What a year it has been. In the blink of an eye, 2022 will be closing its chapter on us. Since May, we have been laying the foundations for the Phantom Network (PxN), and soon, we will release one of our platform's core features, the Grey Market (GM.co).
As our journey continues to unfold, we would like to take the time to appreciate the key stakeholder in what we’re building: you, our Ghost fam. Without your support, we would not be here today.
As a community, we have gone through so much together. Reminiscing the glorious frenzy of pre-mint to the periods of low morale as we trudged through the bear market and crypto winter. Keeping our heads down, we continued building what we set out to do. It is our Ghosts that keep us going.
During this period, many have left the space; some might be back, while others have left for good. For those who stayed, your show of faith reminded us that we are not in this alone. Your suggestions made us better; your advice kept us grounded.
We are proud to have a community that takes the time to educate those unsure or unaware of our vision. Our Ghosts are our best ambassadors for what we collectively hold dear; the vision to challenge the status quo and build something worthwhile for the betterment of everyone in the space. Everything we build, we build together.
Your positivity and belief is spreading like wildfire. We can feel the winds of change lifting the sails of our ghost ship through these uncharted and turbulent waters. Every one of you played a part in creating this community. That simple tweet, retweet, educational thread, memes, copypasta, gesture of faith-we see and love them all.
We are only as strong as our community, and we hope to grow with you for years to come. Your trust, support, and feedback mean a lot to us. Thank you for being with us on this journey.
Always remember. I See PxN, I Like.
~ The PxN Team
Whitebox v1.1 Patch Notes
Welcome back to Market Matters, where we guide you through today's world of cryptocurrency and make sense of the markets. This week, we’ll discuss the current state of the markets as 2022 comes to a close.
Equity markets are integral to the economy, where people trade goods, services, and assets. Changes in inflation and interest rates can significantly impact the global economy, from the cost of living to the places we live and the status of our jobs.
Conversely, the crypto market is one of the most complex and volatile in the world. Changes in prices are influenced by several factors, such as government regulations and institutional investors' crypto market sentiments.
It has been uneventful in the world of trading at least on the crypto side of things. We don’t have too many impactful reports to look forward to this week aside from some PMI data, US unemployment claims, PPI, and consumer sentiment.
Looking at last week’s job’s market data, we have reports on the Average Hourly Earnings, changes in Non-Farm Employment, and the overall Unemployment Rate. According to the data we saw last Friday, the November job growth exceeded expectations despite the Federal Reserve's attempts to slow the labor market and combat inflation.
The Average Hourly Earnings statistics in the US reported a higher than forecasted amount, which indicates a potential red flag for the economy. Businesses have to pay more for labor and often pass those additional costs onto consumers.
The Labor Department reported last Friday that Non-Farm payrolls had increased by 263,000 in November, 63,000 over what analysts forecasted, while the unemployment rate remained unchanged at 3.7%, as predicted.
Even with the recent policy rate increases this year, the extra jobs added from November are indicating that job expansion is not slowing down as fast as it should be. These concerning job expansion statistics could exacerbate the supply and demand imbalances the FED sees in the labor market, where the growth in jobs far exceeds where it needs to be.
As inflationary pressures continue building progressively with new data and with interest rates still on the rise, even if the pace of rate hikes slows down, it will eventually lead to a larger slowdown in economic growth across the globe moving into 2023.
The longer-term effects of the recent rate hikes have not yet been fully realized. Moving onto this week, we saw the ISM’s PMI data and US unemployment claims, and at the time of writing, we are waiting for the PPI and the consumer sentiment reports.
The ISM PMI Services Index from Monday surprisingly increased in November, showing a stronger than expected expansion, higher than experts had forecasted. This could signal a stronger Dollar and spell more potential trouble for the rest of the markets. Thursday’s Unemployment Claims statistics showed that more Americans had filed for unemployment benefits, even though the labor market remains strong based on last week’s job’s market data.
According to the Labor Department, applications for unemployment benefits rose to 230,000, exactly where analysts forecasted, a 4,000 increase from the previous week, which is trending in the direction policymakers would like to see.
It is likely that the markets will remain flat and unchanged for the rest of this week, aside from some small movements. The upcoming CPI inflation report and the FOMC interest rate hike will likely determine the future of the markets.
These events will determine whether we experience an end-of-year rally, where we could see the expected drop in inflation coupled with the potential slowed pace of rate hikes, or if we need to prepare for a recession due to an unexpected higher rate hike, from too much policy intervention.
Despite the increases in data like unemployment claims, the number of people receiving jobless aid is still low, and the labor market remains one of the strongest parts of the US economy. This continued conflicting data is both good and bad for the markets as the weeks’ progress.
Some economists predict that the US may enter a true recession next year due to the FED’s actions to raise interest rates to fight inflation and cool the economy back to long-term sustainable levels. For now, it may be best to sit tight in anticipation of the upcoming data while being prepared for anything to come our way. As usual, NFA, DYOR, stay safe, love y’all, and see you next time!
Striping Away On web3
Stripe has launched a customizable widget for companies to easily facilitate fiat-to-crypto payments. This is a simple way for businesses to provide a crypto payment option for their existing and potential new customers who already hold crypto.
The widget can be embedded into a decentralized exchange, non-fungible token platform, wallet or decentralized app and allows users to instantly purchase cryptocurrencies in web3 apps.
