TLDR. Your summary of everything blockchain related:
Into the details:
Things continue to rally after another 0.75 point interest hike and NFP’s coming in higher than expected. Whilst this news can seem positive in the short term it’s important to remember that positive NFP’s mean that the Fed will only have more reason to continue raising interest rates for longer. Once again it seems pertinent to prepare for a long squeeze across crypto, yet to prepare for crypto to outperform tradtional markets in the long term.
Some incredible news events across the board in NFT land with Meta announcing integration of an NFT marketplace, allowing creators to mint directly on their platforms. One thing to note here is that in a time where Meta’s stock price is tumbling and it is getting negative press wherever you look, I can’t think of a better time to look at their stock. Whilst some complain of mass adoption being extraordinarily hard to achieve and VR/AR not being a realistic reality for consumers any time soon, Meta has OF COURSE, lost a ton of money investing into this infrastructure that is NOT YET HERE. What separates them from everyone else is their massive war chest to be able to lose money for extended periods of time building out what in my opinion is a no brainer that society will use. To not stray from NFT’s – like them or hate them, Meta is at the forefront of players that are able to bring in mass adoption of NFT’s, whether they do it in a way that is core to crypto principles is irrelevant. It’s already been proven that the vast majority of people in NFT’s are here for the money, and the more you facilitate people’s ability to participate in a frictionless way, the more market share you get. Watch out for Meta and don’t get distracted by loving or hating big tech, Zuckerberg or their principles as a whole.
As predicted a few days ago we’ve seen the ArtGobblers floor and $GOO price tumble (over 50%) in the past 24 hours and I don’t think this is something likely to stop in the long term. To me the more complex mechanics (that people seem all too unwilling to look into) and the negative sentiment harboured my many in the light of some less than savoury accusations towards the founders only progresses this.
To look out for:
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*Disclaimer: None of the above represents financial advice.