FUNGIBLE FRIDAY
GM folks. Whether it’s morning, noon or night, it’s always GM – because we’re so early.
You’ve been grinding hard all week, and Fungible Friday is here to give you a recap. Here’s what we’ll be discussing:
- Elon Musk makes his mark immediately as the new Twitter boss
- This week’s Web3 winners
- Art Blocks: The project that just keeps on pumping
- Cryptocurrencies: Especially Ethereum and Dogecoin
- QQL art: Will feature in an NYC gallery exhibition
- Sorare: Closing in on a deal with the Premier League
- This week’s Web3 losers
- Meta shares: Down over 60% from this time last year
- Franklin: Lost 60 ETH fat-fingering a Bored Ape
- BAYC Merch: Yuga should aim a little higher
ELON FIRES TWITTER CEO:
MAKES HIMSELF CEO
Elon Musk has officially completed his $44bn takeover of Twitter.
- Tweet that the “bird is freed
- Fire the Twitter CEO Parag Agrawal and CFO Ned Segal
- Appoint himself as CEO
- Fire the Head of Legal Affairs (who made the decision to ban Donald Trump from Twitter)
- Set plans in motion to reverse lifetime suspensions, with many expecting Donald Trump’s return to the platform
- Send in Tesla engineers to review Twitter’s site code
Is this good for crypto and NFTs?
The general consensus is that the acquisition is bullish for crypto. Elon is notoriously pro-crypto, having admitted he owns Bitcoin, ETH, and Dogecoin.
Elon has also mentioned the possibility of integrating payments into Twitter so it’s “easy to send money back and forth”. With Twitter building its own crypto wallet, it’s hard to imagine the platform not becoming increasingly crypto-friendly.
What’s next for Twitter?
Elon tweeted “buying Twitter is an accelerant to creating X, the everything app”. What X is, or what it will be, is not X-actly clear. A presentation seen by New York Times suggests Musk’s aim is to increase Twitter’s revenue fivefold to $26.4bn by 2028. Subscription services will apparently play a key role in growing revenue.
Elon has (like the rest of us) been a staunch critic of the bots plaguing Twitter. It’s certain he will be ramping up efforts to eliminate them (with crypto micro-payments required for messaging floated as a potential solution).
Elon has a knack for disrupting industries. He managed to revolutionize payments, cars, rockets, and satellites. Whether he will be able to successfully shake up social media remains to be seen.
THIS WEEK'S WEB3 WINNERS
Art Blocks
Art Blocks Curated simply refuses to stop pumping. Here are some of the notable floor price gains over the last 7 days:
- Elevated Deconstructions is up 190% to 87 ETH
- Ignition is up 150% to 4.25 ETH
- Phase is up 124% at 2.69 ETH
- Endless Nameless is up 95 % at 0.88 ETH
The catalyst seems to be growing interest in collecting a ‘full set’ after Art Blocks announced the end of their Curated series – 67 collections across 8 Series.
Cryptocurrencies
After several months of cryptocurrencies going in only one direction (vertically down), we were finally rewarded with some upside action.
The standout winner was Ethereum, which rallied over 20% in the last 7 days to break $1,500. Another notable winner is Dogecoin, which is up 44% over the last 7 days with a little help from the new CEO of Twitter.
QQL
QQL, a collaborative generative NFT art project founded by Tyler Hobbs, will feature at an exhibition in New York.
The QQL art will be showcased at a Pace Gallery exhibition in April.
Sorare
For those that don’t know, Sorare is basically fantasy sports but with NFTs. After launching its NBA cards (which are NFTs) last week, the platform has been gaining traction.
If you love both soccer and NFTs, you’re in luck. Sorare is reportedly very close to adding the Premier League to its fantasy sports platform. The deal will bring in more than $30 million a year for the Premier League.
THIS WEEK'S WEB3 LOSERS
Meta
Shares in Meta (formerly Facebook) crashed 24.5% on Thursday. That means Meta shares are down over 60% compared to last year. Mark Zuckerberg’s net worth is down $100 billion in just one year.
Mr. Zuckerberg reiterated his commitment to the metaverse, despite the unit responsible for developing the virtual reality platform losing $9.4 billion so far this year.
Many people are using this as an opportunity to mock Zuckerberg’s lofty metaverse ambitions. I wouldn’t say I’m bullish on what he’s building, but I can understand his motives.
With Apple’s privacy update gutting Meta’s revenue, and competition heating up from rivals like TikTok, taking a bet on the future might be the only option for long-term survival.
The metaverse is out of fashion right now. But when (or if) it comes back, Meta could be in a prime position to take advantage.
Franklin
Experimenting with the new NFT marketplace Blur, Franklin accidentally sold a Bored Ape for 9 ETH.
He immediately bought it back for 69.9 ETH, resulting in a 60.9 ETH loss.
Blur quickly reacted by implementing a feature that shows a red warning when a listing is over 30% below the floor price. Thanks Franklin, fat-fingering so we don’t have to!
I’ll let you be the judge. Is this just a failed business, or a textbook rug pull? Reply to this email and let me know your thoughts. I’ll respond to every single response!
BAYC merch
The problem is, shouldn’t we expect a little more innovation from Yuga? The space is full of innovative merch drops, and Yuga is behind in that regard.
- RTFKT is teasing physical apparel, so the merch can also be worn by your digital avatar.
- 9dcc is collaborating with SnowFro (founder of Squiggles) to drop a luxury merch project. The physical item is locked in a vault, which can only be unlocked with the companion NFT.
- Azuki is also likely to drop merch embedded with Physical Backed Tokens after the success of its Proof of Skate auction.
That’s it for this week, degens. If you enjoyed the newsletter, consider forwarding it to a friend. It would give our (and their) Friday that little bit of oomph!
