Welcome to another edition of the Weekend Degen Report.
What to expect: 2000 words a 8-minute read.
TLDR: Platforms shutting down or downsizing. Staking concerns increase. Artists keep winning and more.
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Creative Corner
GM GM. Lets dive in!
Currently working on a couple things. I am putting some final touches on my own online store. Currently you can buy your space for BlockMon which will be a live boxbreak of some pokemon booster packs. Later I plan on selling some stickers and shirt.
Speaking of, every month on the last friday I will be doing a livestream sessions where people can come and hang out as I open pokemon packs (yes this is still a thing haha). I will upload it to Youtube for those that miss out. The first hangout session I plan on doing in October 27th, 4pm PST. I will give away some NFTs, open up some pokemon packs and an AMA. So if you’re interested i’ll send the link later.
I am also working a website right now and it is coming along nicely. I need to look up certain things as I am not a developer but it is a fun project and one I have done in the past and enjoy doing when I want to frustrate myself haha.
Knowledge
Not sure if yall knew this but there was once a bear that made it all the way to corporal in the Polish army. It drank beers and went to war. The name of the bear was Wotjek and I dont know about you guys but fuck that, I would never want to face off with a bear lol.
NFT Space
I want to take the time to congratulate Spacecase. I recently joined the Spacecase hype train through the NobleDrop. Sleep Studies, for those who are unaware or just coming to know like me, is a multi-chain drop on ETH, Tezos, and Sol. It's a project of 69 works: 68 1/1s and 1 multi-edition.
With over 40 unique collectors, the volume has been over 69 ETH in sales. There are not many listed. It's beautiful art. Spacecase recently did an open edition for about eight hours. I was able to secure my piece (below), adding it to my collection. So, congratulations to Spacecase. Like he says, no hype, just art. Congrats on all the great work. I'm looking forward to seeing what comes next.
The biggest thing I want to discuss is this whole staking situation and what's going on. I feel like this isn't getting enough attention from other content creators or the market as a whole. First, I want to thank Hildobby for addressing this. They recently discovered how much ETH was staked in Coinbase. I want to reiterate to everyone that if you are staking with someone else like a centralized exchange (“CEX”), be aware of the risks. We've seen too many crypto companies fail, and then your money's locked, lost forever. Not saying that's going to be the case with Coinbase. Coinbase is a major player, but you never know. Unexpected things happen all the time. They were able to identify about 1.66 million ETH was staked. That's about 6% of all ETH staked. The reason I'm bringing this up is based on the whole Lido situation.
For those who don't know, the Lido pool is a protocol. You can stake your ETH with Lido. Many services use Lido. They currently hold over 30% of all the staked ETH. Why does this matter? Ethereum is a decentralized blockchain. We want it to be as decentralized as possible, but as these percentages rise, decentralization is at risk. Hildobby discovered that Coinbase is right behind Lido, but not that close. It really puts the focus back on Lido. If you want to stake your ETH, consider a different protocol like Rocketpool. I'm not trying to affiliate or sponsor, but just be mindful. We want to continue supporting and carrying the decentralization flag forward. This is one of my biggest issues with Ethereum currently.
Bitcoin has dealt with this in the past regarding China and the hashers. All it takes is a few quick decisions and people start panicking. However, we were able to spread the load in a more decentralized manner more across the globe, which is the goal. So, shout out to Hildobody for doing all this work and continuing to bring awareness to this issue. Vitalik himself has also said this is one of the bigger issues he is concerned about.
In other news, for those that have the .swoosh NFT, the OF1 box, we have some more news from Nike. According to their Instagram post regarding the purchase and reveal of the Air Force 1 or the OF1, you'll be able to purchase that shoe on the Sneakers app on October 20th. The price is $120. It's a pretty good looking shoe.
I'm not the biggest fan of Air Force 1's personally, but this is a pretty good one. I definitely have an OF1 box. I'm still deciding if I'll redeem it for one of these or not. Make sure you grab yours. They are also exploring other merch.
Emblem Vault is still continuing their migration from their old legacy contract to a new one. They've moved over about 1,700 rare pepes. If you have a vault with just a single rare pepe in there, it will be migrated via airdrop. For those with multiple assets, they will not be migrated. You'll have to open that vault and then repackage it up. Uncle Pennybags confirmed that you don't need Coval, you just need ETH to repackage it into the new 1155 contract. The experience of exploring rare pepes has changed drastically and it's making me bullish.
