Weekly Crypto Recap
Major Events
Final Bitcoin ETF Filings and Predicted Approval
Major US exchanges file final Bitcoin ETF applications. Predicted an 83% chance of approval, making it a significant week for the industry.
Crypto Users Projected to Reach $1 Billion in 2024
Bitfinex analysis suggests crypto users may hit $1 billion in 2024.
Bitcoin Celebrates 15th Birthday with 300% Wallet Growth
Bitcoin, post its 15th birthday, sees wallet growth of over 300%, with 90,000 wallets worth $1 million or more.
BlackRock’s Expectation of Bitcoin ETF Approval
BlackRock anticipates Bitcoin ETF approval on Wednesday.
Binance Settles with CFTC at $2.7 Billion
US court orders Binance to settle with CFTC, amounting to $2.7 billion.
Zerocap’s Bitcoin Discount Note Launch
Zerocap introduces Bitcoin Discount Note, attracting investors for a long position at a lower price. (*For Wholesale investors only.)
China’s Central Bank Urges Global Crypto Regulation
China’s central bank advocates proper global regulation of crypto assets.
Pro-Crypto Political Action Committee (PAC) Investment
Ripple, Coinbase, and a16z invest $78 million in a pro-crypto PAC ahead of US elections.
Ethereum’s 2024 Game Plan Revealed by Vitalik Buterin
Co-founder Vitalik Buterin unveils Ethereum’s “game plan” for 2024.
Sotheby’s Impressive $35 Billion Digital Art Sales
Sotheby’s VP reveals the sale of $35 billion worth of digital art in 2023.
Web3 Fraud Decline and FOMC Meeting Minutes
A 52% decline in funds lost to Web3 fraudsters in 2023. FOMC Meeting Minutes highlight Fed officials’ uncertainty about rate cuts in December.
Economic Updates
US adds 216,000 jobs in December, while the UK economy shrinks by 0.1% in Q3 2023. Bank of Japan maintains an ultra-easy policy amid high uncertainties.
Market Highlights
This week anticipates the approval of a spot Bitcoin ETF with an 83% chance. Despite Bitcoin’s 3% gain, the broader crypto market, including Ethereum, experiences declines. The competition among ETF issuers intensifies, raising Bitcoin’s visibility. Approving a Bitcoin ETF may set a regulatory precedent for other crypto-based ETFs. Ethereum’s potential pump upon approval and its balanced trading around $2,200 are crucial points to watch.
What to Watch
– Australia’s yearly CPI on Tuesday.
– Bank of England governor Bailey’s speech on Wednesday.
– US yearly and monthly CPI results on Thursday.
– UK’s monthly GDP and US’ monthly PPI on Friday.
Who is Luca Netz?
The Rise from Homelessness to a Millionaire CEO
Introduction
From Poverty to Prosperity
Meet Luca Netz, a 25-year-old entrepreneur whose journey from homelessness to the CEO of an NFT collection is nothing short of extraordinary.
Key Takeaways
Luca Netz at a Glance
– Age: 25
– Career Highlights: Ring, drop-ship business founder, Gel Blasters CMO, Pudgy Penguins CEO
– Approximate Net Worth: $100 million
– Age at First Million: 18
NFTs and Pudgy Penguins
Mastermind Behind Pudgy Penguins
Luca is the mastermind behind Pudgy Penguins, an NFT collection thriving on the Ethereum blockchain. The collection, born in July 2021, boasts a market cap of nearly $100 million. Notably, Pudgy Penguins Toys, a recent launch, can now be found on Walmart shelves.
From Rapper’s Chains to NFT Success
Early Ventures and First Million
Luca Netz’s entrepreneurial journey is a tale of resourcefulness. From upselling Burger King sandwiches in middle school to selling fake gold chains online, he navigated an unconventional path. His e-commerce venture, selling affordable versions of rapper-style gold chains, led him to his first million by the age of 18.
Life Lessons from Homelessness
Shaping Views on Money
Growing up homeless for about 10 years gave Luca a unique perspective. He considers adversity his greatest superpower, emphasizing the value of a dollar and the importance of understanding various financial situations.
