#118 Binance Megadrop: One To Watch
Why Launchpads Are Incoming Right Now
GM - this is The Snapshot, edition #118.
This is what I’ve got for you this week.
This Week In NFT World - Binance Megadrop: One To Watch
Sponsored Post - Lil Nouns surge to 0.11 ETH from 0.05 ETH
Notable Sales - Punks, Apes, $LAVE
Investor Focus - Blast Off Soon?
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Binance Megadrop: One To Watch
Yuga Labs sells HV-MTL and Legends of the Mara IP to Faraway: Yuga assets temporary pump
"Faraway is acquiring HV-MTL and Legends of the Mara. We’re incredibly excited to take this IP to new heights by building on the strong foundation that Yuga has created. That starts by rewarding the community. As a first order of business, we’re rolling out a new points system for HV-MTL and LoTM NFTs."
Key takeaway for me: Yuga realised they are not a company with “true gaming DNA” - which is good in the sense they realised where they were going wrong, but also raises questions as to where the value of the Bored Ape Yacht Club really lies.
Binance launches Megadrop: token platform with airdrops & quests
"Binance is launching Binance Megadrop, a new token launch platform with airdrops and Web3 quests, where users can subscribe BNB to Locked Products and/or complete tasks in their Web3 Wallet for early access to rewards from selected Web3 projects before their tokens are listed on the Binance Exchange. The first project to be introduced on Binance Megadrop will be BounceBit (BB), a BTC restaking chain."
Key takeaway: everyone wants a piece of this token action right now.
Since the bull market came back it is obvious so much attention is on meme coins and token launches of various types.
The big business will lie with the launchpads for these tokens, who can capture the volume on their platforms, earn fees, and provide more holistic support services for the launchers.
MAGA memecoin $TRUMP partners with former Trump advisor Roger Stone
"I have chosen to partner with the @MAGAMemeCoin that President Donald Trump himself has in his wallet! MAGA MEMECOIN has donated over $1M to homeless veterans and to fighting child sex trafficking in the U.S. “$TRUMP”
"Memecoins are now partnering with seriously influential political figures. The permeation of memecoins throughout society last cycle was just a sampler. This cycle we are going deep."
The prediction seems to be this: after a long time of people online congregating around memecoins willing the price to go up, now memecoins can be used to congregate around bigger ideas, will irl things to happen, and in the process price goes up too.
It’s a risky bet, but so long as attention remains high for a particular coin, the chance is always there.
$PARCL & $SHARKY launch at $45M FDV and $500M FDV to market disappointment
"$PRCL post-listing performance is a huge buzzkill for the overall Airdrop season. I'd say this has to be the worst performing well backed and funded Airdrop-centric coin of recent times. It was trading around $1.5 pre-market, and I too thought it would hold steady around that level post-listing. But nope, it listed at $2 on Kucoin and then tanked to $0.6 within minutes! Now it's sitting at a measly $0.4"
Opinion from @Axel_bitblaze69
Very important on these coin launches at the moment:
We have to be really skeptical on pre-trading prices for tokens on markets like Whales Market.
So many are quoted as trading at X when X is only achieved at a really low volume.
Multiple people are incentivised to grab some headlines by making pre-trading seem higher than it is, but it ultimately can’t fool people especially if the tokenomics are not great.
I don’t even know exactly who is doing it, just something seems off.
Crypto down on Iran-Israel conflict
All majors have been down this week: BTC $64k (-8%), ETH $3k (-12%), SOL $143 (-17%).
The timeline sentiment seems to be something like: war news is only temporarily bearish.
We continue to monitor.
Sponsored Post - Lil Nouns surge to 0.11 ETH from 0.05 ETH
Lil Nouns DAO NFTs have surged in price after the collection has come into focus with the release of $NOGS.
What are the details?
NOGS has been designed to be a memecoin, a utility token and a nounish infrastructure for the world.
40% of the total supply will be incorporated in the NFTs of the most active nounish DAOs as a way to support their growth and participation, forever.
The first DAOs that will be supported are:
Nouns
Lil Nouns
Gnars
And that little bit of speculation is why the price has really surged recently! Although as I have outlined many times over the weeks, the DAO has continued to support all sorts of cool initiatives over the last months and is committed to continuing to do so.
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 - Punks, Apes, $LAVE
CryptoPunk, Clown Eyes Blue - 40 ETH
BTC Punk, Alien - 2.69 BTC
Bored Ape, Trippy - 38.25 ETH
Bored Ape, Laser Eyes - 26.9 ETH
Investor Focus - Blast Off Soon?
I still think Blast, the new Ethereum L2 by the founders of Blur, is one of the biggest opportunities in crypto at the moment.
I shared the thesis back in November here.
How high could it go?
People have spoken about the token coming out as high as $20B FDV, although some cold water was poured on that this week with some sober comparisons with other L2s (+ the Israel-Iran conflict).
Sammy seemed to agree that market sentiment has shifted to the point where new hyped tokens might not reach the heights they would have if BTC was also soaring at the same time:
My only counter to these grounding takes is that Blast is legitimately different to every other L2 because it has innovated to provide native yield ie you do not need to stake your ETH to earn interest, any ETH you move over there will be staked for you and earn interest automatically - that is cool - and valuable imo.
Apart from bridging capital over, there is an opportunity to earn ‘Blast Gold’ by using various protocols. Some have estimated this Gold to be worth up to $10. (Here is one person’s thoughts on how to accumulate Gold strategically.)
The tokens are meant to be scheduled for around May, so let’s see how things go.
If you would like to bridge over to participate you can do so by using my referral link: http://blast.io/0VNF5
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
How much gold you got