Market UpdateNFT Market Update - Week 11, 2023
From NFTs to Media: Doodles' Move Sparks Controversy
NFT Market Update - Week 11, 2023
**This Market Report is Not Financial Advice, This is my Personal Opinion of the current conditions and you should Always Do Your Own Research**
| ETH: $1798.79 (22.17%) | BTC: $27,617.84 (33.92%) | SOL: $22.01 (21.66%) |
So for a low NFT volume week, we got a lot to talk about this week, First up, we saw crypto take a major dip to start off the week and then rise again, only to rise even higher and break local highs. Talk about volatility! But with all this up-and-down Crypto action, NFTs are taking a backseat, with trading volume down for the third week in a row. The market needs a catalyst to drive a volume increase.
On the marketplace front, Blur is still holding strong at number one in terms of volume, beating out Open Sea for weeks now.
Now, let's talk about DeGods and their Ordinals launch which was pure luxury, it felt and looked elite in every way. The team absolutely nailed it and I'm more bullish on DeGods than ever before. In fact, their launch made Yuga Labs' 12-fold Ordinals launch, which brought in about $16.5 million, look like child's play. Looks like Yuga finally has some real competition! It'll be interesting to see how this plays out in the long run.
Mints & News Of The Week
Yuga Labs, BAYC has unlocked "The Summoning" for eligible players of their recently concluded game, Dookey Dash. In this event, players can burn their Sewer Passes to obtain a mysterious power source that will help them advance to the next stage of the "mint and reveal" NFTs, which are still unknown. The event started on March 15 and marks the final stage of the Dookey Dash game. The game's story involved a key, time-traveling apes, and the sewer. Players had to dodge obstacles and collect valuable items to boost their scores. The top prize, the Key, was won by Kyle Jackson, a Fortnite player known as "Mongraal," who sold it for 1,000 ETH. In The Summoning, players can earn one of eight Power Sources based on their game scores, giving them an edge in obtaining rarer items.
Not A NFT Project was released with a supply of 3333. This collection has already gained a lot of popularity, with over 8,000 sales, totaling about 1 million in volume on the secondary market, and a current floor price of over 0.07 ETH . The collection is a playful response to recent statements by Doodle's leadership that Doodles is no longer just an NFT project, but rather a leading media franchise. This caused confusion and raised questions about the direction of the project. Not A NFT Project takes advantage of this hype and attention by turning it into a meme and creating a new collection around it. Will this project prove to be more than just a meme? Only time will tell!
Doodles made a surprising announcement that they're no longer an NFT project and it's got a lot of people talking. They've decided to move away from being just an NFT project and transform into a media franchise instead. Some people in the NFT world are feeling a little uncertain about this move.
Personally, I think it’s a huge mistake. After all, Doodles started out as an NFT project and that's what they've been known for. Suddenly changing course will indeed make their NFT holders feel a little uneasy. It's like they've pulled the rug out from under them. These holders were expecting one thing and now they're being offered something completely different.
In my opinion, Doodles should be doing both - keeping their NFT holders engaged while also building out their brand and delivering a product that adds value to NFT holders in the short and long run. Instead of just chasing after an entirely new business model, they should be staying true to their original vision and introducing additional business models into their ecosystem. For example, they could still work on the media franchise idea while also keeping their NFT holders happy.
I understand that they might not be able to please everyone. But if they take a step back and focus on their NFT holders, intellectual property, and long-term vision, they can bring more success to the brand and to the actual holders. That means more success now and in the future. So, what do you think about this big change?
Now, let's talk about Facebook (Meta). They announced that they were pulling the plug on their NFT trading objectives with Meta and Instagram and instead focusing more on supporting creators, people, and businesses. But wait, there's more! They also teased plans for a new decentralized social networking site called P92. The platform, which will offer microblogging features and be interoperable with Mastodon, is set to compete with Twitter.
Instagram head Adam Mosseri is reportedly leading development efforts as Meta works to address privacy concerns, with cross-app data sharing a key focus. The move into microblogging comes as Twitter struggles under new leadership, with users exploring alternative options like Mastodon and Jack Dorsey’s Bluesky.
Tweet of The Week
On Thursday evening, Magic Eden shared an exciting announcement on Twitter by posting the BTC orange ME logo. This was a clear indication that they were about to launch their much-awaited Ordinals Market Place in the near future. Later that same night, @ChartFuMonkey from Magic Eden confirmed this news during a Twitter space conversation with @leap_xyz. He expressed that the entire team was overjoyed to create the marketplace and the top priority was to release it quickly while ensuring a great user experience. The team also aimed to create a high-end marketplace with a clean and pristine look that would leave users feeling satisfied. With this announcement, Magic Eden has sparked anticipation among crypto enthusiasts and users alike for what promises to be an exceptional marketplace experience.
Web3 Uncovered YouTube Release
Weekly Top 5 NFT Markets by Volume
Weekly Top OpenSea Projects
Weekly Top 5 NFT Sales
This Weeks Notable Projects
Top Mint of The Week OpenSea Link
Top Weekly Volume Growth OpenSea Link
Top Weekly Floor Growth OpenSea Link
Top Volume This Week OpenSea Link
NFT trading volume remained low for the third week in a row as the crypto market experienced fluctuated throughout the week. Blur continued to hold the number one spot in terms of volume in the marketplace war. DeGods' Ordinals debut was a luxurious success, outshining Yuga Labs' 12-fold Ordinals launch, which could make the market more competitive. In other news, Yuga Labs unlocked "The Summoning" for eligible players of their recently concluded game, Dookey Dash, while Not A NFT Project gained popularity and made fun of the direction of Doodles. Facebook (Meta) announced that it was dropping its NFT trading objectives on Meta and Instagram and focusing on supporting creators, people, and businesses. Additionally, they teased plans for a decentralized social networking site called P92, while Magic Eden shared a tweet hinting at the launch of their much-awaited Ordinals Marketplace in the near future. The NFT market desperately needs a catalyst to drive a volume increase, and it will be interesting to see how these developments play out in the long run.
Disclaimer Investing in anything, whether it's stocks, crypto, or NFTs, always carries some level of risk. In fact, it's been estimated that about 99% of all NFT projects will go to zero at some point. Yikes, right? That's why it's so important to always do your own research and invest wisely.
And here are a couple of key points to keep in mind:
Not your keys, not your crypto or NFTs: This is a reminder to keep your holdings in a secure wallet if you're not actively trading. You don't want to lose access to your assets because you didn't hold the keys!
If you buy stocks, you're an investor. If you buy crypto or NFTs, you're a customer: It's important to understand the difference between these two roles, as they come with different levels of risk and potential rewards.
Finally, just a friendly reminder that my reports are for informational purposes only. They're not financial advice, and you should always do your own research and make investment decisions based on your own goals and risk tolerance.
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