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Opensea buys GemSweep!
Hey, today's emails is gonna be short and sweet like the reality of some NFT projects. The estimated read time is 2 minutes and 30 seconds.
Let's get into it! We’re talking about :
🔰 Otherside update
💸 Opensea buys GemSweep!
🥷 Another multimillion dollar hack!
🧐 Will ENS subdomains change the game?
👀 Moonbirds COO steps down to start a NFT fund
Otherside update
In the last email, we talked about Otherside, and we explained some of the details of the new YugaLabs project. They recently released more info on the mint, which surprised some people. Read this for the entire thread.
The mint will only be available for those who responded to the KYC (Know Your Customer form) in mid-March, an announcement full of controversy because they seemed to be asking a lot of personal questions . They will only sell it on $APE coin, using a dutch auction making the supply decrease over time. Allowing BAYC and MAYC holders to claim after the auction is done.
If you’re confused about what a dutch auction is This technique is different from the traditional selling method used by auction houses.
With a regular auction, the opening price bids start low and progress higher when buyers willing to pay a higher price for the same item make the bids. The final price is determined when the highest bid is made. At which point, the item is sold to the highest bidder.
They announced there would be 100k in supply, 10k of that being in Kodas, their new collection following Otherside.
Do you think this will be the next blue-chip project adopted into the mainstream? In the following email, we'll explain our thoughts and where we feel this is going.
Opensea buys GemSweep!
Opensea is the largest NFT trading platform right now, and recently they announced the acquisition of Gem.xyz for millions, the leading market aggregator with over $950M worth of NFTs being bought and sold on it in the past 6 months.
Gem.xyz is a tool that allows you to buy seamlessly across marketplaces with a single low-cost transaction and gives you the ability to sweep floors and rarity-based ranking for NFTs.
This is an essential partnership because Opensea's primary revenue comes from smaller accounts and because gem.xyz is a 'pro' tool, meaning the high spending users will be more recurrent. They are giving Opensea more ability to retain both the small and big spending accounts.
Will you be using gem.xyz since this new partnership?
Another multimillion dollar hack!
On Monday, the BAYC Instagram and discord were both hacked. Sending out an unofficial 'mint' link to the followers.
The result is that at least four bored apes and seven mutant apes, 3 BAYC, 1 CloneX, and many others have been stolen with a calculated value of around 1053Ξ ($3M).
Why do we bring this up? Because scams like these happen on a day-to-day basis in crypto, sometimes on a smaller scale to people who can’t afford it. But it is so easy to prevent if you verify the links you connect your wallet to and know that admins of servers or Instagram accounts WON'T DM you first. Ever.
Lesson? Think before you do something, and if it's too good to be true, it probably is.
Will ENS subdomains change the game?
There seems to have been a new surge for ENS subdomains. According to @croissanteth he discovered the ability to start marketing ENS subdomains from a single ENS username in a smart contract.
For a more detailed explanation ⬇️
So what do we make of all this? Well, big companies with a large number of users could be onboarded by using (for example) coinbase.eth as a personal domain for a low price, compared to the fees + gas expenses of obtaining a regular ENS.
So where's the opportunity for us? Considering it's such a new thing being introduced in the space, there are thousands of companies without a domain name, and when blockchain gets a little more mainstream, companies will need to buy it from someone 😉.
Among the highest ENS sales is Paradigm.eth for 420Ξ, wallet.eth for 75Ξ, crypto.eth for 60Ξ, and google.eth and apple.eth bought for 51Ξ.
Moonbirds COO steps down to start a NFT fund
As you know, Moonbirds has been the chirp of the NFT space recently, so it was big news to hear the COO of Proof (the team behind Moonbirds), Ryan Carson, announced that he's stepping down from his role to start a new NFT fund called 121G.
Their main objective is to maximize returns for investors (minimum entry amount of 100Ξ) through NFTs. They plan to achieve all this by commissioning 1/1s of the world's leading artists, securing whitelist spots for upcoming projects as well as the acquisition of Blue-Chip NFTs.
What do you think? Do you think this might result in a conflict of interests between the Fund and PROOF Collective? Or do you think this is a step forward in the Web3 world?
Do you think we will see more of these hedge funds as time goes on? Do you think it will result in another hack/scam? How was the email this week?
Let us know what you think, or think about these questions during the day and with that, that’s all for today apes! We’ll see you next time!
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