In This Issue
- I share my thoughts on the state of the market, MT. GOX FUD, Cardano Vasil fork, Curve watch, NFTs are dead, WTF AVAX, bear market exposure & don’t ignore opportunities.
- Sam has a report for you on which NFTs have real utility.
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 6% APY lending ETH on Aave with Morpho.
- 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 the Helium Crypto Network.
And much more!
What’s On My Mind by Lark
The State of the Market
Jerome Powell has unleashed the pain machine into the markets. The FED is continuing to be aggressive even though the economy is weakening. A wave of unemployment is coming. And inflation reduction is nowhere in sight.
This has been combined with some monumental challenges in other key economies. Europe’s fears over a gas crisis which could have far reaching effects. China’s property woes are coming at a terrible time. Droughts in China and Europe are only making an already bad situation worse.
All of which has helped the Dollar Index rally to highs not seen since 2002. Not good at all. Risk assets could face a very hard year end… unless they turn the money printers back on, BUT there will probably need to be a lot more pain first.
The old saying goes “don’t fight the FED”, and right now the FED has been pretty clear on its intention to crash the markets and slow the economy.
MT. GOX FUD
The upcoming release of the 137,000 Mt. GOX Bitcoin has been causing a lot of fear in the markets. With a lot of misinformation usually accompanying that fear.
Part of the reason for this is that the entire Mt. GOX rehabilitation process has been slow and opaque. But the fact is that this Bitcoin will start finding its way to the market soon, or maybe “soon-ish”. Not all at once.
There is no indication how many people will sell, but some will considering they are like 4,000% in profit. Most likely, the sell off from GOX will be slow, providing continual sell pressure. Hopefully low enough though that the market impact is not super dramatic. But even the fear around this could be enough to drive markets. We are in very precarious times.
Cardano Vasil Hardfork
Charles Hoskinson has signalled that the Cardano hardfork will happen in September. This is a major upgrade to the network and will make the age of defi truly possible for Cardano. Now the question is will the macro chaos allow for Cardano to have a rally on the news?
The founder of Curve has said that the new crvUSD stablecoin could launch as soon as next month. I expect this could be a good catalyst for the asset and I will be keeping a keen eye on the progress. Remember, Curve is one of the biggest and most important pieces of defi infrastructure.
NFTs Are Dead…
NFT volumes on Opensea have fallen by 99% from yearly highs in May. In fact Opensea did just 5 million in volume on August 28th. Pretty shocking how fast liquidity has dried up for NFTs.
Sure, part of this is because other platforms like Looks Rare and Sudoswap are picking up users from Opensea, but the fact is that NFTs, while cool are on the furthest edge of risky assets. Any pumps in collections these days are short lived and mostly just circle jerks of insiders and whales causing fomo.
All of that being said, the bear market might provide some real opportunities for entries into cool collections at decent prices. Plus, NFTs are never going to be dead. The tech is real and revolutionary even if the bubble popped.
BTW a FREE MINT NFT called Digidaigaku is now trading at 13 ETH. Basically a free $20,000 for minters. I did not get this one, but I wanted to highlight that there continue to be ways to make real money during a bear market. Pay attention! Make sure to go back and read Sam’s guide on Free Mints from last week.
A website called blockchain leaks has released an edited video of what is reported to be a law firm representing AVAX. In the video their lawyer seems to say that AVAX has been starting litigations against competitors in order to both distract regulators and to try and get insider info on other chains.
Devastating if true, but… therein lies the issue. We have seen these exact kinds of hit jobs before when the markets were weak and someone was able to get a massive short filled. AVA Labs CEO has of course denied the allegations and sought to distance themselves from the law firm.
Many are pointing to the smoking gun being that the AVA Labs CEO once said something nice about the law firm in a tweet, and in fact they did represent AVA Labs… but Kyle Roche, the lawyer in question, has represented many clients and is one of the most experienced lawyers in the crypto space. He even defended Dave Kleiman’s estate against Faketoshi Craig Wright. So, it is not super surprising that AVA Labs kept Roche’s firm on a retainer.
Also to note is that the edited recordings were captured by an undercover agent representing ICP token as part of their class action suit and likely released this to try and discredit the law firm. Never a dull day in crypto.
I will keep you updated on the story if it ends up being something more. But for now I suspect that this was some well timed and dishonestly presented information. And, no, I am not just defending my bags. I am not married to AVAX and will 100% sell my bag in the future. I am merely trying to take an objective view based on what I know so far.
Bear Market Shows Who Is Swimming Naked
Bear markets always seem to expose the scammers and bad actors in the market. Some of them have been truly shocking such as Celsius, and the recent reports that the CEO took over day trading Bitcoin and lost like 50 million of customer funds in a day. Shocking.
The latest in the saga of bear market breakdown is from NETVRK. Apparently the CEO was alleged to have embezzled funds, and so as he rage quit he exposed the other founders who spent almost 4 million of investor funds on a mansion… instead of you know… developing their network!!!
Crypto investing remains very high risk due to the very unregulated nature of the industry. Not to say that regulated markets are perfect… anyone remember Theranos?!?! BUT, crypto definitely has attracted a seemingly endless supply of fraudsters, liars, and scammers.
Don’t Ignore Opportunities
The Dogechain Airdrop has been a big money earner for anyone who actually took the time to bridge DOGE over to it and play around with DC, up around 400% already. Sadly, so many people ignore opportunities in this market. Those kind of gains are rare in a bear market. BUT, those kind of opportunities do come.
The team and I are always looking for new opportunities for you, I hope you are paying attention and taking action on some of this stuff!
- My buy orders for AVAX have filled at $18 and $19.
- I added some ROSE at $0.065.
- I put in a buy order for CRV at $1.10.
- Added some BTC at $20,100.
