In This Issue
- I share my thoughts on the state of the market, new rate hikes, ETH might be a security, crypto institutionalization, post merge numbers & the USA killing algorithmic stablecoins.
- Sam has a report for you on the pixels and plotlines in Solana NFTs.
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 9.74% effective APY with ETH liquid staking tokens.
- 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 Kadena.
And much more!
What’s On My Mind by Lark
The State of the Market
Rough. That is probably the one word to accurately sum up the current feeling.
At the time of writing Ethereum had lost key support at $1,280, and Bitcoin had faced a major sell off on the daily.
The S&P 500 hit a major rejection as well. And as usual, it is all because of the macro scene, and the FED in particular. More on that in a moment.
The only thing that is rallying higher is the damn dollar index! And as we know, when the dollar index rallies, everything else falls. And the dollar rally has not shown any significant signs of slowing down… yet…
You might be forgiven for completely forgetting that Cardano’s Vasil hardfork is happening tomorrow. In a bull market it would be the talk of the town, but in a bear market it barely gets a mention.
News across the crypto space has been pretty slow in general. We are entering the quiet time. This general lack of interest and slow news is typical for bear markets.
Bulls markets need enthusiasm and wide market participation, in the same way that bear markets need apathy and ghost town vibes.
While it all seems grim now, and yes, the grimness could continue for some time, it will not last forever. It never does.
Keep playing defense and keep an eye out for opportunities.
FED Meeting Sets New Rate Hike
The Federal Reserve has announced a new rate hike of 75 bps (0.75%). And while the market had been anticipating this, the reaction has been generally negative. Particularly due to what the FED Chief said “the chances of a soft landing are likely to diminish”.
This means more pain will be coming for markets. Restrictive rates will be the policy for some time. It will take some time to get inflation under control. There will not be a bull run again any time soon, we should be ready for months more of bear market vibes.
SEC Says Ethereum Is A Security?
While Gary Gensler did not specifically say that Ethereum is a security now that it has moved to proof-of-stake, he did come out the day after the merge to say that all proof-of-stake coins could potentially be considered securities.
He based his reasoning on the concept that staking your coins could constitute an “investment contract”.
If this becomes law then almost every cryptocurrency will be deemed to be operating illegally as unregistered securities.
Another bombshell this week came from an ongoing lawsuit against a 2017 ICO promoter. In that suit the SEC is claiming jurisdiction over the entire Ethereum blockchain because the USA has about 45% of all ETH nodes hosted there. Pretty dangerous precedent if it goes forward.
Crypto Getting More, Not Less, Institutionalized
Blackrock Bitcoin Fund was a surprising announcement from the world’s largest asset manager. But it did indeed happen, and now Blackrock clients can invest in Bitcoin.
Nasdaq Custody Service has just been announced. The Nasdaq of course is a titan of the stock world, and now they apparently want to be a major player for crypto too!
Fidelity Brokerage customers will soon be able to buy Bitcoin. Formerly this had only been available to private clients. This opens up BTC to 34 million of their users.
EDX is a new crypto exchange being launched by Citadel, Charles Schwab and Fidelity. Just casually the biggest names in finance launching a crypto exchange!
It is easy to lose sight of the big picture during a bear market. Everything can seem so grim, but pay attention to what is actually happening. Not what the big money players are saying, but what they are doing.
Ethereum Post Merge Numbers
The post merge numbers for Ethereum are insane!
While Ethereum was technically deflationary in the first hours post merge, and will be again when the network activity picks up, it has not maintained that momentum.
However, what we are currently seeing is still crazy! The triple halving combined with the burn mechanism have reduced new Ethereum emissions to 1/20th of what they were pre merge.
At the time of writing 3,600 new ETH had been made since the merge, but had we kept proof of work then that number would be 70,600!!! HUGE DIFFERENCE!
USA Kills Algorithmic Stablecoins
The US House of Representatives has proposed a stablecoin bill that would put a 2 year bad on stablecoins that are not backed by hard assets like USDC, BUSD, and USDT.
That means that “stablecoins” like UST and Frax and a few others are in big trouble. And to be honest, after the UST meltdown, I don’t think anyone will really miss them.
Also, this does not appear to affect stablecoins like DAI or sUSD that are backed by Ethereum.
VeChain Review by Jesse
In this Wealth Mastery Crypto Review, we’ll discuss the following topics about VeChain:
- What is Vechain (VET) used for?
- Does VeChain have a future?
- Where can I buy VeChain?
- How many VeChain coins are left?
- Is VeChain a good investment in 2022?
What is VeChain (VET) Used For?