Navigating Adversity and Success
The Ring Experience
Luca’s journey includes working at Ring, a tech startup, where he started from the ground up, packing boxes and fulfilling online orders. Despite being a 16-year-old packing boxes, he steadily climbed the ranks.
Entrepreneurial Wisdom from Early Years
Making a Million by 18
Luca shares insights into his first million, earned by combining his job at Ring with knowledge gained from YouTube and mentors. His venture into e-commerce, focusing on men’s jewelry, proved groundbreaking and resulted in the sale of his business for $8 million within nine months.
Pudgy Penguins and Beyond
The Vision Behind Pudgy Penguins
Luca’s journey also includes becoming the CEO of Gel Blaster, North America’s fastest-growing toy company. Yet, Pudgy Penguins stands out as his latest venture, disrupting the NFT space and character branding.
Luca’s Entrepreneurial Wisdom
Early Advantage and Navigating Trends
Being a young entrepreneur provides an advantage in pivoting quickly and staying attuned to viral trends. Luca Netz emphasizes sticking to one’s north star in the ever-changing landscape of entrepreneurship.
Investing, Regrets, and Advices
Managing Wealth and Regrets
From managing his own wealth to choosing investments, Luca shares valuable lessons. He highlights the importance of not comparing oneself to others and encourages young entrepreneurs to trust their journey and stay persistent.
NFTs and Future Disruptions
NFT Insights and the Future
Luca Netz believes NFTs will disrupt multiple industries, including gaming, collectibles, and fine art. He stresses the importance of aligning with NFT communities and investing in what one loves.
Life Beyond Business
Work-Life Balance and Regrets
While Luca acknowledges the importance of work-life balance, he remains committed to a six-day workweek. He shares his thoughts on managing regrets, expensive purchases, and the significance of staying true to oneself.
Advice for Aspiring Entrepreneurs
Wisdom for the Young
Luca’s advice for aspiring entrepreneurs is to persevere, start early, and leverage available content from successful figures. He emphasizes the value of resilience and the ability to pivot in a rapidly changing landscape.
What’s Next for Luca Netz?
Fulfilling a Mission
Luca Netz is driven by a mission: building Pudgy Penguins into the next great character brand. His focus is on creating an enduring impact that resonates with millions of people through content and products.
In conclusion, Luca Netz’s journey serves as an inspiration for aspiring entrepreneurs, showcasing the power of resilience, innovation, and a relentless pursuit of one’s dreams. From humble beginnings to NFT success, Netz’s story exemplifies the transformative possibilities embedded in the entrepreneurial spirit.
Unveiling CryptoUndeads: Bridging the Ethereum-Solana Divide
Introduction
Bringing Harmony to Crypto Ecosystems
In the midst of the ongoing Ethereum versus Solana debates within the crypto community, a unique NFT project named CryptoUndeads emerges as a peacemaker, aiming to bridge the gap between these two prominent blockchains.
The CryptoUndeads Phenomenon
A Cultural Conversation
Cryptic and enigmatic, CryptoUndeads has captivated the crypto community, especially on platforms like crypto Twitter (now known as X). Beyond the visual allure of animated keys and glowing eyes, CryptoUndeads has become a pivotal part of the cultural conversation, particularly amid the surging popularity of the Solana ecosystem.
A Bridge Across Chains
Uniting Ethereum and Solana
CryptoUndeads takes a unique approach to unite the Ethereum and Solana communities. With a curated allowlist of 90 collections spanning both blockchains, the project aims to revive NFTs and, in the words of its creators, “bring NFTs back from the dead.”
In Conversation with Dollar Crypto
Behind the Scenes
In an exclusive interview with Dollar Crypto, the founder of CryptoUndeads, we delve into the project’s genesis, its vision for the future of crypto, and the philosophy that simplicity is the best roadmap.
Dollar Crypto’s Vision for CryptoUndeads
Solana, Collectibles, and Brand Building
Dollar Crypto, a long-time advocate of Solana, emphasizes the platform’s user experience and consumer adoption as key factors. He believes Solana is ideal for high-volume transactions, especially in the realm of NFT collectibles.
