Possible Relief Rally, Avax vs Ethereum, Milady Meltdown & NFT/Blockchain Gaming
In This Issue
- I share my thoughts on the state of the market, a relief rally, security, Avax vs Ethereum, Milady Meltdown & Geso Kishi alpha tickets.
- Sam has a report for you on NFT/blockchain gaming.
Premium members also get the following:
- My latest portfolio updates
- Rekt Capital has the latest technical analysis for you on the market.
- Rebecca has all of the latest news for you.
- Upcoming NFT drops
- Defi Dad has a tutorial for you on how to earn up to 29.25% net APY with MaticX-MATIC on QuickSwap.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca breaks down this week’s trending coins.
- Jesse has a deep dive for you on if it’s Safe to Buy Monero or not.
And much more!
What’s On My Mind by Lark<h3 id="the-state-of-the-market“>The State of the Market
Bitcoin has basically been ranging sideways. Nearly two weeks of price action compressed within a tight range on low volume.
Volatility is coming. The only question is when.
Why is the market so “boring”?
Well quite simply everyone is waiting to see what happens next.
Many traders have been burnt by the up and down price action. Many investors are exhausted from buying dips that keep dipping. Everyone is scared by the macro scene with a US recession looming and stocks getting slaughtered.
Until spot buyers step up we won’t see a market pump. And if we get some scary news that spooks the market then a dump can happen real fast!
In other news, Old Man Buffett is buying stocks again… interesting…
As I mentioned the other day in my video, Buffett does not get tech and is a hater of Bitcoin (he also missed all major tech stocks).
That being said he does know how to invest, understands market cycles, buying assets on discount, and that is exactly what he has been doing.
So if one of the most famous and successful investors of all time is buying, is it time for us to be paying attention to?<h3 id="relief-rally“>Relief Rally
At some point, we will see a relief rally for crypto.
This is the rally that gets you super excited. Things are turning around. The market is recovering. We are going to be ok.
By the time these thoughts are going through your head many will be selling and booking in profits… or taking losses, but smaller ones.
After 8 straight weeks of RED RED RED for Bitcoin, we are getting kind of due for such a rally.
Let me be clear, the market does not “owe” us a relief rally. And we could just keep being punched in the face by the market for weeks on end.
BUT if we do get a relief rally then here are some ways to profit from it:
- Long the pump! Set sell orders at key areas of resistance and be diligent about taking the profits when it happens.
- Short when we do run into key resistance.
- Off load some coins you may not want to hold onto long term. We all have that one coin that has gone to shit and that we don’t want to hold during a bear market.
- Just chill. If you are packed with nice long term bags then just enjoy riding the waves.
Food for thought…
Oh, and remember, that if we do slam past key resistance levels, then the rally might turn from relief to real.
Remember, macro headwinds still prevail.
If inflation falls again next month then maybe we can start thinking about some kind of recovery really starting to form up.
Do keep in mind too, that things are already pretty bad in the markets. Many stocks are down 80 to 90%. The Nasdaq is in a bear market.
We have likely already experienced much of the pain that the market has to throw at us, but until we start seeing some real signs of strength then caution is needed.
Further downside risk remains real.<h3 id="security!!! “>Security!!!
I was reading a thread about a guy who got hacked and lost all of his crypto, and so I thought it was an important time to review security.
Because, yes, the markets have been rubbish. But you know what would be even more shit than the price action recently? Waking up to see all of your crypto gone!!!
Here are some quick tips
- Buy a hardware wallet. If you don’t have one, then what are you waiting for? They cost around $100, and will protect your crypto stack. I would say if you have $1,000 or more of crypto then you should have one. I have about 4 at any given time. One with my Bitcoin. One connected to my Metamask. And 2 back up wallets in case I lose one of the above I can just load my passphrase and get straight back to business. If you need one then you can use my affiliate link to get yours HERE.
- Be very very careful about links you click, extensions you download, and things you approve on your wallet. The guy in the thread I read might have got hacked via an extension he downloaded. Just last week we covered the phishing hack of major sites like coingecko that prompted an approval for a scam site called nftapes.win on your wallet. Constant vigilance is needed in crypto. One mistake can cost you everything.
