- ETH is ~50% off - affordable eth creates a favorable environment for trading NFTs
- Integration into pop culture & celebrity adoption - this is speeding up, not slowing down
- Coinbase NFT platform coming soon™ - opens the door for tens of millions of Coinbase customers. For reference, only 3 million people in total have bought NFTs so far.
- Music NFTs are just getting started
- Each project has the opportunity to onboard brand new cohorts - punks, apes, veefriends, and doodles all have unique appeal to different audiences
- Better tools are coming - Coinbase NFT, LooksRare, Genie, and Gem all offer new tools to improve the buying & selling experience. In addition, Opensea is rumored to be opening up its doors to the Solana ecosystem.
- NFTs are effing fun & incredibly versatile in scope. Defi is amazing, but it’s not going to onboard the masses.
*Warning: It’s hard to tell the difference between froth and adoption. We’re likely seeing a little of both at the moment. Also, adoption != your bags going up.
Adaptability is the key to winning this game. Learning to hold conflicting emotions and viewpoints at once in the mind will be a crucial skill moving forward. Here are a few headlines from the week. As usual, it’s a mix of good and bad. Identifying what is noise vs what could materially impact the future is a superpower.
- The Biden Administration taking executive action on crypto regulation for ‘National Security’
- Texas advocates for BTC miners, Arizona introduces proposal to recognize BTC as legal tender
- Some crypto traders declare the market has bottomed out, others warn of greater bear market structure
- Stock market notches one of its most volatile weeks in the last year
- BAYC breaks 100 eth floor, celebs aping in, token imminent
- Azuki rockets to 8 eth floor in one week, PFPs pumping across the board
- Generative art showing signs of life, chromie squiggles back to 9 eth floor
- NFT haters seems to be growing at the same rate as overall NFT interest