A Snapshot Of Our Progress
As we wrap up the third quarter of 2022, we find ourselves with three (3) of the ecosystem’s foundational assets:
- The Genesis Ghost NFTs for accessing the Phantom Network web app and core products, holders’ only Discord channels, & means for ecosystem members to sport our brand “look”
- The Training Grid for yielding $PXN tokens–Currency of our ecosystem
- Consumables: a means for rewarding our holders, event participants, supportive community behavior, and more!
Each floor of the tower: built in deliberate sequence and launched in order of what’s most important for returning value to our longest-term believers first, so that every person can begin accumulating and recruiting value for belief, support, and patience as we head toward the final quarter of the year and our favorite releases yet.
All products on the launch horizon have now been in production for a while, and we are excited, not only to deliver to you the best yet, but to do so with speed & quality.
From the bottom of our hearts, we thank you so much for an unforgettable year thus far, and we can’t wait to show you what’s to come and have you along for the ride.
Best Regards,
PxN
Opening Doors
GM/GN, Web3!
Ethereum (ETH) has recently completed the Merge, and we now have ourselves: Ethereum 2 (ETH2).
Ethereum switched from Proof of Work (PoW), a mining protocol, to Proof of Stake (PoS), a staking protocol, saving purportedly up to 99.95% as much energy spent as the former PoW.
One of the fundamental drivers of PxN has always been the belief that web3 will grow in concurrence with advancement of web3-centric tech and use cases (and thereby grow the value of web3 technologies, such as NFTs and relevant cryptocurrencies). With Ethereum–the highest utility cryptocurrency and blockchain network in the industry upon which the majority of crypto-centric applications are built–shifting to a more efficient and energy-saving staking model, we have before us what can be considered a major advancement for all of web3.
Regardless of what happens to the valuation of ETH in the immediate short-term, the impact of this switch will be global and net positive for ETH-related transactional efficiency and solve one of Ethereum’s major criticisms: environmentally-damaging energy consumption–addressing the global out-of-industry lashback on the environmental detriment and lack of consideration of using crypto and NFTs.
This opens doors.
Just like PxN’s Greymarket and R.A.T. will open doors, too: for all of us who work in web3 or heavily exchange crypto to be able to transact, buy, and sell directly using our crypto without suffering the numerous transaction and transfer fees involved with needing to move crypto around into real-world usable currency or suffering other forms of exchange costs.
One of web3’s core values is and has always been: inclusivity via neutralizing the relevance of real-world borders and enabling people to break through the limitations of their identifications via implementation of culture and practices that allow people to identify as how they wish to be seen. web3 has always been about opening doors…
ETH2 does this, and so will the Phantom Network.
Happenings in the Community:
- Mental Health Mondays with Wonderhands and Rodney, touching on Loss and Grief
- Twitch stream with Baerinz to engage the community. We also had Sharky, one of our Phantoms crashing in
- Launch party with fun-filled games for the release of Consumables, a way for us to engage and reward our holders
DaddyGainz's Market Matters
It’s great to see you for another episode of Market Matters where we discuss all things macroeconomics and crypto related. Navigating through this space with the current state of the markets can be tricky, but I’m here to hold your hand and guide you through the uncertainties.
Firstly a huge congratulations to everyone reading; we have been part of arguably one of the most significant events to take place in the entire crypto space, the Ethereum Merge. Last week, the Ethereum Network successfully merged from a Proof of Work (PoW) consensus to a Proof of Stake (PoS) consensus, which is a way bigger deal than most of us realize. This shift in the underlying operations of the Ethereum Network has opened up a clear path for the future moving forward in this space. The completion of the Merge will cut the network’s energy consumption by a reported 99.95% by eliminating the use of expensive-to-operate computer mining rigs.
Arguably, there is no true decentralized alternative for PoW as the new PoS consensus winds up putting numerous sizable liquidity pools in power, with the potential to dominate and direct the governance on the future of the Ethereum Network, consequently leaving many displeased with the new direction. As many had anticipated, this has become somewhat of a “buy the rumor, sell the news” kind of event, where the rumor sent the price up gradually over the recent months, and the actual event began the recent descent.
