Market UpdateNFT Market Update - Week 5, 2023
Ryan Carson's Flux Controversy: What You Need to Know
NFT Market Update - Week 5, 2023
| ETH: $1,633 (-0.73%) | BTC: $22,981 (-3.47%) | SOL: $23.58 (-10.50%) |
Web3 never fails to keep things interesting! As NFT trading volume continues to decline, blue chip projects Such as Doodles and pretty much anything Yuga, including Sewer Pass are making waves. But the real money maker this week was Open Editions' Checks - VV Edition, taking investors on a wild ride to the moon! A $800 investment from 30 days ago would now be worth over $1.76 million, talk about a life-changing ROI.
On the crypto front, we're experiencing a bit of a lull, with the market stabilizing after a few weeks of upward momentum. But never fear, there are still opportunities for savvy swing traders. The big question now is whether the market will break through resistance or fall to a new low, as mentioned last week, still waiting on the next big move bullish or bearish.
Meanwhile, the FED just jacked up interest rates by a quarter point, aiming to curb inflation that hit 6.5% last year. FED Chair Powell says they won't stop tightening until inflation cools down to 2%, so buckle up for the next big interest rate decision on February 22nd, during the FOMC meeting in late March.
Mints & News Of The Week
- This week, What the Fluff had a blast on the secondary market with a 5k supply collection that went bananas. It fetched over 8,395 sales with a whopping $1,228,139 in secondary sales and still rising. And you know what's even fluffier? It's currently sitting pretty at around 0.2 ETH! What the Fluff is a series of 18 sassy and stylish characters, each with their own unique flair. The artwork is simply stunning, with loads of intricate details all from a free mint. Fluff-tastic! Job was done by this team.
- Chungos, was another success this week. With a supply of 8888, this project has already made a splash with over 14,350 sales and $411,596 in secondary volume. And get this - it's currently trading at a floor of 0.044 ETH. But don't let the simplicity fool you, these Chungos pack a punch with their fun and quirky degen art style. This collection is all about art and community, with no roadmaps or promises. Just pure, unadulterated NFT goodness. Keep an eye on the Chungos, folks, because if it keeps up this volume, it could be worth a closer look!
- Chainlink is set to shake up the NFT market with its latest offering - dNFTs (dynamic non-fungible tokens). These tokens are NFTs with encoded smart contracts that allow them to change based on external conditions, offering a unique solution combining NFT benefits with data updating capabilities. Ideal for tokenizing real-world assets and in-game progression, dNFTs can morph and evolve over time. With its dominance in the DeFi industry, Chainlink's entrance into the NFT market could bring mainstream adoption.
- Cool Cats, the former Blue chip that made millions of dollars, is back and ready to take on the world with a fresh new look! With plans to rebrand and expand beyond Ethereum and offer support on various blockchain networks, Cool Cats is determined to become the top feline NFT project once again. Cool Cats and Cool Pets NFT holders will even receive a special Fracture NFT airdrop, which promises to bring a new level of interactivity and rewards to the "World of Cooltopia." And that's not all! The team has plans to release Explorers NFTs later this year, featuring customizable full-body avatars that can be used across different blockchain networks. So keep your eyes peeled, because Cool Cats may just be making a comeback and it could be cooler than ever!
Tweet of The Week
The Web3 community was in an uproar Friday night after Ryan Carson tweeted about an investment opportunity in his company, Flux. The announcement caused quite a stir on Twitter, with some investors concerned about the information that was released before the funding round was finalized.
I spent the entire night just about 8 hours in @leap_ xyz Twitter Spaces “Great Spaces BTW” and Reactions from the community were mixed, with some criticizing Ryan for past unethical behavior in Treehouse and Moonbirds, while others defended him and spoke of all the good, he has done. Demanding he be given an opportunity to have his voice heard and explain the concerns. This led Ryan to take to Twitter with the attached tweet and announce a Spaces for Saturday morning to address the community's questions and concerns, apologize for his mistake, and explain the investment structure.
Ryan expressed regret for his decision to reveal the names of the investors and acknowledged that it goes against industry standards. However, he explained that this type of investment structure is common practice in the industry for early investors. Despite the controversy, Ryan remains committed to Flux and the advancement of the Web3 ecosystem.
It's important to remember that everyone makes mistakes, and Ryan is no exception. While some may still be unsatisfied with his actions, it's crucial to appreciate his positive contributions to the Web3 world. Ryan has created Dailydose, one of the largest Twitter Spaces, which has provided a platform for many to speak and support numerous founders and artists. There's no doubt that Flux will also develop into a huge success in the future.
Ryan is someone who adds value to the space and consistently empowers others to do the same. He is dedicated to advancing the Web3 ecosystem and making a positive impact on the community. Despite the controversy, it's important to show Ryan some support and appreciation for his efforts. People are allowed to make mistakes, the Web3 community should take a step back and consider Ryan's positive contributions to the movement, rather than dwelling on his mistakes. Let's show him some support and recognition for his efforts in the Web3 world and acknowledge the value he brings to the community.
**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
The NFT market is an ever-evolving space with new opportunities and trends constantly emerging. Despite a slight dip in the crypto market, there are still opportunities for savvy traders. The recent Flux Controversy, sparked by Ryan Carson's tweet, highlights the importance of transparency and ethical behavior in the industry. Keep an eye on weekly developments such as Chainlink's dNFTs and the return of Cool Cats. Stay informed about the next FED interest rate decision and stay updated by checking back next week for more exciting updates in the NFT market!
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.
If you enjoyed this or found it useful please follow the Socials below
Marz - Twitter