NiftyNoon: What does hyperbitcoinization and hyperinflation mean for NFTs?

While fears over bank solvency, many on crypto twitter fear hyperinflation may be upon us and the era of NFTs is over (March 20, 2023)

Nifty Thought

• While inflation fears are likely grounded in reality, it seems unlikely that the end of the financial system as we know it, as crypto twitter suggests, will happen any time soon. Balaji’s famous bet for Bitcoin to hit $1 million over the next 90 days seems to be more of a spectacle than a pragmatic financial decision.

• Nonetheless, this move has caused substantial fear to take over the crypto world with many people liquidating NFTs at relatively low prices in an effort to position for an upcoming financial disaster. The market’s belief then seems to be that most NFTs would trend toward zero during any hyper-inflationary environment. The NiftyNoon team tends to agree with this assessment while also acknowledges that it is unlikely hyperinflation is upon us. Nonetheless, it is always wise to reassess risk on a regular basis and balance portfolios dynamically to the market at large. 

Project News

• Yuga Labs CCO shares considerations about TwelveFold work:

  schmigge figge @mfigge

  [1/12] Dear TwelveFold Collectors, Thank you for your support. I'd like to share with you a few considerations about the work. 🧵

• Coinbase introduces the Creator Hub, a one-stop shop for all creator tools facilitating the launch of an NFT collection and building a community:

Coinbase NFT @Coinbase_NFT

Introducing the Creator Hub ✨ Explore a one-stop shop for all of our creator tools that make launching an NFT collection and building your community effortless. Learn more about the full range of tools available in the Creator Hub. 🧵👇

• Mocaverse reveal goes live:

Mocaverse💼🪐 @MocaverseNFT

The Mocaverse Reveal is LIVE 🎉 Dreamers, Builders, Angels, Connectors, Neo-Caps - represent your Tribe below! What adventures will your traits unlock? 👀

• Frank DeGods NFT ordinal mint sold out, with mint price of 0.333 BTC:

  Frank @frankdegods

  Bitcoin pumped. We are going to pay it forward. For the holders, for the fans, for the culture. We’re doing 0.333 BTC for the mint. Fuck it, we ball. 1/3

• Pepe’s Open Edition by Matt Furie exploited with many community members upset:

  Chain/Saw ⛓/🪚 @ChainSawNFT

  Hello Pepe Pals, HEDZlordz, and Zogz family! Thank you for your patience & support and apologies for the mint confusion ! We've been working this weekend to clean up the mess within the collection and will be announcing our plans to continue the ZOGZ mint this week! (1) cont..

  fullstackhuman.eth 💻❕ @0xSimon

  Today, Pepe's Open Edition by @Matt_Furie was exploited and people were able to mint more than they were allowed. There are lots of changes I'd make to the contract, but personally, I'll focus on the critical failing point in the contract. 🧵

  

• Blur announces feature allowing faster bids:

  Blur @blur_io

  🚨FEATURE ANNOUNCEMENT🚨 You can now bid faster on Blur! Click on any row in the Bids tab to prefill your bid.

  

• KillaBears completes airdrop of KillaSocks for OGs in a move that teases Doodles over their poorly received sock promotion:

  KILLABEARS 🐻 @killabearsnft

  On Killa Fridays, we wear KillaSocks - for the Kulture OGs - check your wallet 🪂🧦 Blue chip requirement #42069 completed ✅

  

• VeeCon 2023 lineup announced with many notable speakers such as Neil Patrick Harris and Arianna Huffington:

  VeeCon @veecon

  VeeCon 2023 lineup: 115 speakers and entertainers for the business, tech, marketing, entrepreneurship, and popular culture super conference of the year. And many more names to come. #SeeYouAtVeeCon

  

• Grant Riven Yun shares “All Time High In Hell” auction details:

  Grant Riven Yun @GrantYun2

  GM "All Time High In Hell" has been minted and reserve has been set! A few words and link to the auction below 1/ 🧵

  

Community News

• Balaji, former Coinbase CTO, places large bet that Bitcoin will hit $1 million USD in 90 days in a move that sends crypto twitter into a frenzy over fear of hyperinflation:

  Balaji @balajis

  I will take that bet. You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days. All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation. If someone knows how to do this… https://t.co/tcuBNd679T

  

  

  James Medlock @jdcmedlock

  I'll bet anyone $1 million dollars that the US does not enter hyperinflation

• Azuki Spirit triple emblem cowboy trade:

  Erick 🦦 @EB7

  WHAT A TRADE! WITH THE MAN HIMSELF @IcedcoffeeEth 143 eth + Patek + Rolex Sprite for Spirit triple emblem cowboy! LFG!

  

  

  

Quick Stats:

• OpenSea Daily Volume: 5,393 ETH (▼ 11.31%)

• Blur Daily Volume: 18,953 ETH (▲ 10.65%)

• BTC: $27,969.00 (▲ 1.34%)

• ETH: $1,769.20 (▼ 1.78%)

• Solana: $23.03 (▲ 4.83%)

• Polygon: $1.14 (▼ 4.93%)

NFT Daily Winners:

• 🚬 CryptoPunks: 74.77 ETH (▲ 0.5%)

• 🐧 Pudgy Penguins: 4.78 ETH (▲ 0.32%)

• 🧬 Clone X: 3.36 ETH (▲ 0.27%)

NFT Daily Losers:

• 🦧 Bored Ape Yacht Club: 61.54 ETH (▼ 0.34%)

• 🧟 Mutant Ape Yacht Club: 13.21 ETH (▼ 0.49%)

• 🌈 Doodles: 3.69 ETH (▼ 0.59%)

• 🧝🏼‍♀️ DigiDaigaku: 6.22 ETH (▼ 0.66%)

• 🏳️‍🌈 Chromie Squiggles: 10.85 ETH (▼ 1.36%)

• 🥃 Proof Collective: 12.70 ETH (▼ 1.55%)

• ⛩️ Azuki: 13.41 ETH (▼ 3.53%)

• 🦉 Moonbirds: 3.90 ETH (▼ 5.56%)

• 🐈‍⬛ VeeFriends: 3.40 ETH (▼ 10.29%)

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