GM 👋 this is Seedphrase, your got to crypto newsletter that’s better than CNN, why? Because trump doesn’t call us fake news, he doesn’t call us at all :)

📓 Today’s Agenda:

• 🔥 Hot Headlines

• 🔖 Coinbase Receives a Wells Notice

• 👀 Market Update

• 🕵🏻‍♂️ Seedphrase Investigation

• 🎮 Playstation Patent

📉 Crypto & The Markets:

• The Fed hikes rates and this happened - Read more

• SushiSwap Subpoenaed by SEC, Proposes Legal Defense Fund to Sushi DAO - Read more

• White House Slams Crypto As Offering 'No Widespread Economic Benefits' - Check it out

🖼️ NFTs:

• IRS is considering classifying NFTs as collectibles - Go Deeper

• XCopy hints at something happening this Friday - Check it out

• Yuga releases additional details on Otherside trip - Read more!

🔖 COINBASE “WELLS NOTICE”

Are you serious Gary!? A ‘Wells Notice’?!

Wait, what does that mean exactly? Good question.

A Wells Notice is basically a heads-up that you’re about to be investigated by a regulator.

What it is not: A formal charge or lawsuit

Why it matters: Coinbase has been working with the SEC extensively.

They’re one of the good guys.

The good news is Brian Armstrong, CEO of Coinbase, isn’t worried.

In fact, he’s “excited to work with all governments and regulators.”

Check out his full statement:

The TLDR; The SEC is coming after the biggest Crypto player in the US. Coinbase is ready and willing to fight this till the very end. This may end up being exactly what we need. A head-to-head battle in the court system.

Fun fact: Coinbase stock dropped 12% immediately after the announcement.

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👀 NFT Market Update

In other news, let’s check in on the NFT market.

Key Statistics:

• Daily NFT Volume: $50M 📉

• Marketplace Leader: Blur, 70% (even)

• Daily Traders: 28k 📉

Quick Bites

• Punks sink lower 🚰

  • The floor for Punks dropped from 74 ETH to 60 ETH over the last 3 days

  • Since Punks have been added to Blur, it has become a target for airdrop farming

  • This has led to whales dumping Punks into Blur bids
    

• BendDAO BAYC trouble 🤔

  • BendDAO is a protocol that allows you to take a loan against your NFT

  • Since the floor of BAYC has dropped so fast, it has caused loans to get close to liquidation levels

  • If Apes start to get liquidated it could drive the floor price further down
    

• BTC DeGods stay HOT 🪙

  • There’s been a lot of negative headlines in NFTs this week; BTC DeGods isn’t one of them

  • DeGods have become the hottest project on Bitcoin

  • Surpassing Yuga for the most volume on Bitcoin

Takeaway: The two biggest NFT projects (Punks and BAYC) have been trending down over the past few days. The typical NFT cycle starts with the blue chips gaining serious momentum and then funds flow to smaller projects. We’ll be keeping an eye on the “Big Two” to see if they gain some traction in the next few weeks.

This feels like a good spot for a random project to 10x (ex: Goblintown, Checks). If you have any ideas, dm us on Twitter. Don’t worry, we won’t tell anyone!

🕵🏻‍♂️ SEEDPHRASE INVESTIGATION!?

The market has been dull, so we’ve been thinking. What could be coming soon that people aren’t talking enough about?

How about the biggest e-commerce company announcing an NFT marketplace…let’s talk more about that.

Amazon announced they were creating an NFT marketplace a few weeks ago but just like any NFT meta, NFT Twitter moved on fast. But, not us. We think there’s more to the story.

What do we know? Amazon is only starting with 15 NFT projects, they have a partnership with Avax, 300 million customers, and they’re really good at shipping.

So uhhh, what if there’s an airdrop that gives you an NFT that gives you a collectible?

Think about it. Amazon is known for its physical prowess. They’ve created the strongest supply chain in the world. You can get anything you want to be delivered in 2 days. Thank you Bezos.

What if they used that supply chain to distribute physical collectibles tied to digital collectibles?

Luca Netz has hinted about it and we think Amazon could be how they get it done:

Don’t be surprised to see Amazon shock the NFT world by bridging the digital to the physical.

What else to look out for:

Here’s a short list of some up-and-coming projects to keep on your radar ( Thanks Mishu):

• @KigenNFT

• @fivekingdomsnft

• @spectrumspell

• @supremebears

• @5igmas

🎮 PLAYSTATION PATENT

It feels like a new company is filing an NFT patent just about every day.

But this one is different!

Why? Sony is the largest gaming publisher in the world with $18B in revenue! And they’re the creator of the most popular console, the PS5 (I still remember playing Crash Bandicoot on the first PlayStation, good times)

There are 4 main parts of the patent:

1. Transfer in-game assets between devices (computer to VR headset)

2. Rewarding winners of tournaments with NFTs

3. Interoperability between products (PS5 to Xbox One)

4. Gamers can’t repeat tasks to continually earn the same NFT

NFTs and Gaming are a match made in heaven. But we’ve struggled to find use cases that make sense.

It sounds like Sony has been up to some things behind the scenes.

Could this patent be the start of NFT Gaming Szn?

We’d love to know what you think, respond to this email letting us know if you’ve used any NFTs in a video game!

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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.