#140 Crypto Rises As Fed Cuts 50 BPS
Rates, rates, rates - always so important
GM - this is The Snapshot, edition #140.
This is what I’ve got for you this week.
This Week In Web3 - Crypto Rises As Fed Cuts 50 BPS
Sponsored Post - Lil Nouns Funds $4,900 Solar Panel Street Light in Nigeria
Notable Sales - XCOPY, Punks, Spratt, Pebbles
Investment Focus - Infinex Raise
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Crypto Rises As Fed Cuts 50 BPS
Fed's large rate cut of 50 basis points have a muted market reaction, but crypto majors up: BTC $62k up 4%; ETH $2.4k +5%; SOL $138 +6%
"Investors who anticipated furious market swings following the U.S. Federal Reserve's bumper rate cut saw more of a muted reaction. That may be fleeting. Traders had been facing high uncertainty as they awaited the expected rate cut on Wednesday, with a split between those expecting 50 basis points and 25 basis points. The Fed cut rates by an unusually large half-percentage-point."
BTC bull Michael Saylor’s MicroStrategy Offers $700M in Convertible Senior Notes
“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin."
Memes surge on 7 day chart with $POPCAT leading the way with 35% rise
Solana 2nd gen smartphone sells 140,000 on pre-sale generating $70M
"Solana Mobile has already received $70,000,000 in pre-orders for its next SOL Phone (the Seeker). That's 5x the demand for the Saga phone. Growth has come from new markets, with over half of sales from Asia-Pacific."
Shape announces $500K buying wall for art on Shape: $250k from collectors; $250k gifted by Shape
Artists, GET READY The NFT bull is taking shape Collectors are buying >$500k of art on Shape $250k + $250k gifted by @Shape_L2
Leading global algorithmic trading firm Wintermute creates OutcomeMarket, its new U.S. Presidential Election prediction market
"Wintermute is developing a permissionless smart contract for a new US presidential election prediction market. The market will be accessible across Ethereum, Base, and Arbitrum, supported by @chaos_labs’s Edge Proofs Oracle Debuting 2 tokens: $TRUMP and $HARRIS"
Farokh of Rug Radio interviews Donald Trump re: World Liberty Financial Crypto
"What an honour. Thank you Mr. President, and thank you to everyone who helped make this happen. This experience has been life changing, and I am looking forward to what’s next."
"Token distribution for WLFI 63% in public sale; 17% user rewards; 20% for team"
Sponsored Post - Lil Nouns Funds $4,900 Solar Panel Street Light in Nigeria
Lil Nouns DAO has passed a $4,900 proposal to fund a solar panel street light in Nigeria.
What are the details?
Over the years there hasn't been 24 hours electricity in a row in Nigeria. Due to this reason there have been several atrocities in the community , endangering several lives.
This proposal seeks to address that by installing a solar panel street light.
The name LIL NOUNS will be Engraved on the street light by a welder for durability and longevity.
Love to see Lil Nouns DAO supporting great causes!
If you are curious about contributing to a cutting-edge DAO and getting paid to bring your ideas to life: check out our website.
Notable Sales - XCOPY, Punks, Spratt, Pebbles
XCOP, Loading New Conflict…Redux 2 - 300 ETH
XCOPY, Echoes of a Dead Earth - 36. 36 ETH
CryptoPunk, Hoody - 130 ETH
Pebbles, 15 ETH
Sam Spratt, Player - 9.99 ETH
Investment Focus - Infinex ICO Raise
A real one to keep an eye on. (This is not sponsored, I am still considering whether to buy in or not in the next few hours.)
Kain Warwick, founder of OG crypto protocol Synthetix is doing an ICO style raise for Infinex, “The UX layer”, or a DeFi home for all crypto participants.
Two interesting things about this: one on product and one financial.
Product
The thesis is that we have been around in crypto for so long and still people need to use centralised exchanges, when the spirit of the space is supposed to be decentralised.
Whilst there are a few reasons for this, Infinex seeks to bring all action into one place; Solana, L2s, ETH, lending, memecoins, whatever.
Instead of switching chains and wallets every 5 seconds, they want it in one place.
This is an ambitious project.
Financial
The raise is being done in an interesting way, by the sale of 100,000 NFTs - and everyone, early wave investors and late wave investors, will get in on the same terms - but they have a choice.
3 options:
$5000; 0 cliff; 0 lockup ($500M FDV)
$3000; 0 cliff; 12 month linear unlock (300M FDV)
$1250; 12 months cliff; 24 months linear unlock ($125M FDV)
In this market a $500M FDV raise is huge - and practically more than 85% of the sale is already sold out - and they have raised more than $55M (!).
The question I am considering before buying an NFT:
At such a high raise price, what multiples can I really expect in the next 6-12 months? A 2 or 3x?
If that is the case, would I prefer just to buy BTC, ETH or SOL, and have less of that execution risk of crypto VC?
If I had to choose at the moment, I like the 2nd option: a $300M valuation, with unlocks happening over the course of the next year from when it goes live.
Option 1 is too expensive; and option 3 requires too much time waiting imo.
If you are interested, you can find out more on the tokenomics here and the details of the sale here.
Have a great day,
B
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. It is for informational and educational purposes only.
I hold some of the NFTs mentioned in these newsletters
cool, thanks)