yesterday, Fewo announced his first collaboration with @adidasoriginals! Fewo joined us to share his experience of creating a huge canvas with linework of a kid in his room looking outside at the Adidas trefoil in Fewo's style. The shoe actually tells a story about the kids adventure and no detail is accidental, and the laces are of course blue with painterly clouds in fun Fewo fashion. 

Collect.adidas.com/fewocious has all of the information along with some amazing Fewocious visuals. The Fewos are coming out later this summer, and holders will have the opportunity to claim a wearable version of the Adidas sneakers!

GM!

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Inflation was the big topic today with CPI coming at 4% vs expectations of 4%, down from 4.9% compared to last month. This marks the 12th month in a row of inflation marching lower, which is a great sign

Stocks are up on both the Nasdaq and S&P, while rates sold off again.

Crypto saw a pump off of the lows before selling off, returning to yesterday’s levels. 

FOMC is tomorrow, which is in sync with Rekt Radio as per usual. Will we be rekt or recover?

NFTs

Tons of Bored ape sales happened, and one giant holder is defending the entire floor, which has remained basically unchanged around the 45 ETH level. There has been serious volume in the collection despite the floor being relatively unchanged.

"Lending on BLUR is one of the best risk/rewards I've seen in NFTs in a long time." - Top 100 Points Farmer @punk9059

DEGENZ

@DegenzNFT has reached its latest evolution, offering both a subscription model to the new pro services or access via the Degenz Code. The Code was available for holders of the previous Degenz access pass and Flipz finance gold holders. 

The new website is a revamped design with tons of new features, check it out at degenz.finance 

#FireGaryGensler

@warrendavidson is attempting to introduce legislation that will solve some abuse of power problems in the SEC and move to fire Gary Gensler.

This seems like a direct response to Gary's message about laws from the 1930's regulating things that exist today. 

@osf_rekt spoke to the positive speculation around the regulatory FUD going on around the questions of securities. This has been one of the more serious threats to the foundation of crypto in the US; headlines have hit and prices have fallen.....but all in all, they haven't fallen that much. Perhaps this isn't MAX fud just yet but there is a general sentiment of doom. As a result, there are some assets that have fallen to appetizing lows. 

Sothebys

@michaelbouhanna VP, head of digital art and NFTs & contemporary Art specialist @Sothebys joined us to share his excitement about the upcoming Grails part II auction set to start June 15th. 

Sothebys is offering various different sales channels across multiple locations; their goal is to  tap into multiple markets. The focus is very much in the Grails II auction as it displays the various stages of early generative art on chain. 

There are already something like 600 bids set for the pieces at auction. The auction house has also made attempts to inform and educate about generative art by holding panels and discussions around the art style and the history of it all. There is a physical gallery that exhibits vinyl prints of select pieces like the goose, but also some areas that display certain pieces digitally. 

GM!

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There is a lot happening. Macro is very very strong, and we’re at YTD highs with interest rates and equities almost in a price discovery phase. CPI is coming in tomorrow which will be a big number; if we are in line or beat, there will likely be a rally. We are also nearing the end of the FOMC which will reveal the plans of the Fed going forward and shape the latest market narrative. 

Crypto is not following suit. Everything is hunched and/or going lower with Bitcoin dropping into the 25k range, ETH in the 1700's,  and all of the alt coins have just been getting destroyed lately. 

It is a tough landscape, and Mando speculates that when we start to see new participants, they will likely create a new narrative to rally behind; Most coins and/or NFTs will have a very difficult time reaching their ATH's again. Diversity is not the winning play given this type of information. 

NFTs have been rising most of last week. It felt like Apes were going to hit 60 eth, and punks were creeping on local highs; This has all basically reversed and the collections have all fallen. There is some crazy red on the charts with collections like Cool Cats at 0.5 ETH which is tough to see. 

The grails auction at Sotheby's is set to continue. The expected top winner is the famous goose Ringer, with the auction anticipated to close with a final bidin the $2-3 million dollar range. 

@DegenzNFT is getting a revamp that is going live today, expect some big changes on their website layout, interface and more.

STUBS

Today we introduced our latest STUBS artist @ClownVamp.  He is an AI artist that was born a vampire. NY based, which is an odd place for a Vampire, he has a body of work that imagines a fake retrospective of a gay artist that existed in a time when virtually zero art reflected this lifestyle. 

His work is always telling a story and expressing his love for visual art, all while being empowered by the new wave of AI. 

The Men of The Dance is the STUBS piece that will be redeemable on Friday. This is a part of his fake career series from the perspective of Chester Charles who was partial to his male subjects and making art in the 1930's.

He has an exhibit in NY at the Oculus in NY! Tickets are still available! 

GM!

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No Farokh today, just our two Macro wizards!

Decent day in equities, Nasdaq is approaching ytd high interest rates are offf the highs. Interestingly enough Crypto does not want to follow the macro trends.This is the fifth or sixth time we are not seeing crypto follow in tow of traditional market rallies. Apple has been in the headlines, and there is movement but crypto has just not caught wind. 

At this point we should hope that crypto is decoupling a bit, in this position if we see a major macro dip and crypto follows we will see some bleeding. 

