📈NFT transfers have been the highest since 2019!

What up, family, 👨‍👩‍👧‍👦,

Seedphrase Daily here 👋. We're the friends that you lean on for Web3 help. The real ones that take care of you when you're drunk.

Today’s estimated research time is 3 hours and 57 minutes condensed into a read time of 4 minutes and 23 seconds. Stay tuned to where we talk about:

• 📈 NFT transfers have been the highest since 2019!

• 🤷‍♂️ ‘’Shit’’ projects currently dominating blue chips.

• 🎵 Kanye West is now entering the NFT space

• 👨‍🏫 How to find & mint free mint NFTs?

NFT transfers have been the highest since 2019!📈

The number of ERC-721 transfers on the Ethereum network has beaten the same metric for another standard, ERC-20. While some users may think ERC-721 is a unique type of token, it is simply the NFT token standard used in every collection.

ERC-721 is a standard for non-fungible tokens, unique assets with different values than other tokens issued from one smart contract because of their rarity or visuals. ERC- 20 tokens represent fungible tokens that live on the Ethereum network, and developers can create their own tokens within the network.

Despite the massive drop in the popularity of NFTs, the ERC-721 standard is currently surpassing ERC-20 by the number of transactions, which could be tied to several things, including a drop in the activity of DeFi apps that use the ERC-20 standard and the returning popularity of NFT collections.

As CryptoRank's data suggests, NFT transfers hit a massive spike the market has not seen since 2019 and surpassed the transfer volume of regular ERC-20 tokens.

How are ERC-721 tokens at an all-time high in the bear market?

At all-time highs, the NFT market capitalization has reached $3.18 billion, a slight increase in the last few days. Since the all-time high, the NFT market has lost over 50% of its capitalization.

Almost every GameFi project in the industry actively uses ERC-721 on its platforms for unique game items and characters. Other platforms use NFTs as loan collateral or certificates that confirm funds lending, which keeps the ERC-721 activity increasing.

How is the activity of the ERC-20 token decreasing?

Have you noticed that gas prices are currently much lower compared to 2020? Well, there you go. Gas prices on the Ethereum network are determined by the amount of activity that the network is currently experiencing. As transaction volume increases, so does gas prices and vice versa. With gas prices now being at an almost all-time low, it's a sign that the Ethereum ERC-20 token volume is decreasing.

Resources to learn more:

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‘’Shit’’ projects currently dominating blue chips 🤷‍♂️

Recently, we've been seeing tons of “shit” NFT projects take over the biggest projects in the space. For example, GoblinTown.wtf in the last 7 days has over 12,000Ξ($22M) in volume alone compared to BAYC 9,000Ξ($1.65M).

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Why are blue-chip NFTs currently declining?

BlueChip NFTs thrive in bull markets and can do exceptionally well in the right conditions. In bearish conditions, NFT projects such as CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Azuki are all down approximately 40%-60% over the last 30 days.

Also, top-tier NFTs are a leveraged position on ETH (like many alts), with additional upside/downside risks based on execution, community growth & utility.

Good market sentiment = ETH price goes up + floor price (in ETH) likely goes up, and vice versa.

In poor market sentiment, a triple whammy could hit 'bluechip' PFPs:

While community spirit has a protective effect on the price, at some point, the pain and pessimism of down-trending markets could exceed the holding power of the community.

NFT whales are just like us… We're all trying to make money in the market. When the top bluechip projects aren't moving, they're left with no option other than to find projects with a strong community for either a quick flip or long-term hold. We're seeing this with the GoblinTownwtf project and other projects trying to follow their blueprint. People are itching for action. 😅

Goblintownwtf currently has the most NFT whales invested in their project within the last seven days. NFT whales trading the project is typically a green flag when investing in projects, and you can track them by going on sites like nftgo.io. They bring tons of awareness to the project and help inflate the floor price.

OpenSea's top volume traders

Kanye West is now entering the NFT space 🎵

Kanye West, like him or hate him, is one of the most influential people of our generation and pop culture, dropping albums like My Beautiful Dark Twisted Fantasy and starting the clothing line Yeezy

In January, he shared his views on the NFT space and let's just say it wasn't looking very positive.👀

I guess that was an ignorant answer, and since then, has done further research on the possibilities it can hold.

Kanye West has filed 17 trademark applications with plans of entering the non-fungible assets and metaverse experiences. In particular, one filing notes the potential for providing an online marketplace for buyers of crypto and/or digital collectibles, currencies, tokens, and assets.

What do you guys think he's up to? If you've followed his career, he's known to be a futurist. His entering this space will be a stepping stone for a whole lot of other eyes. Kanye is a goat.🗣

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How to find & mint free mint NFTs? 👨‍🏫

Ok, time for some free game to make you guys some easy bread. This is for the people who make excuses saying they don't have enough money to start.

Finding free mint NFTs will require tremendous research. Twitter will be your best friend for trying to find them. Another option is to use rarity.tools to see upcoming NFT projects.

Now, how to mint the NFTs!

Minting from a contract means minting from the backend of a project.

It's like everyone is minting from the website, but you go directly to the source (the contract represents the project on the blockchain).

Why? It avoids gas wastage on website mint and is also faster & safer!

You're essentially cutting out the middle man by doing this.

Also, use a burner wallet to ensure your safety!🥽

Step 1: Find the contract address.

Most projects release their contract address on their pages (Twitter/Discord), then you only have to copy it and paste in on etherscan.

Step 2: Contract

Click on the "Contract" option, then proceed to click on 'Write Contract' right below.

Step 3: Connect Wallet

On the "Write" page, you have to connect your wallet by clicking on the button that says "Connect to Web3."

Step 4: Mint

Click on the "Mint" option (#2)

Two options will show up. For the first mint option, you add in the mint price (Which can be found on the project's website).

Next, you want to add the amount of NFTs you're looking to mint (Some projects have a limit for each wallet's mint).

Important to add in the correct details*

Step 5: Launch

After you click 'write,' a pop-up will show and allow you to mint the NFT.

Achievement unlocked, you will now look like a professional to the untrained eye.🏆

Sending you off with some cool stuff: 🍽

The Weekend is launching a crypto powered world tour. One of the most streamed artists right now! 🎤

Michael Jordan teams up with HEIR to launch Lonzo Ball NFT Will we see basketball games in the metaverse? ⛹️

TRIPP raises $11.2M to build their own ‘mindful Metaverse’. Curious to see what they’ll do with all that! 👀

That’s a wrap for today! Don't get too crazy this weekend and make sure you get back safely for Monday’s newsletter which will be even better than this weeks! Do you think any of these ‘’shit projects’’ have the potential to become a bluechip? Leaving you with that, 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)

See you Monday. ✌️ 💎

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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!