Fasten your seatbelt, because there is some turbulence in the crypto space. 🌪️👀
Saying this has been a bumpy week in the Crypto and DeFi space is an understatement…This is a week that will probably go down in Crypto history.
But before we jump into the details of this bumpy ride, here are some words of wisdom to survive this cycle by Fred Ehrsam, Co-Founder for Paradigm and Coinbase.
“Cycles are neither good nor bad; they are natural. Peak euphoria provides the opportunity for the world to dream about the future. Rock-bottom despair forces practicality and clarity. When things are good, they’re never as good as they seem; when things are bad, they’re never as bad as they seem.
I do know that every past cycle has left crypto stronger than where it started. Times when things feel like they are going well, are the times to build resiliency and set yourself up for success no matter what the future holds. I hope you embrace that opportunity.”
Let’s stay ✨positive✨
🎨 NFT News.
✨ Algorand blockchain and Hivemind Capital announced the acquisition of Napster.
Huge news for the NFT Music space as Napster enters Web3 in the name of the good old days. Will it revolutionize the Music industry like it did in the early 2000s? Definitely watching out for more details as they roll in, but at this time, no specific roadmap has been released yet.
✨ Mark Zuckerberg announces that Instagram has begun testing digital collectibles & NFTs on Instagram this week.
That’s right, what was merely a mention to NFTs coming to Instagram back in December is set to become reality very soon.
This week at Tom Bilyeu’s popular show “Impact Theory” Mark Zuckerberg was a guest and had a chat about NFTs, Web3 and the Metaverse.
He took the opportunity to share that this week, the team has started testing digital collectibles on Instagram, so that creators will be able to display their NFTs directly on their profile. Another functionality coming out soon, will be augmented reality NFTs on Instagram Stories via Spark AR – A way to place digital art wherever you are.
It will be interesting to see how this use-case will affect the NFT space. Check out the full interview below 👇
✨ Azuki drama. Azuki’s price floor falls to 9.7 ETH, a 79% decrease from last month’s 43 ETH.
The crypto market is bleeding this week, and the NFT market is following with most of the largest NFT collections by market capitalization falling over 20% in value.
Among all of them, the Azuki collection experienced the hardest drop of them all, caused not only by the market’s current situation, but especially thanks to a panic-sell chain reaction tied to a Tweet of the founder.
To go into detail, Azuki’s founder, “ZAGABOND” admitted via Twitter that he had been previously involved in 3 abandoned projects in the past: Cryptophunks, Tendies, and Cryptozunks.
Thing is, if the founder on one hand used the word “abandoned” and transformed the whole narration into an entrepreneurial motivational speech, the community on the other hand did their own research, dug into the past and found old claims of users saying that the projects in question were actually rugpulls.
This panic sell did the right amount of harm as Azuki’s floor price since then experienced a 79% decrease, to 9.7 ETH, leaving Azuki holders in a pool of drama and uncertainty.
📉 Crypto & DeFI News.
✨ The blood-bath aka Terra Luna Collapse: the biggest and fastest wealth destruction in Crypto history.
We thought it was a blue Monday & Tuesday for the UST and Luna ecosystem but Wednesday really did exceed in humbling us all down.
It’s all over Twitter, and #Lunacrash is trending: With $LUNA price falling more than 90% in a single day and $UST still struggling to repeg, what can we expect for the future of Luna?
As Terraform Labs is currently trying to save the situation, the near-future implications are already reflecting:
- A large variety of ecosystems were affected yesterday, resulting in clogged networks and price down-fall due to panic-selling.
- Regulators are already trying to leverage this event: U.S Treasury Secretary Janet Yellen already mentioned an increased stablecoin legislation by the end of the year.
- Institutions farming $UST have also been affected: further news is creating further panic.
Last but not least, and the saddest implication of all is the fact that many retailers have lost their life-worth savings but especially their trust in Web3….A space that has so much to give.
✨ Bitcoin & Ethereum are down over 50% from their all-time highs.
The market has no mercy. Bitcoin and Ethereum are also deep in the red, as the global Crypto market cap falls to $1.2 trillion at the time of writing, compared to its $3 trillion peak seven months ago.
Panic sell-offs continue and are resulting in:
- Bitcoin trading around $28,250 (also at $25,000 at one point).
- Ethereum trading around $1,950 (also at $1,700 at one point).
✨ As always, El Salvador’s President Nayib downplays the market drama and “buys the dip”.
As always, El Salvador’s President Nayib Bukele never misses the opportunity when it comes to buying BTC at a good price.
On Monday, Nayib Bukele tweeted that the country “bought the dip,” now that Bitcoin is trading at its lowest level since July 2021. To this day, this is the country’s largest Bitcoin purchase, for 500 bitcoins at an estimated value of $15.3 million.
Plus, Nayim gave us a sneak peak into Bitcoin City…
Now that’s a great way to face the crash!
🍿 Events this Month.
MetaVanity. A meta-exhibition.
📅 Ongoing exhibition.
The Lift. An immersive-physical exhibition.
📅 Live until May 31st.
📍MEET – Digital Culture Center, Milan.
FakeWhale. A physical exhibition.
📅 May 28th-May 31st.
📍More details to be revealed soon.
📚 Book of the Month.
This month’s book is Check your Financial Privilege, by Alex Gladstein.
A book all about Bitcoin, human rights, financial privilege, and personal freedom…And why we should not take any of these for granted. This is one you will want to keep on your shelf.
New exciting BookClub ideas are coming up, so stay tuned for more news.