Brandverse Insights #4

Since beginning the first edition of Brandverse Insight on January 2nd, the projected growth of the crypto market due to the approval of the Bitcoin ETF has been a major topic for us. Along with many other pundits, we expected the approval of Bitcoin ETFs launched by financial giants like Blackrock & Fidelity would be a bullish signal for the market. We are now two weeks post-approval and have seen red across crypto markets.

Though we’re a bit surprised by this result, it’s also a common phenomenon in the industry. Historical news events like these have become a “Buy the Rumor & Sell the News” opportunity. That means the rumor of a potential approval caused a massive run-up, but once the official news broke, many people & institutions sold their gains.

Overall, in the long term, we’re still bullish on the monumental news and the current state of crypto. The ETFs unlocked a potential influx of $10 trillion in capital. Even 1% of this capital could be a game changer.

More capital bodes well for Bitcoin, Ethereum, Solana, and the NFTs created on each of these chains.

This Week in Web3

🟠 Bitcoin falls below $40,000

💴 Fidelity’s ETF hits $1 billion of inflows, becoming the second issuer to do so.

🏦 JP Morgan downgrades Coinbase stock from neutral to underweight after the lackluster launch of Bitcoin ETFs

🎁 NFT Platform, Magic Eden announces Magic Eden Rewards a long-term, cross-chain NFT rewards program built for everyone. This is a meticulously crafted plan to give back to Magic Eden’s OGs, collectors, creators, and degens alike.

🖼 3 Arrow Capital’s Starry Night NFT collection went LIVE at Sotheby's, featuring Artists like Beeple XCOPY and Tyler Hobbs.

😻 AnimeFDN is creating the largest open ecosystem for anime culture via MANGA Token; they announced Animoca Brands & San FranTokyo as key strategic partners.

🐵 BoredApeYC introduced a weekly series highlighting Made By Apes builders called “From The Bodega.” They will spotlight a community-built project each week.

📱 Solana announces 40,000 preorders for their second Solana mobile phone

📈 A New Crypto.com report estimated 580 million people now use crypto globally in 2023

🐻 A popular NFT project, KILLABEARS, announces that it will be migrating its collections "KILLABEARS" and "KILLACUBS" from Ethereum to Solana.

🥚 Nike’s RTFKT project announces they’ll be capping Animus eggs at 20k, meaning there will be no new eggs minted for potentially new holders.

☠️ Popular Solana project “Crypto Undead” hits an All-Time-High of 13 SOL after dropping to 5 SOL. Now resting at around 9 SOL.

Exploring the Solana Ecosystem with Roman

I Bought my First NFT on Solana - Here’s What I Learned: 

The User Interface on Solana Native Dapps is SMOOTH

One of the most striking aspects of the Solana ecosystem is its user interface, which is remarkably advanced compared to other Layer 1 (L1) blockchains. The intuitive and user-friendly design of the Dapps I used made onboarding so easy. From the Phantom wallet to buying my first NFT (a crypto undead) on Magic Eden - It was super smooth. It was a welcomed change from the usual clunky experience I am accustomed to having on BTC and ETH. 

No Fee’s and Quick TX’s are FUN

The low transaction fees on Solana are a game-changer. The affordability completely changes my behavior when I don’t need to account for high gas fees. It allows me to buy and sell for the prices I actually want. The speed of transactions is also insanely fast. The experience makes for an awesome meme-coin buying and selling experience, especially when slippage and fees can deter traders. Coming from the ETH world, the low fees felt like cheating. 

Solana Builders are a TRIBE 

A unique aspect of the Solana ecosystem is the tribal loyalty of its community. The developers, creators, and users within the Solana space are deeply committed to the platform, often exclusively focusing on Solana-based projects. I actually found this kind of daunting. It’s like if I don't accept Solana as my lord and savior, I will not be welcomed. Although it seemed like this at first, that really wasn’t the case. Most of the people I met have been welcoming and nice. 

The Main Driver of Volume is NFTs

It seems the PFP and gaming market are at the core of what is bringing people to Solana. NFTs are still the core tenant of what brings volume to a chain. The experience is similar to ETH. The projects and the tech may be different, but the core reasoning for participation in Solana is still speculation based on NFTs - which is both familiar and exciting to a trader like myself. Will this change in the future? I think that it will. Solana’s infrastructure is scalable in unique ways. We’ll soon see it evolve. The ecosystem itself is still super early.

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What’s Next?

If you’re building a brand in Web3, make sure to explore other chains, including Solana, Ethereum, Bitcoin, Sui, and more. Each offers a unique value proposition that can only be understood through testing.

Brandverse Lunch Hour

Join us this coming Tuesday, January 30th, as we speak to Matt Bailey, CEO of GameOn. We’ll discuss his new partnership with soccer powerhouse LaLiga. RSVP now.

With Web3 love,

Mina & Roman