Block Report: 17 October 2022
TLDR. Your summary of everything blockchain related:
US Stock and Crypto markets rally to begin the week, up an average of 2%
Mastercard to help banks facilitate cryptocurrency trading
SEC announce investigation into FTX and it's founder Sam Bankman-Fried, as well as Yuga Labs
Coinbase announces anyone can now create a new collection on Coinbase NFT using an all-in-one NFT builder with on-chain editing.
Metamask announces bank to crypto funding for US customers
Opensea CFO stays down
Magic Eden announces optional royalties
Google announces that customers can use cryptocurrencies to pay for cloud services
Opensea rolls out Analytics tools
Ethereum addresses holding 1+ ETH reach all time high
Uniswap introduces their new web app
Degods announce 0 royalties
RTFKT announces Animus Airdrop
Doodles announce new IRL experience @ Art Basel in Miami
Anthony Hopkins drops The Eternal collection on Opensea which becomes fastest ever sell out on Opensea
Andy Warhol copyright case goes to the Supreme Court
Into the details:
Continued large raises from VC's and increased institutional interest, as well as a relatively stable cryptocurrency market despite negative macro conditions seem to indicate a slow decoupling from traditional markets. Regardless of how long and how deep this recession lasts, and if a financial crisis occurs, all that is happening in blockchain adoption, regulation and investment point towards a significant strengthening of the ecosystem, regardless of price action.
The future looks bright for those who are patient... and active, considering there are various opportunities and new innovations occurring everyday in the space.
NFT's:
Continued low volume on marketplaces doesn't mean the industry is stagnant. Various projects are selling out and innovating in various fields and as the debate around what amount of royalties should be enforced, I think we see continued sophistication come to the NFT space. Creating that which is right for the majority of market participants, whether you agree with it or not, is what makes the industry both competitive, and bring us closer to mass adoption.
To look out for:
Layer 2's are gaining a ton of investment and becoming more sophisticated by the day. With 13 days until zkSync launch on mainnet, Opensea supporting Arbitrum AND both Optimisim + Arbitrum having more daily users than Avalanche, there seems to be a myriad of ways to be ahead of the curve if finely tuned in to these ecosystems.
Tezos NFT volume increases for its 6th consecutive quarter and despite negative having an overall negative financial quarter, those tuned in to the ecosystem should have a leg up on NFT market trends as Tezos seems to be a hotbed for a lot more experimental activity at lower price points.
Avalanche are investing a massive amount into their ecosystem including their NFT infrastructure and innovative use cases built on the chain. Once again, as something that isn't at the forefront of the general investors mind, this L1 seems rife with opportunity for creators, entrepreneurs, artists and speculators that are aware of what's being offered.
If you enjoyed this Block Update and want to receive our news and analysis first, please subscribe below.
*Disclaimer: None of the above represents financial advice.
Sero
