GM Seedphrases 👋 We’re the fruits of your smoothie and the source for your crypto. 😃 

📓 Today’s Agenda:

• 🔥 Hot Headlines

• 📈 NFT Market Overview

• 🗽 Breaking down NFT NYC

• 👟 Adidas ALT NFTs

• 😳 Azuki Grail Szn

• 🎁 NFT Drops to Watch

🔥  HOT HEADLINES

📈 Market Headlines

• Ethereum Shanghai upgrade officially goes live, enabling over $34.5 billion in staked $ETH to be withdrawn - Read more

• G7 to discuss digital currency standards, crypto regulation - Check it out

• SEI blockchain raises $30M, bringing valuation up to $800M - See more

• Bitcoin continues to shine with 98% of inflows into crypto investment products - Read more

• FTX has recovered $7.3 billion in assets and is considering relaunching the exchange in Q2 - Read more

🖼 NFTs

• PROOF announces Moonbirds Diamond Nests reveal April 17th - Read more

• Goblin-town changes the metadata of all of their NFTs to…well, take a look

• New YugaLabs CEO, Daniel Alegre will be on OverPriced JPEGS next Monday - Check it out

Key Statistics:

• Weekly NFT Volume: $276M 🟢

• Weekly Marketplace Leader: Blur, 65% 🔴

• Weekly Traders: 157k 🟢

Story of the Week: Beeple x Nakamigos

It all started with this ‘PRAY’ artwork from Beeple and now it has turned into a full-blown love affair between Beeple and Nakamigos:

Shortly after this, Beeple teased the Nakamigos community that if they can get the project to a 1 ETH floor, he’ll create Chapter 2! Now the two communities can’t get enough of one another.

Check out the latest artwork from beeple! And it sounds like beeple might just be showing up at the Nakamigos party at NFT NYC TONIGHT. This could get wild, we’ll keep giving you all of the crazy details with this crazy love story.

🗽 THE NYC EXPERIENCE

NFT NYC 2023 is officially underway! You might not be there in person but we have boots on the ground and we’re here to make it feel like you’re right there with us!

The conference kicked off with a packed house, who says NFT mfers sleep in!

DeGods

One of the early highlights from the conference is the DeGods Care Package, check out this utility:

The DeGods community is one of the strongest online but it turns out that strength translates to real life too.

That wasn’t all from DeGods, they also hosted an ecosystem happy hour at DeNYC that had a great turnout:

Pudgy Penguins

The Penguin community wasn’t quiet either, with CCO Peter teasing Pudgy Penguin themed Cookie Sandwiches coming later this month! The Penguins are building an IP empire and this is another feather in the cap for this team:

The big event occurred last night. Take a look at some of the behind the scenes pictures shared by one of the largest Pudgy holders, Spencer Gordon-Sands:

We cannot get enough of the Pudgy claw machine, so if you’re like us, here are some more tweets you need to check out:

Valhalla

Some projects decided to make their voice heard loud and clear. Valhalla purchased billboard space in NYC and featured some of their community members! This was a really cool way to create a once in a lifetime experience for holders:

We want to hear from you! For those of you that were able to attend NFT NYC, what are your favorite parts so far?! Respond to this email letting us know!

😳 AZUKI GRAILS

Over the past 30 days, there have been more than 8 Azuki sales over 100 $ETH!

What’s driving this? There are a couple of reasons why, first is that whales love the Azuki PFP. It’s a status symbol in the NFT space to have a grail Azuki as your PFP. Second, is the strength of the Azuki SpiritDAO.

What’s SpiritDAO? It’s one of the most exclusive groups in NFTs. It represents all of the Azuki’s that have a Spirit trait. Over the 10k collection, only 97 have this type (<1%) and the floor price on these is 200 ETH.

It’s a sub-committee formed by the Azuki community and represents the importance that a strong community can have on an NFT project.

Given the recent impact Blur has had on the NFT market where most NFT’s are viewed simply as “floor NFTs”, the Azuki Spirit’s stand out above the rest.

Compare this to Mutant Ape Yacht Club, a community that is just as strong but that doesn’t value rare traits as much. Cirrus, points this out in his recent post. Rare Mutants are selling at floor value.

Are any other projects doing this? Yes, there are other projects that have sub DAOs but none as strong as SpiritDAO.

One other example of this is Valhalla. They’ve recently announced ‘Clans’ where holders of different traits can group together. These Clans can then become formalized groups within Valhalla and earn grants and royalties!

What else is Azuki doing? Azuki’s 2nd collection, Beanz, made a huge announcement yesterday about a partnership with IPX.

IPX is a global IP platform and the creators of LINE FRIENDS, characters that were originally created as stickers for the LINE mobile app.

What this means: This partnership allows for content collaborations between IPX and Beanz, retail distribution at LINE FRIENDS stores, and IRL activities between the two brands!

The Seedphrase Take: Azuki remains one of the strongest NFT collections for good reason. The NFT community should learn from the success of SpiritDAO. People want to be part of an exclusive club. Each NFT project has unique traits and projects should play into that uniqueness.

It makes it more fun for collectors to be able to join different sub DAOs within a larger project they know they already like.

🗽 ADIDAS NFTS

Adidas dropped a new NFT this week, ‘ALTS by adidas’, and the floor is up to 0.7 ETH already.

Didn’t Adidas already do NFTs? They did, but they went in the opposite route as many other projects. They started with merch back in 2022 and are now working towards their PFP.

They had massive partnerships with Bored Ape Yacht Club, GMoney and PUNKS Comic.

What’s going on now? This week they released this trailer (must watch) that shows the Adidas BAYC, Indigo Herz, walking into a motel and seemingly changing forever.

This was paired with an additional announcement that the ALT NFTs are dynamic NFTs with 3 phases. Phase 3 will be a PFP and the decisions the holders make will impact what your PFP becomes.

“Anticipation is the oxygen of NFTs” - punk9059

The Seedphrase Take: Adidas has been strategic with its approach to NFTs. It seems like they have been paying close attention to the markets and building in the background. The NFT market loved what Adidas did this week and we’re excited to see this collection evolve over time!

🎁 NFT DROPS TO Watch

Here’s a short list of some up-and-coming projects to keep an eye on:

• Dewey Ded

• Outlaws

• BBuddies NFT

• Project LOVI

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