As crypto FUD thickens, institutions double down

Jared Wolf
May 19, 2022

GM Cominted fam. It has been a rough week.

We’ve seen the entire market take quite a tumble, the death of one of the most popular alternative layer 1s, and controversy surrounding one of the top NFT collections. All in the space of a week.

Buckle up. We’ve got a lot to cover.

First, a Quick Cominted Update

NFT Heat Podcast with Maggie!

Cominted’s own Magdalena Galarraga was on the NFT Heat podcast with our friends John Kraski and Justin Shenkarow.

During the 20-minute convo, they covered discord culture, metaverse gaming, NFT wearables (like Petaverse.com, of course), and the future of NFTs!

Check out the full episode here, or type in “NFT Heat” wherever you get your podcasts!

Petaverse hot off the press

The tennis ball keeps rolling for Petaverse MetaPaws, with features in NFT Plazas and NFT Evening ?

Find Cominted at Permissionless?

Cominted is at Permissionless in sunny West Palm Beach! Hit us up to meet for coffee ☕and chat NFTs.

What’s hot in NFTs

Zagabond, the Azuki NFT project founder, created quite a stir on Twitter after essentially confessing to pulling the rug on three other NFT projects.

Azuki is a 10k PFP collection featuring:

  • Anime style side-profiles
  • Grants access to upcoming merch drops and forthcoming game

The blog post cites the three abandoned projects, Phunks, Tendies, and Zunks, as essential learning experiences to create the Azuki Collection.

  • Zagabond used different pseudonyms for each project, even impersonating a woman for one.
  • Much of Crypto Twitter didn’t appreciate the calm demeanor of Zagabond when he listed his former rugged projects.*

*A rug = a crypto scam, when the founding team “pulls the rug” underneath your feet.

Azuki collection saw their floor fall from 20eth to 12, before raising itself back up to 15eth within the week

  • The companion collection, BEANZ, did experience a fairly substantial drawback from ~ 7 ETH floor to <2 ETH floor over the week
  • While many are frustrated with Zagabond, the confession doesn’t seem to have hurt the project too much.

What’s hot in the Metaverse

Major League Baseball takes a swing at the metaverse ⚾

SoRare announced they’d be partnering with the MLB to release an NFT-based fantasy game

  • SoRare is an NFT-based fantasy sports platform
  • They represent soccer teams from the South Korean ‘K League’ to Real Madrid.
  • Initially released in 2019
  • Backed by Ubisoft, E-Ventures, Partech & Consensys
  • SoRare has already partnered with 230 Soccer clubs and the MLS
  • Unlike typical online fantasy sports games, your NFT rarity determines your team rather than a draft.
  • Allows players to amass their dream team throughout the season
  • Encourages more interaction and trading between players
  • Generates more value for individual NFTs with a limited quantity
  • Legendary players are increasingly scarce

Web3 Number of the Week

1 Luna still equals 1 Luna, right?

You know we had to mention it. The Luna and Terra Debacle was wholly unprecedented.

Luna was a top-10 coin powering one of the largest alternative layer 1s. Nearly 30 billion in TVL!

With a lively group of avid supporters and self-proclaimed ‘Lunatics’, Luna accrued value via USDT. USDT is an algorithmic stable that burns/prints Luna to maintain scarcity and keep its peg to $1.00.

After USDT lost its dollar peg, people tried to swap, causing a mass increase in Luna supply and consequent tanking in value. The value of Luna plummeted to under a penny last week after hitting an all-time high of $119 last month.

Do-Kwon, the founder of Terra Ecosystem, has released plans for the revival of Terra, but few come back after their cult of personality is dampened. Think of

Many seem disillusioned by Do-Kwon, from twitter personalities to podcast hosts:

Web3 Tool of the Week


Zerion allows users to track their wallets across chains, providing an overview of all your on-chain assets and activity.

  • From staked and unstaked tokens to NFTs
  • Full history of transactions
  • No more relying on chain-specific services such as Etherscan
  • Makes trading more accessible
  • Separates tokens based on utility
  • Able to bridge between 9 different networks

Til next week,

Cominted Labs

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