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What’s On My Mind by Lark

Macro Fears 

The big story this week is the macro news scaring the market. Particularly fears around a potential war in Ukraine. Obviously no one wants to see war happen and I hope that cooler heads will prevail. But why is the world so concerned about the conflict in Ukraine? Well, some fear nuclear armageddon if the US and Russia come to blows. BUT more likely is the potential economic fall out since Russia is a major supplier of gas and oil globally. A supply shock could have some pretty serious consequences. That being said, humans are funny creatures, and we tend to over react to news like this. In financial markets this equates into panic selling lows or making bad decisions like shorting support. Crypto as usual tends to react much more intensely to macro news like this. While the S&P 500 is only down 10% from its all time highs, crypto coins are mostly down 40% to 90%. Fun. In the unlikely event that there is actually a hot conflict then the markets will not look at it favorably and a strong sell off could occur. Until then we have what markets like the least, uncertainty. 

NFT Danger

The prices of NFTs remain high and we just saw a record sale for Crypto Punks. That being said, there remains significant danger in the NFT space. Which was underlined by a highly anticipated sale from last week called Squiggles. Hours before the sale it was revealed that the anon founders behind Squiggles were actually serial scammers who have launched and abandoned multiple nft projects already. Sadly the pseudo-anonymous nature of crypto makes it possible for these scammers to just keep coming back time and time again. It gets even worse, apparently these scammers were also buying their own NFT mint with a bunch of addresses later proven to be linked to them. Thus making it seem like the sale was going really well and that this is a hot collection. The NFT space is wildly exciting and many NFTs will go on to make great gains and be very popular. But for every one NFT set that makes it there will be 99 that fail. The level of speculation in the NFT space right now feels very reminiscent of the the ICO boom in 2017. 

NFT Mania Ending For Now?

Trading volumes for NFTs are down 75% since the start of the month. 

The current daily volume of around 200 million is still more than twice the daily average compared to most days from 2021. The NFT market has seen multiple mega volume spikes as public interest peaks short term. But even if NFTs cool down for a while they are not going anywhere. In fact it was just revealed that the New York Stock Exchange is launching an NFT marketplace, or at least they filed to launch one. NUTS! 

Blockfi 100 Million Fine

Blockfi, the popular crypto lender and card provider has been fined 100 million by the SEC for providing unregistered security services to customers. In case you needed a reminder that the US SEC is a bad actor, well here it is. We can add this onto not allowing Americans to have a spot BTC ETF, invest in token sales, and use leverage to trade. Anyway, apparently Blockfi was in violation of the Howey Act, by offering a product the SEC deems to be a security. They were also, contrary to what they were saying publicly, not requiring institutions to over collateralize their loans. This is always a danger for centralized lenders when we cannot track things on chain. HOWEVER, now that Blockfi has paid their blood money to the SEC it seems that they can keep operating with no problems since now they have registered and are compliant with US securities laws. Maybe one day the rates over at Blockfi will make them worth using again. I always liked Blockfi, so it is disappointing they became so uncompetitive.

Sport NFTs by Sam

NFTs have expanded to cover many different areas, taking in everything from fine art and photography to play-to-earn gaming. But one of the most mainstream interests they’ve moved into is sports.

If you think about it, NFTs and sports make sense as a potentially lucrative match. NFTs enable digital scarcity–which equals digital collectibles–and there’s already a long history of obsessive sports fans spending their money on physical collectibles, such as trading cards and memorabilia.

Expand that market online for a crypto-native generation in a digital age, and you can see how sports NFTs could grow. At the end of last year, a report by Deloitte predicted that in 2022, transactions from sports NFTs would double in value from 2021, hitting over $2 billion.

Dapper Labs

The biggest name in the sports NFT space is Dapper Labs, who created CryptoKitties back in 2017, before moving on to the business of blockchain-based sports collectibles.

Dapper Labs dealt with congestion on Ethereum’s network by creating its own proof-of-stake blockchain, Flow, designed for web3 applications such as metaverse, gaming and NFT projects.

NBA Top Shot

Dapper Labs’ pioneering sports NFT collection, providing the opportunity to trade and collect basketball moments, which means digitally packaged video clips. It ranks at number 8 in the top NFT collections, and has an active marketplace.

NFL All Day

Following on in a similar style to NBA Top Shots, Dapper Labs is establishing NFL All Day. It isn’t yet fully launched and there’s no marketplace working as yet, but you can sign up for the waitlist, giving you a chance of picking up some of the closed beta pack drops that NFL All Day has already been issuing.

UFC Strike

If you’re into fighting, then visit UFC Strike, launched by Dapper Labs in January. The first drop, 100,000 Fully Loaded packs, sold out in four hours, so this one looks set to grow this year. The marketplace opened this week, and there’s an Israel Adesanya NFT offer running at the moment.

La Liga

Scheduled to launch in summer of this year is Dapper Labs’ partnership with La Liga. It looks like this will be along similar lines to NBA Top Shot, but this time dropping collectibles from the Spanish top-flight football league, which is the second most-watched football league in the world (after the English Premier League).

SoRare

Crossing over between collecting and gaming is SoRare, an NFT fantasy football platform that is partnered with many of the biggest football clubs in the world. You can approach this as a collector, a trader, or as a way to win rewards–either ETH or new trading/playing cards–through competing against other players.

Autograph

While Dapper Labs builds around partnerships with big name sports leagues, Autograph is an NFT platform that works with individual athletes. Co-founded by NFL star Tom Brady, it’s minted collections by the likes of Naomi Osaka, Tiger Woods, and Tony Hawks.

Ethernity

Although not exclusively focused on sports, Ethernity is an NFT marketplace with a heavy focus on athletes. Ethernity’s upcoming big name drop is by footballer Luka Modric, on February 17th, an event you can pre-register for on the Ethernity site.

Ethernity has plans this year for NFT staking and lending, a social token project called Fanable, and also metaverse and play-to-earn gaming developments.

Candy

One more to take a look at is Candy, which has a focus on Major League Baseball and motor sports. Candy recently set up a secondary marketplace for its MLB NFTs, and takes payment in fiat with a credit card.

Some people might argue this payment system goes against the crypto ethos, but Candy’s thinking seems to be that it makes NFTs more accessible, and opens up digital assets to a wider audience.

Socios

Not an NFT platform, but if you’re interested in the overlap between sports and crypto, then check in also with Socios, a fan token platform partnered with huge names from football, basketball, tennis, and other sports.

 

Final Notes

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.

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See you next time!

Lark and the Wealth Mastery Team

 

Legal Disclaimer

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.