Paper 66: $PEPE: Generational Wealth in One Week
The memecoins run up whilst the NFT market capitulates
GM - this is the BCheque Papers, edition #66.
Welcome to the 10 new subscribers this week - we are at 1,797 subscribers now!
I write about NFTs/crypto, and trying to make it independently in web3.
This is what we’ve got this week:
This Week In NFT/Crypto World - Generational Wealth Meme Coin SZN
Notable Sales - Azuki and Memeland crushing the game
On the horizon - NFT Lending - a new opportunity or a risk too far?
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Have a great day,
B
This Week In NFT/Crypto World - Generational Wealth Meme Coin SZN
$PEPE shoots from 0 to $150M marketcap in a few days
There was euphoria and cope all over the timeline this week depending on whether or not you had a slice of $PEPE - which pulled an outrageous move after its inception.
There were a number of new coins which followed this coin( $WOJAK; $PONZI; $GENSLR and more), none of which returned the same gains, and some of which turned out to be complete scams.
Stay safe chasing the next bag of generational wealth friends: precarious market right now.
Coinbase moves offshore
Coinbase is preparing to move at least some of its business away from the US after it got its Bermuda license.
After repeated hostility towards crypto and crypto companies from the American establishment, it is unsurprising that they have taken the decision to sit in a different jurisdiction and pursue more business elsewhere.
Moonbirds announce $TALONs
The PROOF team has announced a token for their Moonbirds NFT holders - with a twist.
Whilst most tokens trade freely, this token will not be tradeable and will operate more like credit card / loyalty points.
The trouble I see with loyalty points is that we are already asked to be loyal by purchasing something which costs 1000s of dollars. So the ask to be more loyal after that purchase could be tough.
In the end, I think the success will depend on how realistic, quality, and often the rewards are.
Chimpers release new game, Quack Quest, to everyone
Chimpers opened up their latest arcade game to everyone.
In this space we are in a constant battle between producing free content to proliferate ourselves vs actually being able to monetise / reward holders.
To win I think a variety of offerings is the way forward, so it is good to see the team give more people a taste of their arcade gaming universe.
Legendary trader Franklin disappears
The legendary trader Franklin, who had more than 60 Bored Apes at times, has deleted his Twitter after citing huge losses to rug pulls and gambling.
In a deleted Tweet he said this on just one of the “rugs”.
If it wasn’t obvious already: don’t gamble (more than you can afford to lose); and be very wise as to who has control of your assets.
Sotheby’s to auction grail NFTs from disgraced 3AC fund
May 19 in New York - this amazing collection will begin to be auctioned as part of the 3AC liquidation.
Remember, 3AC were the fund which bought the top of basically every NFT and were part of the huge down spiral of crypto in 2022.
I had always been in favour of a liquidation party in the Bahamas - would have made a decent NFT conference!
Nike, Starbucks and Donald Trump drop NFTs
Whilst the NFT market itself is on life support, prominent brands and people kept going:
Nike with OurForce 1
Starbucks with its First Store collection
Donald Trump with his second season of Trump cards
Not all doom and gloom (depending on your political persuasion)!
Notable Sales - Azuki and Memeland crushing the game
@fewocious Bittersweet - collected by @SpartanBlack_1 for 99 ETH ($210,464)
Azuki and Memeland crushing the game
@ripcache sold two pieces at the @ChristiesInc Digital Art Auction
One for 25ETH to @MaryPatBing and the other for 24.2 ETH to @sebaudet26
Thanks to Monty for bringing it to my attention
On the horizon - NFT Lending - a new opportunity or a risk too far?
A shorter preview here today as I need a bit more time with evaluating this risky market.
The NFT Lending market is growing - and protocols are offering between 7 and 10% interest on ETH which you deposit for them to lend against NFTs.
In this market those returns sound pretty nice.
But is it a good deal?
Which protocols could we use?
Are the protocols safe?
I am doing my own research and experiments in the next week so will report back next week.
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