FREE MINTS HAVE BEEN RIPPING 160X's - DO NOT MISS THE NEXT BIG FREE MINT OPPORTUNITY INSIDE! + MCGOBLIN BURGER DROPS TODAY!
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NFT’s can be highly illiquid markets, causing sharp drops in prices due to changes in narratives and trends.
Weekly Market Update
As the above chart shows, the NFT market was fairly consistent towards the tail end of last week and over the weekend. However, there has been some volatility over the past few days. Un-steady floor movement can be closely tied to the movement of ETH which took a bit of a dive on the 1st of June. In terms of the space, we are yet to witness signs evidencing change with the current bear market conditions. As you will see further on in the newsletter free mints are continuing to show dominance and as per our previous newsletter, this further epitomises to us that the NFT market is near its lowest short-term liquidity.
NFT Scoops of The Week
Insider Trading
For the first time in Web3 history, we are witnessing prosecution for NFT insider trading.
The prosecutors of New York’s Southern district arrested Nathaniel Chastain, former head of product for Opensea. The ex-employee has been charged on two counts. One count for money laundering to commit insider trading and one count for wire fraud.
It is alleged that Chastain was “using confidential information about what NFTs are going to be featured on Opensea homepage for his personal financial gain.”
The indictment (a formal charge or accusation of a serious crime) in simpler terms is as follows:
Chastain’s role was to choose NFTs that Opensea would feature on their homepage.
Opensea kept the choices confidential because news about an NFT’s listing on the main homepage could lead to a sharp rise in the floor price.
From June to September 2021 Chastain purchased the NFTs secretly prior to listing them on the homepage.
To make the purchase untraceable, he used anonymous wallets.
Once the NFT was listed, he allegedly sold the NFTs for profits.
The Department of Justice wrote a press release that stated that each count has a maximum of 20 years prison sentence.
Given the ongoing legal dispute, we are unable to comment further.
A new partnership has recently been announced between Fr0ntierX and Immutable.
The partnership will enable countless brands to kick start 100% gas-free & carbon neutral NFTs.
We are really excited about this partnership, the aims of both sides will align well in providing a better experience for all those involved. We have seen the issues surrounding gas fees, emissions, and entry into the eco-system too many times so we wish both every success in this move.
The famous rapper has become the latest Celebrity to file a trademark to enter the space. The filing indicates he will launch NFTs with his YEEZUS branding.
Given the links between Adidas and Kanye through the Yeezy shoe, there may be a collaboration further down the line.
Gary Vaynerchuk one of the most notable people in the space has filed his latest trademark. This time it is for “Vayner3” which is said to be an NFT consulting arm. The company will also be offering “advertising, marketing, and promotion services.”
Most things Gary touchers turn to gold, so it will not be a surprise to see this branch out being a success in the long run.
Former Beatle’s drummer Ringo Starr has taken to his Twitter to announce his upcoming auction of NFTs.
He advises that “Each NFT comes with a signed print and access to join me on an exclusive virtual tour of the ground-breaking digital gallery experience, RingoLand”
The NFT’s are an animated painting with a custom-made drum composition recorded and played by the musician. Two of the NFTs have a galaxy theme with a splash of vibrant colours, and the other two are self-portraits, depicting himself in the early Beatles era.
The auction will be taking place via Julien’s Auctions and we attach a link to the auction which is due to conclude on June 13th.
We have to date, seen a mixed reaction in regards to celebrity auctions, the latest being Madonna’s. We will keep a close eye on this auction.
The Winner’s Circle
Another free mint….. another success story albeit with plenty of differences.
The project launched on 24/05 with a mint price of $0.00 (obviously). Its purpose was as follows: “Admit One is a 1,000-member private group of Web3 enthusiasts, builders, and thought leaders. The NFT acts as the entry ticket to this diverse and dynamic community. Do dope shit with dope people”.
We attach a copy of their manifesto.
This is a low supply project, therefore there are two main ways to look at this.
1 - A higher supply, lowering demand therefore a lower floor price.
2- A lower supply, higher demand, exclusivity, and therefore a higher floor price.
When a project offers a low supply, it needs to back up the above with results. One way of determining this is a response in the NFT space. We are yet to see criticism of this project and with 7-day volume trading at a healthy figure of 2664 ETH, there is certainly a good feeling about this project.
This is further epitomised by only 59 items being listed for sale, holder are clearly keen to remain a part of this project. With an impressive floor price of 15.8 from a free mint, there is no doubt that this launch has been a success and the project is earning of it’s spot in the winner’s circle.