- Two factor authentication on everything. Don’t have 2FA on your email yet? Then set the clock until when your email gets hacked, because it is coming. And when that happens guess who has access to your exchange accounts? Ensure you have app based or better hardware based 2FA set up.
- Never, and I mean NEVER, store your backup phrases online. Don’t email it to yourself. Don’t DM it to a friend. Don’t put it on the cloud. This is a ticking time bomb.
- Never delay your security. If you realize that your security is not up to scratch then don’t wait to fix it. Make the time and get it done. Every day you allow vulnerabilities to persist is a roll of the dice that you won’t get hacked. Bad game to play.
These are just a few quick tips. The most common way that people lose their crypto is from making a mistake with their security.
Don’t be a victim!
Make sure there are no leaks in your security.<h3 id="avax-versus-ethereum “>Avax Versus Ethereum
As I have been using the Avalanche blockchain I have become increasingly interested in this coin and its future, even though at this time I only own a tiny amount of AVAX.
Although I have considered changing that situation, I remain hesitant to do much more altcoin buying until the market establishes a direction.
That being said, I want to share my thought process here.
- Avalanche has now surpassed / met parity with Ethereum in daily transactions, recording 1.2 million transactions a day now. Impressive.
- Total value locked is about 1/15 of that of Ethereum though, with Aave and Trader Joe being the two biggest. That being said a lot of innovation is happening on AVAX with new games and new defi apps popping up all the time.
- Burning!!! Although both Ethereum and Avalanche have burn mechanisms, the one on Avalanche is even more powerful with ALL fees being burnt. On Ethereum only a portion of fees are burnt. Over 1.7 million AVAX have already been burnt.
- It is EVM compatible making it easy to bridge to, and for projects to integrate with which is why we have seen many popular Ethereum apps like Aave add Avalanche compatibility.
- Avalanche Subnets are a major scaling innovation and assuming Avalanche continues to gain ground should be a major value driver since each subnet requires locking up 2,000 AVAX.
The competition in the layer one space remains strong, but I do believe that AVAX is a very interesting player in this space.<h3 id="milady-meltdown “>Milady Meltdown
A new and relatively popular NFT collection called Milady has fallen apart this week in a rather shocking turn of events.
This is one of those, so strange it has to be true kind of stories, and underlines the dangers of anon founders of anything.
Sometimes, like with the Bored Ape Yacgt Club, people just don’t want the attention of being famous founders.
But all too often we find out serial scammers or worse are hiding in the background of projects.
Milady is a great example of that.
This week it was found out that the people behind Milady have written blogs attacking black people, LGBTQ people, and Jewish people.
That is pretty bad, but it gets so much worse.
Apparently they also have been grooming young girls for sexual exploitation as well as encouraging self harm.
It just goes to show that anytime you buy something from an anon founder you are taking a risk.
Not only could your investment go to zero, as is happening to Milady holders (some of whom bought for like 15 ETH). BUT, you are also giving your money to the worst of the worst.
These guys have been exposed, yes, but they are not legally in trouble.
They walk away from this fiasco with millions.<h3 id="genso-kishi-alpha-tickets “>Genso Kishi Alpha Tickets
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NFT/Blockchain Gaming by Sam
It’s often said that during a crypto bear market, the people who keep on building will come out on top, on the other side.
This is perhaps especially true with NFTs, which are full of future potential and in such an early phase that they can branch off in many different directions.
One area where NFTs can have tremendous utility, and which is likely to see a lot of building taking place, whichever phase of the market cycle we’re in, is NFT/blockchain gaming.<h3 id="venture-capital-firms“>Venture Capital Firms
A good way of keeping on top of which gaming projects might be good prospects is to track where money from big investors is flowing.
When it comes to web3, NFTs and blockchain gaming, two big players to especially keep tabs on are Animoca Brands and Andreesen Horowitz.
The Animoca Brands company is arguably the most committed and influential supporter of blockchain gaming.
In fact, Animoca’s vision goes beyond just that, as it aims to facilitate the creation of an interlinked, open metaverse, in which digital asset ownership through NFTs is core to the infrastructure.
Animoca’s investment portfolio is huge, taking in some of the biggest web3 and NFT names, including OpenSea, The Sandbox, Decentraland and Magic Eden, and when it comes to gaming, you can find the likes of Axie Infinity, Dapper Labs and Aurory.
