#93 BTC & ETH Rips 20% in 7 days
Why BTC is up - is the bull back?
GM - this is The Snapshot, edition #93.
This is what I’ve got for you this week:
This Week In NFT World - BTC & ETH Rips 20% in 7 days - NFTs up too?
Sponsored Post - Lil Nouns instigate $34,000 Bidet Revolution
Notable Sales - Autoglyphs, Cryptopunks, Azuki Spirit
Creator Focus - NFT God shares $250k revenue stream as a creator on X
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - BTC & ETH Rips Up 20% in 7 days - NFTs up too?
This week BTC and ETH both ripped up approximately 20%.
With Bitcoin moving past $35k, Michael Saylor's Microstrategy BTC investment is now back in profit: an average purchase price of $29,582 means profit per 1 BTC is around $5k. Holding 158,245 BTC this is an approx unrealised profit of $793,665,110.
Saylor is back in profit on BTC bet
Why is this happening though?
Last week we saw the CEO of Blackrock say that there was “pent up interest in crypto” and even described Bitcoin as a “flight to quality”.
This was in response to the fake news that the BTC ETF had been approved.
Fast forward to this week and we received indications that BlackRock would start seeding their ETF in October.
Context provided by Eric: Seeding an ETF is when initial funding is provided (typically) by a bank or broker dealer used to purchase a few creation units (in this case bitcoin) in exchange for ETF shares which can be traded in open market on Day One. Note: Seeding is typically not a lot of money just enough to get ETF going. So I wouldn't read this as 'omg Blackrock is buying a ton of bitcoin' at all but more the fact they doing it and disclosing it shows another step in the process of launching.
Nevertheless, the market seems to like the indications of ETFs incoming.
What is more: the market seems to be alive again.
Dfarmer, a prominent trader and investor, wrote this tweet where he predicted that a certain coin would rip 50% in a day, and within a few hours the Harry Potter coin obliged.
$Pepe was not too far behind.
What does this all mean?
It means there is a renewed energy and excitement around crypto.
Whilst many are cautious to flip too bullish too quickly, many feel that - at a minimum - this is the time to get locked in and pay attention.
I am in that camp.
Memecoin raises $10M in 1 hour
The long awaited $ MEME coin by Memeland is finally with us and the firesale was 100% reserved in just 42 minutes.
Announcement of sellout by CEO 9GAG
The total supply is 69B, with an initial price of $0.001, and FDV of $69M. Only around 11% of the token supply will be circulating on the token generation event (the day the token drops).
The firesale represents approx 10% of the 69% “community” allocation.
How can you evaluate this?
The planned FDV is $69M with around 10% circulating.
The ApeCoin FDV is $1.35B with approx 30% circulating supply.
Although Yuga’s ApeCoin is undeniably larger than Memeland, Memeland is considered to be underpriced.
RTFKT x Nike Air Force 1 fuses 10 previous designs to create WHAT THE RTFKT
Limited to only 40 pairs, these digital + physical collectibles have been gifted to the collectors who redeemed each of the 10 original colorways in the April 2023 Forging Event.
After a difficult year the RTFKT Clone collection is up 20% this week.
Ripcache announces only ordinals collection collected for 5 btc ($170k)
On-chain artist Ripcache who focuses on themes of security and surveillance sold 4 pieces from his only BTC ordinals collection to one group of collectors for $170k in total.
Fine digital art keeps thriving.
Sponsored Post - Lil Nouns instigate $34,000 Bidet Revolution
Lil Nouns DAO used its 16 Nouns NFTs to vote for Make Water’s $34,000 proposal to shift U.S. bathroom culture by promoting bidets, a net positive for the environment and households.
And the proposal was victorious!
Why did it win?
The Nouns liked the idea of slashing toilet paper costs, boosting hygiene, and easing water infrastructure stress via Nouns-branded bidets to low-to-middle-income families.
Remember Lil Nouns DAO currently has around 10% of acting voting power in the Nouns DAO, which holds 10,171 ETH ($18.8M).
This means Lil Nouns DAO is not only able to help Lil Nouns NFT holders submit a proposal to Nouns DAO; it is also able to support the proposal with more voting power than ever.
If you are curious about contributing to a cutting-edge DAO and getting paid to bring your ideas to life with Lil Nouns DAO check out the website.
Notable Sales - Autoglyphs, Cryptopunks, Azuki Spirit
Autoglyph, 150 ETH ($252,000)
CryptoPunk, VR- 58.7 ETH ($99,000)
Azuki, Spirit - 115 ETH ($206,000)
CryptoPunk, Wild Hair- 55 ETH ($99,000)
Creator Focus - NFT God shares $250k revenue stream as a creator on X
NFT God shares $250k revenue stream as a creator on X
OSF creates 9 sets of Fight Night editions each with a supply of 69, each set representing potential outcomes of his upcoming boxing fight - and if you hold the correct outcome you get a new edition!
Snowfro Velocity pass drop mints out at 0.35 ETH and surges to 0.69 ETH
Base announces Base Grants of 1 - 5 ETH ($1.8k - $9k) for builders doing unique and fun things
X ships early version of video and audio calls
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