Apple News and progress poses the question as to whether this could drive some interest and traffic in the direction of metaverse, ETH and digital assets. At least we are all hoping that Apple will buy our bags.

Ben and batboy have parted way and the whole shitcosystem is down by significant percentages. As a result of the poopcoin season ending, we actually are seeing some liquidity move back into NFTs, volumes are slowly returning. Mando points out that we are seeing positive action but the days are still "decent" at best and not quite worth writing home about. 

Degods are creating a type of community based website that allows y00ts and degods holders to be followed by the main accounts if you are holder which was received very well by everyone. 

Azuki is pulling through the ranks as one of the most successful projects of the year with a steadily rising floor price and community that has stayed on fire. 

The dead ringers from Dmitri Cherniak auction has kicked off. Originally the pieces sold to 3ac for millions it will be interesting to see what prices these fetch via the route of the auction house. OSF points out that the auction houses don't just list things at 0 reserve and see what happens, there is extensive research into the climate around any given asset and they have a proper assessment of the perceived value prior to going live. It is still very clear that big money is very interested in rare crypto art, and this type of rare generative art might not be available again for a very long time. Original sale prices of 6-7 million, may not be fetched but even half of this amount is enough to make headlines. 

The Apple headset may have serious impact on the virtual world space given that they are moving in the direction of Mixed reality/augmented reality. The pure VR or typical metaverse idea could be left behind if this sees huge success. 

We have our new STUBS artist reveal today with Laurence Fuller

FCC sues Binance over us securities rules, following their onslaught of attacks towards the different crypto related institutions. The allegations say Binance mislead users and it seems to be a bit deeper than the coinbase allegations if you read into the words being used around it. 

CZ has tweeted a response which basically boils down to:

4

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Todays episode was more of a conversational reflection on being a founder in the space. Yesterday there was a ton of FUD surround Kevin Rose and the moon birds community, part of which was prompted by KRO himself, when he posted a tweet (now deleted) saying FUD ME. The talk was quality and a great listen for all participants, especially fellow founders. Luca Nets joined in the banter as he was mentioned during Kevins onslaught. 

We also had a "first time founder" on with Road Hounds who shared his rock and roll vision for the blockchain and how he intends to make it come to fruition. 

GM!

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Not much to report today because traditional markets are CLOSED. The debt ceiling deal reached a resolution, nobody is shocked. Crypto pumped a bit on the back of it, ETH hit $1900 and Bitcoin is bordering 28k. OSF imagines we could still see a rally when markets open up. We have Payrolls and the FOMC in the coming weeks, following some good headlines we could be in store for some positive movement. 

The chartists have had their predictions dissolved with the upwards price action. Our pro's talk about how chartists can be correct despite the charts not playing out the way it was drawn up. Trends are trends, and the people who don't follow charts will often have the same predictions as the chartists. If their last charts were wrong, they just create a new one and move on. 

NFTs

It seems that Ordinals have taken over the press for our beloved jpegs. Bitcoin frogs have been killing it volume wise and are back around 0.1 bitcoin. There was a meme movement in the BRC-20's. Oxbt, that ran up to about $50 million market cap and has settled around $30 mil. Many of the same trends that have happened on ETH are being replicated on Bitcoin and it's clearly reaching a new audience. 

Magic Eden has a very good bitcoin marketplace. The BRC-20's are traded on Unisats. Mando sees the implementation of ordinals as a "better" use case than BRC’s based on the user interface and apps surrounding the innovations. It's probably best to focus on the big winners that have the potential to make it through the long term, most projects and new tokens will end up as trash and everything early is not historical. 

This all comes with the bad actors trying to take advantage so stay vigilant and cautious. Many of the people who left the space are re-entering, seeing a window of opportunity to get new users out of their bitcoin. Be incredibly weary of narratives, and veer away from over diversification. 

China has been shining through headlines, with all types of rumors and speculations based on different media events, phrases being said, and even images being shared that are seen as pro-crypto. Hong Kong is releasing a new licensing process, but this also came with tall grey regulations that make it unclear how a normal market participant is supposed to conduct themselves. Over the medium term this could play out well, and everyone will be watching for updates in the next coming months. 

Pudgy Penguins who have been making headlines for their plushies on amazon, had a separate drop on NTWRK of 150 collectibles that sold out in 10 seconds!

STUBS

This week's STUBS artist is none other than our great friend of the show @camila_artwork!!!!! Who is Camila? - a Portuguese digital artist who knew she wanted to be an artist from a very young age. Her father was an architect, her aunt is a painter and her family is full of different artistic influences. In 2016 she started working professionally as an artist. When she discovered NFTs she already had a community around her and her art but was able to blossom and flourish using the blockchain experience.

These days she is mostly focused on 1/1's on super rare but has also done some editions recently. 

Her art brings good vibes and offers a lighter view on things via her choice of colors and cartoon-like perspective on her subjects. 

Most of her work is also accompanied by music or audio that just adds to the peaceful, tranquil vibe of her work. One of her biggest inspirations is Japanese woodblock prints, you will see a lot of Japanese looks and influence in her work. 

Stubs collectors will have a chance to win a 1/5 edition out of the 64 available to mint. Claim your free stubs and be prepared for the burn!

GM!

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