It's been a tough 48 hours for equities, we are down another percent on the S&P. The FOMC concluded yesterday and we did in fact get a hike of 25 bps as expected. The commentary from Powell didn't communicate that they will raise them further or that they will be cutting them lower. There is 0 way that the FED can raise rates further from OSF's perspective.

Mando points out that they danced between a dovish and hawkish narrative, and while this didn't initially move crypto prices, Crypto saw a small pump with futures opening and bank stocks slipping lower. Stocks themselves have gone lower with the banking crisis looming and potential recession on the horizon.

Tomorrow we have payrolls and the expectation is around 170k. If we hit that number it will communicate that the market is doing better than the FED narrative is saying.

The $hitcoinery continues! Beeple made a very explicit everyday yesterday pointing to the crazy environment we are in, view it at your own risk. $PEPE continues to rise at time of writing this, and the stage imagines that this coin could be around for a while and make it past the typical pump/dump lifecycle of these types of coins.

Volumes have massively decreased since the BLEND news lit the market up. Things are trending back towards low volume days, and it's just a slower period right now. Forgotten Runes made an announcement about some upcoming things in their ecosystem.

In other news, Nate Chastain, former manager at Opensea was convicted by a jury for NFT fraud and money laundering. The date for sentencing is set for August; our pros imagine a 10-18 month sentence, although it will likely be appealed; factors like using multiple wallets were connected to the laundering charge, yet we all know that multiple wallets is a standard practice for safety in the space. The headlines paint a certain picture but the appeal process means none of it is cemented.

Today, one of our top shows at Rug Radio @audiogalleries is on the front page of Opensea with an awesome generative collection aptly named Flowers Flowers Flowers! @TheNFT101 is hosting @lobsteropolis and his first exploration with this type of digital art.

Sorare

We were joined by @ni2las co-founder and CEO of @Sorare! He explained that the partners of Sorare have equity in the brand and are here for the long run. The fantasy leagues have been catching like wildfire and have amassed over 300 partners since we had him on the show last Summer!

Nicolas has bet his career on crypto and has been on the scene for many years now. Late 2017 is when he found NFTs and felt the potential for massive change using the technology; People have been collecting things in the physical world for centuries and NFTs open this up to the masses to collect things in a new, secure way.

It started with a vision to unite sports fans across the world and is now selling globally, succeeding in these efforts. @sobylife is an active player in Sorare fantasy leagues and points to the fact that it is a fun fantasy game but is also very collectible. You get to play but just holding the cards themselves is a valuable experience.

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