Stocks are down and interest rates are up to nearly 4.4% on 2yr treasuries, which is the highest it's been since march. The US debt ceiling conversation is stirring up emotions and talk around markets, causing general fear.
Crypto is up a slight bit and looking strong with BTC around $27.3k and ETH around $1850, while alt coins are not following suit. The layer 2 story is still a strong narrative but all of the layer 2 coins are not doing well price-wise. A new issue for other chains is that Bitcoin has become the 2nd biggest coin for NFTs now; if it properly adds an application layer, it will be a huge threat not only to ETH but to all chains in general. This certainly raises questions about Layer 1's.
Most of the companies competing will have to use their treasuries to fund development. The more centrally held coins are more susceptible to spending, and it could spell problems in the future.
NFTs
Did you know, T-pain dropped NFTs in 2021? The more you know
There has been a resurgence in the generative art market which seems directly related to the Sothebys auction. Fidenza sales are happening, pushing the floor above 80 ETH and squiggles are making moves now with the floor sitting above 12 eth.
Jack butcher has an IRL auction going on at Christies with pieces going for 11-15 ETH. The sentiment around Jack is great and he is now seen as a mainstay in the space.
What we've seen over the last few weeks is that the higher end of the market is still trading well. Crypto punk hoodies, gold apes, Fidenzas all definitely have the potential to bring up the mid to lower part of the market with it. OSF thinks that the price of ETH will be a decision maker. If it breaks above 2k into the 3k range we could see the high-end sales slow down.
RTFKT saw a bounce and have recovered above 3 ETH, which seems to be a result of the recent sneaker forging. They still have Animus in the works and nearly no news on this big initiative from the project.
A couple MFERS have started a physical product initiative and will be selling chairs in Canadian Lowes!
Bitcoin pizza day was celebrated yesterday, and @Pizza_DAO
kicked off parties all over the world in 120 different cities. We hope you got your slice!
theOMparticle
We were joined by @technicalroom and @FractalWoman to discuss @theomparticle. Fractal woman has been involved in computer science for many years and made her first generative piece using PUNCH CARDS! They have been on the fractal scene since it was created!
Jordan tells stories of warming his winter home in Canada with mining equipment!
Fractals involve an iterative process which is basically a mathematical feedback loop. The mandelbrot fractal is the mothership of all fractals. All others emerge from this source essentially. The IT coin is basically a form of currency that represents the fractals. The OM particles are combined to generate a buddhabrot and the iterations take a certain amount of energy to create, making each IT coin unique.
1 $ITcoin= 1 iteration = 1 free mint of the project.
GM
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