It will also assist in handling fraud, compliance, and know-your-customer checks. This marks Stripe's entry into the web3 space, with a crypto payment on-ramp service which the company believes will broaden the customer base of blockchain-based companies. Magic Eden, Argent and Audius are among the firms already using the on-ramp.
With an established payment processor joining the web3 revolution, mass market adoption could come earlier than anticipated. Shopping with crypto will become a norm in the foreseeable future.
Tim Ferriss giving the web3 space a Cock Punch
The Ethereum project "The Legend of Cockpunch" has sold out its initial mint, generating over $2 million for its co-creator, author, and podcast host Tim Ferriss. All proceeds will go to the author’s own Saisei Foundation, which funds research into treatments related to psychedelics, life extension, mental health, and more.
The project, which consists of 5,555 images of anthropomorphic rooster characters, was sold via Premint's minting platform. Since the sale, prices of the non-fungible tokens (NFTs) have increased, with the most expensive NFT listed at $1,725 on OpenSea.
In a podcast interview, Ferriss said he had written the first season of a narrative podcast that would reveal the lore of the project's fictional fantasy world. NFT owners will also be able to create derivative artwork and projects.
As more web2 celebrities pave their way into web3, without a doubt, the mass market will follow suit. It is just a matter of time.
TOMS’s bringing good into the world
TOMS Middle East, the shoes and accessories company that donates one-third of its profits to charities has created 10 limited-edition non-fungible tokens (NFTs) featuring key moments in the company's history. This is its first NFT collection to bring its social impact model into web3.
The proceeds from the NFTs will be donated to TOMS Impact Partner, International Medical Corps, a charity the company has partnered with since 2013.
The NFTs will be available for purchase on opensea.com from 16 December. The designs are inspired by milestones in the company's history, including the launch of its iconic Alpargata shoe in 2006 and the donation of its 100 millionth pair of shoes in 2020.
From all the reeling news of scams and rug pulls in the space, we are excited to see more companies and organizations bring positivity and goodness into the world through the power of the blockchain.
A leap for crypto cold storage
Ledger, the cryptocurrency cold storage wallet manufacturer, has released its Ledger Stax product, a cold storage device with an "E-Ink" touchscreen. The Stax is the latest addition to Ledger's Nano X and S devices, and is the first Ledger product to include a touchscreen.
The device allows users to customise the screen with non-fungible tokens or personal photos, and is said to be user-friendly and familiar to those who are intimidated by other Ledger products.
The Stax is available for pre-order with estimated delivery in March 2023. Continuous innovations to make the space beginner friendly will usher in a new stream of adopters ready to be part of the web3 revolution.
Happenings in the Community:
Makuro, Our Rabid Supporter
How did your famous quote, “I See PxN, I Like” come about?
I got tired of responding to PxN fudders, because most of the time, the FUD is senseless or for engagement farming. So instead of speaking sense to them, I just like whatever they are tweeting and commenting on. Thus, the phrase “I See PxN, I Like” was conceived when I was responding to one of those posts.
What made you bullish on PxN?
I got to know the team during Nanopass Phase 1. The way they handled and executed the launch and the idea of BlackBox, giving weekly rewards, were new and unheard of.
Nanopass was also the first few projects that kicked off the closed Discord meta to cultivate the right community and generate interest in the project.
However, Nanopass is sort of like a land/pass NFT, and you can't find common ground or relate to it. Then comes PxN, a high quality anime-inspired PFP project that is led by some of the same founders (Rei & Pants).
More than just a PFP project, PxN is building towards changing crypto commerce as we know it with the Grey Market (GM).
How can anyone not be bullish? We move forward from here as a tight-knit and strong community. As I always say, "I See PxN, I Like"
The word ‘community’ is commonplace in the NFT space. Some projects even leverage their community as part of their utility. What exactly is ‘community?’ According to the dictionary, a community is a group of people living in the same place or having a particular common characteristic.
The web3 space is made up of different communities, banding people from different backgrounds and countries. It’s a beautiful thing. Technology has made it possible and accessible for people from every inch of the world to communicate. Sharing the same goals and visions strengthens this bond. How they communicate, the jokes they share, the things they’re excited about, and the plans they have for the future help to build a strong camaraderie.
NFT projects attract different kinds of people that make up the community depending on their vision. Be it creatives, businesspeople, or those who preach the WAGMI culture; everyone can find a place where they belong. Through real-life experiences such as NFT NYC, NFT LA, or NFT Asia, community members who invested in these projects can also connect and network.
Networking in a community is underrated. The people you talk to in your free time could potentially be someone who hits you up with a life-changing offer, or they could even be the ones you rely on in your darkest moments. As the saying goes, ‘your network is your net worth.’
If you’re new to the space, looking for a community to be a part of can be daunting. Be it a pre-mint or a post-mint project you’re looking to get into, you should take the time to see if you can vibe with the community. If you can align yourself with the vision of the project, chances are, you’ll find people with similar values.
At PxN, we have a weekly community event called ‘Mental Health Mondays’ hosted by Wonderhands and Rodney, where we discuss all things related to mental wellness. This is part of our community building, where anyone can share and learn from each other in a safe space. Our community knows that we have their backs if they’re having a difficult time.
At its essence, the PxN community is a bunch of degenerates trying to carve their place in web3 by being true to themselves. As we innovate with products like the Grey Market (GM) and HOLO, we will bring fresh blood into our community and journey on with our vision. Through the ups and downs, we will grow stronger and blossom together.