Although prices stayed relatively stable and actually increased after the Merge, the markets were still somewhat on edge after receiving rather unexpected data showing a higher than expected Consumer Price Index (CPI), which as many of you know, by now tracks inflation, just days before the official Merge was finalized and shipped.
With uncertainty in the markets, this ultimately led to more downside as many investors eagerly await another much anticipated date to arrive. This long-awaited date was the most recent FOMC meeting, where the FED determined the next interest rate adjustments, which occurred this week on September 21st. After the unexpected CPI reading last week, the likelihood of a lower 50bps rate hike was thrown out the window and markets were met with the almost certain 75bps hike coupled with around a 20% chance of a 100bps hike.
Wednesday’s rate hike came in at a 75bps (three-quarters of a percentage point) increase which was no surprise to investors, but better than the alternative of 100bps. Preceding the 75bps rate hike, Federal Reserve Chair, Powel, spoke about their strong commitment to returning inflation to their 2% objective while they monitor how their aggressive policy stance will affect the economy until they're confident the job is done.
There were multiple mentions of the imbalances within the labor market, and how they expected increases in job vacancies in the near future. Furthermore, we can say with certainty that the FED will continue to hike rates deeper into restrictive levels with their aggressive policy in search of restoring price stability across the economy.
Powel is set to speak again on Friday around the time of this article’s publication, although most certainly he will only clarify and reiterate his mention of the forceful steps they are taking to moderate demand and combat inflation until they see meaningful downward pressure on inflation. Seeing as the correlation between the traditional equities markets and crypto has been so heavily tied, it comes as no surprise to see them continue to move hand in hand, which can be seen by the negative reactions in the markets after this week's rate hike.
Looking through the rest of September, there isn’t an abundance of events taking place that stands out to have a considerable impact on the markets. Still, a couple of events to keep an eye out for would be the Conference Board’s Consumer Confidence survey, which analyzes 3,000 US households, answers about current and future economic conditions, and the Personal Consumption Expenditures (PCE) data, which is the primary inflation measure for the Federal Reserve, both of which may cause some market volatility in the last week of the month.
Gainz's Two Cents
The question on everyone’s mind, wen moon? The answer most certainly cannot easily be written in a few sentences, and is arguably impossible for anyone to answer definitively. What we can do is utilize our market analysis skills, and dig deep into the fundamentals behind the macroeconomic climate and the correlation of technical analysis, as we analyze previous data and future events to predict potential hypotheses.
With the current instability in the markets and the continued high volatility resulting from economic data, we need to continue to monitor assets like Bitcoin and Ethereum in particular because their recent driving factor and reliance on news of the Merge has dwindled and they now battle to regain key support levels around $20k and $1,500 respectively, dropping further away from those levels after the FOMC meeting. As always take into consideration that crypto, being a riskier asset class than most, will have higher volatility swings both on the way up and down, especially during high-impact news events. As usual, NFA, DYOR, stay safe, love y’all, and see you next time!
World Wild Web3
We are ETH 2
The Ethereum (ETH) Merge went on without a hitch, and we’re now in a new green era for the world’s second-largest blockchain. Named ETH 2, this is a strong drive forward for web3 access to the masses.
The Merge destroyed the narrative that Ethereum is detrimental to the environment with the computing power it requires to run. Shifting away from Proof of Work (PoW), a mining protocol, to Proof of Stake (PoS), a staking protocol, meant that the chain now consumes up to 99.95% lesser energy than before!
As we progress along, this change will be a leg up for conglomerates to step into web3 without compromising their belief in reducing environmental harm.
Vogue It Out On Web3
Metaverse is in vogue, so what better way to get on with the cool kids than in the recently released experimental Vogue Singapore magazine’s Fashion’s New World. You can access it here
Want To Be a Web3 Streamer?
The recently released Twitch letter on revenue share hits a sore spot for a subset of popular streamers but did you know there’s also a web3 streaming alternative over at Theta.tv, powered by Theta Network? You can also earn TFUEL tokens by watching videos!
Japanese Gaming Giants See Blockchain Gaming As The Future
In a recent interview with Cointelegraph at the 2022 Tokyo Games Show, Ryo Matsubara, representative director of Oasys highlighted that their partners over at Bandai Namco, Sega, and Square Enix are looking to foray into blockchain gaming.
A significant evolution of traditional games, blockchain gaming, is here to stay. However, this new approach needs to mature before large game studios will consider integrating it into their releases.
