Bull vs. bear: BTC is down but NFTs are bullish

It's a bull vs. bear week ft. BTC, Starbucks & NFTs

Author

Build in Bear
September 14, 2022

This is Web3 Seems Legit, a weekly newsletter that talks about all things web3 and not just the ETH Merge. We get it already, it's happening soon 🙊.

This week was a push and pull between the bear and the bull, but who ultimately won?

  • Bitcoin falls after latest US CPI numbers. So much for the Inflation Reduction Act. The numbers have come out higher than expected and sent prices across all markets straight down. What happened to the inflation hedge narrative?

  • Starbucks reveals web3 loyalty program. In partnership with Polygon, Starbucks is making a big splash into web3 by incorporating NFTs into their popular loyalty program. Bullish AF 🚀!

  • Doodles NFT announces their $704M VC fundraise. Despite being a top 10 NFT project, Doodles has decided to fundraise through the traditional VC route. Is this good or bad for the NFT community?

Bitcoin falls after latest US CPI numbers

This month's US CPI (consumer price index) numbers are in and it's higher than expected at +8.3% 😪. This instantly triggered a drop in all markets, including Bitcoin.

What's going on if Bitcoin is suppose to be an inflation hedge👇?

Starbucks reveals web3 loyalty program

You may or may not like pumpkin spice lattes, but Starbucks just brewed up a hot cup of hopium for the web3 community 🙌☕.

With over 25 million loyalty members, we can't wait to see this NFT experience roll out to the masses. For now, you can sign-up to join the waitlist.

Doodles NFT announces their $704M VC fundraise

Following in the footsteps of Yuga Labs (creator of the Bored Apes Yacht Club), Doodles has just raised $54M of VC funds at a $704M valuation and the community is split on it 🥴.

  • 🚀 Bull take: More money in the project means more money to fuel marketing and development.

  • 🐻 Bear take: Traditional VC fundraising is so web2 and is a scheme to squeeze as much money from holders.

But why does it have to be one or the other? Could there be a balanced approach to best please both holders and VC investors 👇?

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