In the world of cryptocurrency, there are moments in between major macro events where the market tends to grind. Currently, we are experiencing one of those moments, and it's affecting different currencies in different ways. Bitcoin, for example, has dropped off a bit, with dominance dropping to 46.8 and dollar value under 30k. On the other hand, ETH is leading the charge, which could be in part due to the Shanghai upgrade going successfully and there not being any major sell-off after the event.
The outlook for the market seems optimistic, with OSF predicting that things will continue to go higher through the summer without any clear path to falling lower. Even if the Fed raises next month, we are near the end of their hike cycle, according to most views.
NFTs, on the other hand, have had a pretty ugly time since Friday. By Sunday morning, things felt like full capitulation, with the timeline full of doom posting. However, NFT NYC still had a heavy bullish sentiment, and there was a nice bounce into Sunday. Mando speculates that this could have been the peak capitulation for the times.
Contrary to what most people believe, NFTs are not a levered bet on ETH, nor are they correlated to the price of ETH. Instead, they are attached to the volatility of ETH, with the layer of stability being the clear current correlation. NFT worlds are up over 2 ETH, with Pixelmon still outperforming and doing better than your favorite NFT project somehow.It's important to note that we are still in a bear market, despite seeing some recovery in the prices of the top crypto assets.
In recent news, the latest STUBS artist on the show was none other than Cemhah, who lives in London and felt the magic of NFT NYC last week. He started as an art director, and 2-3 years ago, his friend told him about NFTs, which led him back into creating art of his own. He started on Tezos, then Solana with editions and such, getting on to SuperRare and all the major platforms.His current work has an ongoing story about the scammer. It isn't always easy to tell who is a scammer and who is not. Could you imagine taking a selfie with someone who scammed you and not knowing it? How different is it if you know they were the scammer?
The Omega Runner team was on the show with Metaversal. Their team has specialized experience in creating actual movies from IP, whether it's from a book, a comic, or established art. This project isn't meant to fund production, and IP rights are actually offered to holders.
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