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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