In other news, the Snapshot and XMTP announced some big news. For those that read last week's issue, I've been playing around with an app called Converse app, which uses the XMTP protocol. It's a decentralized messaging protocol. They partnered up with XMTP to address some of the biggest issues with DAOs (Snapshot). A lot of it is just engagement. Some of the votes aren't getting enough people or getting the message out on time. This is for proposals. With partnering with XMTP, they're hoping to be able to solve the problem of voter apathy.
AvantArte has been busy recently. They have a partnership with Cozimo Medici regarding bringing physicals. They're in the middle of that, but they also recently dropped a CryptoPunks drop right after the Ringers one. If you have a CryptoPunk, you'll be able to get a nice print of your own punk. If you don't own a punk, they also have a piece of art that has all the punks together. You can get that printed. It's on their site. You can register interest on the website. Pretty cool stuff from AvantArte. If you own a Grifter, stay tuned this week.
In other news, William Mappan, who's an artist in the space, that has been on a hot streak recently. It looks like there's going to be a ranked auction drop with Verse. It looks like it's going to be 64 NFTs with a thank you print. For those that don’t get the NFTs (64 above) you can print an output for $650 shipping and handling (they won't be minted as NFTs).
Collectors will be able to run William’s algorithm on the Verse site and save outputs. A winning bid will enable a collector to mint a saved output of their choice onto Ethereum.
Successful bidders will be eligible to claim a signed print of their work. The print will serve as a thank you from the artist, and will not be part of the artwork.
Minting window closes 30 October, 5pm.
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Additional unique prints
In addition to the 64 NFTs, collectors will be able to save and purchase outputs from Sketchbook A as signed unique prints for a price of $650, inclusive of handling and shipping. These will be independent of the series of 64, and will not be minted as NFTs.
On a sadder note, the Versum platform is shutting down. It's quite unfortunate. I am a user of Versum for some of my photography. I haven't figured out what I'm going to do with those pieces, but I will definitely be sad to see that platform go.
The sad punches keep on coming, Utopia Labs is shutting down. Utopia Labs is a provider that was out there. I've admired their product from afar. I wasn't a user, but I'm sad to see them go. The team isn't disappearing, but they are going to pivot from their current tool and product to something else. It's unfortunate to see this happen.
Many companies are laying off employees, from Yuga Labs to Proof, across the board. Making headlines this past week was Ledger which is currently downsizing by 12%. This is pretty crazy because this is only a couple of months after they had just raised $109 million in funding, which valued them at $1.4 billion. That's what makes the Ledger downsizing a little concerning. We'll see, especially since they've been pushing back the Stax product release further and further. I'm not sure what this means for the Stax and other products that are in the pipeline, but we're hoping these companies survive and continue building the space.
The Zealy.io word for this weeks read is, “thinker”. Make sure to get in on the fun and giveaways.
Notable Sales
We had a nice RLD by OSF sale this past week. That sold for 6.97eth.
There was a nice 3eth sale (hell yeah Ima quote myself, shit) for a 2016 XY Promos #294 Mario Pikachu.
Someone got themselves a steal with this one, Popwonder Fake Rare for 0.08eth.
Lastly, the last 1/1 from SpaceCase in this series sold for 1.353eth.
Upcoming
Coup of Grace is one of my favorite artist in the space. And it appears he is getting in on the fun with physicals. Seeing his process is insane too, highly recommend watching the following video in this link.
ACK, I'm definitely a big fan of his and the color study and everything that he's been working on, especially these physicals. I feel like he was one of the first people to kick us off on this physical meta that we're in right now. It seems like he might be exploring the Thinker, which is the image of the person that's thinking with all the skulls around him. I'm not really sure what's happening here. We'll see if he will release something, but he gave us a little preview of some prints. I don't know what this means, if it's going to be a 1/1 print or what, but I'm cautiously optimistic. ACK always keeps us guessing and I'm really digging a lot of these prints that he has. I got mine in the mail coming soon. So, keep your eyes peeled.
Lastly, we should be hearing about the next money_clicc reserve artist once this issue drops. Word on the street is the artist name starts with a J, and it is not a name you want to say at the airport “Hi J____”.
Meme Of The Week
Did you download the new linux OS haha?
Fin
Have a great rest of your week!
CIAHOAD-Rick James
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