Market UpdateNFT Market Update - Week 49, 2022
The Market Received a CockPunch of Volume This Week
Crypto Update
| ETH: $1,273 (-0.32%) | BTC: $17,174 (0.50%) | SOL: $13.71 (1.29%) |
OpenSea saw an increase in volume for the third week in a row, recording its highest week of gains since October. The same holds true for Blur as they seen their highest week of volume since the close of October as well. This just shows that NFT’s are still alive and given the right projects people will invest their hard earned money in the NFT space. Even during times of uncertainty and approaching the holidays.
**This Market Report is Not Financial Advice, This is my Personal Opinion of the current conditions and you should Always Do Your Own Research**
This Weeks Top 5 NFT Markets by Volume
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
BAYC #441 - $683.19K
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
Conclusion
Most of this volume was a direct result of Wednesdays activity surrounding Tim Ferriss’s release of The Legend of Cockpunch. People lined up to mint this project at a hefty 0.3 Eth price which equaled roughly $370 at time of mint. The project raked in a little over 2 million in revenue which will all be donated to the Saisei Foundation, a registered 501(c)(3) nonprofit private foundation that funds cutting-edge scientific research and other initiatives related to psychedelic medicine, mental health therapeutics, life-extension technologies, ecosystem conservation, indigenous knowledge preservation, and more.
A little about the project, Ferriss said in a podcast with Proof Co-founder Kevin Rose that the PFP collection is just the start of his plans for the project. He made his intent as clear as possible, This isn’t another typical PFP project and will not be ran like one. The space demands innovation and with his no roadmap and no Discord we will have to tune into The Cockpunch Podcast to receive the lure and direction of the project, which at a minimum will be released in a 10 part series.
Ferriss has a very large following and certainly many of those fans were just introduced to the Web3 world for the first time. The direction he is taking this project in, is a first for the space and could open the door to other authors and podcasters if this vision succeeds. We will be watching closely to see how he shapes this project and its success.
All this being said active Investors/traders in the space are very leery about the long-term commitment by Ferriss due to statements made in his project FAQs that got called out as a rug pull on twitter. See attached images for full context or visit the project FAQs section for more information. But in short, I do feel it was misrepresented and taken out of context. In addition even if he were to walk away, this was predisclosed which would not be a rug pull. And exactly why everone should always Do there own research and only spend what they can afford to lose. See below and remember NFT's are not an investment they are a consumer product.
The Fear index has not moved the needle for the third week in a row. It continues to sit at 26 same as the previous two weeks. As long as there is a state of uncertainty in the economic world, we will see these ups and downs continue for the foreseeable future.
Disclaimer Always remember, that 99% of all projects will go to zero. This is why it’s so important for you to always invest wisely and do your own research.
Just remember these two points.
- Not your keys, Not your Crypto or NFT's so if you're not actively trading put your holdings in a secure wallet.
- If you buy stock, you’re an investor. If you buy Crypto or NFT's, you’re a customer. If you don’t know the difference between the two you shouldn’t be buying either.
My reports are for informational purposes only.
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