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- Non-Fungible Weekly #16
This week we look at Degen Fat Cats, Market updates, and overall Crypto News.
Crypto News
Disney is looking to grab a piece of the Web3 pie by developing areas in AR, AI, and NFTs. The company chose the Polygon blockchain to partner with in these endeavors.
Tesla sells 75% of its Bitcoin reserves. In a move said to be made due to uncertainty of COVID lockdowns in China, the exchange was worth nearly $936 million in cash. Elon Musk stated, "This should not be taken as some verdict on Bitcoin,"
Amidst concerns of stablecoins de-pegging, USDC's Circle has released the first of its monthly reports detailing its reserve assets.
1/ As part of our commitment to increasing transparency and disclosure around USDC, today we're publishing our first monthly breakdown of the USDC reserve assets, by each and every Treasury Bond and list of cash reserve custodians. circle.com/blog/providing…
— Jeremy Allaire (@jerallaire)
3:45 PM • Jul 14, 2022
SOL Market Update
SOL was able to break through the $42 supply zone this week. SOL may be chopping in a new range between $39 and $49. One way to think about crypto is to consider supply and demand. Supply is the top purple box; this is where many people have sell orders. The bottom purple box is the demand zone where many people have buy orders set. You can see these areas because when price hits them, buy or sell orders are triggered, and the value bounces off in the other direction if these zones are tagged enough times; that is where you can see a breakout happen because enough of the orders were filled.
NFT Market Updates
Trending projects on Solsniper show Okay Bears taking the top spot with Pokerfaces and Crashfaces filling the second and third spots, respectively. Gambling meta lives for yet another week.
Magic Eden 7D volume shows some of the newly minted projects in the top 10, including Froots, Degen Fat Cats, and Zoonies. Zoonies was the first Solana-based project to launch on Open Sea's upcoming launchpad.
Degen Fat Cats
Degen Fat Cats (DFC) are a new collection from the infamous Degen Coin Flip (DCF) project. DCF have typically been very difficult to obtain. With only 555, there are rarely more than 1 or 2 listed at a time, and they sell for upwards of 400 SOL. This makes it almost impossible for new investors to get in on this project. To this end, the team came up with the idea for Degen Fat Cats.
The team decided to fractionalize the OG coins into the Degen Fat Cats. OG coins are split into 35 Degen Fat Cats. Coin holders keep 28, and the remaining 7 go towards Fat Cats' public mint. DFC have a total supply of 20,000, with only 140 listed at the time of writing.
With the payout percentage remaining the same, 3.5% of daily volume, OG holders receive a slightly less payout. On the other hand, new investors have a chance to get in on a solid project that has consistently returned passive income to its holders. The release of the DFC collection could broaden the project's reach even more, creating increased site volume correlating to more returns for investors. ]
When you sell your Nft before the alpha groups pump it
— ThreadGuy.eth 🧵 (@notthreadguy)
2:32 PM • Jul 25, 2022
Word of the Week
Composability
The ability of components of a system to connect to every other element in the system. The individual pieces can be reconfigured and interchanged to form new, more significant parts. This idea is essential to maintain flow in a system where one element feeds into another, creating a loop.