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Here is the breakdown of today's newsletter:
✅ Jack Butcher At Christie’s Auction
⏳ Tips for timing the NFT market
Popular streetwear brand “The Hundreds” has opened a 3D Metaverse store. The store will offer exclusive apparel drops that won’t be available IRL and if you are an Adam Bomb Squad NFT holder you will have even more exclusive benefits. (DC)
Binance's NFT marketplace now lets users borrow cryptocurrencies using NFTs as collateral. The marketplace supports ether borrowing against "blue-chip" NFTs like Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles. (TB)
Shaquille O'Neal, former basketball star, has been served with a class-action lawsuit regarding his alleged promotion of FTX and Astrals, a Solana-based non-fungible token project that may have been "unregistered securities.” (CT)
Elements by Jack Butcher
Jack Butcher At Christie’s 3.0 Auction ✅
Just the other week, one of the biggest names in digital art (Jack Butcher) held an auction for his newest project “Elements”
💡 What are Elements?
It is a 152-piece collection of monoprints and NFT pairs
Explores the elemental relationship between digital and physical art
Highly acclaimed printer Jean Milant in collaboration
Each unique digital piece is created by a generative algorithm that then informs its physical counterpart
Each pair is intrinsically linked as an on-chain SVG on the ETH blockchain and produced as a signed 30” x 42” monoprint handmade on a vintage Mailander 202 lithographic printing press
As expected the auction was a huge success and all artworks sold in excellent fashion. The highest selling piece went fro 19.88 ETH and the total sales amounted to 50.10 ETH!
To cap off the wonderful success of the auction Jack made a donation of $30,000 to St. Jude’s Hospital!
Timing The NFT Market ⌛️
Timing is crucial in investing, especially with NFTs. But how do we know when it's the right time?
Here's the thing: there's no crystal ball. However, there are some steps you can take to make an informed decision.
Lets Dive In
1️⃣ Strategy
Before throwing yourself into the exciting world of NFTs, have a clear idea of what you want and what you expect. This isn't the time for trading blindly.
2️⃣ Research
Dig into the details. Consider the founders, community, project plans, artwork, and funding. Find the patterns that give you confidence.
Just as you wouldn't buy a car without a test drive, don't buy an NFT without doing your homework.
3️⃣ Diversify
While it may be tempting to go all in on a project you trust, remember the old saying, "Don't put all your eggs in one basket."
If you are into NFTs, you can choose several networks and several projects. Now you have more networks: ETH - BTC - SOL.
4️⃣ Set Limits
In crypto trading, you can use Take Profit and Stop Loss strategies. NFTs lack these features by default, but you can set them yourself.
Be prepared to sell if the floor price changes significantly.
5️⃣ Stay Informed
Keeping up with the rapidly changing NFT space can feel like trying to drink from a firehose. Make your life easier by subscribing to our newsletters or following us on Twitter at @thedropnft
6️⃣ Consult with Trust Traders
Talk to experienced traders, gather insights and learn from their plans. This way, you can incorporate their knowledge into your own strategy.
Don't just copy, but consider another perspective.
💧 The Drop
Staying educated is essential, and sharing these tips with our Drop Family is even more important. Remember, the goal isn't just to profit but also to learn, enjoy the process, and share knowledge.
Final update:
This #crypto whale went from $20m to $390m all in one year
So what coins did they buy and how did they do almost 20,000% plus in just a year
His wallet + I’ll teach the easiest ways to find wallets like this - All in this 🧵
— Cyril - DeFi (@cyrilXBT)
May 25, 2023
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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.