Market UpdateNFT Market Update - Week 6, 2023
$6.5 Million Dollar Super Bowl Commercial Brings NFTs to the Masses
NFT Market Update - Week 6, 2023
| ETH: $1,535 (-6.95%) | BTC: $21,928 (-5.31%) | SOL: $21.32 (-10.22%) |
This week was full of excitement in the world of NFTs and crypto. For the first time in several weeks, NFT volume hit triple digits, but most cryptocurrencies are still down in value. However, the Fed's Jerome Powell had a positive statement about the start of a "disinflationary process," which gave the market a boost and hope for the future.
The trend in NFTs right now is being set by NFTs on the Bitcoin chain, so it's important to pay attention to this and not miss out on potential growth. The hot topics this week were degen projects and low liquidity plays, with no major NFT launches. As the Blur and magically airdrop claims come to a close, some predict the market may decline rapidly. This is because the airdrop farming or wash trading that's been driving the trading volume to increase the airdrops will come to a stop.
Being knowledgeable and patient in the NFT and crypto world can lead to potential rewards. Keeping your resources liquid allows you to seize buying opportunities when they present themselves. It's crucial to always secure profits and steer clear of investing in unstable projects, especially if the market is predicted to decline.
Please note that this is not financial advice.
Mints & News Of The Week
Rug Radio's "Faces of Web3" collection by Cory Van Lew made a significant impact on the secondary market this week. With a supply of only 20,000, it saw 4,638 transactions and generated over $874,000 in secondary sales and counting. Currently, each unit is valued at around 0.1 ETH. The "Faces of Web3" collection is a fine art representation of the Rug Radio community and the web3 ecosystem, created by Cory Van Lew. By owning a "Faces of Web3" PFP, you will have access to the Rug Radio community, membership passes, and Genesis NFTs.
Rug Radio is the first fully decentralized media platform, which means that the members and hosts control the platform that they consume from. This is important because it allows them to shape the narrative, and build a network that values truth, ownership, and long-term commitment of the holders. By owning the token, you have the ability to decide what you consume and how it's delivered, and you will benefit from the abundance that's created.
Another Open Edition project made waves in the market and this time it was "Open Edition by Kevin Abosch". This artwork represents the artist's contribution to the ongoing discussion surrounding open editions. Inspired by Abosch's own "Comment-Out" series from 2021, the Open Edition presents a unique opportunity for collectors to speculate about the reasoning behind its creation and future value. Unfortunately, I missed out on the chance to invest in this piece, and instead chose to fade it and invest in other projects. Despite a slow start, Open Edition by Kevin Abosch saw incredible success, with over 4,100 sales and $539,000 in secondary market volume.
The Rise of Bitcoin NFTs
Bitcoin NFTs are becoming increasingly popular among collectors, with a recent sale of an Ordinal Punks NFT, Punk 94, selling for 9.5 BTC, or $214,000 at the time. Another NFT from the collection sold for 4.2 ETH, roughly equating to $95,000. The Ordinal Punks NFTs were made possible through the Ordinals project, which allows for data to be inscribed on the Bitcoin blockchain, including JPEGs and other data formats. Despite dividing opinions among hardcore Bitcoin supporters over the merits of inscribing large files on the blockchain, this hasn't stopped investors from getting involved early. While some see the Ordinals protocol as a catalyst for development that could solve the blockchain's scalability and efficiency issues, others worry that the inscriptions could impact other Bitcoin use cases, such as payments through the Lightning Network. However, this hasn't deterred investors from jumping on the trend and getting involved early.
Super Bowl LVII x Reddit Collectible Avatars
Reddit has released a new collection of Collectible Avatars in collaboration with the NFL. The NFTs are free and offer unique benefits on the platform. Users can choose from four different avatars: Eagles, Chiefs, The Champs, or LVII Super Fans. Each Reddit account is limited to one minted NFT. The collection has already generated 3 ETH in trading volume and more than 651,800 avatars have been minted. Reddit's previous NFT collection, CryptoSnoos, saw great success and generated over $12.5 million in sales. The platform's strategy of avoiding the term "NFT" and calling the tokens "digital collectibles" has been a major factor in its success. Despite a recent downturn in the NFT and crypto space, Reddit is pushing forward with its NFT experimentation. The NFL partnership is a way for Reddit to expand its reach to the league's fans.
Tweet of The Week
Limit Break, a blockchain gaming company, will release thousands of NFTs during the first commercial break of Super Bowl LVII for their upcoming game DigiDaigaku. The NFTs are part of the Dragon series and can be obtained for free, giving players ownership of a digital asset. This innovative "free to own" NFT model was created by Machine Zone's founders, Gabe Leydon and Halbert Nakagawa. An estimated 100 million viewers are expected to be exposed to NFTs through the Super Bowl commercial. Limit Break has raised $200 million and spent $6.5 million on the ad. Leydon and Nakagawa aim to bring NFTs and blockchain gaming to a global audience. To receive an NFT during the Super Bowl, viewers must scan a QR code that will appear during the broadcast. Super Bowl LVII will air live on February 12th, with Limit Break's NFT ad during the first commercial break.
**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, NFTs saw a boost in volume and a positive statement from the Fed's Jerome Powell on the start of a "disinflationary process." Both Rug Radio's "Faces of Web3" and Kevin Abosch's "Open Edition" project were successful, while Bitcoin NFTs continue to grow in popularity among collectors. Limit Break's upcoming $6.5 million dollar Super Bowl commercial is set to bring NFTs and blockchain gaming to a wider audience, exposing over 100 million viewers to the potential of NFT ownership. As the world of NFTs and cryptocurrencies evolves with new projects and collections making waves in the market, it is important to stay informed and make informed decisions in this exciting and ever-changing market. Please keep in mind that this is not financial advice.
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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