gm - January 10th, 2023

gm 👋

Bitcoin and Ethereum are both stagnant in the past 24 hours. The pump seems to have taken a break, with Bitcoin stuck at $17.2k and Ethereum at $1325. Coinbase announced they plan to cut 20% of their workforce (950 jobs) and restructure the firm, at an estimated cost of ~$150M. Brian Armstrong admitted Coinbase expanded way too fast during the 2021 crypto bull market, going from 1250 employees to a peak of 5000 in a year — $COIN trades at $38.27, -83% from one year ago. FTX’s ex-lead engineer Nishad Singh is looking to make a plea deal with SDNY, adding to the SBF-flippers Caroline Ellison and ex-CTO Gary Wang.

NFT volumes are returning to earth, with turnover at $20M on the day. ETH-NFTs stand at $15M and Solana-NFTs at $4M. BAYC and MAYC are a combined $3M, Sorare ends with $1M, and Azuki a partly $650k in volume. The Captainz has about $600k after the $8M-debut yesterday. Interestingly, despite Proof signing with Hollywood agency UTA, there hasn’t been a major move in secondary volume these past few days from Moonbirds.

Snapshot of Blue-Chip NFTs

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NFT headlines:

Yuga Labs Lawsuit Against Bored Ape ‘Troll’ May Have Just Opened a Can of Worms

BAYC Leads the Pack as NFT Sales Bounce Back in New Year

Web3 at CES 2023: VR, Luxury NFTs, the Metaverse, and More

GALA Soars 140% Over the Week as Gaming, NFT Coins Rally

Trump NFT Mania Gets a Very Short Term as Sales Nearly Vanish

Hackers push fake Pokemon NFT game to take over Windows devices