- I entered a short term trade on OP at $1.13 with a tight stop loss.
How To Earn Up to 31% APR with Stablecoins on GMX on Arbitrum by Defi Dad
* This is a Premium Article *
Let’s assume I’m holding stablecoins I want to earn higher yield with, but I’m also willing to expose myself to some dampened volatility whether markets move up or down.
With the GLP token, I’m about 50% exposed to a basket of volatile tokens such as ETH or WBTC, but I’m optimistic that I’ll more than make up the difference in GLP price movements with earned trading fees in WETH and potentially more esGMX from the dynamic esGMX emissions for GLP holders.
Bearing all this in mind and acknowledging the GLP index price can go down during a market downtrend, I’ll show below how I can earn ~31% APR in trading fees denominated in WETH by simply holding GLP.
Which NFTs Have Real Utility by Sam
The world of NFTs is not just about art and cartoon animals, branching out to cover many different styles and sectors. One word you’ll often see pop up though, is utility, and having utility is usually (but not always) a selling point, so today, we’ll discuss which NFTs have real utility.
What is NFT Utility?
Basically, if an NFT has utility, it means you can do something useful with it other than just looking at the picture and bathing in the glow of owning a digital receipt. It’s not quite as clear as that sounds, though, since there are disagreements as to what actually constitutes a useful function.
If an NFT allows you entry to a venue, lets you unlock valuable online content, or nets you some desirable merchandise, for example, that seems clearly useful.
But what if an NFT simply puts you on the list to be airdropped another NFT? Early Bored Ape Yacht Club holders were given Mutant Ape NFTs and ApeCoin, both of which had high resale value, so that was a good deal. But how about in the case of an unknown PFP collection? Can airdropping a second, equally unknown PFP be considered real utility?
One other issue is that in the worlds of art and photography, you’ll find creators and collectors who dislike the idea of providing utility. From this point of view, they’re creating art which happens to be sold in NFT format, and asking for further uses is as pointless as asking for utility when you buy a painting.
Overall then, we need to be careful about what kind of NFT we’re buying, and if it offers utility, whether its functions actually have value.
ENS and Unstoppable Domains
Image credits: Ethereum Name Service
If you want to own your own web3 domain name, then you’ll need to buy an address as an NFT from Ethereum Name Service or Unstoppable Domains, either directly or on the secondary market. Doing this from ENS, you’ll get the distinctive dot eth domain extension, while Unstoppable Domains has other endings.
This kind of NFT domain name corresponds directly to your crypto wallet address, acting as a human readable alternative to the long lists of letters and numbers that make up wallet addresses.
Big profits have been made from flipping highly desired NFT domain names, but it’s fair to say that anyone currently buying web3 domain names can still be considered an early adopter (assuming adoption continues to grow).
Science and Data NFTs
Image credits: Oasis Labs
To really get a sense of how flexible NFTs can be, take a look at how they might be used in the world of science, which is about as far removed from the PFP degen casino as you can get.
RMDS Labs specializes in data science and machine learning, and has set up a specialized NFT marketplace to help solve problems around funding and IP in the scientific sector.
There is also speculation around whether NFTs could be used in the medical field, allowing patients to have greater control over (and perhaps even profit from) their data and records, and it’s not difficult to see how controlling your own data can extend into other areas, such as academic records.
Ocean Protocol is a leading entity working on data-backed NFTs, and Oasis Labs is focused on blockchain solutions to confidentiality and data storage, and is working with genomics companies Genetica and Nebula Genomics, among many other partnerships.
Image credits: Alethea AI
The integration of AI and NFTs presents a variety of possible uses. By the way, this doesn’t mean NFTs featuring AI-generated art, but rather NFTs that are actually artificially intelligent.
These could then operate as bots performing specific functions, as characters in games and metaverses, or in whichever sci-fi ways the future boundaries of AI development might allow.
Altered State Machine is an early frontrunner in this field, and Alethea AI is another project working along similar lines. Both of these projects work on the idea that an NFT can be coupled with an artificial brain or personality.
Fuzzle is another project to take a look at, producing cute, AI-powered NFTs in collaboration with Gala Games and entertainment-focused blockchain/AI specialists Endless AI.
Image credits: 10KTF
The fashion world has taken a lot of interest in NFTs, and there are a number of projects allowing you to buy virtual apparel. You could argue over whether this is real utility, but if we’re including applications in future metaverse-like environments, then there’s a definite purpose that can have value.
10KTF allows holders of certain NFT collections to mint digital fashion derivatives from their NFTs, which can then be traded on secondary markets. 10KTF has been around since September 2021 and is now, like BAYC (10KTF works with ApeCoin) and a few other blue chips, a well-respected web3/NFT presence.
Look into 10KTF, and you might come across WENEW, a web3 platform co-created by Beeple, and which is not only behind 10KTF, but has also worked with Louis Vuitton, Gucci, and British tennis star Andy Murray. There was also excitement recently when the WENEW name was spotted at the bottom of the Renga project’s landing page, and it became clear a collaboration between Renga and 10KTF is in the works.
If you want to see how NFTs can be linked to real-life, physical fashion, then head over to Origin Thread, on Cardano. This in-progress project aims to put all information about materials and production transparently on-chain, and make it viewable by scanning a tag on the clothing. It’s still at an early stage so there is only one shirt available as yet, and you can pay directly with ADA.
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.
If you really want to take advantage of fastest growing asset class EVER, I highly recommend you join us in the Premium Investor Report.
You’ll immediately get access to:
- Deep dive Altcoin report & The Trending Coin Report
- Technical Analysis on the crypto large caps and overall market
- Token sales, Airdrops and DeFi Tutorials
- Updates on the NFT Ecosystem and new mints
- My Investment Portfolio Updates
See you next time!
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.