Welcome to today's podcast! Congrats on making it this far! Today, we talked about "The Fed, The Future & The Feature" with legoodsociety.
Over the weekend, we saw a sell-off in the crypto market, with Ethereum hitting new lows in the 1300s. The talk was all around SBV and what would be salvaged. However, news on Sunday revealed that deposits will become available, and the Fed has stepped in to help resolve things. Traditional bank stocks sold way down, and interest rates moved from 5% on Friday to 4% on Monday, a 100bps move, which is massive. SBV had a ton of government bonds in their "hold to end" and "maturity" portfolio, and massive losses were taken by the Fed increasing interest rates the way that they have, leading to collapse.
The Fed is in a tough position, and if they increase rates, then pain increases, and some sort of collapse seems imminent. Crypto has rallied hard with all the bank news, and we are up from the weekend lows. Stables didn't feel stable, and BTC & ETH are looking like the best stores of value. Markets are very volatile, and we could expect major swings while the banking crisis plays out. Our pros think this is a pivotal period in general policy, and the Fed will have to do a 180 on raising rates for the last 18 months.
As the saying goes, "The Fed keeps on raising rates until they break something," and well, something has broken. Suddenly, the Fed has to come in to protect all depositors that got caught in the move of rates, not necessarily doing anything wrong. Raises were an attempt to combat inflation, which could now continue to rise. Fractional banking does not look great, practically fraudulent, and this all makes crypto look great. Gold has seen a rise, and BTC/ETH are often called the Digital Gold. The end game looks crypto positive.
However, it's too early to call things one way or the other, and there is still a bearish scenario for crypto if we see some intense volatility. If the S&P drops 20 points, we could easily see a huge dip in crypto alongside it. So proceed with caution.
Over the weekend, tough times were seen for NFTs, with most collections down 5-10%. OSF's fallen angels category, Moonbirds, doodles, and CloneX are continuing to struggle, and the marketplace is around 24 million, which is still low. Considering the chaos in finance, things are looking decent overall.
Twelve Fold, the generative project from Yuga, was revealed over the weekend and has not been met with great reviews. The limitations for data storage on ordinals will always put a damper on visuals, and many are upset that they look similar, but that wasn't the value prop last week.
In Charleston, SC, we saw the grand opening of the Beeple studio event. He did a live everyday in front of the crowd, and printers attached from the ceiling literally airdropped pieces for people that were there live, with NFTs redeemable for a select few.
Le good society is an Environmental awareness initiative that uses art exhibits and web3 tech to get the message across. Plastic Free July is an example of one such effort, and all projects utilize the power of art to create conversations and bring awareness to the topics. The hedara network was chosen by le good society since they are carbon-neutral. Rug radio is going to be collaborating with le good society. Community members will have a chance to vote for what art is used and possibly have their own work.
GM
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