All content is personal research and thinking. NFA.DYOR.
This Week's Reflection/Learning/Focus#
Weekly Highlights#
- Weekly Data
- BTC Price: 28,000 yuan, ETH Price: 1,827 yuan
- Cryptocurrency Market Cap: $1.26 trillion | [BTC Market Cap: $542.7 billion, 42.96% share] | [ETH Market Cap: $220.2 billion] | [NFTs Market Cap: ~$7.8 billion]
- [MVRV Z-Score]: {0.65}; [MVRV]: {1.37}
- [2-Year MA Multiplier]: {33,927-169,636} | [200-week Moving Average]: {25,900}
- Stablecoin Total Supply: 74 billion [USDT: 36.4 billion; USDC: 31.3 billion]
- General News
- Geoff Kendrick, Digital Asset Manager at Standard Chartered Bank, stated in a recent report that Bitcoin may benefit from recent market developments. This includes banking turmoil and the stabilization of risk assets as the Federal Reserve's tightening cycle nears its end. "Although the sources of uncertainty remain, we believe the path to $100,000 is becoming increasingly clear," he added, suggesting that Bitcoin could reach this level by the end of 2024.
- Financial platform Finder invited 32 fintech and crypto experts to predict the price of Ethereum. The data shows that experts believe the price of ETH will rise over time, but it will not reach its historical high of $4,891 in 2023. The peak in 2023 is projected to be $2,758, and the price is expected to start falling again in the second half of 2023, reaching $2,342 by the end of this year.
- Data analytics platform Dune announced that it is opening up its Dune API to all users and providing more features for free users.
- Capital and Financing News
- According to a recent report by Outlier Ventures, in the first quarter of 2023, 153 early-stage (Pre-Seed to Series A) Web3/crypto companies raised funding, 28 more than in the previous quarter. These companies raised over $986 million, a 13% increase from the previous quarter, but still far below the same period last year ($3.77 billion in the first quarter of 2022).
- Bankless Ventures, with a scale of $35 million, has secured 75% of committed investments. LPs include Marc Andreessen, founding partner of a16z, Chris Dixon, founder of a16z Crypto, Dankrad Feist, Ethereum Foundation researcher, Sandeep Nailwal, co-founder of Polygon, NGC, etc. The goal is to complete the financing by the end of May.
- Binance Labs, the venture capital arm of Binance, continues to grow, with its assets increasing from $7.5 billion in August last year to $9 billion now.
- Metaverse office platform Katmai has raised $22 million in funding, with Starr Insurance Companies leading the investment. Katmai aims to revolutionize the remote working environment by combining 3D virtual offices, cameras, and avatars. The company combines its video conferencing with real-time 3D engines, bringing people together in immersive, customizable, and realistic environments that can be accessed through a browser without the need for VR devices.
- NFT Investments
- NFTGo has raised $4 million in strategic funding, with additional investments from Sequoia Capital China and Hash Global, and new investors including 500 Global and Skyland Ventures. Liang Xinjun, co-founder of Fosun Group, also participated in the investment personally. NFTGo has raised over $10 million in total investments.
- Game Investments
- Free-to-Play blockchain game Flappy Moonbird has announced the completion of a $2 million Pre-B round of financing, with FBG Capital leading the investment. Flappy Moonbird is the first game by Helix Table, a studio of French video game developer and publisher Voodoo, to enter the Web3 space.
- Swedish NFT football game developer Goals has raised $20 million in Series A funding, with Seven Seven Six, led by Reddit co-founder Alexis Ohanian, as the lead investor, and participation from Northzone, Moonfire, and Cassius. The company has raised a total of $39 million in funding to date.
- NFT
- OpenSea states that 2023 will be a year for OpenSea to launch projects or showcase projects with practical benefits or utility. The platform will focus more on key Web 2.0 and Web3 creators or brands. One of the biggest pain points in the NFT space currently is the need for tools for non-native encrypted brands, and OpenSea aims to be a platform that reduces friction and makes NFTs "easier".
- PROOF collaborates with Web3 metaverse platform Mona to launch "Moonbirds Monaverse". Mona will provide technical support to help PROOF expand its virtual world space. This collaboration aims to create community experiences such as town halls, watch parties, and art exhibitions.
- Moonbirds has announced the establishment of the "PROOF+Moonbirds Community Council", with 10 community members nominated to represent the PROOF and Moonbirds communities and voice their needs and visions. The council will meet with PROOF leadership every two weeks to promote more collaborations and become a new feedback channel for the PROOF team.
- DeGods and y00ts have launched non-custodial staking. Users can participate by unstaking and restaking their NFTs, and during the staking period, the NFTs will remain in the owner's wallet but will be locked by the staking contract. The NFTs cannot be transferred/traded until unstaked, but token-gated applications are not affected.
- Cool Cats has announced the launch of Journey Season 2, where Cool Cats, Cool Pets, and Shadow Wolves NFT holders can participate in the "journey" and have exclusive experiences starting at 3:00 AM Beijing time on May 2.
- DigiDaigaku has announced the launch of Bitcoin Original NFTs, and DigiDaigaku Genesis holders will receive free or Bitcoin NFTs called DigiDaigaku Chibi, with a snapshot scheduled for May 1.
- Adidas and musician Pharrell Williams have teamed up to launch digital clothing for Doodles NFT holders in The Stoodio app. They will receive the "Pharrell Pack" airdrop, which includes not only Adidas digital clothing but also collaborations with other fashion brands created by Pharrell Williams, such as Human Made, Billionaire Boys Club (BBC), and Ice Cream.
- Amazon has postponed the launch of its NFT platform "Amazon Digital Marketplace" from the original date of April 24 to May 15 because Amazon is not yet ready.
- NFT portfolio tracking app Floor has expanded beyond the Ethereum ecosystem and now supports Solana NFTs starting today.
- NFTfi has announced the launch of the NFTfi Rewards loyalty program, allowing eligible borrowers and lenders to earn exclusive, non-transferable reward points.
- Magic Eden has announced the launch of the Magic Eden AMM pool, allowing users to act as buyer LPs, seller LPs, and bilateral LPs. The current Maker fee is 0 (until further notice), and all liquidity pools have a 1.3x fee multiplier (with a $50,000 prize pool). All fee multipliers will be sent to liquidity pool providers.
- NFT Worlds, a metaverse platform, will undergo rebranding and smart contract migration. All products will be renamed on May 5. NFTs are planned to be migrated to the new smart contract through an airdrop. Users do not need to unstake, and royalties will be enforced, so NFT holders don't need to do anything.
- BAYC | YUGA LABS | ApeCoin DAO
- BAYC has announced updates on the "Monkey Jimmy Trials" game, and the release of the REAVER NFT type in the HV-MTL Mech may be delayed until May. The timing of the subsequent "Evo 2 Journey" has also been changed from "May launch" to "June launch".
- Mike Seavers, former Executive Vice President of Development at Epic Games, the developer of Fortnite, will join Yuga Labs as Chief Technology Officer.