Genesis in trouble and looking for a lifeline

Welcome to the Exit Liquidity newsletter, the place to stay up to date on the ridiculous things that happen in the Crypto, NFTs & Web3. If you are looking to join the community check out the AlphaMint Discord where all the degens gather to chat in the dojo.

What’s up all you degens. This weekend was pretty quiet on the FTX front, more of the same, but we are about to see the contagion spread and possibly take down another large player in the space. This time on the chopping block is Genesis. Genesis is a global leader in institutional digital asset trading, derivatives, lending and custody services (their Twitter bio). It seems Genesis needs a loan, like a $1 Billion loan. Yes, you read that right. They need a billion dollars or they may have to claim bankruptcy. Unfortunately, it doesn’t look like anyone is coming to their rescue. Genesis could also pull Digital Currency Group (DCG) and Grayscale into the FTX contagion. Grayscale could be safe-ish (TBD) since they use Coinbase Custody, but the same cannot be said for DCG. We’ll find out how all of this unfolds this coming week. If these platforms go down, there is a good chance we see a very bearish winter. Looks like many others are betting that it’s going to happen as well with short orders stacking up on BTC and ETH.

Here are a few more FTX updates:

• FTX owes around $3.1 billion to top 50 creditors

• SBF’s lawyers drop him as a client

• John Ray, new FTX CEO, is making $1,300 an hour

• FTX hacker dumped $250M in Ethereum on Sunday

• Full list of the 134 FTX companies claiming bankruptcy

• SBF, inner circle and anyone with familial ties will not receive any payouts

I know the above section was link heavy, FTX doom and gloom. Staying up on it is honestly depressing, but the last place you want to find yourself is out of the loop and holding bags. With that out of the way, we can move on to things that are still exciting, interesting and noteworthy. Here are a few threads we found:

Learning about different markets in the space is always fascinating. You see completely different trends, trading styles and perspectives on the similar, if not, the same investments you are looking at. With anime originating in Japan and being one of the hottest trends in NFTs, it makes you want to learn more about the Japanese and Asian markets and how investors in those regions operate and think.

We're excited for more brands like Nike to enter the space. We need more brands that are willing to try new things and push into unknown markets. We think there will be a lot more brands moving into digital collectibles as the metaverse (whatever that's going to look like) eventually comes along. We can imagine many brands will look to these companies and how they approached the space as well. Getting in early, learning how they operate and finding the alpha opportunities will pay dividends in the future when more brands come to the Web3 space.

If this what Web3 and NFT gaming is going to look like, then we are all in. The biggest challenge that most Web3/NFT gaming projects run into is that their 'game' isn't fun. More often than not it's not even a game. It's some token ponzi that involves staking and dies within the next week when all the liquidity is sucked out. That's not what gaming is about. Games are meant to be fun.

CryptoFinally launches a great resource to share with those just getting into the Crypto/NFT/DeFi/Web3 space. There is A LOT that CryptoFinally added to the website and there is plenty for those who think they can't learn anything new as well. It's worth a look in our opinion. Easy resource to share with any family members still willing to ask for your help over Thanksgiving.

Ether is confirmed for 2023. We were speculating about whether or not this was going to launch this year in the AlphaMint server.

Speaking of projects minting, the Valhalla mint goes live today for those that have the WL. They have also updated the details on the public mint. Now those who originally applied through their application have been "whitelisted" to mint during the public sale time slot.

You can check and see if your wallet is wait listed here. If you are not going for Valhalla via mint or secondary it still should be an interesting drop to watch. A lot of unknowns here for us, mainly why they are rushing this mint, but also where it opens on secondary. We have seen WL wallets going for 1.5-2 ETH before the mint and that's about where we expect secondary to open. Be careful if you are trading these on secondary, there are a ton of external factors that could leave you holding a bag. Stay safe out there, degens. Friendly reminder; not your key, not your crypto!

News Dump

• Celsius customers have until January to file their claims in the bankruptcy. Don't miss out on this chance, you might* get some of your money back. *You might not get any of your money, but doesn't hurt to try

• The President of El Salvador, Nayib Bukele, announces that they are going to buy one Bitcoin everyday which started last week

• JP Morgan Chase has trademarked a cryptocurrency payment wallet. It feels like yesterday when Jamie Dimon was saying crypto was a scam

• X2Y2 flip-flops yet again on royalties and now says they will enforce them following OpenSea's decision to blacklist royalty-free marketplaces

• The Sandbox release a new map and dashboard

• Bankless drops audio NFTs with their first being the SBF vs Erik Voorhees debate episode. 100% of ALL proceeds go to @coincenter

• Mekaverse drops a trailer for their upcoming game. Did anyone have any idea that this was coming? The trailer actually looks good, who knows if the game will be

• Macy's is going to throw a metaverse parade along side their Thanksgiving Day parade and give fans a chance to vote on the first ever NFT Macy’s Parade balloon

• Mattel is launching a NFT marketplace that will be on the Flow blockchain and they are planning a Hot Wheels drop with the launch

Disclaimer: The Exit Liquidity Newsletter is meant to be an informational and entertaining way to share interesting things found in and around the Crypto, NFT and Web3 space. Nothing in this newsletter should be taken as the contributor's, Exit Liquidity's or AlphaMint's personal opinion or views. Nothing in this newsletter constitutes as professional and/or financial advice. Cryptocurrencies and crypto-related assets can be extremely risky investments, invest at your own risk.

Forever hodling your favorite influencer’s bag: @R2Degen @DRTYMLK @dripcult

If you are interested in featuring your project or company or advertising with Exit Liquidity, let us know here.

Exit Liquidity is an AlphaMint project.