Building a Premium Collectibles Brand
The Psychology of Collectibles
According to Dollar Crypto, a successful collectible brand relies on human psychology and widespread interest. The strategy for CryptoUndeads involves creating intrigue and positioning the project as a premium brand through high-level brand activations and partnerships, taking inspiration from the success of CryptoPunks.
The Journey to CryptoUndeads’ Genesis
From Tweet to Mint
The inception of CryptoUndeads began with a tweet by Dollar Crypto in January 2023, expressing a desire to create a remarkable Solana PFP. This tweet sparked a collaboration with Magic Eden, leading to the birth of CryptoUndeads. The project has been in the works since June, with its highly anticipated mint date approaching on January 16.
The Long-Term Vision
Simplicity Wins
Dollar Crypto offers an unconventional perspective on CryptoUndeads’ long-term vision. Emphasizing the philosophy that simplicity often triumphs, he envisions CryptoUndeads as a stable hold for Solana collectors. The goal is to maintain simplicity and stability, avoiding disruptive changes to the brand and ensuring a promise of long-term exposure for collectors.
Conclusion
Stability and Simplicity in the NFT Space
As CryptoUndeads prepares for its mint, the project stands at the intersection of Ethereum and Solana, offering a unique proposition to NFT collectors. With Dollar Crypto’s commitment to stability and simplicity, CryptoUndeads seeks to carve its niche as a trustworthy and enduring presence in the ever-evolving landscape of NFTs and blockchain technology.
GameStop NFT Marketplace Shuts Down: Impact on GME Stock
Game Over: GameStop Calls It Quits on NFT Marketplace
End of an Era in the Crypto Space
In a surprising move, GameStop (GME) has announced the imminent closure of its NFT Marketplace, bringing an end to its brief venture into the cryptocurrency space. The decision is influenced by various factors, including regulatory uncertainties, declining trading volumes, company layoffs, and reduced demand for NFTs.
The Unraveling of GameStop’s NFT Marketplace
Navigating Challenges in the Crypto World
GameStop’s decision to shut down its NFT Marketplace comes approximately a year and a half after its launch. Regulatory ambiguity played a pivotal role in this decision, coupled with a noticeable drop in trading volumes following November 2022. Despite the company expecting a slight reduction in SG&A expenses, the fundamental impact on GameStop’s departure from the crypto space is anticipated to be limited.
A Farewell to Digital Collectibles
The Future of GameStop’s NFTs
With GameStop’s exit, questions arise about the fate of digital collectibles purchased on its platform. Since NFTs are blockchain-based, they will persist and remain accessible through alternative marketplaces. Loopring, the Ethereum transaction processor powering GameStop’s Marketplace, has expressed gratitude for the collaboration, hinting at positive future collaborations.
Insights from GameStop’s Former Community Lead
Community Resilience Amid Corporate Exit
Ryan Kagy, the former Community & Education Lead at GameStop NFT Marketplace, emphasizes that the community plays a vital role in sustaining the ecosystem. As GameStop corporate steps back, the community of creators and early adopters continues building collaboratively. Owners of GameStop NFTs hold both a piece of history and a stake in the community’s future endeavors.
GameStop’s Crypto Journey: Why the Exit?
Navigating Turbulent Crypto Waters
GameStop entered the crypto space in 2022, launching a crypto wallet app in May and its NFT Marketplace in July. Despite early success, trading volumes dwindled post-November 2022, coinciding with layoffs affecting teams behind GameStop’s Ethereum-based blockchain wallet. Fraudulent activities on FTX, the termination of GameStop’s partnership, and a shrinking demand for NFTs collectively contributed to the company’s exit from the crypto domain.
Strategic Shifts: GameStop’s Transformation
Prioritizing Core Operations
Led by executives like Ryan Cohen, GameStop has shifted its focus towards core operations, emphasizing profitability and cost-cutting. The decision to discontinue digital asset products and services, including the closure of the NFT Marketplace, aligns with this strategic shift. Regulatory uncertainties further fueled GameStop’s withdrawal from the crypto space.
Impact on GameStop Stock: A Financial Perspective
Evaluating Financial Ramifications
Examining GameStop’s financials, the company reported losses and impairments related to digital assets in fiscal 2022. However, recent efforts to reduce expenses have shown positive results, with a notable decline in selling, general, and administrative (SG&A) expenses. The withdrawal from the crypto space is expected to have minimal effects on GameStop’s overall financial performance, with alternative growth paths outlined in the company’s new investment policy.
