Crypto is moving the same way the internet was in the beginning

June 01, 2022

What up, family, 👨‍👩‍👧‍👦, 

Seedphrase Daily here 👋, we do all the work to bring you info on NFTs and Web3 so you can make the best decisions when you’re looking to make profits..

Today’s estimated research time is 4 hours and 12 minutes condensed into a read time of  3 minutes and 48 seconds. Stay tuned to where we talk about: 

  • 🦍 Does Ethereum 2.0 mean the start of the bull run? 

  • 📈 Crypto is moving the same way the internet was in the beginning 

  • 🎉 X2Y2 launching Tokenomics 2.0 

  • 🧵 Goblintown.wtf is the anti-hero of NFTs

Does Ethereum 2.0 mean the start of the bull run? 

The long-awaited update to Ethereum 2.0 could finally happen this summer! ☀️

At the ETH Shanghai Web 3.0 Developer Summit last week, Ethereum co-founder Vitalik Buterin said “the merge” will be completed this summer. This transformative update will switch Ethereum to a proof-of-stake consensus mechanism from a proof-of-work model.

What is Ethereum 2.0? 

Ethereum 2.0 is a new version of the Ethereum blockchain that will use a proof of stake mechanism to verify transactions via staking. Ethereum 2.0’s staking mechanism will replace the proof of work model where cryptocurrency miners use high-powered computers to complete complex mathematical functions known as hashes.

ETH currently has an annual power consumption roughly equal to Finland, producing a carbon footprint equivalent to Switzerland. Fortunately, the merge is expected to reduce Ethereum’s carbon footprint by up to 99.95%, addressing one of the major criticisms of the cryptocurrency, which could help drive mass adoption of Cryptocurrencies.

How will Ethereum 2.0 drive energy consumption down?

The potential of banning proof-of-work mining from the Markets in Crypto Assets (MiCA) draft made Ethereum want to transition away from PoW. The impact of cryptocurrency on the environment has become a permanent issue for mainstream media. 

By ditching proof-of-work in favour of economic staking, Ethereum is leaving behind this energy-intensive legacy. The PoW model is based on being able to mine from anywhere in the world to power the blockchain transactions. The PoS model uses staking (Money from investors) to power transactions on the DeFi transactions, stable coin smart contracts, NFT minting, and sales. They’re rewarded once the transaction is complete.

After the merge, Ethereum will undergo a 90% cut of daily emissions from 12,000 $ETH a day to 1280 $ETH. This could affect prices positively by giving more incentive to buyers with less fees.

In short: lower gas fees and higher rewards! 🤞

Maybe NFT volume will as a result 🤷‍♂️Food for thought, NFA.

Crypto is moving the same way the internet was in the beginning 

Crypto adoption is now massively outperforming the internet. It's been growing at about 165% a year versus 85% for the internet for the same period of time. This is the fastest adoption of any technology in all human history.🚀

Early-stage growth foresees unprecedented expansion as crypto outpaces the internet by 76% to 43% later this year. These are astonishing numbers, and the world's never seen anything like this before. 

When can we expect crypto to pick up the pace?

In yesterday's newsletter, we spoke about the effect micro and macroeconomics have on Cryptocurrencies. Once major news comes out for cryptocurrencies, such as central global governments mass adopting crypto, it will drive the price tremendously. 

What are we currently seeing with the market?

The overall cryptocurrency market cap is currently not expanding. Even though we see a small increase in percentage, we as investors should be prepared to survive this bear market.

Unless network activity picks up or some crazy news drops, people can expect to see stagnant adoption rates. The total crypto volume has been trending sideways for a while now. Sideways volume leads to sideways markets, which we're currently seeing. Do you think we'll have another boom anytime soon? Maybe China will unban it. 

Our take: Cryptocurrency and blockchain are at the beginning of its time, and whether we like it or not, we are moving into a more digital world everyday. It may not be any of the projects we know today but If we don’t  pay attention now it will catch us by storm.

X2Y2 launching Tokenomics 2.0 

The X2Y2 NFT trading platform announced the launch of Tokenomics 2.0, which will reduce transaction fees to 0 in the next month and return all gas fees to buyers to encourage the listing and trading of high-quality NFTs and reward platform users for their loyalty. 

Specifically, the platform will reduce the transaction fee to 0% and distribute 624,902 X2Y2 tokens to NFT sellers and buyers every day to subsidize the gas fee generated during transactions, which comes from the original NFT pending order reward. The pending order reward will stop when the latest plan is launched.

Users will also be able to purchase NFTs on the X2Y2 Tokenomics website, but users can still purchase NFTs on OpenSea with no fees! Could they be an OpenSea competitor shortly? 

Goblintown.wtf is the anti-hero of NFTs 

ₐₐₐₐₐₐₐᵤᵤᵤᵤᵤGGGₕₕₕₕₕ gₒbbₗᵢₙₛ GₒBₗᵢₙₙₙₙₙₙₙₙₙₛ 

This project has managed to get this space jumping again touching ATH floor price of 4.5Ξ($8.6k). But what are they, and how did they even get to this point? This is an interesting thread by @tansanDOTeth broken down :

Like any anti-hero, GT has many unconventional qualities. 

Since they started, they have signaled dislike towards greed. Openly mocked popular projects and exploded onto the scene through unconventional means.

"Don't be fucking greedy. That's how we got ourselves here."

And throughout their collection, some references support this sentiment. Nothing against these communities, but a common thread was community outrage, arguably caused by greed.

First, there's a Goblin with a t-shirt saying "Phunks", "Zunks", "Tendies", "Azuki".

This refers to the community's outrage after discovering the Azuki founder's history with previous projects and how they were handled. 

Second, there's a goblin with a tattoo saying $LUNA.

This is likely a reference to Terra Lunna and the $83B collapse of the stable coin $UST. 

Third, We also have Steveaoki, another 1/1 within the collection.

We haven't figured out the relevance of this one, but you'll also find @goblintownwtf following him. 

Lastly, there are Other striking visuals from their Twitter, including a reference to BAYC and Moonbirds collection.

I think some key factors behind their current success are the world-building they have done around this collection, making the website look like a story and even in the VCs using a goblin voice to encapsulate people further, and it's clearly working. They got everyone talking like a goblin because it's fun. 

It's safe to say these guys are on a mission, and these precise releases of information are too planned for it to be a random degen project. The question is, who is behind it and what else do they have planned? Maybe it is just another pump and dump. Let us know what you think.🤔  

NewSeeds (other cool stories):

Snoop Dogg's son teases the upcoming NFT collection on the Cardano chain. ADA getting some attention, anyone holding? 👀

That’s a wrap for today! Question of the day: Do you think cryptocurrency will be adapted just like the internet was? Lets us know and make sure to follow us on Instagram and Twitter for more content! And If you’re looking to find early opportunities to make money, tune in daily! It only takes 5 minutes. Also, read our eBook for free if you refer one friend! (scroll down) 

With that being said,  

See you tomorrow. ✌️ 💎

Meme of the Day 

Why Solana slander?? 

Disclaimer

None of this is financial advice. This newsletter is strictly educational and is not investment advice or solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research! 

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