One of the biggest projects turning out to be a scam?

May 11, 2022

Greetings,

Seedphrase daily, here to give you the freshest news on the market. The past few days have been crazy so I hope you guys are strapped in for this!

Today’s estimated read time is 2 minutes and 53 seconds.

We’re going to be covering

  • 🗡 Attack on UST!

  • 🙎‍♂️ One of the biggest projects turning out to be a scam?

  • 🎊 Stake introducing NFTs as rewards

  • 🛠 Americana turns physical objects into NFTs

  • 🌱 NewSeeds

ALERT! This astrologer saw the crash coming!

Just kidding, this isn't confirmed but maybe she’s onto something…?

Let’s start!

One of the biggest projects turning out to be a scam?

JUST IN,

The Azuki founder exposed himself for rugging three other projects and creating fake Twitter accounts.

Azuki founder Zagabond went onto Twitter to take the blame for his past three rugged projects. In his defense, they were ‘learning lessons’’ and he's still saying that Azuki is building towards the future.

To no surprise, the Twitter community was not having it. With 10,000 NFT holders of a successful project just now finding out the founder has rugged three projects, it makes the future unpredictable. Since the news, the collection has gone from a floor price of 20Ξ to 10Ξ.

To make things worse,

Twitter was also able to link a fake Twitter account under the name 'Amanda', created by Zagoband to shill the CryptoZunks project right before mint, trying to make it sound as legit as possible.

On the bright side,

Azuki is currently the most traded collection in the past 24 hours after all the drama occurred… Maybe not the volume they wanted, but its volume nonetheless…

Attack on UST!

Stable coins are like the backbone of crypto, them being pegged to the US dollar, making it a little less stressful having your money in them while you're waiting for the opportunity to invest in this volatile market.

Recently UST (Terra) has seen some movement with the price dumping from $1 to lows of almost $0.60.

If it's pegged… How did this happen?

Rumour has it that the attack is coming from Citadel, a hedge fund owner that lost billions shorting GMC and AMC. After dumping the massive amount of 285M UST, following huge shorts on $LUNA.

Have no fear; Luna is here!

The LFG (Luna Foundation Guard) then tried to save UST's liquidity by buying $1.5B worth of bitcoin.

This caused an entire negative macroeconomic effect on the whole crypto market, which we saw yesterday.

After reading all this, what do you think will happen to UST? Is Lunar's move enough to save the stable coin, or will it die along with others?

Your daily dose of NFT drama, with Seedphrase…

Stake introducing NFTs as rewards

Stake is a popular betting platform where you can choose your favourite sports picks and earn crypto if you win. Endorsed by celebrities such as Drake, they are the real deal.

They raised roughly $5.3M for NFTs, and winning a pick grants you access to mint your take.

Stakes CEO Kevin Wang has this to say:

They have already minted over 8,000 NFTs across 2,500 users, an insane amount for the time they've been available.

Do you think these NFTs have value in the long term, or could they just be a collector's item for hardcore sports fans?

Americana turns physical objects into NFTs

People saying 'NFTs are just JPEGs', are now more wrong than ever! Americana is a startup that turns physical items such as streetwear, collectibles, cars and artwork into NFTs.

Since physical art creators miss out on so much opportunity in the digital space, they thought it would be perfect for them to be a middle man, bridging the physical art into the Web3 world.

They already raised $6.9 million in seed funding led by Alexis Ohanian's venture firm Seven Seven Six, with participation from NFT marketplace OpenSea and the rapper Future.

What does this mean for the 99% of artists that don't do digital art? We think this is huge because it's blending the two worlds together and giving more incentive to artists to be a part of this space! But let us know your thoughts!

Now comes…. NewSeeds. Let's get right into it!

NBA topshot creator raises $725M to grow Fund blockchain Curry will still be shooting 3s, probably ⛹️‍♂️

Madonna and Beeple collaborate on an NFT project. This was unexpected, but I'm not disappointed. 💎

NASA has partnered with Epic Games to build a Metaverse Ayoo… we're going to start farming for mats on the moon (Fortnite joke) 😩

That's all for today, folks. We hope you enjoyed today's newsletter. And let us know if you think Azuki is just going to be another rug pull, or did the founder have a change of heart and will push this to be the best it can be? Make sure to follow us on Instagram and Twitter. Please reply to this email with your thoughts. We'll be here.

With that being said,

See you on Friday. ✌️

Meme of the Day

Please let’s not go down this road…

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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