NFT & Crypto Twitter Insights | Yuga Labs Shocks NFT Industry

NFT & Crypto Twitter Insights | Yuga Labs Shocks NFT Industry

There were some huge headlines across the industry this week and Crypto and NFT Twitter had much to chat about. Let's take a look at what you may have missed in regards to the Yuga Labs acquisition, the executive order, and the past week in NFT markets. 

 

Yuga Labs Shocks the Industry

The biggest news of the week- Yuga Labs acquires the CryptoPunks and Meebits collection from LarvaLabs.

We wrote about what it might mean for CryptoPunks, Meebits, and NFTs as a whole. You can read the full article here.

The acquisition not only provides Yuga labs with the famed IP, but they also gained ownership of 423 CryptoPunks and 1,711 Meebits. The main takeaway from the acquisition is CryptoPunks and Meebit holders will be receiving the same commercial rights that BAYC and MAYC holders enjoy.

Yuga Labs states Bored Ape Yacht Club (BAYC) will remain the center of their universe but CryptoPunk and Meebits holders have a new found freedom to expand their brands, build new projects, and expand the outreach for the entire NFT community.

Yuga Labs is not planning to shoehorn CryptoPunks and Meebits into the “club” model as they view CryptoPunks as a historical collection. 

The entire NFT world will be waiting with bated breath on how Yuga Labs will incorporate these new IPs into their existing model. 

 

Order, Order in the Court

Cryptocurrency researcher, @JackNiewold, Tweeted out a thread explaining Biden’s executive order and what it might mean for crypto investors.

Crypto prices ticked upwards shortly after the release of the executive order as initial response was mild compared to expectations of stricter guidelines and regulations. Although, it looks like there will be no direct action taken yet, the initial framework of proposals is due within 180 days and the final report within a year.

Updates will continue to flow in as we progress through 2022.

Jack Niewold is optimistic on the executive order and the future of crypto in America. Biden seems to be recognizing the importance of allowing adoption of the crypto industry while trying to maintain regulations on par with other financial industries.

 

 

Your Job is to Survive

The DeFi Edge gives a great breakdown on ideas to stay active and survive a bear market. For other tactics though, you can read Logan Hitchcock's advice on being "medium bored" during bear markets

Common tropes include “your job is to survive” and “buy the dip” during slowdowns. In the thread, DeFi Edge walks through a few sample portfolios to stay afloat during slower periods. These portfolios may be more risk averse than what you're used to seeing in the crypto realm, but again, the job is to survive!  

The main takeaways from this thread:

  • dollar cost average while price falls (do not try to catch a falling knife).
  • play it safe.
  • keep learning.
  • be patient.

If you position yourself well during a bear market you will be ready to hit the ground running in the next bull market.

 

 

 

More about Bored Ape Yacht Club

Arguably the most successful NFT project, the Bored Ape Yacht Club (BAYC), is a collection of 10,000 uniquely generated bored apes that are stored on the Ethereum blockchain. Launched on April 23, Bored Ape Yacht Club had a mint price of 0.08 ETH and the collection sold out on April 30, 2021. Since its launch, the project has dropped multiple companion collections including Bored Ape Kennel Club, Mutant Ape Yacht Club, and Otherdeed for Otherside, and has helped onboard a number of high profile and celebrity collectors to the NFT ecosystem.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.
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