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If you missed the news this week we've got you covered. Here are the highlights and latest developments in blockchain technology, new projects, events, and much more. Stay up to date on all things Web3 by subscribing to our newsletter, and let us know if there's anything you'd like to see covered in future issues.
Story 1: Pudgy Penguins Raises $9M to Expand Web3 Intellectual Property
Pudgy Penguins, the esteemed NFT brand, has triumphantly amassed $9 million in a seed round to expand its Web3 intellectual property portfolio. The round was led by 1kx, a blockchain focussed venture capital fund. The brand, recognised for its penguin-themed NFTs, has been on a rising trajectory since its inception in 2021 and subsequent acquisition by CEO Luca Netz in 2022.
https://twitter.com/pudgypenguins/status/1656022996409098261?s=20
Pudgy Penguins' digital assets, notably its Pudgy GIFs, have drawn considerable attention, garnering 3 billion views to date. Its escalating popularity is evidenced by its significant Instagram following and a Discord community of 40,000 members. Netz emphasises the brand's community aspect, insisting it's more than merely an NFT project.
This successful fundraising showcases Pudgy Penguins' resilience in a bear market. Vi Powlis, Head of Investor Relations, credits this milestone to the vision of strategic partners, who perceive Pudgy Penguins as an accessible IP for everyday consumers, not just crypto-natives.
The brand has attracted a diverse range of investors, including Big Brain Holdings, Kronos Research, Old Fashion Research, and CRIT Ventures. The trading volume in the past seven days has reached $3.43 million, and the collection's floor price currently sits at roughly 4.4 ETH (approximately $8,100). Prior reports suggest that Pudgy Penguins may be featured in Amazon’s forthcoming NFT marketplace.
Story 2: PEPE Crashes $1.8B to $800M in 4 Days, Hype Ended?
In a shocking turn of events, Pepecoin (PEPE), the recently trending memecoin, has seen its value plunge by over 55% in a mere four days. This nosedive has led to a significant diminution in its market cap, plummeting from $1.8 billion to $800 million.
The coin had garnered immense popularity and had rapidly ascended to become the 45th largest cryptocurrency by market capitalisation just three weeks after launch. However, following its listing on Binance, the world's largest crypto exchange, the coin embarked on a downward spiral.
The announcement of the Binance listing initially ignited a frenzy around PEPE, causing its price to rocket to an all-time high. This was short-lived as the price has since plunged roughly 56%, likely due to early investors capitalising on their profits. PEPE's market cap, which had surged to over $1.2 billion on the day of its Binance listing, now rests just above $764 million.
This trend appears to be following a pattern established by its predecessors, Dogecoin (DOGE) and Shiba Inu (SHIB). Like PEPE, these memecoins endured a significant drop from their all-time highs as the initial excitement surrounding them began to wane. The lack of inherent value and utility for PEPE has led to mounting scepticism among investors about the coin's durability.
Story 3: Stripe Simplifies Crypto Purchases for Wider Adoption with Onramp Launch
Stripe, a leading payment and financial platform, has unveiled a fiat-to-crypto onramp for US-based Web3 customers, streamlining the process of buying crypto. The new feature will also be made available to all Web3 users, including those on the waitlist, paving the way for broader crypto adoption.
The onramp supports a host of crypto assets and chains, such as Ethereum, Solana, and Polygon, enabling customers to top up their crypto wallets using card payments or instant bank transfers. The company also handles KYC, fraud, and dispute resolution for the Web3 businesses.
https://twitter.com/stripe/status/1654156129960615938?s=20
Stripe offers two implementation options for the onramp: an embeddable widget for seamless integration into a company's website or app, or a Stripe-hosted page where customers can be redirected to buy crypto. This initiative simplifies the crypto purchase process, eliminating the need for customers to use a separate crypto exchange, thus enhancing the user experience.
As part of the digital economy, Stripe's efforts to simplify crypto transactions represent a significant step towards wider crypto adoption and could be a game-changer in the industry.
Story 4: Elon Musk Tweet Causes 57% Pump in Milady NFT Prices
Twitter CEO Elon Musk's recent tweet featuring a Milady Maker NFT has led to a significant surge in the asset's price. The tweet showcased an anime-style Ethereum NFT profile picture from the Milady Maker collection and has been viewed over 4 million times in less than an hour, resulting in tens of thousands of interactions.
https://twitter.com/elonmusk/status/1656326406618619910?s=20
The tweet has ignited widespread excitement and enthusiasm in the Web3 space and among Miladys NFT holders, which has translated into a sharp rise in asset prices. According to NFT Price Floor, the entry-level price for the Milady Maker collection on secondary markets leapt from 3.75 ETH ($6,730) to 5.25 ETH ($9,400), marking a 57% increase in total over 24 hours. This surge is reminiscent of the effect Musk's tweets have previously had on the price of meme coin Dogecoin.
NFT marketplace OpenSea has reported a market-wide sales surge, with over 600 NFTs from the collection sold in the last hour, collectively valued at about 3,700 ETH or over $6.6 million. This makes it the best-selling project in that time frame.
Despite recent controversy surrounding the Milady Maker project due to creator Charlotte Fang's admission of operating a pseudonymous Twitter account sharing racist and abusive tweets, the NFTs have seen a resurgence, becoming a 'wartime' meme among some NFT traders and crypto industry professionals.