Quantum Keys are membership tokens that grant access to exclusive IRL events, online mints, and more.
The NFT grants holders access to Quantum Space LA, which is a community hub opening this month in Los Angeles. Quantum Space LA offers both an NFT gallery and a minting center, along with a metaverse immersion room for attendees to experience.
NFT holders have access to an exclusive collectors lounge in Quantum Space LA as well as a pass to attend exclusive mints both online and in real life.
There are gated channels within their discord that holders of Quantum Keys are only able to access.
The caveat with this project is that there are only 1111 items which means the floor price is more susceptible to change. Further, assumptions can be made as to where this project would be if it was say a 10k supply.
However, supply and demand is a serious factor with this project as there is clearly an exclusive status of being a holder.
In terms of the project floor, there has been positive movement over the last 7 days to determine why this project features in the winner’s circle.
Albeit the high mint price of 1ETH in March 2022, the project has risen sharply from 3.8ETH to a current floor price of 5.63 ETH.
A utility tool combined with IRL benefits, a far distance from a standard PFP.
Floors to Watch
This is a project that we mentioned in a prior newsletter. For those that didn’t read our short piece on the background of Akumu it was as follows: ‘Akumu is a project created by Boku Labs. You may recognise this name as these are the creators of the blue-chip Solana project Bōryoku Dragonz. Akumu is the cross-chain collection of Boryoku. For those interested Boryoku holds a 170sol floor (Around $10k)’. When we mentioned Akumu the project was finalising its pre-mint raffle for launch. Well, now the project has launched and sits on a 0.55eth floor. This is pretty good going considering the project minted for around .169eth. However, we include this in our floors to watch section because if the Solana ecosystem starts to move again after this free-mint trend dies down, then we will likely see some positive price action. Even though Akumu is on ETH, the project is so interconnected with Solana and will act as an onboarding project to the chain. However, for now, Akumu is yet to reveal so we see a big dip in floor price occurring when the tokens reveal. After then, there may be a very nice opportunity to buy into the project in the 0.2-.3eth region.
After a successful first Veecon, we believe that VeeFriends Series 2 is probably reaching its local bottom. VeeFriends probably couldn’t have launched at a worse time in terms of market conditions. Despite this, VeeFriends 2 has actually held surprisingly well in floor price even with 55,000 holders. This is due to the loyalty and cult status of owner Gary Vee. Considering the market conditions, we actually think this is one of the better purchases during the bear market. The floor price is relatively stable in comparison to other projects, you are getting in on a blue-chip brand for around half an eth which is now under $1000. I assume holders of VF2 will be getting priority on the VF3 drop which barring a disaster, should return most if not all of the investment into VF2. Due to the supply, VF2 will likely be a slow mover. There are 3400 items listed on Opensea and 1000 items to sell until a 1eth floor. However, this 3400 number is good. This is around 6% of the total supply which suggests that holders still have high conviction in VF2. Keep your eyes on this one, it’ll be a slow burner but a good long-term investment in our opinion.
Alpha
This is an interesting free-mint project that is launching at some point in the next 2 days. FTC will pay you 0.01eth to mint. This is the closest we have come to a legitimate free mint as the 0.01eth payment will likely cover most of the gas fee. The team includes Sibel who is the founder of Fluffy Polar Bears. Sibel has committed to putting 50eth into the project. The second founder is Shan who is the founder of Godjira and he will be adding 20eth more into the project. The mint date is rumored to be on Sunday and a supply of 6969 will be hitting the market. FTC is gaining some serious traction and we at NFT Scoop are certain there is gonna be some decent profit. The project has accumulated over 90,000 followers on Twitter and 80,000 on discord. They run a number of giveaways in their discord server per day which will be your only chance to get a whitelist. Otherwise, you would have to look for an entry on the secondary market. The only thing to note with regards to the project is that there is no roadmap or utility. If this trend dies you could be left holding the bags.
Official Links:
Holders of the famous Goblin Town NFT will be able to claim the second stage of the project titled McGoblin Burger today. Given that Goblin Town has sparked the Free mint frenzy then it could be worth picking up a Mcgoblin Burger Item on the secondary. Mystery surrounds what these NFT claims will be used for. From what we can see they will either be a Mcgoblin Burger, Fairy wings Fries or Drink. Whilst this all may sound insane, the Goblins have pioneered a free mint movement, and love them or hate them, the team is very talented & we would bet this is not their first Rodeo.
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