A good way to keep up to date with Animoca’s latest activities and how it’s investing is to visit its profile on the company data platform Crunchbase, and click on the Signals and News tab.
Another highly influential web3 investment group is the venture capital firm Andreesen Horowitz, also known as a16z.
With a broader focus than Animoca, the a16z crypto portfolio takes in major players such as Compound, Uniswap and Solana itself.
In major news for blockchain gaming, a16z last week announced the creation of Games Fund One, a $600 million gaming investment fund that recognizes games today as “online services that more closely resemble social networks and scale like consumer technology companies”, and states that “games infrastructure and technologies will be key building blocks of the Metaverse”.
Again, for indicators on projects with potential, it’s worth checking on Crunchbase for the latest news and updates regarding a16z’s funding activities.<h3 id="magic-eden-&-ygg“>Magic Eden & YGG
Solana NFTs are experiencing increased interest recently, with the Okay Bears collection doing high volume on OpenSea, and speculative talk of a Solana Summer for JPEGs (remember that in NFTs, an occurrence can be memed into reality if enough people say it will happen).
The leading Solana NFT marketplace, Magic Eden, has its own project launchpad, and also its specialist Eden Games section.
This month, it was announced that Magic Eden would be partnering with Yield Guild Games (YGG), in order to “bring YGG partner games to Magic Eden and, in turn, Magic Eden games and users to YGG”.
Both Magic Eden and YGG are major players in their respective areas, and if Solana NFTs continue on their current trajectory–gaining ground on the Ethereum NFT space–then this could become an even more positive tie-up.<h3 id="blockchain-gaming-studios“>Blockchain Gaming Studios
There are a growing number of gaming studios and development platforms specializing in web3 and blockchain-based projects. Here are some that look like they have the capacity to deliver.
Describing itself as “an interactive technology and entertainment company building games and content experiences for web3”, Metatheory was established by Twitch co-founder Kevin Lin.
The company just raised $24 million, with funding coming from, among others, a16z, Pantera Capital, and FTX ventures. Metatheory’s flagship project is Duskbreakers, which continues to develop, and incorporates a 10,000 piece NFT collection.
An entire, self-contained blockchain gaming ecosystem, Vulcan Forged offers play-to-earn games, two native tokens ($PYR and $LAVA), a marketplace on which in-game NFTs can be traded, and a DEX for swapping tokens.
Opportunities to profit through gameplay, staking, farming, and trading have the potential to grow significantly if the user base expands, and Vulcan Forged looks capable of gaining further traction.
Vulcan Forged also recently announced the foundation of its own gaming launchpad, with grants available for third party developers to join the ecosystem.
Targeting a specific niche is a strong play, and Fear is honed in on horror-themed web3 gaming. The company combines conventional development experience, crypto/P2E innovation, and a popular genre, which could be a potent formula.
The platform’s current flagship production is Fear Wolf, and the ecosystem’s native token is called $FEAR.
Some other studios and platforms to take a look at are Sky Mavis (who created Axie Infinity), Chain Games, Mythical Games, Gala Games, and Faraway.
To keep up-to-date with the entire blockchain gaming environment, a good place to check in with is the Blockchain Game Alliance, which is dedicated to moving the industry forward, building community, and publicly communicating the latest developments.
While the metaverse is an intriguing concept, the image of sitting alone indoors strapped to a VR headset can come across as a little unhealthy.
An idea that brings physical fitness to crypto and web3 is something called Move-to-Earn (M2E).
The basic M2E premise is to build applications on which, through exercising and being physically active, you can earn tokens which will have real-world, tradable value.
The top three M2E games by market cap are STEPN (on Solana), Step App (on Avalanche), and Genopets (also on Solana, and incorporating a fantasy/RPG theme).
All of these utilize NFTs, and are early movers in a field that has the potential to grow.
Also of note is Dustland, by the OliveX digital health and fitness company, which is a subsidiary of Animoca Brands.
OliveX’s stated goal is to build “the fitness metaverse”, and the affiliation with Animoca indicates that it may be one to watch.
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Lark and the Wealth Mastery Team
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.