Non-Fungible Weekly #14

This week we look at what's new in the crypto space, current market conditions, and the rise of the collaboration meta with Gothic Degens.

Crypto News

• The Venture Capitalist firm 3AC filed for Chapter 15 Bankruptcy after it failed to pay back loans from multiple sources. The downfall was initiated by the collapse of LUNA/TERRA, which put the company in a position not to be able to repay under collateralized loans from Voyager Digital, FTX, Bitmex, and others.

• Prominent names in the crypto industry are beginning to help struggling lenders. Sam Bankman-Fried, CEO of FTX and a vocal proponent of the Solana Blockchain, recently acquired BlockFi and extended a $500 million line of credit to Voyager Digital. CEO of Binance CZ is also looking for good deals on projects that are in need of rescue.

SOL continues to chop, setting apparent support/demand at $27.00 and a strong resistance/supply at $42.00. We can see these areas clearly from the chart above. The demand zone at $27.00 was reached and quickly bought up. While the resistance level at $42.00 has been tested multiple times and rejected. Investors take profits in this zone when this happens, causing the price to move downward until the next level of support is found.

NFT Market Updates

• One of the top projects this week has been Gothic Degens along with their collaboration air drops.

• Trending projects, according to solsniper, show very few 'blue chip' and OG projects in the top 10 for 1d volume. These are mainly newly minted projects that many investors hope to flip quickly.

• According to the Magic Eden 7d volume, we see some more familiar faces. Such as OkayBears, Cets on Creck, and DeGods. While investors are looking to quick flip new projects (and most likely always will), we are still seeing an accumulation of established projects at significant discounts.

• We can see from the chart above that Solana NFT trade by volume is currently sitting at an all-time low for the year, showing investors are still hesitant about the NFT market.

The overall picture can seem bleak at times; unfortunately, that's what a bear market looks like. On the bright side, history has shown that bear slumps turn into bull runs, so until then, practice good risk management strategies, learn about NFTs, and go touch grass.

Gothic Degens

Gothic Degens is a new project on Solana that is conjuring up a new meta by way of collaborations and partnerships.

Utilizing Game Theory, the idea that working together is more beneficial than working against each other, Gothic Degens is partnering with existing projects to bring a Goth interpretation to their current art.

Airdrops

They are planning to airdrop collaboration collections every 1-3 weeks for holders of delisted Gothic Degens.

Ways to receive airdrops:

• Must hold a delisted Gothic Degen

• Chances are improved by:

  • holding more than one Gothic Degen

  • holding a Gothic Degen for longer than 3 weeks

  • holding the correct combination of previous airdrops (combination is not disclosed)

As you can see this creates an ongoing incentive to de-list or purchase current and future collections to increase the chances of an airdrop.

Current collections:

Gothic Degens

Gothic Ghosts collab with GhostKid DAO

Gothic Goofy Gorrillas collab with Goofy Gorillas

Their current airdrop collaboration is with SolGods.

Say What?!?!

Word of the Week

AMM (Automated Market Maker)

A decentralized exchange where the users provide the assets, or liquidity, to be traded. Instead of a centralized authority controlling the asset flow like a bank, users are incentivized to provide liquidity by receiving trading and farming rewards. The trade is priced and executed using smart contracts. Meaning there is no 3rd party to come between buyers and sellers. Two well-known Solana exchanges that utilize AMMs are Raydium and Orca.

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