The below content and projections are the opinion of the authors. Any conclusions or takeaways are their own. This should not be considered as investment advice. Investing involves the risk of loss and returns are not guaranteed.
1) Bored Apes metaverse project rakes in $317M as buying frenzy sends ETH gas prices soaring
- The keenly-awaited Otherside metaverse project by Yuga Labs, the creators of the Bored Ape Yacht Club, sold out all 55,000 Otherdeed land NFTs within three hours of launch.
- The mint caused ETH’s gas fees to soar, forcing the 27,000 buyers to pay up to $14,000 in gas fees.
- Each ‘deed’ had a mint price of 305 ApeCoin (~$5,500), the cryptocurrency launched by Yuga.
Titan’s Takeaway: What turned out to be the largest NFT token launch ever also spotlighted scaling issues across the Ethereum blockchain. In our view, it seems likely that Andreessen Horowitz-backed Yuga Labs will seek to migrate to its own blockchain as it moves to push the project into the mainstream.
2) Solana back up after seven-hour outage caused by bots trying to mint NFTs on the network
- More than 4 million bot transactions per second swarmed Solana-based NFT minting tool Candy Machine on Saturday.
- This activity crashed the network between 4-11 pm E.T. on Saturday.
- Solana’s SOL token slipped roughly 8% to $84 following this outage, but clawed back some of these losses over the balance of the weekend.
Titan’s Takeaway: While Solana has quickly risen to rival top digital assets, multiple instances of service issues and blackouts have frustrated traders and led some to question the network’s efficacy. Looking ahead, Solana will need to find a reliable solution to outages in order to preserve its spot in the upper echelon of the cryptosphere.
3) Samsung Asset Management seeks to launch Asia’s first blockchain ETF
- Samsung’s investment wing is pursuing the listing of an exchange-traded fund tracking cryptocurrencies and blockchain tech firms.
- The fund is expected to start trading on the Hong Kong Exchange sometime this quarter.
- If approved, the investment vehicle would be the first Asia-based ETF to include crypto assets.
Titan’s Takeaway: The move highlights Samsung’s growing ambitions to become a force in crypto and in the ETF industry. In late March, the company acquired a 20% stake in US ETF sponsor Amplify.
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