šŸ‘½ These aliens arenā€™t from Area 51

Good Morning Switchers šŸ¤—

šŸ‘‹ Welcome to Switch Daily with two cups of coffee ā€” creamed and black, one for the taste and one for the soul šŸ˜Œ

Speaking of two similar things to do two different jobs ā€” post-India's CBDC pilot launch, now even the crypto industry is experiencing some positive movement with big private players starting new web3 ventures. The latest good news came from Indiaā€™s favourite online beauty and fashion retailer, Nykaa. šŸŽ€

No, you are not getting free skincare ladies and gentlemen, but Nykaa did announce its up-and-coming move into the metaverse! Hopefully, itā€™ll allow us to give our online avatars much bigger, thicker, and darker eyelashes (no, we are not superficial at all. what do you mean??)

Hereā€™s what weā€™ve got for you:

  • Market pulse

  • Halloween has just begun for these gobblers

  • No nonsense news

  • Meme dream

Market pulse šŸ“ˆ

The market is still like that green juice for healthy glow

The broader crypto market continues to hold on to the 1 trillion market cap ($1.02 trillion) this Wednesday morning. The current 0.13% uptick might not look much, but it extends the marketā€™s winning streak by another day. However, things may change later in the day as crypto investors brace themselves for a potential Fed-led 75 bps rate hike.

Following this, Bitcoin (BTC) and Ether (ETH) are trading a little flat and are up by only 0.02% and 0.51%, respectively, at press time. Nevertheless, Dogecoin (DOGE) is continuing to lead market gains. It is up by 9.64% over the past 24 hours.

Coin of the day: Dogecoin

We know it feels surreal but DOGE made it to our coin of the day list for the third time in 2 weeks. Hereā€™s why ā€”

Dogecoin has been rallying. We all know that right? But there is more to this narrative than just a blind price surge. In this video, we talk about some of the key elements and drivers that have been adding to DOGEā€™s ascent, in every way possible:

  • Visual element: Highlighted by Elon Musk walking into the Twitter headquarters, with a Kitchen Sink in hand.

  • Sentimental drivers: A new Halloween tweet that Musk share early morning yesterday

  • Fundamental drivers: Dogecoin pipping Cardano as the 8th crypto in terms of market cap

  • Technical drivers: DOGE breaking out of a pennant pattern, super bullish, ainā€™t it!

  • Future drivers: DOGE evangelists expecting an integration with Muskā€™s ambitious ā€˜Xā€ app

But the question remains, will DOGE hit the $1 mark?

    šŸŽƒHalloween is over but these Gobblers are just getting startedšŸ‘»

    The last we checked it was still a bear market but this one NFT project literally took over Crypto Twitter and our inboxes with everyone asking ā€œna jane kahan se aai hai, na jane kahan ko jaigi?ā€

    Wait, but why is it trending again?

    Because it broke the trading volume records and surpassed premium NFT projects like BAYC and CryptoPunks in 1 DAY!

    So? What is it?! It's this freshly out-of-the-oven gamified NFT project, Art Gobblers.

    This NFT project was launched on November 1, and within 24 hours its transaction volume surpassed 12,000 ETH (which btw is worth nearly $19 million!). The Art Gobblers also ranked first, over any other bluechip NFT project, on the NFT marketplace OpenSea, with a floor price of 12.5 ETH.

    Just like Pooh from K3G asked, ā€œkaun hai ye jisne dobara mudke mujhe nahi dekha?ā€ on Hrithikā€™s entry. And how everyone went ā€œkukkadā€ when Sidharth Malhotra showed up in Student of the Year. In the oh-so-odd world of NFTs, the Art Gobblers also made one such grand entry.

    But this is how the project stood apart from just breaking trading volume records.

    The Art Gobblers NFT collection is created in partnership with crypto venture capital firm, Paradigm and Ricky and Mortyā€™s co-creator, Justin Roiland. Just like the founding board, the project is also not like your regular NFTs.

    According to the whitepaper shared by Paradigm, it is a decentralized art factory owned by aliens. As artists make cool art, Gobblers gain cultural relevance because they eat this art. It further makes collectors want the art more and incentivises artists to make cooler art.

    This way, it is also an on-chain game along with being an NFT project! (Shut the front door!?)

    But hey, how many NFTs does this have? Okay so first the owners aka the Gobblers are already existing NFT avatars, who are then allowed to eat artwork which is also an NFT. Then these artwork NFTs are added to their art belliesā€™ collections, which btw together as a whole make another 1/1 NFT.

    But how do you get these artworks? Through a third NFT. You can just use the native token dubbed GOO to produce the blank pages needed to make the art. But these blank pages are also in-game NFTs used as resources for art-generation.

    Oh, and we completely forgot. Art Gobblers donā€™t have a roadmap, as in they are not pitching a manifesto like your local topi wala netas.

    The project founders claim that Art Gobblers is a finished product, designed to bootstrap a self-sustaining ecosystem. Neither the founders nor the Art Gobblers team plan to build anything net new after the first round of free mints.

    What it does next, and how it performs, depends on us, you guys. With more power comes PowerrrrrrrrrršŸŒŖļø (thatā€™s what Mojo Jojo would say, so we are right, okay?!)

    Whatā€™s making the headlines? šŸ¤”

    Globally, the number of Bitcoin ATMs has risen to 38,828, as of 30 October 2022, according to coinatmradar.com, a website that tracks crypto atm installation and growth. Country-wise data on the installation of Bitcoin ATMs show the United States leads with almost 88% market share.

    The all-time sales of Non-Fungible Tokens (NFT) in the top five NFT marketplaces surpassed $40 billion. According to dApp and NFT tracker DappRadar, the marketplaces have reported sales to the tune of $43.44 billion, approximately.

    After the successful execution of its Vasil hard fork, blockchain network Cardano is witnessing a surge in network activity. Network transactions on the blockchain reached 82,880 on 19 October 2022. This is the highest number of transactions since May.

    Community Spotlight šŸ’„

    Calling all BUIDLers!

    Our friends at Lumos Labs are hosting a LIVE hack in Bangalore and you are invited!

    The #BUIDL for Web3 - Hack Bangalore, is an in-person 2-day hack where 100+ shortlisted developers can BUIDL and submit their projects to win big. Join us on Sat, 5 Nov - Sun, 6 Nov at the AssetMantle workspace, Bangalore.

    Meme Dream

    Before we wrap up, if you have come this far, you are the real deal and weā€™d like to get to know you better. Please take this quick survey and tell us what you think of Switch Daily. From the newsletter style to the content type, we are all ears for your input!

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    See you tomorrow, folks. šŸ‘‹

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