Conclusion: GameStop’s Ongoing Evolution
A New Chapter for GameStop
As GameStop bids farewell to its NFT Marketplace, the company continues its evolution, prioritizing core business operations. The impact on GameStop’s stock is likely to be marginal, with a focus on strategic shifts and alternative growth avenues. The crypto exit marks a shift in GameStop’s trajectory, leaving the community and digital asset enthusiasts to reflect on the journey and anticipate the company’s future moves.
Unraveling NodeMonkes NFTs: A Pixelated Journey in Ordinals
Decoding the NodeMonkes Phenomenon
A Pixel Art Revolution
In the vast realm of digital collectibles, the NodeMonkes collection has emerged as a pixelated pioneer, defying conventions with its launch on December 14, 2023. Boasting the title of the first 10,000 PFP collection on Ordinals, NodeMonkes has swiftly become a centerpiece of web3 discussions, commanding a floor price of .19 BTC (over $8,000).
NodeMonkes: More than Just NFTs
Exploring the World of Ordinals
Contrary to traditional NFTs, NodeMonkes are Ordinals on Bitcoin, residing as fully on-chain images inscribed on individual satoshis. The uniqueness of Ordinals as a method for creating digital collectibles has garnered increased attention, especially as web3 explores beyond Ethereum. The collection’s claim of being the first 10,000-count profile picture collection on Ordinals adds to its intrigue.
Early Ordinals: The Desirability Factor
Time-Stamped Collectibles
NodeMonkes’ appeal lies not only in being Ordinals but also in the timing of their creation. Inscribed in February 2023 within the 80-110k range, the early creation of these satoshis enhances their desirability among collectors. The strategic launch in December 2023 positioned NodeMonkes in a more mature Ordinals ecosystem, steering clear of early challenges faced by pioneering projects.
The Auction Adventure
Descending into NodeMonkes Mania
NodeMonkes initiated an auction for 8000 pieces on Dec. 21, featuring a descending or Dutch auction model. With a starting price of .21 BTC and subsequent hourly drops, the auction concluded after 8,000 valid bids. The clearing price was set, refunds issued for overages, and the claim process opened on Magic Eden from Dec. 27. The collection’s trading success reflected in surpassing 500 BTC in volume within four days.
Why NodeMonkes Thrive
Traits, Team, and Cultural Buzz
NodeMonkes’ success is attributed to a combination of unique traits, a clever mix of crypto references, and original creations. The Alienate head traits, reminiscent of CryptoPunk aliens, garnered significant attention, with individual pieces fetching substantial sums. Co-founder of Bored Ape Yacht Club, Gordon Goner’s acquisition of a rare duck NodeMonke further fueled interest and elevated prices.
Challenges and Controversies
Navigating Storms in Success
Despite its triumph, NodeMonkes faced controversies. Initially claiming a free mint, the project shifted its stance, causing discord among Ordinals enthusiasts. The team’s change in fundraising plans and a security breach in their Discord server added to the challenges. However, NodeMonkes’ community resilience, fueled by memes and catchphrases like “send nodes,” kept the momentum alive.
The NodeMonkes Legacy
Beyond Pixels and Controversies
NodeMonkes, with its consistent visual language and cultural impact, has etched its mark in the NFT space. Operating with zero royalties and without a clear roadmap, the collection maintains a unique position, avoiding the typical price fluctuations tied to announcements. As NodeMonkes continues to thrive, it signifies not just a collection of pixelated art but a cultural phenomenon shaping the narrative of digital collectibles.
Hot News Of The Week
Apple Vision Pro is available from February 2nd
XCOPY announced a new burn-to redeem for the MAX PAIN collection
Moonbirds floor price dropped below 1ETH
Joe Pease is going to drop a new piece
One single wallet sweeped 998ETH of Chromie Squiggles & Crypto Punks NFTs
Ryder Ripps & Pauly must pay $9M to Yuga Labs following to their RR BAYC collection
Pudgy Penguins hit ATH as NFTs bounce back after ETF and crypto market dump
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