Gm☀️

Bitcoin ETFs are still all the talk around town, with more big players like Fidelity joining the trend. Circle’s CEO says that they’re likely to be approved, so let’s keep our hopes up.

But today, we're switching gears to something equally exciting – the colorful, creative, and occasionally crazy world of NFTs.

📈 MARKETS

This week, the first time since the inception of Crypdonuts, bitcoin and ether moved in opposite directions. Bitcoin stood its ground, all thanks to the buzzing hopes for a Bitcoin ETF. Ether, on the other hand, didn't have a similar good luck charm.

Word on the street is Azuki, the NFT big shot, cashed out all their earnings ($400M) from their latest project. If the rumors hold any truth, this big move could be the reason behind ether’s surprise nosedive.

DONUT HOLES

Hole lotta news…

• FTX Intl. owed customers $8.7B; estate has found $7B in liquid assets

• Bitcoin Futures ETF racks up biggest weekly inflow in a year

• US Secret Service has an NFT collection—it’s not for sale though

• Prime Trust shut down by Nevada regulators

• ARK may get a Bitcoin ETF before BlackRock

WEB2 / NFTs

Kendall Jenner, J Balvin judging NFTs for AIDS charity

A host of A-listers, including Kendall Jenner, J Balvin, and many more, are harnessing the power of digital art to combat AIDS. They're going to be the judges for an upcoming NFT competition, all in the name of The Foundation for AIDS Research (amfAR).

Superstar judges

The line-up of judges is as glittery as it gets with fashion royalty Kendall Jenner and Kate Moss, musical artist J Balvin (the man behind the global hit “Mi Gente”), artist Jeff Koons (balloon dog), and much more. They'll be lending their keen eyes to an NFT competition that invites artists worldwide to showcase their finest digital backgrounds.

The competition

The competition is powered by Prospect 100, a platform giving budding artists a chance to shine in the art world's spotlight. Designs submitted will first face the music in a "public's choice" round on Prospect 100. After that, our star judges will step in to handpick the finalists based on creativity, impact, and how well the design plays with amfAR's character.

The 100 chosen backgrounds will then be randomly paired with amfAR's existing characters, giving birth to the organization's first-ever NFT collection. And the best part? Every penny from the sales will fuel AIDS research.

Give yourself a shot!

So, artists (or not), it's your time to shine! Your artwork can contribute to a crucial cause and potentially make you the art world's next sensation. Now, how's that for a sweet deal?

Check out this link for more details. Best of luck, if you're joining the fray!

NFTs

2 big NFT news of the week

The NFT landscape has been buzzing lately with some noteworthy developments. Here's a snapshot of two such recent events that grabbed headlines:

1/ Bored Ape Yacht Club (BAYC) Price Dip

The 2021 NFT summer had spurred a crazy surge in BAYC's prices. However, BAYC’s floor price has since seen a 75% drop from 150 ETH to 37 ETH. If you account for the then value of ETH, that’s a drop from $420K to $70K.

While the overall NFT market has stumbled many times since NFT summer, BAYC always held its place relatively well compared to other projects. There seems to be a more specific reason for the mega project’s trouble.

The most likely? Fragmentation and dilution. Yuga Labs, BAYC's creators, recently launched HV-MTL, a new franchise in addition to Otherside that isn’t directly related to BAYC, which may be fragmenting the community and diluting the value across these collections.

As a BAYC whale explains on Twitter, “Yuga's strength has always been that nothing happens without Bored Apes and Mutants being involved.” With the launch of more and more independent projects, Yuga Labs may be shooting themselves in the foot.

2/ Azuki Minting Controversy

Chiru Labs, creators of Azuki and the runner-up after Yuga Labs, have hit the jackpot once again. They rolled out a fresh batch of 20,000 characters, dubbed the Elementals collection, each costing 2 ETH. We did the math for you—they pocketed a whopping $38 million.

But the plot thickens. Buyers noticed a striking resemblance between the Elementals and the original Azuki collection. Owners of Azuki and Elementals literally couldn’t tell which characters are from which. And let's just say, they weren't too thrilled about it.

Azuki’s price quickly tumbled from 17 ETH to 10 ETH, because—why would you pay 17 ETH for an Azuki when you can buy an Elementals piece that looks the same for just a tenth of the price?

Despite raking in hefty revenues, Azuki and Chiru Labs also took a hit on their street cred, which may not be worth it in the long term.

💰 REWARD QUIZ

Quiz yourself, earn rewards

Did you learn something new today? Let’s see if you were paying attention. Buckle up for a 20-second quiz—we might just have a little treat for ya—just for trying!

Afraid of getting questions wrong?

Yes, the shiny 100 points are awesome, but remember, it's about getting your hands dirty and giving it a go. If you get something wrong? They stick in your memory longer, which means you learn more.

So, hop on board with the rest of our brave quiz-takers. Remember, it's ok to score a zero!

🐦 TWEET OF THE WEEK

A full list of big TradFi companies actively exploring opportunities in the crypto space or have already taken significant steps towards involvement.

Alright, that's a wrap for now 🙌. If you made it to here, let us know by voting below. Catch you next Thursday!

If you can't wait for more, follow us on Twitter for daily updates and insights.