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🎁 Wrapped: The Weekly Web3 Newsletter (Edition #10)

🎁 Wrapped: The Weekly Web3 Newsletter (Edition #10)
By Futureproof • Issue #5 • View online

Tale of Two Flippenings?
CT is laser-focused on two ratios: ETHBTC & BAYCPUNK.
CT is laser-focused on two ratios: ETHBTC & BAYCPUNK.
First some definitions for those that are new:
  1. ETHBTC: the ratio of 1eth:1btc
  2. BAYCPUNK: the ratio of 1 floor BAYC: 1 floor CryptoPunk
  3. The Flippening: when one asset ‘flips’ another. Coined primarily by ETH bulls who believe that Ethereum’s market cap will flip (achieve higher value than) Bitcoin’s market cap. In the example of BAYCs & Punks, most are describing the ‘flippening’ in terms of floor prices. If the floor price for a BAYC is greater than the floor price for a Punk, the ‘flippening’ will have occurred.
Let’s start with ETHBTC. It’s currently sitting right around .085, the highest it’s been since 2018. What’s remarkable is that the ratio is so high despite a massive selloff last week. Typically, BTC has been considered the ‘safer’ asset in a down market, so ETH’s current strength has come as quite the surprise to most. ETH bulls are proclaiming ETH has decoupled from BTC and that the flippening is inevitable. ETH would need to pull a 2x versus BTC in order to make this happen. And while there are *many* theories being heavily debated, this short clip from Raoul Pal offers some interesting insights.
Now, moving on to BAYCPUNK. The NFT market has been brutal recently, but the BAYC floor (52)  is nearing its ATH. Ape szn’s in full effect, and there’s no denying the momentum this project has. Celebs are joining daily, the Adidas collab was well received, and the community is stronger than ever. The Bored Ape Yacht Club has captured the imagination of the masses and is actively working to provide value and fun for its members.
Meanwhile, the Punk floor (68) is now roughly 40% below its ATH. Larva Labs hasn’t really done much by way of ‘experience’ or ‘community’. Punks are simply punks, the OG PFP project. All PFP projects, including BAYC, exist because of Cryptopunks. Should Larva Labs ‘do something’ or should punks simply exist and be valued based on their own OG chadness? We’ll let the market decide….soon™. 
*I own 1 punk, 1 ape, 1 M2, and 1 M1.  
Weekly Highlights
  • OG mfer @sartoshi_nft drops mfers NFT project, quick sell-out. 
  • Charlie Munger hates us all, wishes bitcoin was never invented
  • Jimmy Wales is selling his first Wikipedia edit as an NFT
  • The Sandbox, BAYC, and Wizards & Dragons top Opensea volume 
  • Defiance launches ETF focused on NFT industry 
  • launches beta NFT marketplace 
  • @Pixelvault opens ‘planet giveaways’, staking, for eligible PV/Metahero holders 
  • Apple rugs the @BoredApeYC new mobile game just hours before launch
  • $120M exploited in @BadgerDAO attack 
  • @PleasrDAO launches @freerossDAO to buy Ross Ulbrichts NFTs in hopes of #freeross
  • Softbank invests $150M in Metaverse Platform Zepeto
  • Grayscale launches Solana Trust for accredited investors
  • Playventures sets up $75M metaverse gaming fund
  • Blue chips: Punks slide to 68 📉, BAYC 52, Autoglyph 200, Ringers 48, Fidenza 84
  • @coinbase acquires @UnboundSecurity
Market Vibes
Supply continues to outpace demand in NFT land. The market still feels bearish, though the optimist in me wants to call it a crab market. Either way, we’re not in a bull market. Gen art blue chips continue to slide alongside the OG project itself: Cryptopunks. RTFKT’s CloneX drop was a smashing success despite the rocky rollout, but it also means liquidity ($100M+) was sucked out of the market. What’s next? Probably more of the same. A few projects will flourish at the expense of the rest for the time being. There’s simply not enough ETH to go around. Kudos to the outperformers of the week:
  • Neo Tokyo Identities
  • Bears Deluxe
  • CloneX
🚨DISCLOSURE: I own NFTs! I own punk #2971 if you’d like to dig around. I also own that mfer in the weekly highlights section. 
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