Non-Fungible Weekly #17

Crypto News, NFT Market Updates, John Le, & more.

Author

Nick Hendrix
August 01, 2022

Check out the latest crypto news, NFT market updates, and The First Edition by John Le.

Crypto News

  • Ethereum inches closer to The Merge. Transitioning to Proof of Stake (PoS), the chain is set to deploy its final test run before the scheduled live merge around September 19. Vitalik Buterin, Ethereum's creator, has said that Ethereum will be approximately 55% complete after the merge.

  • Solana is opening an IRL store in New York City. Titled Solana Spaces, visitors can learn about the blockchain, how to set up a wallet, and purchase an NFT.

  • Unstoppable Domains announced that it has reached a $ 1 billion valuation after its latest funding round of $65 million led by Pantera Capital. Unstoppable Domains is a web3 company that mints NFT-based domain names for crypto wallets and companies.

SOL Market Update

We saw SOL rebound from the Fed's announcement on Wednesday of another interest rate hike. While this seems counterintuitive, it appears that the announcement of a .75% raise had already been priced in. Meaning investors were expecting this and were not surprised by a possible more considerable increase in interest rates. SOL is currently chopping between 41.4 and 46.6.  The 46.6 area appears to be a newly established supply zone seen by how it rebounded quickly for the second time after reaching it.

NFT Market Updates

  • Froots took the top spot from some Solana OGs on solsniper's 7d trending list. Degen Fat Cats is also trending the past week in front of their reveal on 7/31.

The First Edition - John Le

John Le is a Solana NFT artist whose 1/1 works and small collections have sold for upwards of 500 SOL. Most of his work can be found on Exchange.art, a Solana NFT fine art gallery.

The First Edition collection marks a change from previous works with a release of 500 of the same NFT. Past offerings have all been 1/1s.

This also marks a divergence from degen and Ponzi projects for Solana NFTs. It is interesting to see the popularity of this collection with the masses noting that there is no roadmap or utility. No immediate quick return for investors. What you do get is an intriguing piece of art from an artist who is well known and respected in the Solana NFT space.  

Word of the Week

Stop-Loss

A stop loss is a predetermined price where an investor decides they will sell. This is an important concept that many new NFT traders fail to understand. We often hold on for dear life, hoping that something will cause that tanking NFT we bought at the top to turn around. This is very rarely the case.  It can be a challenging but crucial step to learn how to cut your losses and live to trade another day. Everyone has their risk tolerance so be sure to factor this in when considering where to place a stop loss.