Period: 5th September 2022 – 12th September 2022
· Turning bad news into good news? Following the publication of the Fed’s Beige Book on Wednesday, the stock market rebounded from its three-week losing streak and went for a sharp rally. The crypto market was lagging behind but caught up two days later by a long green candle of over 10%.
· Thanks to the successful launch of “y00ts mint t00b” – an NFT collection from the same creator of DeGods – the Solana-based NFT has successfully taken over the top place in OpenSea’s trading volume.
According to the latest release of the Fed’s Beige Book, the U.S. economic activity has generally remained unchanged, with five regions reporting a slight or moderate increase in economic activity, and five others reporting a slight or moderate slowdown. The outlook for future economic growth remains challenging, expecting softened demand conditions and inflationary pressures over the next six to twelve months.
For context, the Beige Book is a publication on current economic conditions in the twelve Federal Reserve Districts. Also formally called the Summary of Commentary on Current Economic Conditions, the report is published in advance of meetings of the Federal Open Market Committee (FOMC), which the upcoming is scheduled on the 20th – 21st of September. The FOMC usually follows closely the survey as part of its policy decision-making.
What’s inside the Beige Book might be looking bad to the White House, yet the market treated it as the best possible outcome. It is already publicly known that the economy is now stagnant, and it couldn’t be any worse, Wall Street then went for a relief rally, sending a 4% upside for S&P 500 in just 3 trading days. The stock market sentiment spilled over into crypto markets, with bitcoin gaining a single-day increase of 10.6%, achieving one of the largest single-day gains this year.
Before the rally of bitcoin, the notorious Terra Classic (LUNC), formerly Luna or Luna Classic, was already climbing up the hill. Eventually, the whole Terra family stole the spotlight, especially with Terra (LUNA) surging by an unbelievable 210% in just a short span of 4 days, showing that the investors are suddenly upbeat about these Terra tokens. The native token of the new Terra blockchain, LUNA, has no great news yet her sister did. The old Terra community’s proposal of a 1.2% tax burn of the Terra Classic network is approved and will be going live soon on September 20. For on-chain transactions of LUNC and TerraClassicUSD (USTC) on the Terra Classic network, the tax parameter will be increasing from its current value of 0 to 0.012 (1.2%). Many crypto exchanges have supported Terra's tax burn plan, while the world's largest in terms of trading volumes, Binance decided not to comply.
The naming and symbol history of the TERRAs
Despite the overall NFT market being still dominated by NFTs on the Ethereum chain, Solana-based NFTs are slowly catching up on the market share. According to The Block Research's Data Dashboard, the number of NFTs minted on Solana surged to a high of 312,000 on September 7. As for the NFT secondary marketplace, Magic Eden has seen its market share grow from 12% at the beginning of the month to 36.6% a week after.
Developed by Dust Labs, also the same team that owns Solana’s largest NFT collection “DeGods”, y00ts mint t00b had taken first place in trading volume across multiple marketplaces. Even though the project comes with a total supply of 15,000 unique JPEGs, still it was oversubscribed as NFT enthusiasts swear to get a piece of it. What’s innovative about this project is the experimental idea of a new copyright and ownership system for NFTs called ⓨ. The idea of ⓨ is originated from the copyright “ⓒ” symbol. Y00ts team explained in its whitepaper, “each collection would have its own ⓨ registry, where it’s easy to track who’s approved to be using the NFT’s IP. This allows projects to approve & reject usage requests at Web3 speed.” Besides, they also introduce a fresh concept called “y00ts st0re” for artists to submit their custom versions of traits, which they can be sold separately or swapped for another. With $7 million in fundraising and $10.2 million in secondary sales, this Solana-based NFT project has definitely brought a bright spot in the broader NFT market.
The floor price of y00ts is floating around 140 SOL (~5K USD). Source: https://www.hellomoon.io/