The Worst Week Ever in Web3? 😨
What’s up everybody. Yes, its LG Doucet here.
Ok that title might be a lie - you could argue that the PRIOR WEEK was much worse, as thats when the FTX collapse began.
But man, we down hard.
Even sports can’t escape the inevitable black hole of this latest scandal, as the dominos continue to topple
Could be worse though.
You could be Ben Simmons, looking up at your ex teammate.
Here’s what happened this week:
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Sports NFTs Are Down Hard 📉
But hey, so is the rest of the market!
You could easily argue that this is currently the lowest sentiment there has EVER BEEN in crypto (although not the lowest prices - don’t forget, it all started at zero!).
And naturally, given other factors out there (you know, like war and historic inflation), its actually surprising to me that NFTs are even holding on at all.
Here are the rankings by volume this past week (my god Sorare, relax):
Compared to last week:
Ok actually when you line them up week to week, they’re not that different! Its just Sorare thats dipped a good 33%.
Let’s hope for a rebound next week! Because the market conditions surely can’t get any worse, right? RIGHT?
Let The Burns Begin 🔥
At long last, Top Shot has fixed the market!
Just kidding. Its still down hard.
But hey - I’ve been advocating for burning for a long time, and its nice to see them finally get it going.
And although 3 million moments is a drop in the bucket to the 37,563,542 moments out there (YES THATS A REAL NUMBER), its a good start. Plus we haven’t even hit thanksgiving yet, so there is plenty of basketball left to be played (and oversupply to torch).
Can Fantasy Sports Make It in Web3?🧙♂️
I’m writing a pod about Fantasy Sports, and whether NFTs with fantasy elements can actually survive. Turns out, Fantasy is a GIGANTIC market.
If you’ve had experience with Sorare or Draft Kings Reignmakers, please comment on the tweet below and share! Or feel free to him with a DM. I’d love to hear from you.
Sorare x Brycent 🕹️
Man, Sorare continues to impress with their marketing and their approach to influencers, content, and community.
Brycent is one of the most well-liked and respected people int he play-to-earn space, and he is now locked up as a promotional partner with Sorare!
That is a HUGE win imo, and shows that Sorare is serious about making their NBA product work (especially since its literally free to play).
I’ve also seen their ads in other hot newsletters like Bankless and The Milk Road, neither of which could have been cheap.
Now if only there was a sports x web3 focused podcast with a long history of covering collectibles and fantasy that they could sponsor.
That would be great.
Around The First Mint 🗣
The biggest tournament in the world is also the most corrupt organization on the planet. And guess what: the sell NFTs now! On today's show, we look at FIFA's mild swing into crypto, how they've overcome multiple scandals, and more importantly - where they make and spend $7 billion dollars every four years. We welcome Christopher Gaffrey, associate professor at NYU and a specialist on sports governance and urbanization, to dive deep into the workings of this global org.
Thanks for reading!
**This is not financial advice. Nothing in this newsletter, podcast, or publication should be considered financial or trading advice of any kind. Please do your own thorough research and make your own trading decisions. This is not advice.”
About The First Mint
A web3 sports community. Podcasts. Newsletters. Events.
We cover: Sorare, NBA Top Shot, NFL All Day, UFC Strike, MLB Candy, and more!
Tweets and Newsletters are not endorsements.