Magic Eden + ETH = BFF

GM. Wednesday’s here, and so is Mushroom Alpha with today’s top stories in crypto. For starters, Magic Eden announces that it plans to support Ethereum. Kind of a big deal. Plus, if you want a new pair of sunglasses from Gucci, you can pay with Apecoin. And Nomad loses $190 million in a token exploit.

Plenty to talk about, so let’s get to it.

Today’s Topics:

• Magic Eden to add Ethereum support

• Gucci accepting Apecoin

• $190M stolen from Nomad

• Quick Links

Magic Eden Expanding to Ethereum

Magic Eden, the platform known for its Solana NFTs, will soon expand to support Ethereum. The startup, which was valued at $1.6 billion a little over a month ago, announced today that its next blockchain addition will be Ethereum.

However, things will be a little different for Ethereum-based NFTs than with their Solana counterparts. For starters, the platform will aggregate Ethereum NFTs from other markets, which it does not do with Solana-based NFTs. Additionally, no Ethereum NFTs will be held in escrow, which is not the case for Magic Eden’s Solana NFTs.

How does this impact the NFT market? It’s going to make things more interesting, that’s for sure. Since OpenSea announced it will support Solana NFTs in April, the two marketplaces have traded blows on Twitter.

It’s a digital turf war, and we’re here for the whole thing.

Gucci Going APE

If you’re one of the lucky few to have ApeCoin burning a hole in your pocket, there’s good news. You can now buy yourself a purse or a new pair of shoes from Gucci using APE. This comes on the heels of the company announcing earlier this year that it accepts Bitcoin (BTC) and Ethereum (ETH) along with several other altcoins.

While some brands are in “wait and see” mode, Gucci is taking a more active approach when it comes to cryptocurrencies, NFTs, and Web3. However, some questioned why the company would choose to accept Apecoin, the answer is pretty simple: “We added ApeCoin…because customers of our luxury merchant partners asked for it.” Makes sense to us.

Plus, it doesn’t hurt that the founder of Bored Ape Yacht Club, Stephen Pair, already has pretty close ties with Gucci. But this is just another step toward a bigger slice of the Web3 pie for Gucci. Nearly 70% of Gucci’s retail stores accept at least 10 cryptocurrencies, with the remaining stores expected to be on board within the next quarter.

Looks like Gucci is pretty serious about being a major player in the Web3 market.

Down the Drain

A security exploit was discovered on the Nomad token bridge, allowing hackers to drain $190.7 million from the fund. Based on reports, only $651.54 remain in the Nomad wallet. The good news to this crazy hack is that some white hat hackers were withdrawing funds to safeguard them, with the intention of returning them once everything is sorted.

At least one friendly hacker has been identified. Twitter user @notifi_xyz says that they’re “waiting on official communication from Nomad team.” A vast array of tokens have been removed from the fund, including Wrapped Bitcoin (WBTC), Wrapped Ether (WETH), USD Coin (USDC), IAGON (IAG), Hummingbird Governance Token (HBOT), and others.

Unfortunately, this is bad timing for Nomad as the bridge just went through its seed round in April, receiving funds from Coinbase Venture, OpenSea, and several other major crypto companies.

Hang in there, Nomad.

Quick Headlines

Paying cash? - If you happen to be in Tokyo or Osaka and need some cash, there are Bitcoin ATMs available for the first time since 2018. You can also trade from these machines.

Robin Hood fail - Robbing the rich to feed the poor? How about getting fined? Again. Seems like the legend didn’t understand crypto regulations.

Let’s form group! - Was it a mistake, or did they know what they were doing? Forbes and Tiffany & Co. are caught in the middle of the latest meme.

Murder she bought - Jessica Sledge receives 10 years in prison for paying an assassin to murder her husband.

Keeping up with the Kardashians - Today, it doesn’t mean what it used to unless you want to be involved in a lawsuit.

Saylor out - Microstrategy’s Michael Saylor steps down as CEO, becomes executive chairman.

Scams:

The ultimate Ponzi scheme - There’s a cop in Brazil that thought it might be a good idea to dupe his fellow officers. It didn’t turn out so well.

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.