GM Seedphrasers 👋 the crypto newsletter that scrambles the best stories on a plate for you every morning!

📓 Today’s Agenda:

• 🔥 Hot Headlines

• 🌋 Big Movers

• ⏰ Upcoming Drops (Marvel)

• 🌙 Moon Shot

🔥 Hot Headlines

📉 Crypto & The Markets:

• Silvergate is winding down its operations - Read more

• Coinbase announces Wallet as a Service (WaaS) - Check it out!

• The IRS wants to tax frozen crypto assets - Read more

🖼️ NFTs:

• VeeCon tickets airdropped to holders - Check it out!

• Claire Silver to premiere at the Louvre (Braindrops go wild) - Read up

• Goldfish on the Blockchain? It looks that way!

• Otherside will open again for players! - Read more

• Creature world teases an update to its open edition - Check it out

📚 QUICK OVERVIEW

What’s happening? After a hot February, March is getting cooler.

A decline in overall NFT volume over the last week.

• BLUR token price decreasing = Airdrop farming becomes less attractive.

With a lack of new projects to attract liquidity, the liquidity seems to be rotating from project to project.

More data: A decrease in the number of traders over the past week.

In addition to a decrease in volume, we’ve also seen a decrease in the number of traders over the past week. This metric tracks UNIQUE traders which is a key metric.

More new traders = more new liquidity

Instead of rotating liquidity from project to project, we can have a long-term sustained bull run. Think back to that Econ 101 class you fell asleep in…increase in demand drives an increase in price (assuming supply stays consistent).

Good news? We did see an overall increase in the total Market Cap of the NFT market (in terms of USD). This was driven by the Mocaverse mint (which we profiled here). The mint price was 0.138 ETH for 2 and has risen to a floor price of over 1.5 ETH.

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🌋 BIGGEST MOVERS

The NFT market can feel unpredictable. We want to help you understand why specific projects were the biggest winners of the week. Let’s break it down:

1️⃣ OWLS

Background: This was a free mint that launched on March 3rd. It was randomly generated on-chain art from over 90 million different combinations.

Why did it gain traction? Owls gained a cult-like community almost immediately and there were a lot of smart wallets buying large quantities.

➡️ The 3 key drivers for success:

1. Cheap floor

2. Unique art

3. Influencers spreading the word

Show me the money! Owls went from a free mint to 0.44ETH, a 4300% increase! Unfortunately, the floor price did not hold and has since dropped under 0.10 ETH.

Who’s behind this? Another reason Owls gained traction was because of the founder. He’s not doxxed but he did tell us:

“I'm a software engineer, husband, and dad. Very passionate about Web3 and all the possibilities it lends.”

This sat well with the NFT community and they rallied around him.

2️⃣ GITCOIN PRESENTS

Background: Alright, we’re going to get a little nerdy here for a second. Stick with me. We’ll get through it.

Okay, this was an open digital edition of "Liberal Radicalism," the seminal paper by Vitalik Buterin, Zoë Hitzig, and Glen E. Weyl. The paper introduced quadratic funding plus digital editions of two new works by Gitcoin co-founders Kevin Owocki and Scott Moore.

Wait? Do you mean THAT Vitalik Buterin? As in the creator of Ethereum? YES! That’s right, this is a collection from that Vitalik Buterin.

The open edition lasted around 5 days with a 0.05ETH price. The mint ended today with a total supply of 9,221.

Why did it gain traction? The first few days had close to zero attention but today, the project was called by some alpha groups and the attachment to Vitalik made the mint supply go from 1k to 9k in under a day!

Mint out + Ethereum founder’s NFT = FOMO

Show me the money! The mint price was 0.05 ETH and hit a high of 0.8 ETH, a 1500% increase! However, once again, the floor price has seen a significant decrease to the 0.23 ETH range.

Who’s behind this? From a team perspective, this is one of the strongest. We have Ethereum Foundation founder Vitalik Buterin, Harvard economist Zoë Hitzig, and RadicalxChange founder Glen Weyl. A who’s who of great minds.

⏰ UPCOMING DROPS 

BELIEVER: The Believer team has raised $55 million in funding from some big names in the space (Lightspeed, a16z, etc) and it shows on their website.

BIRDYBITES: This is a project created by the same team behind Alpacas and Toshies, 1337 Group. The mint date is March 18t starting price of 0.04 ETH.

VeVe: Marvel Digital Comics 👇🏼

🌙 MOON SHOT

This is something to keep an eye on…

Renga has been around for a while but there have been a few recent developments to watch:

• They’re making teasers about racing artwork, possibly announcements coming soon

• The floor is holding strong around 1.1+ETH

• Rumors of Renga being one of the 15 collections to open on the Amazon marketplace coming this April

• Merch drop launched this week

We’ll see what happens!

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😂 Meme of the day:

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.