GM Seedphrases 👋 Welcome to NFT Thursday, where we make money on somedays and lose it all on other days.

 Today’s Agenda:

• 🔥 Hot Headlines

• ☕️ NFTs & Starbucks Odyssey

• 💎 OpenSea Pro “Token” Update

• 👟 Nike Goes Digital

• 💸 Seedphrase Wins + (New Drop)

🔥  HOT HEADLINES

📈 Market Headlines

• Coinbase gets Bermuda license, plans to launch offshore exchange in coming weeks - Read more

• Tesla diamond hands their bitcoin, holdings unchanged in Q1 2023 - Check it out

• $PEPE continues to rip upwards and the team releases more info - Take a look

🖼 NFTs

• The 3AC grails are going to auction on Sotheby’s - Read more

• Nakamigos teases future plans, Nakamigos was only the beginning - Read more 

• Get out your brooms, 27 DeGods swept! Take a look

• Memeland continues to tease their upcoming $MEME token - Take a look

• Machi Big Brother couldn’t stay out of the NFT space for long - Look at this

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☕️ THE NFT MARKET & STARBUCKS

If we had to describe the NFT market in one word it would be ‘pain’.

BAYC dropped below 50 ETH, CryptoPunks are covering around 50 ETH and some of the OG NFT blue chips have fallen off a cliff (CloneX, Doodles, Moonbirds).

The most concerning number is the daily traders chart above. This is the smallest number of NFT traders we’ve had in the last 3 months and the lowest since the end of 2021.

Why is this happening? Projects are struggling to innovate. Moonbirds released all the information about their Diamond Nests and it wasn’t anything different than other projects have done.

Now we’re not saying that what Moonbirds did is bad or wrong. Rather that it’s the same story almost every other NFT project has done. Stake your NFT, receive another NFT.

The NFT community needs something different! And Starbucks might have the answer…

The new fuel: STARBUCKS

No, nothing caffeine-related here. Just stamps.

Starbucks released their 2nd paid Stamp this week and in order to qualify for the early list of buyers you had to already own 2 stamps.

WAIT, Starbucks has NFTs? What are you talking about, what are stamps?

Let’s back up, Starbucks released their first NFT collection (they call each NFT a stamp) in December 2022. You had to apply to be an early participant in their beta program, called Starbucks Odyssey.

Why create NFTs? Starbucks is exploring different ways to reward their loyal customers. And what better way to prove loyalty than something as permanent as the blockchain.

How do I get stamps? Beta users can collect stamps by completing simple tasks like learning about the history of Starbucks, learning how coffee is brewed or consistently going to Starbucks.

So what do these stamps do? The more stamps you collect the more points you have and you can redeem points for rewards. And Starbucks just released their first round of rewards, here are some examples:

• Virtual Coffee Class

• Name a Coffee Tree

• Starbucks Gold Cup

• 30 Days of Free Drinks

Is it working? Yes, in the first 9 hours since the latest stamp dropped 3,494 have been minted at $100/each and there has been over $70k traded on the secondary market. The latest Stamp is trading 50% above mint price.

This effort from Starbucks has created an effective feedback loop.

Plus it doesn’t hurt that people love their coffee!

Seedphrase Take: Starbucks started from a point of advantage because they already had an extremely loyal customer base. But they’ve played their hand extremely well. Collecting stamps is easy and fun. You can buy stamps with a credit card or crypto which reduces a lot of barriers to entry. We expect many other companies to copy the Starbucks Odyssey model.

💎 GENISIS EVOLVES

When OpenSea Pro launched earlier this month, users of Gem (the company they acquired) were able to mint a ‘Gemesis NFT’.

There was a lot of speculation that the Gemesis NFT was redeemable for a future token airdrop from OpenSea and it caused the floor of these free NFTs to run all the way up to 0.08 ETH.

But OpenSea assured us these are simply commemorative NFTs and there is no upcoming token airdrop.

Okay OpenSea, we believe you 😉

Yesterday, OpenSea Pro announced the metadata for certain NFTs would be updated based on how early a user you were on Gem.

And users in the top 1% of Gem received an NFT with special visuals.

If this really was JUST a commemorative NFT, then why take the time to update metadata based on user activity…

The OpenSea Pro team has us thinking there is more to this story 👀

👟 NIKE GOES DIGITAL

Nike understands the importance of culture and so far, they understand Web3 culture.

Nike has created an entire Web3 brand called .SWOOSH that will be the home of “Nike’s virtual creations”.

Why are they doing this? In a lot of cases, NFTs act as a flex. People flex their Bored Ape or Punk as their Twitter PFP. They flex their Chromie Squiggle by hanging it on their wall. They flex their community by repping a Pudgy Penguins sweatshirt.

Nike wants us to be able to flex its brand digitally, just like we do in real life.

To do this, they’re releasing two digital boxes

• Classic Remix

• New Wave

Buyers will be able to mint these digital boxes starting Maying 8th but the story began this week. 106,453 lucky .SWOOSH members were airdropped a poster that will serve as a mint pass.

Plus, the mint is only $19.82 (the year the first Air Force Ones released). A refreshing and accessible price for an NFT mint.

Seedphrase Take: Culture is ingrained in every aspect of our life. From the clothes we put on every morning, to where we work, to who we hang out with. It’s part of what makes us who we are. Not many companies understand that better than Nike.

Nike also understands the importance of going digital. This is their way of combining these two keys to unlock something special. Just like Starbucks, Nike is playing to their strengths in Web3.

To get the full scoop click here.

💸 SEEDPHRASE ACTIVITY

In order to bring you the very latest news, our team is putting in work grinding in the NFT market and we had a few wins this week we wanted to share:

• Sniped a rare y00ts noun for 4.5 ETH (Floor is 6 ETH)

• Minted The Llamas for 0.1 ETH and sold them for over 2 ETH profits!

Even in a tough market, there are opportunities for wins! This is motivation to keep going.

NFT Drop to Watch

Walt’s Vault is gaining some traction in the NFT world. We don’t have a ton of information but this is what we do know:

• The artwork is nostalgic and pays honor to Walt Disney

• Their team motto is ‘Dream a little’

• Their website is one of the most creative websites we’ve seen 

• The artist is Cohl world and he’s had NFT success in the past

We don’t know the date of the mint yet but in the Walt Vault discord the date “April 30th, 1928” is prominently featured so be on the lookout for a major announcement by the end of this month.

Check out this thread from Zaimiri for more info:

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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.