Pyramid scheme making more than #1 marketplace!

May 25, 2022

What up, family👨‍👩‍👧‍👦,

Seedphrase Daily here 👋, we talk about everything NFTs, and 3 minutes and 43 seconds. Stay tuned to where we talk about:

  • 🤯 Free project does half a million in volume!

  • 🦍 Trippin Apes next, Okay Bears?

  • 📈 Pyramid scheme making more than #1 marketplace!

  • 🐳 Wallet buys 181 NFTs this week

  • 👨‍🏫 How to buy an NFT?!

Trippin Apes next Okay Bears? 🦍

Is Trippin Apes the next Okay Bears?

NFT Twitter was able to spot Trippin Apes botted engagement and followers, which leads many to question, is it a rug pull? (We can also argue that every project starting does this).

The chart above represents all the FUD that the project is dealing with. One thing that stood out to the Seedphrase team is how they released the supply & mint at the very last minute to maximize the amount they could earn.

Could FUD be used for better entries into the project?

With an entirely sold-out pre-mint, Trippin Apes is now one of the most trending topics. Even though there is a ton of FUD on this specific project, the collection has a ton of hype. The Trippin Apes holders are trying to stack their bags, so their reaction to the FUD is that it’ll help them secure more apes at a lower price. The following two days will be interesting to see how the Trippin Apes perform on the secondary market.

Free project does half a million in volume! 🤯

The Proof of CNCPTS released 1996 NFTs on May 21, 2022, for free making users only pay for gas fees, paying homage to when they first opened their doors. They've already seen over $550,000 in secondary sales volume and plan on donating a percentage of all sales to charity.

What do major brands joining the NFT space mean?

When brands with a big following, they could actually bring real-world utility to buyers, that can be through access to exclusive events, special drops for clothes and more.

Even if the floor price for this project is so low, that doesn't mean everything in an NFT project. Even though having a higher floor price can help bring in more money since demand will be higher, tying utility back to the holders is much more critical in a real project. What's important is what's on the inside

Comparing Rug projects to Concepts

Rug pull projects typically promise holders fake narratives and only care about pumping their price since it pays the creators out in royalties. However, a project like CNCPTS shows the difference and the process of creating a long-term collection with utility. Remember, NFTs are tokens that we can use to represent ownership of unique items. They let us tokenize things like art, collectibles, and even real estate.

Pyramid scheme making more than #1 marketplace! 📈

Last week we talked about STEPN, so in short, it's a P2E game that pays users to walk/run on the Solana chain.

And holy guacamole, they have over $860M in volume in just a few months. With over 2-3Million active users on STEPN, they are now making more than Magic Eden: the largest Solana NFT marketplace. Yes, an NFT project is doing better than an entire marketplace!

Key takeaways :

  1. Projects that provide different utilities and value to holders are the ones that thrive.

  2. Read Seedphrase Daily

Wallet buys 181 NFTs this week🐳

Whale Watching 🐳

Where we just track people with big wallets.

This blue chip holder, wallet address 0x6d5596D228c44453b0E16D1e4ABD3f14724773Fb just purchased 181 NFTs, with 116 of them being from the Boki NFT project. Maybe he knows something we don't, might be with keeping an eye out for this.

How to buy an NFT?! 👨‍🏫

This is more for the beginners that just read our newsletter for fun and want to start making headlines here! If you’re a little more mature in this space maybe you can learn something too! It doesn't hurt to enforce the fundamentals.

You can buy NFTs off any existing NFT marketplace like OpenSea or Solanart, most NFTs are sold on the Ethereum blockchain so you’ll need some Ether in order to purchase an NFT.

We have listed down the steps to purchase the NFTs from OpenSea.

  1. Navigate to OpenSea, click on the ‘User’ from the top, and select ‘My Profile’ from the dropdown.

Here, you can choose how you want to connect your ETH Wallet to proceed further. If you have a MetaMask Account, then you may connect it to the marketplace by selecting the same.

Once you have connected your funded MetaMask Wallet to OpenSea, you can start exploring and buying the NFTs of your choice.

2. Click on the Explore option from the top to start navigating around the variety of NFTs on the platform. Once you have found the NFT you like, select the same and review all the information about the artwork.

3. Click the “Buy Now” button when you’re ready to make a purchase.

You might be prompted by the platform to check a few details regarding your purchase before confirming the checkout.

4. Click on the Confirm Checkout button once you have checked and agreed to OpenSea’s terms of service to finalize your purchase.

5. Your wallet will pop up where you’ll view a final cost including applicable gas fees depending on the blockchain you have selected. Click the Confirm button to become the new owner of the NFT.

Boom. you own an NFT!

Don't be this guy

Newseeds:

That’s a wrap for today! Do you think Trippin Apes can be like the BAYC of solana? Let us know what you think and make sure to follow us on Instagram and Twitter.

See you tomorrow. ✌️ 💎

Meme of the Day

Bone apple teeth

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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