Non-Fungible Weekly #18

Solana Hack, BS Updates, NFT Market, y00ts, & more.

August 15, 2022

This week we cover what happened with the Solana hack recently and how to protect yourself, Bridgesplit updates, the NFT markets, and what's happening with y00ts.

Bridgesplit Updates

🔮 Our newest release is in its last stages before we begin the next phase of the rollout.📌 Some of our most loyal users have been testing and giving some amazing feedback about the app.🏦 Our capital markets product is moving along quickly as we have some exciting advancements planned ahead.🗣 We had some great conversations and spoke at DeFiCon.🔨As you know, we've been heads down building 7 days a week to bring some brand new things to the DeFi x NFT space!

Crypto News

  • We recently saw a pretty large hack with over 8000 wallets being drained to a total of approximately $4.5million. It appears that the hack was tied to an exploit of the mobile wallet app Slope, still under investigation as to how private keys were transferred to a 3rd party that allowed wallets that interacted with the compromised wallet to be drained. There is no evidence that hardware wallets or cold wallets were compromised.

  • Michael Saylor, long-time Microstrategy CEO and bitcoin maxi has announced that he will be stepping down from his role at the company's helm to fulfill an executive chairman position. Saylor aims to focus more on Bitcoin acquisition strategy for the company.

  • Moonbirds is one of the recent projects on the Ethereum blockchain to switch to a Creative Commons zero license for their artwork. Anyone can use Moonbirds imagery to create and sell a product without acknowledging or compensating the creators. The move continues a trend where creators increasingly relinquish their ownership rights to provide opportunities for the public domain to utilize their work.

SOL Market Update

SOL is currently working its way back up to the supply zone of 46.6 SOL. It has tagged this zone twice previously. Remember, these zones are determined mainly by larger investors who set automatic sell and buy orders at these price areas. It is essential to remember that if the price keeps tagging a specific zone eventually, all of the orders will be filled, and it will break through, setting a new range. This is true for supply zones moving up and demand zones moving down.

NFT Market Updates

  • The top trending project on Magic Eden for the week was Rugged Revenants Gen 1.

It is interesting to note that Solana NFT mints are trending higher than four months ago while trading volume continues to decrease from its ATH in April. While many new projects are trying to launch in this bear market, investors are becoming more choosy on which projects they decide to back.

y00ts

We still don't know a ton of information around y00ts, the art has taken a controversial spin on Twitter with a majority of people taking a liking. The yPaper which included a whole new take on project utility was unveiled. Artists will be able to create traits and sell these traits on a marketplace. Utilizing this method will help create strong and passionate subDAOs and communities within the y00ts ecosystem. This project will indeed cause ripples throughout the SOL and even ETH ecosystem. This information alone is enough to have all of Twitter racing to fill out the y00ts scholarship. Aiming to do away with influencer whitelist shadiness, the scholarship is a way for the y00ts project to curate the type of people they want to have included in their project. Applicants are instructed to connect their wallets. Applicants' wallets with enough $DUST to mint 375 $DUST are given priority over other applicants. The next step is to verify your Twitter profile. Lastly, applicants are asked a series of questions to help distinguish what they would bring to the project. It is clear from the application process that the team is not looking for flippers but for individuals that have something unique to offer to strengthen the Solana ecosystem as a whole. We also just received news from Frank that today may be the day some applications begin getting accepted.

Word of the Week

Cold Wallet

A cold wallet is a physical hardware wallet that acts as a gate for your crypto and NFTs. Most look like a USB that either physically connects to your computer or operates via Bluetooth. For every transaction, users need to unlock the wallet with a passcode and manually approve the transaction. This helps prevent hackers from accessing your wallet and moving funds out of it without authorization. One of the most well-known hardware wallets is Ledger. It is always essential to purchase hardware wallets directly from the manufacturer to avoid activation of the wallet by a third party before you receive it. There are bad actors everywhere looking to take your assets, so do yourself a favor and take steps to protect your investments. You'll be glad you did.