Mission: Improbable
The Ghost had arrived. I could hear the faint footsteps growing louder, until they suddenly stopped. The door creaked open, ancient hinges screaming into the stuffy space around. A shadow marked the floor in front of me.
‘Come in’, I called, extending the invitation. Not that it was needed. We both knew why he was here.
The Ghost stepped forward. He stood as a giant in the doorway, cold-eyes and armoured flesh. His reputation was well known within the ranks. I did not know his name, save what the rank-and-file were calling him. ‘Iron-Hands’. It was fitting. The bosses called him by his number alone - 5976. Whatever you called him, everyone knew who he was. The guy made it out alive from a locked down fortress, and left about a hundred bodies in his wake. It was a tale well told around the campfires of the Resistance. How he did it, no-one knew. They say that one m00nshot was all it took for 5976 - I guess he had a little help from the Doc. This time around, it wouldn’t be so simple. There had to be no casualties..brute force and bloody violence would not suffice. Let’s hope the brass had picked the right man…
I made my introduction..
“My name is Hector. I’m from Weapons-Tech..the ‘B00M-B00M Squad’. You might have heard of me?’’ The Ghost made the smallest of acknowledgments.
“Well, someone’s been talking then cos’ we’re supposed to be top-secret! Listen up. I’ll be the one giving you missions whenever the need arises. There will be different objectives for each mission and you will report back to me when you’re done. If you are selected for these missions, it means that you’re special. The fate of the Resistance lies in your hands”
The Ghost did not reply. A small part of me was glad. Ally or not, this guy was frightening.
“5976, we want you to infiltrate an underground facility owned by Mr Web II. Rumours have it that they produce key ingredients for JPEG Juice. As you already know, we need JPEG Juice for the Resistance.
Your mission is to infiltrate and capture key personnel, bring them back to the Resistance for interrogation. This will be crucial in the production of one of the most important consumables we provide for our soldiers. Do not kill - capture. Come back to me when you’ve assembled your squad of 3. Choose wisely
I’ve heard about your skills, Ghost. Glad you’re on our side.”
Pineapple Lounge
Phantom Files: 01 & 02
The Resistance was invited to tour Phantom 01 and Phantom 02’s private training facilities. Pineapple are Plortis were dispatched to learn more about their training.
What are your thoughts on tech in web3?
Zac: Technology in web3 is more than likely to be the future of the web. The odds are endless from every standpoint. Being early in the space provides room to innovate and pave lanes for the future. This is where I expect to see big projects/companies establishing foundations.
Ry: I think technology in web3 will evolve in endless ways. There are so many opportunities that will expand the horizons of web3. From everyday businesses and companies entering the space to games having rewards and avatar upgrades all on the blockchain. As technology grows, we will see extreme creativity that web2 has never experienced.
What’s a favorite PxN memory that you guys have?
Zac: My favorite memory of PxN was seeing and revealing my Phantom PFP to the world. The excitement building up to my Phantom’s art release was a wild ride, and I'm super happy with how it turned out! Aside from this, meeting the other Phantoms and team in NYC was by far the best experience I’ve had in NFTs ever. It feels good knowing we aren't just degening our money away at 2 am on some random derivative but making some awesome friends along the way.
Ry: My favorite PxN memory was when Stark told the slums it was my birthday, and the chat spammed over 1,000 messages, making my Discord crash. Also, the Mr. Web II event was a highlight because no project has ever seen a self-hack, and there was initially a debate on whether it was real.
What was the inspiration for your Phantom PFPs?
Zac: My inspiration for my Phantom came from numerous places. The entire vibe was mainly Killua from HxH, and I added touches to tie myself into an NFT. The 999 tattoos on the neck are paying homage to Juice WRLD, my favorite rapper. The build was based on David Laid, a fitness influencer, because you know we are on our gym grind. The jewelry and the rest of the tattoos are just me. I love wearing chains and rings when I go out, and I currently rock eight tattoos.
Ry: The inspiration behind my Phantom design was Tokyo Ghoul. That was the first anime I watched, and I thought the mask was a cool character trait. For Glitch (My pet), I got the inspiration from Avatar (Momo), a flying lemur, and I wanted a small pet that could fly around my Phantom.