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Daily Altcoin Price Update: Hype, FUD, and HODL

Daily NFT/Crypto Market Update 11/2/2022 | A Thread 🧵🧵🧵

OVERALL TRENDS

The crypto market saw a little bit of turbulence today thanks to the interest rate hikes, but for the most part the prices stayed relatively the same. BTC is a little above 20k while ETH is at 1.55k.

1/ NFTs haven't seen many degen plays recently, however, we have still been getting success from hyped mints such as Art Gobblers and KPR. This is something to look forward to as people are more willing to spend higher amounts of ETH to enter a play.

2/ Degen mint of the day: NIJI NFT

@nijinft is a Japanese project that saw a bit of action today on secondary. With close to 1k sales, this mint currently sits at a floor of 0.051 ETH. Niji is the official brand of the NFT Museum of Art in Japan and this is their personal NFT.

3/ With Niji meaning rainbow in Japanese, the art reflects this as it is colorful and vibrant like the name suggests. @nijinft is primarily a Japanese NFT, but we have seen the asian market stir up some action before.

4/ KPR MINT

@KPRVERSE was a very hyped mint today and it did not disappoint. Minting at 0.2 ETH, this currently sits at a floor of 0.6 ETH with the sellout planned to happen tomorrow. KPR is a project with the slogan, "Keep. Protect. Reimagine.".

5/ They @KPRVERSE used an application system for their WL and have great art, a good looking team, and a strong vision for their future. This is something to watch as it definitely stands out from recent projects.

6/ INSTAGRAM NFT MARKETPLACE

@instagram is now officially an NFT marketplace. The app has been rolling out features that let creators now sell their NFTs through the platform, something that will hopefully help to onboard Web 2 people to Web 3.

7/ We all know @instagram is under @facebook aka Meta, so it comes as no surprise that they are "pro NFT". This is still very early, but it could turn into bigger things if Instagram ever decides to pull a Reddit.

8/ INTEREST RATE UPDATE

Obviously, we knew coming into today that it would be a big day for our economy. With the interest rate hikes, we expected the 0.75 percentage point increase, but we were blessed with some news too that may be a little bullish.

9/ FED chair Jerome Powell signaled that the hikes could come down as soon as next month, so that may be something to look forward too if our economy gets better.

10/ OVERALL THOUGHTS

With the big mint, @KPRVERSE doing very well today, this was a healthy sign in the market. Paid mints have historically in this bear done badly, so this success will likely translate to upcoming hyped paid mints such as @valhalla and @ether

11/ Good teams, good roadmaps, and good track records are the recipe for success in this market so be on the lookout for those things. Thanks for reading and have a great day Kings. Follow if you enjoyed! 💵👑

This post is based on this twitter thread.

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