Story 5: Ordinals Inscriptions Soar to 4.8M in Just Over Week
In a dramatic surge, the number of Ordinals inscriptions on the Bitcoin network has nearly doubled from 2.5 million to 4.78 million in just over a week. The Ordinals protocol, initially used to mint images as NFTs, has seen a shift in usage towards text-based inscriptions, leading to the creation of fungible tokens similar to Ethereum's ERC-20 standard.
https://twitter.com/n3ocortex/status/1654146523330953216?s=20
These text-based inscriptions, now known as the BRC-20 token standard, are primarily driving the exponential increase in Ordinals inscriptions on the Bitcoin blockchain. Data from Dune Analytics shows that since 25 April, an overwhelming 99% of all new Ordinals inscriptions have been text-based.
According to brc-20.io, a tool that tracks BRC-20 tokens, there are currently a total of 14,200 new tokens hosted on the Bitcoin blockchain. Among the most popular Bitcoin-based tokens are "ordi," "nals," and a Bitcoin-based version of the memecoin Pepe (PEPE).
The total market cap of BRC-20 tokens is around $700 million, and digital asset investment firm Galaxy Digital predicts that the market for "Bitcoin NFTs" may reach $4.5 billion by 2025.
The rapid rise of Ordinals has sparked debate within the Bitcoin community, with some arguing that it broadens Bitcoin's financial use cases and others contending that it deviates from Satoshi Nakamoto's original vision. Meanwhile, miners have seen a significant increase in revenue due to the burst of new activity on the network.
Story 6: Binance to List Bitcoin Ordinals NFTs in Late May
Binance, the world's largest centralised crypto exchange, has announced its plans to list Bitcoin Ordinals, similar to Ethereum's NFTs, on its NFT marketplace starting in late May 2023. This crucial integration will enable Binance users to purchase and trade Bitcoin NFTs directly using their Binance accounts, removing the need for a separate Bitcoin wallet that supports Ordinals inscriptions.
https://twitter.com/TheBinanceNFT/status/1656344769902018583?s=20
The move is anticipated to streamline transactions, enhancing trading efficiency for Binance users. To further sweeten the deal, Binance has stated it will offer 'royalty support' to Bitcoin NFT creators, along with additional opportunities to generate revenue.
Ordinals, launched in January, enables users to inscribe text, audio, art, or even video games into individual satoshis, BTC's smallest unit, which reside entirely on the blockchain. The integration of Ordinals on Binance comes amid a surge in Ordinals inscriptions, with Bitcoin processing a record number of transactions on 1 May 2023.
While the increased activity has led to a spike in transaction fees and unconfirmed transactions, Binance has committed to adjusting its fees to prevent future recurrences. The exchange is also considering integrating the Bitcoin Lightning Network to expedite transactions.
Previously, Binance NFT has added support for the Polygon POS network in March 2023 and the Ethereum network in October 2021, broadening its reach in the NFT marketplace.
Story 7: Solana network has launched the Saga Phone
Solana, the high-performance blockchain, has announced the launch of its Saga Phone. This innovative device aims to penetrate the billion-pound DeFi market, offering users a simplified Web3 experience and bolstering the Solana ecosystem. The launch has contributed to a surge in Solana's active user base, which surpassed 200 million in May.
https://twitter.com/solanamobile/status/1655686839628595200?s=20
The Saga Phone, operating on Android 13, offers several unique features. It includes a built-in vault for secure digital asset storage, and users can access a broad array of decentralised financial protocols through the Solana dApp Store. It also features Seed Vault, a self-custody solution that uses biometric authentication and encryption to protect key phrases.
The phone comes with a 6.67-inch AMOLED screen, dual rear 12-megapixel camera, a 16-megapixel front camera, and wireless charging for its 4110 mAh battery. For enhanced security, it has a rear fingerprint sensor.
Early buyers of the Saga Phone can claim a unique Saga Genesis token, a device-bound non-transferable NFT that provides access to Saga Rewards, including exclusive content and offers.
With the introduction of the Saga Phone, Solana is poised to revolutionise decentralised app development and user experience, while also expecting a surge in its native token's value due to increased on-chain activity.
Story 8: 0N1 Force Expands Brand with Three New Global Initiatives
0N1 Force has launched '0N1 Force Worldwide', a trio of innovative community programs aimed at propelling the brand's global reach. The three unique features are designed to offer varying levels of support to community members seeking to advance the 0N1 Force brand.
https://twitter.com/0n1Force/status/1655948978171842560?s=20
The first, 'Franchise', offers 0N1 Force holders an opportunity to develop their profile picture (PFP) under the franchise model, with the selected users receiving assistance from the 0N1 Force team in terms of asset building, marketing, and distribution.
The second program, 'R0N1N', is a business development ambassador initiative. It allows approved members to represent 0N1 Force, securing business deals and participating in the deal flow to share in the project’s success. Each R0N1N PFP is controlled by the 0N1 Force team, adding an extra layer of exclusivity to this elite group.
Finally, 'World Club' is a program designed to bring 0N1 Force into the physical world. Members can establish an 0N1 Force Club, hosting real-life gatherings to promote the brand.
0N1 Force, with its new ownership and anime-inspired art, aims to tap into a potentially massive fan base. By formalising its community support programs, it is making significant strides towards broadening its reach and establishing a solid presence in the NFT world.
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