Elon Musk's impact on NFTs and Web3

GM everyone, I hope you having a great day so far.

I was out on an all day excursion yesterday and planned to skip today's newsletter, yet some crazy alpha went down that I knew I needed to cover!

I am utterly exhausted, and ready to write!!!

On to the news..,

- Hunter Maier

📱 Elon Musk to buy Twitter for $44 Billion

📈 The bulls said "nah"

⛵ OpenSea's new acquisition

• Moonbirds - Floor Price: 29.5 ETH

• Mutant Ape Yacht Club - Floor Price: 40 ETH

• Akutars - Floor Price: 2.45 ETH

• EightBit Me - Floor Price: .98 ETH

Yesterday, Twitter agreed to sell its platform to Musk for $44 Billion at $54.20 a share. Musk intends to revitalize the platform in several ways, one of the most notable being the promotion of free speech, something that Twitter's past has struggled with.

I get it...you're probably saying something along the lines of, "Well this is great news, but wtf does it have to do with Web3?" Here's why!

"I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it." - said Musk.

It's safe to say that Twitter is nowhere close to an optimized platform; examples within the web3 ecosystem include:

• Constant Scam Spam

• Untrustworthy Verified Accounts

• Inconsistent Algorithm

It's safe to say that the current state of web3 lives on Twitter. Whether it's a public figure or an NFT collection, Twitter prides itself on fast and effective communication.

As a businessman, not many people understand the game like Musk!

I excitedly await what he'll bring to the table!

It seems I may have spoken too soon once again!

Whether or not consolidation stays above the demand zone, this bullish price action is impressive, to say the least.

Ethereum, Solana, and the S&P 500 saw an impressive climb following a bearish sell-off!

Do we continue higher from here?

Yesterday, dominant NFT marketplace OpenSea announced its acquisition of Gem to help better serve the platform's experienced users.

Gem is an NFT aggregator that allows its users to:

• Purchase Multiple NFTs at once

• In-Depth Analytical Tools

• Lower Gas Fees

• Token Flexibility (purchase NFTs with any ERC-20 token).

As a result of the acquisition, OpenSea was excited to announce that it intends to bring all of Gem's key features into the current platform, allowing users to "make buying NFTs seamless and delightful for every experience level."

Despite the acquisition, Gem will "still continue operating independently from OpenSea as a stand-alone product and brand."

Looking to learn more? Check out OpenSea's full blog post:

https://opensea.io/blog/announcements/opensea-acquires-gem-to-invest-in-pro-experience/

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Nothing mentioned in this newsletter is financial advice, we are NOT financial advisors. NFToday was created with the intent to entertain those who choose to read and be a part of the community!