Budda Bears 004 - Korean Jew vs. SBF???

GM, Budda Bears!

Welcome back to the fourth edition of Budda Bears Weekly. As mentioned before, this is a jam-packed newsletter that will hit your inbox every Monday with details on new ambassadors, Camp Budda updates, new utilities, upcoming events, and more!

If you haven't already, make sure to subscribe so you can stay up to date with all the latest Budda Bears news!

FTX Saga 😢

We would be hard-pressed to not talk about the elephant in the room with the FTX fiasco leading to a 25% drop in the entire crypto market, so let's have a look at how this has impacted our NFT world. To briefly summarize what's been happening, popular cryptocurrency exchange FTX has had some major financial woes leading the industry's third-largest exchange to almost collapse within a couple of days. FTX’s sister-company Alameda Research had received loans from FTX using customer deposits, these loans were backed in Solana and FTT (FTX’s native token). Now with FTT and SOL prices in the gutter from the bear market, Alameda research couldn't liquidate enough assets to pay back the loan to FTX, putting both parties in major turmoil and customers left without being to withdraw their funds.

How has it impacted NFTs? Well, Alameda's balance sheet had over $1.1 billion Solana, which is almost 10% of the entire token supply. As of writing, Solana has fallen nearly 70% in price and as the second most popular blockchain for NFTs, we have seen Solana NFT volume also plummet. The SOL crash has dropped OpenSea's average daily volume from $70,000 to just shy of $10,000. Similarily, SOL marketplace Magic Eden's daily trading volume fell from $2.5 million to just over $1 million. For the NFT market as a whole, NFTgo reports the total sales volume dropped 32% since the 7th of November, and OpenSea alone has dropped 41% in daily transaction counts.

As tough as these times are, it's important to remember that we are all facing and dealing with the current landscape together as a singular community of early adopters. Our hearts go out to any Budda Bears holders who were involved in this fiasco. You can rest assured knowing that this event will not be holding back Budda Bears, and that we will be continuing to build throughout this bear market.

Budda Bear Spotlight 🔦

A HUGE congrats to 1/1 Budda Bear holder, Korean Jew, for defeating Barney at Crypto Fight Week! Our community had an amazing time watching this fight over our live stream, and we're all proud of our fellow Budda Bear. Although we don't know who Korean Jew is fighting next, I think we can all agree that we'd like to see him take SBF down. 🥊

If you'd like to connect with Korean Jew on Twitter, you can find him here!

Lastly, a special shoutout to SX BETS for making this all possible!

Camp Budda Updates 🔥

Camp Budda is our home in our community. Camp is where we are able to go and touch grass, and be thankful for everything beyond our bright screens. At Camp Budda, Budda Bears of age can connect, listen to music, consume Budda, and much more.

The earliest hints about Camp Budda can be seen on our website. That being said, the website is currently going through a revamp, which will include more updates. Stay tuned 👀🌿⛺

Today's Alpha 👑

• The collection art may be changing in the near future.. stay tuned 👀🎨

• The mechanism behind Stake N Bake is currently being developed. We can't say much for now, but we will give one hint. This will allow some Budda Bears to become Baked Buddas. These will be extra valuable! 👀🐻🌿

• We are currently working on building a Budda Bears Marketplace! More details to come.

• Current market conditions are allowing for relatively low-priced sweeps. As mentioned last week, holders of 20+ Budda Bears will be heavily rewarded 👀

• Here's another sneak peek of merch designs:

Official Links 🔗

Due to the recent hype around Budda Bears, there are many scams going around. Make sure to be extra careful when clicking on links. No Budda Bears account or employee will ever DM you first! Official links can be found here:

OpenSea︱Website︱Discord︱Twitter︱Instagram︱LooksRare︱X2Y2

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That's a wrap for today's edition of Budda Bears Weekly. We hope you enjoyed our updates and can't wait to give you even more details next week. If you're not already a Budda Bear, make sure to get involved by visiting our collection on OpenSea here! You don't want to miss out on this one!

Built by the Community, for the Community#MOREBUDDA