Block Report: 4 November 2022

Your summary of everything blockchain related

TLDR. Your summary of everything blockchain related:

  • FOMC interest rate continues - Powell says premature to halt interest rates

  • Non-Farm Payrolls +261k vs an expected 200k

  • Meta announces integration of an NFT marketplace across it’s products on Polygon

  • Meebits launches new website

  • Gala gets hacked for a massive $2Billion worth of tokens

  • Telegram announces marketptlace

  • OpenSea announces auto detection and blocking of stolen NFTs, as well as disabling scam links

  • South Korean prosecutors announce evidence suggesting Do Kwon manipulated Terra's market

  • Binance rumours circulate about an incoming bank purchase

  • Immutable announces tool to enforce NFT royalties on Ethereum

  • Y00ts artwork reveals

Into the details:

Things continue to rally after another 0.75 point interest hike and NFP’s coming in higher than expected. Whilst this news can seem positive in the short term it’s important to remember that positive NFP’s mean that the Fed will only have more reason to continue raising interest rates for longer. Once again it seems pertinent to prepare for a long squeeze across crypto, yet to prepare for crypto to outperform tradtional markets in the long term.

Some incredible news events across the board in NFT land with Meta announcing integration of an NFT marketplace, allowing creators to mint directly on their platforms. One thing to note here is that in a time where Meta’s stock price is tumbling and it is getting negative press wherever you look, I can’t think of a better time to look at their stock. Whilst some complain of mass adoption being extraordinarily hard to achieve and VR/AR not being a realistic reality for consumers any time soon, Meta has OF COURSE, lost a ton of money investing into this infrastructure that is NOT YET HERE. What separates them from everyone else is their massive war chest to be able to lose money for extended periods of time building out what in my opinion is a no brainer that society will use. To not stray from NFT’s - like them or hate them, Meta is at the forefront of players that are able to bring in mass adoption of NFT’s, whether they do it in a way that is core to crypto principles is irrelevant. It’s already been proven that the vast majority of people in NFT’s are here for the money, and the more you facilitate people’s ability to participate in a frictionless way, the more market share you get. Watch out for Meta and don’t get distracted by loving or hating big tech, Zuckerberg or their principles as a whole.

As predicted a few days ago we’ve seen the ArtGobblers floor and $GOO price tumble (over 50%) in the past 24 hours and I don’t think this is something likely to stop in the long term. To me the more complex mechanics (that people seem all too unwilling to look into) and the negative sentiment harboured my many in the light of some less than savoury accusations towards the founders only progresses this.

To look out for:

  • SoRare. Having watched SoRare form partnerships with some of the biggest sports leagues on the planet, it seems their strategy is finally coming to fruition. With a product that seems altogether much more interesting than NBA Topshot, and with the ability to conquer the European soccer market, it seems a brilliant opportunity lies in understanding and being early to releases by SoRare. The only caveat here is to understand properly how they will manage supply. NBA Topshot did a horrible job of this, and made a short term business model that relied on release after release without any real functionality.

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