Market UpdateNFT Market Update - Week 4, 2023
Yuga CEO Steps Down, Web3 Reflects On Work/Life Balance
NFT Market Update - Week 4, 2023
| ETH: $1,612 (-1.44%) | BTC: $23,519 (3.01%) | SOL: $24.70 (-1.13%) |
Week 4 of 2023 has come to a close and it was another week characterized by a decline in NFT trading volume. Despite this, blue chip NFTs have continued to perform well, albeit with some fluctuations. The trend this week has been the popularity of Degen mints and Open Editions, which have presented a number of stacking ETH opportunities for traders.
On the crypto front, the market has seen a slight stall in the upward momentum it had been experiencing over the past two weeks. This has resulted in a period of sideways trading, which has created some great opportunities for swing traders. However, it also raises the question of whether the market will break through its current resistance level or if it will fall to a new low, as some analysts have predicted.
Mints & News Of The Week
- Porsche released its first-ever non-fungible token (NFT) collection on Monday, which pays tribute to the iconic 911 model. The collection, limited to 7,500 pieces, was first made available to pre-selected buyers, who were given the opportunity to mint up to three virtual 911 Porsches for 0.911 ETH each, roughly equivalent to $1,500. After that, the collection was opened to the public without a fixed ending time. However, initial sales of the collection were not as strong as expected and the floor price dropped below the minting price. In response, Porsche reduced the supply, and the floor price has since rebounded to just over 2 ETH, and the collection is currently holding the #1 spot in new NFT trading volume this week.
- DigiDaigaku, released Masked Villains this week from the blockchain gaming platform "Limit Break." This limited-edition set features 6,765 unique NFTs and has quickly ran up the weekly leader board taking the seventh spot on the top-selling NFT list this week. With a secondary sales volume of 1,162 ETH since mint, and a current floor price of $705 which is down from yesterday. Keep your eyes on this cause it's sure to run up leading into the Superbowl free claim.
- The White House has blamed Congress for delaying the creation of a national regulatory framework for cryptocurrencies. President Biden's advisors have called for Congress to take steps to combat fraud and dishonest individuals in the industry. These steps include giving more authority to regulatory organizations, increasing transparency and disclosure standards, and increasing funding for law enforcement. The advisors also warned that the new Republican House of Representatives could make matters worse by relaxing restrictions at this pivotal time. The SEC and other authorities have been taking action against crypto fraud and insider trading.
- Amazon is reportedly launching a digital assets enterprise, with an NFT (non-fungible token) initiative expected in the spring. The company has been in talks with a variety of players in the industry, including blockchain-based gaming startups and digital asset exchanges, with a focus on blockchain-based gaming and related NFT applications. Amazon is said to be exploring the possibility of encouraging customers to play crypto games and claim free NFTs as part of the initiative. The company is not well known for exploring the crypto or blockchain arenas, but its CEO has previously stated that he is open to the company selling NFTs. It is unclear what Amazon's end goals for its Web3 ambitions are, but it is likely that a successful launch would pose a significant threat to existing NFT marketplaces.
Tweet of The Week
Yuga Labs, a leading player in the NFT space, has been the subject of much discussion following the announcement of CEO Wylie Aronow's departure. Aronow, also known as "Gordon," revealed on Twitter that he had been diagnosed with congestive heart failure and would be taking a leave of absence from the company. He will continue to serve as a board member and strategic advisor, but will not be actively involved in the company's operations.
Gordon's contributions to the Web3 space have been immense, and his departure is a loss to the industry. However, this also serves as a reminder of the importance of taking care of our physical and mental health in the fast-paced and often high-pressure world of Web3. It's important to make time for ourselves and our loved ones, and to not let the "grinding mentality" of the industry consume us.
As we navigate the balance between work, family, self, and Web3, it's crucial to remember that the value we bring to the world is not determined by algorithms or time spent online. Rather, it's about the impact we make and the relationships we build. It's also important to find ways to manage our time and energy effectively, so that we can be healthy and productive in all aspects of our lives.
**This Market Report is Not Financial Advice, This is my Personal Opinion of the current conditions and you should Always Do Your Own Research**
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
this week was marked by another decline in NFT trading volume and sideways trading in the crypto market. Blue chip NFTs continued to perform well, with a trend towards Degen mints and Open Editions. The week also saw Porsche release their first NFT collection, DigiDaigaku Masked Villans, and Amazon's rumored launch of a digital assets enterprise with an NFT initiative. The industry lost a leader with the departure of Yuga Labs CEO Wylie Aronow, reminding us of the importance of self care and balance in the fast-paced world of Web3. As we move forward, it's important to remember the impact we make and the relationships we build and to find ways to manage our time and energy effectively. Thanks for reading and stay tuned for next week's market update as always, it's important to do your own research and invest responsibly.
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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