17th Edition

This week in The Flippening, TL;DR

ETH inching towards being deflationary after burning more than 1 million ETH since August this year. ConstitutionDAO shuts down operations saying that the project had run its course. Virtual piece of land gets sold for almost $2.5 million. Coin of the week, Mudrex Coin Sets to look out for, market performance, guide to minting your own NFT, meme, and more.

Top Highlights of the Week (ending 26th Nov)

‍More than 1 million ETH burned since EIP-1559 upgrade in August

EIP-1559 was a significant upgrade to the Ethereum network that went live in August 2021. It aims to strengthen the ecosystem of Ethereum ⁠— which is known for its smart contract capabilities that power DeFi, or decentralized finance, apps and NFTs, or non-fungible tokens among other improvements.
This was part of the London Hard Fork that aims to make Ethereum deflationary. However, that still has some time to go!

ConstitutionDAO to shut down and refund contributors their Ethereum

After five days of uncertainty, the decentralized autonomous organization ConstitutionDAO announced earlier this week that it will be shutting down operations. They turned the Discord community to read-only and left their Juicebox funding portal open only for contributors to claim refunds.

“We believe this project has run its course,” the ConstitutionDAO website stated.
The DAO has been looking for direction since losing an auction for the U.S. Constitution.

ConstitutionDAO’s PEOPLE Token Hits All-Time High Days After Shutting Down.

Virtual land in a posh locality sells for more than $2 million

One of the rarest virtual lands, dubbed the Genesis Land Plot, was sold for 550 ETH worth approximately $2.5 million.

The Genesis plot is one of the 220 out of 90,601 land slots that exist in the Axie Infinity world.

Other Highlights:

• Zcash shot up 29% after developers announce an intended transition to the proof-of-stake consensus mechanism: Read it here
• Much-awaited crypto regulation bill in India to be tabled in the lower house of parliament, will likely be discussed coming Monday: Read it here
• NFT is the Collins dictionary’s word of the year 2021: Read it here

Market Performance Overview

Note: Market updates till Nov 26, 1330 hrs UTC.

This remained a massively volatile week for the entire cryptocurrency market. Bitcoin saw its price dropping below the $56,000 mark, initiating a sell-off across the spectrum. Among the top 30 cryptos by market cap, Avalanche (AVAX), Decentraland (MANA) and Crypto.com native coin (CRO) ended the week on a positive note. The total market cap hovered around the 2.54 Trillion mark.

Note: Sector wise updates till Nov 26, 1330 hrs UTC.

This week was a period of correction for the cryptocurrency market. Most of the sectors took a hit with Smart Contracts dropping almost 10%. Web 3 remained the best performer after rising more than 5.53% Market corrections are always a good opportunity to invest in sectors that you have a strong conviction in. Which sector are you most bullish on in the long term? Mudrex Coin Sets let you invest in your favourite sector in a few clicks!

Coin of the week

Avalanche : $AVAX‍

Avalanche functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts.
The Avalanche token, AVAX, surged after creator Ava Labs last week announced a partnership with Deloitte to build more efficient disaster relief platforms. Avalanche has doubled in the past 30 days and is up over 3,000% over a year.

Crypto Simplified: How to mint your first NFT?

NFT or non-fungible tokens are unique and non-interchangeable forms of data stored on the blockchain. These digital artforms have been selling for millions of dollars, and it has prompted several people to launch their own NFTs, with celebrities and giant corporations too joining the bandwagon in recent times.

We decided to break down the process of minting your custom NFT. Minting an NFT is a fancy term for “creating your artwork on the blockchain.”

The below guide helps you mint your NFT in a fun and seamless way.

1. Ideate and create your art form

The process to create an NFT always begins with the creation of the asset. If you are into art, this is your chance to bring out your creativity.

'The First 5000 Everyday by Beeple' is a promising example of how a different perspective is essential to mint NFT. This is where your creativity comes into the picture.

2. Choose your preferred minting platform. OpenSea is one of the most used platforms. However, since it is an ETH based platform, the transaction fees are pretty high. SolSea, based on the Solana blockchain, costs a fraction of this.

3. Create a crypto wallet such as MetaMask, Phantom etc.

4. Signup for an NFT minting platform such as OpenSea. It will prompt you to connect your wallet.

5. To mint an NFT on OpenSea, click “Create” next to your profile picture (just a green dot in this case!) on the top right corner.

You can upload a supported file from your computer as an NFT. You’ll need to name your NFT, but no other details are necessary. But it’s a good idea to write a brief description.

6. Since it’s your first time selling on OpenSea, you’ll need to initialize your wallet. Initializing will cost you some crypto. Ethereum wallets usually have high gas fees, whereas Polygon and Solana based wallets would cost a fraction of time.

And that’s it—congratulations on minting your first NFT!

Featured - Mudrex Coin Sets in high demand

Mudrex Coin Sets are expert curated baskets of cryptocurrencies that revolve around a central theme. It helps investors ride the gains across different tokens and eliminate the hassle of picking one token and missing the gains on a similar crypto. If there is an idea you strongly believe would do well, we most likely have a Coin Set for the same.

Mudrex Coin Sets- Solana Select: This Coin Set comprises the top projects in the Solana ecosystem. With exciting projects being built up on the Solana blockchain, you wouldn’t want to miss out on this Coin Set.
Mudrex Coin Sets- Metaverse: This Coin Set was our most popular Coin Set over the past week. With the market correcting, it could be a great opportunity to invest in this basket. These are still early days for Metaverse, and we are bound to see massive explosive moves in this space.

Invest in Coin Sets

Here we are, at the end of our 17th edition. We hope you liked reading it. Please write back with your feedback, comments, and stuff that you’d like us to include in the newsletter. We end with a meme that summarizes the mentality of several novice traders after making a few successful trades.