Opensea Gets Hate!🚫

Welcome 🙏to Joint #11! We are sure to give you some insights about this week's weekly updates too🥳 keep reading!

And don't be shocked after seeing our Joint on a Thursday evening! We are now bringing you 2 Joints a week🥳🥳🥳🎊🎊So don't forget to check your emails on Every Monday and Thursday at 6:00 PM❤️🤗

This week was really happening and yes aapko ni idea…but worry not! Web3 Stash Hai na😇 Let's start by having a look at BTC and ETH 👀

Abhi let's dive into some good web3 news and trust me it's fun keep reading😭😭🤌🏻 Today we will be covering the following topics -

1. Opensea Gets Hate!!🚫

2. Trader lost $55 Million😱

3. Wtf is Automated Market Maker(AMM)👀

4. Zach Vs Machi updates🤌🏻

🚫Opensea Gets Hate🚫

Opensea the OG NFT MARKETPLACE is not so OG now🚫Yupp! It seriously is not🤌 The whole idea of supporting creators is now fading away🥺 

Let's find out what's going on🤔-

One of the big promises of NFTs was that the artist who originally made them could get a cut every time their piece was resold! (Yehi sochke nfts banata tha🥺)

Unfortunately, that’s not the case anymore!😭😭😭

Opensea says that it plans to stop the mandatory collection of resale fees for artists. Starting March 2024!😭😭

The fees will now be tip — an optional percentage of a sale price that sellers can choose to give the original artist.🤷‍♂️

If the seller doesn’t want to hand over any money, that’ll be their choice!!? (This ain't right 🙃)

The NFT ecosystem has been on a race to the bottom when it comes to fees. 📉

As the market for NFTs collapsed, marketplaces have lowered their own trading fees and stopped enforcing royalty fees in order to attract sellers However NO LUCK🥲🥲

Blur, which has overtaken OpenSea as the biggest NFT marketplace by trading volume 📈🌐, only enforces a 0.5 percent fee on most collections, whereas creators typically set their fees at 5 to 10 percent.

OpenSea will stop enforcing royalty fees on all new NFTs starting August 31st.👨‍💻🔗

The marketplace will continue enforcing the fees on certain existing collections until March 2024, at which point they’ll become optional on all sales.🙌🙌🙃

As per me, this will hurt small artists and undermines creators ability to control their relationship with the people who buy their work! And this is really wrongg😭😭😭

 😭Trader lost $55 Million 😭

What's the most amount of money you have lost on a trade? No matter how high that number is, it's definitely less than $55 Million 😭😭😭🤌🤌

An unknown trader, lost $55 million on an ether trade against binance usd (BUSD) on crypto exchange Binance as crypto markets plunged suddenly!📉🚫

The position was made up of 38,986.528 Ethereum (ETH) and liquidated at the $1,434 price level.That was nearly 30% of all liquidated futures on Binance!😱

The unusual amount for a single trader suggests a large firm, or a large ether holder, was hit hard in the steep drop🗿🙌

Ether dropped from $1,780 to as low as $1,560📉 within minutes, with trading volume surging from $6 billion to over $20 billion📈 across exchanges!🤔

However, ETH Sir quickly recovered some of those losses amid reports of U.S. securities regulators planning to approve ether (ETH) futures ETFs for trading in the country🥳🎊🥳🎊

The crypto market globally has been as unstable as your future! Oh sorry that's dark not unstable 👀☠️

(Is it fine to bully your Reeders?😭😭)

Jo bhi ho, somewhere we all are just waiting for the next big bull run🥺🥺hope to see it soon

👉🏻WTF is Automated Market Maker (AMM)👈🏻

So today we are gonna learn about Automated Market Maker!🙌🥳 with a really fun example🤗

Imagine you have a lemonade stand🍋. You want to trade your lemons for other fruits like apples🍎 or oranges,🍊 but you don't know the exact price. 📉📈

You decide to create a "trading pit" where people can swap their fruits for lemons, and the pit calculates the fair trade🤌

Here's how it works :

1. Setting Up the Pit: You start with a pit where people can trade fruits. To start, you put in some lemons and apples.

2. Price Calculation: The pit's smart calculator checks how many lemons and apples are inside. If there are more lemons, the calculator says that lemons are worth fewer apples. If there are more apples, it says lemons are worth more apples (simple sorted😭😭😭🤌🤌)

3. Trading: When someone wants to trade an apple for lemons, they put the apple in the pit. The smart calculator figures out how many lemons they should get based on the current pit balance.🥳🥳

4. Pit Balance: After each trade, the number of lemons and apples in the pit changes. If lots of people trade apples for lemons, the calculator adjusts the value so you get more lemons for the same number of apples.🍋🍊

5. Reward: Since you're running the pit, people give you a small portion of the fruits they trade as a fee for setting up the convenient trading spot.🔗🌐

Real Life Example: Uniswap🦄

Uniswap is like the high tech version of this trading pit. Instead of lemons and apples, it uses cryptocurrencies. 📈

People put in ETH and other tokens into a digital pool. The smart contract calculates the trade ratio based on how much of each token is in the pool🎯💸

When people want to trade, they interact with the smart contract to get the fair trade value. Liquidity providers, like you with the pit, earn a small fee for making this possible🤌🤌😭😭

So, an Automated Market Maker is like your lemonade stand's trading pit but for cryptocurrencies. It lets people swap ↪️↩️their tokens at fair prices without needing a traditional market setup.🤌🤌

I hope this explanation cleared Automated Market Maker ka concept and now I want you guys to share this newsletter within your group and get us some more subscribers!🥺🥺

That's the only fee you guys need to pay for getting many more cool explanations on complicated topics🤌🏻 SUBSCRIBE NOW!

💸Zach Vs Machi updates💸

So if you guys recall, in our very first JOINT, we talked about Zach and Machi! 

Yeah, i know many of you were not subscribed to us back then so worry not i'll give you a brief background🤌🤌😭😭

However, i recommend you guys to click on the button below for knowing this in even more detail👇

Toh basically, ZachXBT is a crypto superhero! He has been unveiling crypto scams for ages now and is too good at it!🤌 

Tech entrepreneur and crypto figure, Jeffrey Huang, popularly known as Machi Big Brother, had sued him alleging that Zach posted and deliberately manipulated an article that painted him as a thief engaged in market manipulation🫠🥺

Jeffrey asked him to put down the article however Zach being Zach denied!🗿

A lawsuit was filed and people came forward to support their favourite blockchain hero Zach! And they had managed to raise a whooping $1 million!💰

Coming to the lawsuit, we have some updates 🥳🥳

Machi Big Brother has withdrawn his defamation suit against ZachXBT, but only after the softening of his published accusations!🥳🥳🥳🙌🙌

ZachXBT made significant alterations to his published investigation, in the process removing some of the sharper accusations against the entrepreneur and NFT trader while softening the language of some of his claims👀👀🎯

Here's the tweet revealing the Good News-

Stay subscribed and ask your Web3 friends too as we will update you on more news as soon as we have some progress 😎

This is what the JOINT #11 had to offer we went from opensea to zach and we promise to deliver an even better experience next time🤗🤗 so stay subscribed!

Also please do me a favor and share this newsletter with your web3 friends 🫂🫂(secret - this will make sure you make good money in web3 world in the coming future)❤️❤️😭😭😭

Thanks for spending your valuable 5 minutes with us, see you soon in JOINT #12!!🫂🫂