Morning Minute | Citi Works with Avax to Unlock a $10T Market

TylerD's Market Summary

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💰 Bringing the $10T Private Investment Market Onchain with Avax

Real World Assets (RWAs) have been one of the biggest buzz words around the crypto and web3 space for the past year.

Tokenizing and bringing various kinds of collectible and assets onto the blockchain certainly has the potential to be insanely big.

Well this week, we got new results from a major financial institution about an RWA experiment - and the results were very positive.

What Happened?

Citi just completed a massive RWA tokenization experiment with Avax, aimed at unlocking the $10T private investment market.

You can read the full report here, but in brief summary:

The Experiment

• Citi tested the tokenization of a private equity fund by bringing it onto the blockchain (using Avalanche Spruce).
• The fund distribution rules were encoded into the smart contract and a variety of transactions were conducted by hypothetical clients, testing for automation capabilities, compliance and more.

The Results

• The proof of concept successfully showed how smart contracts enable greater automation and operational efficiencies compared with historical practices.
• And they were able to so while also providing for a better compliance and control environment for all parties who transact with these funds (very important in tradfi).

What They're Saying

Enter Maredith Hannon Sapp, Head of Business Development, Digital Assets, at WisdomTree:

“We believe blockchain-enabled finance is the future of the industry, and this Proof-of-Concept showcases the ability to explore the transferability of tokenized funds and related compliance in different markets.

And regarding Avax's role, enter Mark Garabedian, Director, Digital Assets & Tokenization Strategy, Wellington Management.

“The Avalanche Spruce test network has proven to be an ample technical sandbox environment for coming together with partners and exploring the potential of blockchain technology within our industry."

Why It Matters

The big idea here is to bring the benefits of new digital technology into the traditional financial world, but in a way that's safe and follows all the necessary regulations.

It's going to take time given the speed at which these large institutions are forced to operate. Huge money is at stake here. But the use cases and benefits of blockchain are clearly there.

Kudos to Citi, Avax and the other partners who worked on this for testing it out and proving the benefits.

More and more traditional finance products will come onchain - it's just a matter of time.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the weekend in NFTs:

• ETH trading volume came in at $26.7M on Thursday; NFT leaders were mostly red down 1-3%
• Beeple's Spring Collection was the top mover on ETH, jumping 61% to 7 ETH; DigiDaigaku also jumped 17% to a 4.93 ETH floor
• The Doodles g-shock collab will go live for the public sale today at 9 am ET, after the holders-only sale was completed yesterday; merch includes the $169 watch, iny toys, hoodies, hats and tees
• Magic Eden announced a new "mint to earn" campaign as part of its Ethereum marketplace launch, and they added $GONE as a payment option on Polygon
• Sotheby's introduced a new generative art program "EVENT" from multidisciplinary artist Bernar Venet
• Quantum Cats led action on BTC tallying 13 BTC on the day and holding at 0.197 BTC; RSIC jumped to 0.075, Puppets at 0.06 and Nodes at 0.155
• BTC DeGods were the top mover on BTC, jumping 60% to 0.55 BTC after a Frank post sent the collection moving
• Whales Market has a new "Runes" tab with "soon" next to it, indicating that projects like RSIC will see their Runes tradeable on the pre-market soon
• Solana NFTs saw nice action on the day with Mad Lads leading at 183 (+6%), Marms opening at 4.55 and Tensorians holding at 81 (-1%)
• MARMS were the hot mint of the day on Solana, minting for 2.25 and jumping 100% in early trading
• NFL All Day from Dapper saw 2 major sales this week on their recent pack drop with Joe Montana ($10,000) and John Elway ($8,500) Ultimate Moments fetching big dollars

💰 Token, Airdrop & Points Tracker

Introducing a brand new section, highlighting any major token or airdrop news from the day.

• MetaStreet launched its ASCEND program and reached $5M in deposits across nearly 2,000 users
• Arcade updated its Clash of Clans new airdrop claim for its ARCD token, now with 2 phases for WL and Public
• Crypto casino product SHFL dropped its whitepaper which included tokenomics

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are mixed this morning; BTC -0.2% at $52,300; ETH +1.5% at $2,833; SOL -3.2% at $112
• TAO jumped 7% on the day to $656 ($700 at peak) as the Crypto x AI narrative spreads; Worldcoin jumped 34% on the day to $4.32
• The BTC ETFs recorded another $477M in inflows yesterday, bringing the overall total up to $4.6B
• Several leading banks are pushing Congress to change accounting guidance so that they can hold crypto for their clients more easily (and less expensively)

🚀 NFT Total Volume (ETH)

• MAYC (1,610 ETH, 4.07 ETH Floor)
• BAYC (1,396 ETH, 22.84 ETH)
• Pudgy Penguins (1,251 ETH, 19.96 ETH)
• DeGods (1,112 ETH, 2.85 ETH)
• Azuki (440 ETH, 6.43 ETH)

📈 NFT Floor Price Increase (ETH)

• Beeple Spring Collection (61%, 7 ETH Floor)
• Bond Bears (45%, 78 ETH)
• DigiDaigaku (17%, 4.93 ETH)
• CyberKongz Genkai (14%, 0.1 ETH)
• Valeria Land (14%, 0.41 ETH)

🗓 Upcoming NFT Mints and Reveals

Today has drops spanning PFP collabs, BTC, memes and art.

The highlight is likely the Hans Dehlinger drop with Expanded.Art. They are dropping the 1st release of his highly coveted ‘cubes’ series in almost 40 years, and it will also be the first-ever on-chain drop. For the set, 10 new 1/1 pieces will mint on Foundation - read more here.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Doodles - gshock (9:00 a.m. ET)
• PNGS (9:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Hans Dehlinger - LINE CUBES (12:00 p.m. ET)
• Hidden Punks (12:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com