#100 Crypto UP on reference to US interest rate cuts
How risk assets seem primed to moon
GM - this is The Snapshot, edition #100.
This is what I’ve got for you this week:
This Week In NFT World - US signals rate cuts for 2024, crypto rips up across the board
Sponsored Post - Lil Nouns sponsor $12,000 Lil Beans social media campaign - how is it going so far?
Notable Sales - Pudgy Penguin, Golid, Cherniak, CryptoPunks
Airdrop Focus - A $500M opportunity
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - US signals rate cuts for 2024, crypto rips up across the board: BTC +4%, ETH +5%, SOL +10%
"Check out that move in rates (FOMC). Next year gonna be fireworks for risk assets including crypto.”
Thoughts from @osf_rekt
As the Fed pencilled in 3 rate cuts for 2024, the market started to move out of government bonds and is behaving like it wants to go a lot more risk on.
Why does this happen?
For a long time with rates so high, people are not incentivised to deploy their capital into riskier assets because they can get their guaranteed high return from the government bonds.
If rates come down, capital can be deployed elsewhere to try to make more money, because the government returns are reduced.
Many think this is very, very bullish for risk assets like crypto. If that does play out, I would agree.
Although I share this concern.
Coinbase adds support for Solana memecoin favourite, $BONK on Thursday - up 50% on news
"BONK is officially live on Coinbase and wants $1B marketcap. The memecoin is up 58% today [Thursday] to a $992M market cap on massive volume. And Coinbase trading has just begun..."
Thoughts from @Tyler_Did_It
$BONK has continued to run another 80% in the last 24 hours.
So much so that traders bought up all US Solana phones - which come with 30M BONK free to claim with the phones - when they realised they were basically being paid to buy the phone LOL.
3 Ordinals auctions at Sotheby's close for total of $450k
"Lot 1: $241k; Lot 2: $107.95k; Lot 3: $101.6k"
Details from @tryPluid
FIFA drops NFTs that offer chance at World Cup final tickets
"- FIFA introduces NFTs offering a chance to win 2026 World Cup final tickets- Initially, 100 rare collectibles will be launched, followed by 900 others - Modex to manage FIFA's digital collectible platform strategically - The move aims to enhance digital engagement with football fans - FIFA's NFTs were initially minted on Algorand, now moving to Polygon"
Details from @S4mmyEth
Jack Butcher x Salvino Armati Oviator sunglasses mint 1717 pieces and price rises from 0.11 ETH to 0.17 ETH
The famous Opepen shape has been turned into physical sunglasses.
Each NFT holder can claim a physical pair, but that’s not all - after the claim has been made, the NFT will turn into a generative piece of art.
Jack Butcher strikes again!
The Oviators are now trading at 0.14 ETH
Sponsored Post - Lil Nouns sponsor $12,000 Lil Beans social media campaign - how is it going so far?
Lil Nouns DAO has sponsored a nounish 2d artist, Kimmy, with $12,000 to conduct a 6 month social media campaign to captivate and expand the Lil Nouns DAO audience.
Here is a showcase of how that content is going:
No beans were harmed in the making of this art.
A lil reminder from the lil bean.
And a lovely Christmas message.
The highest quality art with super fun, nounish vibes.
If you want to see how Kimmy and the team won 1566 votes (vs 435 against) - check out the full proposal here.
And if you are curious about contributing to a cutting-edge DAO and getting paid to bring your ideas to life check out the website.
Notable Sales - Pudgy Penguin, Golid, Cherniak, CryptoPunks
Pudgy Penguin, Golden - 42.69 ETH ($94,000)
K. Golid, Archetype - 55 ETH ($126,000)
Dmitri Cherniak, The Wrapture - 24 ETH ($55,000)
CryptoPunk, 3D glasses - 84 ETH ($193,000)
Airdrop Focus - A $500M opportunity
You are excited about the potential @rainbowdotme wallet airdrop.
Rainbow wallet is launching a “vampire attack” on the most popular MetMask wallet
You are correct to feel excited.
Trust Wallet is a wallet which dropped a token and its market cap is $480M and FDV is $1.1B. That is more or less the same as Blur.
If Rainbow dropped a token to its users (and if those users grow as part of this attempt to attract more) it is not unreasonable to consider Trust Wallet’s token as a comparable.
Add on top of this @OlimpioCrypto opinion on what wallet wars we could see:
"Would MetaMask be forced into a token? If they follow Uniswap's playbook, when attacked by Sushi they were forced to create a token. Not strictly because of the airdrop, but because yield farming on Sushi was so profitable that they needed to introduce an incentive of their own. OpenSea has so far resisted launching a token, not giving into $BLUR. IMO, all will have a token. It's just a matter of time"
How rewards?
There are 3 @rainbowdotme groups of people who will get POINTS instantly.
1. Everyone with an Ethereum wallet gets some
2. People who switch from Metamask → Rainbow wallet get more (so long as they have made some crypto swaps within the Metamask wallet)
3. Rainbow True Believers get the most (people who have been making crypto swaps within the Rainbow wallet already)
You can also earn points by your activity from now on.
Are there risks?
If you are setting up a brand new Rainbow wallet that should be fine.
If you need to import your seedphrase from an existing Metamask wallet into the Rainbow wallet, you need to bear two things in mind:
i) “If you are importing wallets over to @rainbowdotme, and decide to import wallets that are protected by your Ledger or Trezor, 𝐃𝐎 𝐍𝐎𝐓 𝐈𝐌𝐏𝐎𝐑𝐓 𝐓𝐇𝐄𝐌 𝐖𝐈𝐓𝐇 𝐘𝐎𝐔𝐑 𝐒𝐄𝐄𝐃 𝐏𝐇𝐑𝐀𝐒𝐄. Use the “add from your hardware wallet” option. If you enter your seed phrase, that wallet is now basically a hot wallet and is no longer protected by the Ledger or Trezor.” h/t @hotlneblng_
ii) Olimpio, very well respected and popular airdrop farmer, says he will not import any seedphrases whatsoever.
We are taught not to type your seedphrase into anything, ever!
I already have a separate Rainbow wallet, but I will do more research to see if I am comfortable with the risk of importing. It is an important decision, so please DYOR and take precautions.
Take care and stay locked in friends.
Feels like 2024 is going to be crazy.
Another thank you for being with me across 100 newsletters.
Much, much more to come - especially with The Modern Market Show.
We may be in a crypto bull market, but we will participate in the media bull market too.
Hope you are here for it.
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