VeChain was designed to be used as an enterprise-grade supply chain and logistics blockchain. Since its creation, VeChain has focused on developing supply chain products that make it easier for businesses to track and share data in various ways.
Everyone wants to know what the VeChain VET coin is used for and other important questions.
Pixels and Plotlines in Solana NFTs by Sam
The Solana blockchain has been through ups and downs, taking in a bull market surge in the value of SOL to 260 USD on the upside, and multiple instances of the blockchain temporarily crashing out of action on the negative side.
One of the most enjoyable aspects of the Solana journey has been the evolution of its NFT ecosystem. When it comes to NFTs, Solana is now second only to Ethereum (by recent sales volume), and has become a JPEG degen’s playground, with more than its fair share of rug pulls to be wary of, but also some amazing illustration and graphic design, and numerous niche, interlinked communities.
One of these loose communities has built up around art, pixel animation, retro gaming vibes, and interactive storytelling, and the groups involved are gaining increased traction, so here are some key players and projects.
Image credits: The Chimpions
This is an art community and DAO (called the CHIAO), which has released just 222 access NFTs, creating a tight-knit collective. In addition to providing network membership, Chimpions NFTs also redeemed a merch package for holders, and are themselves distinctive works of pixel art, with each NFT displaying a unique, animated design.
A growing number of artists have become part of the Chimpions network, and a section in the Discord called The Treehouse is dedicated to connecting collectors and buyers, and providing a stream of updates and information regarding what’s dropping and upcoming.
Some original Chimpions NFTs can be found on Magic Eden from 99 SOL, but there are only eleven items listed for sale at the time of writing, and only three of those are priced below 100 SOL.
Together We Stand
Image credits: RGB and The Chimpions
The core collection from The Chimpions is Together We Stand, which is working in collaboration with a variety of artists and projects from the Solana NFT space to create limited supply editions within the overall collection.
A recurring theme running through the different editions is the idea of Chimpions and their artistic partners standing together to defeat adversaries. NFTs from the editions also function as Treehouse access passes and are intended to combine utility and art.
You can actually find many NFT art projects that try to incorporate utility, it’s a concept that distinguishes the NFT art scene from traditional arts, and Together We Stand can be expected to further explore this idea.
Editions in the Together We Stand collection each consist of 222 pieces, some of which are airdropped to Chimpions NFT holders, and there have been three edition drops up to now.
The latest Together We Stand drop was a dystopian-but-cute sci-fi pixel illustration called The Fall of the Eradicator, and it was created in partnership with an artist known simply as RGB.
RGB and Suns Studio
Image credits: Suns Studio
A long-time, active presence in the Solana NFT community, RGB has established a distinctive style based around nostalgic, pixelated vibes that should appeal to anyone who has hazy memories of being immersed in 8 and 16 bit game worlds.
RGB, who has a background in architecture and other (non-digital) artistic disciplines, is the founder of an art studio called Suns Studio, which has created some beautifully evocative, classic sci-fi-referencing pixel art that can be found on the Exchange marketplace.
However, the RGB project that is the most substantial and expansive is Solsunsets, which has gradually grown in presence to become a low-key landmark in the Solana art environment.
Image credits: Solsunsets
Launching back in November 2021, Solsunsets is a collection of 4,444 NFTs showing pixel art landscapes that come in two ratio sizes, including a banner style 3:1 scale.
Besides the core appeal, which is the artwork and ambience, holders have access to the SunDAO, and can claim Sun Studio’s Pixels tokens simply through connecting up their wallet once a week to the Solsunsets website, and without having to participate in any kind of pseudo-staking mechanism. Pixels tokens are earned at a rate of 1 per day for each NFT held.
Pixels tokens are being given real utility within the Suns Studio ecosystem, as they can be used to purchase whitelist spots and minting tokens (basically a whitelist spot combined with the cost of minting) for RGB’s upcoming Critters Cult project, which has been building considerable momentum.
Image credits: Critters Cult
Minting on September 25th, Critters Cult, the much anticipated new project from Suns Studio, will drop 4,444 NFTs, and looks to be shaping up healthily.
There is currently hype and speculation in the NFT space (driven in large part by the manga-influenced Renga project) around the idea of storytelling NFTs, meaning projects that are connected to the creation of fictional worlds, characters and plotlines.
Critters Cult falls squarely into this storytelling category, revolving around themes of mystery, sci-fi, horror and adventure. Coupled with the distinctively blocky graphics, it’s reminiscent of early point-and-click games from the eighties and nineties home computing eras.
These are all elements that have significant appeal to a certain kind of NFT collector, and the timing of the Critters Cult launch seems optimal, considering the current surge of interest in plot-driven projects.
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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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.