SOL and BTC Surpass ETH NFT Volumes 📈

GM. This is Degen Scoop. It’s Tuesday, this is what we’ll be going over:

• SOL and BTC Surpass ETH NFT Volumes 📈

• FIFA Releases New NFTs 🐙

• IRS Delays FTX Debtors 🐌

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Solana and Bitcoin NFT Volume Surpass Ethereum

While ETH NFTs were the gold standard for most of NFT history, Ethereum is now facing increased competition from Bitcoin and Solana who are currently doing more volume. Bitcoin's network saw a surge in NFT trading, driven by ordinal inscriptions, leading to a 500% increase in sales volume in the past month.

Solana recorded higher NFT trading volumes than Ethereum, with a spike in transactions after an airdrop by liquid staking protocol Jito. Solana-based NFT market Tensor saw increased activity, possibly fueled by speculation of another potential airdrop.

Pudgy Penguins, an NFT collection, debuted an online open-world game called Pudgy World Alpha at Art Basel Miami. The game allows players to control avatars resembling Pudgy Penguins, with each corresponding toy sold in Walmart stores linked to an NFT, providing licensing royalties to holders. Additionally, interest in Bitcoin ordinals led to an all-time high in the blockchain's mempool, causing congestion and higher fees.

FIFA Releases NFTs With Chance To Attend 2026 World Cup

FIFA is releasing a limited number of digital collectibles, with 100 featuring the rarest collectibles offering the chance to secure tickets to the 2026 FIFA World Cup final. Despite the backlash from the average and unremarkable, institutions continue to embrace NFTs as long as there is demand.

The NFTs were initially minted on Algorand but will move to the Polygon network for future launches. The move to Polygon is part of FIFA's strategy to utilize the blockchain popular among web3 gaming projects. The transactions are cheap and the Polygon BD team stays winning.

The announcement coincides with the FIFA Club World Cup 2023, and Modex will take over the "strategic management" of FIFA's digital collectible platform. Digital collectibles enable fans to interact with their favorite players, teams, and the game.

IRS Threatens FTX Debtors With Interest Claim

FTX debtors warn that a $24B claim by the IRS could hinder the return of customer funds. FTX argues that the debtors never earned amounts to support the IRS claim, asserting billions in losses instead. Amongst other reasons, this is a primary bottleneck preventing debtors from being paid.

The IRS initially alleged claims of $43B but later revised it to $24B. FTX debtors urge a swift resolution, stating the IRS process could unnecessarily delay distributions to victims. While a swift resolution would be nice, I wouldn’t be so optimistic about that possibility.

If the IRS claims are resolved, the bankruptcy proceedings can move forward, but ongoing disputes may prolong the process. FTX declared bankruptcy in November 2021. One would hope that debtors get paid out prior to the next run-up before true lunacy begins.

The BIGGEST NFT Sales in the Last 24 Hours:

Notable Threads You Might Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.