☕ Daily gm. It's been wild.

Gm gm,

I am receiving DMs on what NFT project to buy next. As much as I love exploring new and current collections, the macro-level takes over all fundamentals during unstable times. We are currently in an economic downturn where there is so much fear across crypto and equity markets.

Does it mean I am not buying at all? It does not. Information is faster than actual events, and none of us knows how much fear is already priced-in. Can everything go down 90%? Yes. Can we already be near the bottom and see large gains ahead? Also, yes.

I see millions of people interacting with NFTs in the upcoming years. The NFT technology is revolutionary, and I believe in the power of ownership. I believe the world keeps going more digital. I believe we won’t differentiate between physical and digital art. I believe the space will grow massively from the current under one million NFT users. And I see a ton of progress done within only one year. Sooo, I keep sniping, haha.

Stay strong during these messy times and enjoy the overview!🥳

UST stablecoin is no longer stable. Fed raises interest rates to fight the worst inflation America has seen in 40 years. S&P 500 stock market index lost over a year of gains, and crypto experienced massive selloff. And what is even crazier, one of the biggest stablecoins (UST) is no longer stable.

UST is the algorithmic stablecoin of the Terra ecosystem. 1 UST should be equal to 1 USD. However, large withdrawals sparked an even bigger fear that caused the uncollateralized stablecoin to drop to as low as $0.30 overnight. More than $11 billion was shed in only two days, and the entire ecosystem is currently fighting for its survival. The price was back to $0.67 during this writing. 

Azuki founder Zagabond founded and left three NFT projects. Azuki is not Zagabond’s first NFT collection, but he also founded now abandoned CryptoPhunks, CryptoZunks, and Tendies. He posted an article about his background and then joined Twitter Space hosted by Andrew Wang to defend himself. It didn’t go well, and he eventually admitted he fucked up. Azuki fell from 18 ETH to the current 7.69 ETH floor in two days.

Madonna auctions her first NFT collection in partnership with Beeple. The collection is called “Mother of Creation,” and it symbolizes her giving birth to art. As you would expect, all three videos are provocative, and you can see them on the official website of the project. The auction starts today, May 11th, at 6 pm EST at SuperRare.

Doodles announce free-to-claim dooplicator. We will know for sure tomorrow, but many expect the collection is getting bigger. The current floor is still relatively strong amid the crypto crash and sits at 17 ETH. Let’s go Doodles!

Instagram NFT verification is coming. Wen instagram.eth?

Hot NFTs

Source: Nansen.ai

Crypto Watchlist

Beast YouTube

Long-time no video. So here we go! Otherside explained in 6 min! Let me know if you liked it!

Have an awesome Wednesday!

- beast

Disclaimer: This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions.