Market UpdateNFT Market Update - Week 7, 2023
OpenSea vs Blur: The Battle for Marketplace Dominance
NFT Market Update - Week 7, 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: $1,701 (10.07%) | BTC: $24,852 (12.72%) | SOL: $24.67 (13.94%) |
It has been an exciting week for Crypto investors as there has been a double-digit growth in the market. The US CPI report, an important macro-economic event, has shown that inflation is still on a downward trend, resulting in unexpected rises in the Crypto market. Ethereum has also been making a strong rally lately, possibly due to the upcoming Shanghai upgrade, which is expected to improve staking alternatives such as adding in liquid staking.
The Blur airdrop earlier in the week has also largely contributed to the increased NFT trading volume. People received thousands of free dollars, worth of the $BLUR token, which has caused an increase in trading volume as people reinvested their profits into other NFT projects.
In another exciting development, the founder of Sappy Seals has revealed their plan to take a play out of the BAYC book and launch a gamified free mint open to everyone and on the Bitcoin blockchain. This creative move is an intelligent play on their part, considering how Bitcoin Ordinals have become popular recently. By providing a hassle-free and entertaining way to possibly join the ecosystem, it's highly likely that Sappy Seals will attract more participants.
However, not all events this week have been successful, as seen in the DigiDaigaku Superbowl Mint event. Despite having the potential to onboard the largest number of people to date, it ultimately failed when the QR code directed viewers to Gabriel Leydon's Twitter page, forcing them to follow him before being redirected to the already leaked minting site. This was an epic fail and ended up being the most significant Twitter engagement farming incident we have seen. Nonetheless, the FREE Digi collection has managed to sell just about 5,000 pieces raking in almost $3 Million in secondary sales, and has a current floor price of 0.20 ETH.
Mints & News Of The Week
Ghost Boy is a character created by Evan in 2015. But he's more than just a character; he represents Evan's fear of death and how life can be fleeting. By putting Ghost boy on the blockchain, you can help Evan keep a part of himself alive forever. The Ghost boy collection includes things that are important to Evan, and by supporting it, you're supporting an artist who's putting his true self into every piece. Half of the money raised will go towards web development, and the other half will help Ghost boy grow as a brand. There's no set plan or discussion group, just you, Evan, and the blockchain.
There are only 6,666 Ghost boy tokens available, but they've already seen over 8,796 transactions and have generated over $5.28 Million in secondary sales (and counting). Each token is currently valued at around 0.38 ETH.
DigiDaigaku Dragon Eggs is a set of 10,000 digital collectibles made by Limit Break, a company started by well-known game designers Gabriel Leydon and Halbert Nakagawa. The Dragon Eggs are almost ready to hatch. Although they spent $6.5 million on a Superbowl ad that wasn't very successful and seemed to be just a way to boost Gabriel’s ego via Twitter farming, the project still did well. So far, they've sold over 4,876 Dragon Eggs and have generated over $2.84 Million in secondary market volume.
Hadeswap's Bold Move: Acquiring Solana Monkey Business
Hadeswap, a decentralized project built on the Solana blockchain, has acquired the intellectual property (IP) rights to Solana Monkey Business (SMB), one of the earliest and most valuable NFT projects on the blockchain, from its creators. The acquisition aims to improve the shortcomings of SMB while maintaining its legacy and making it more accessible to a wider audience.
This move aligns the interests of SMB holders with the broader Solana NFT community. As part of the deal, Hadeswap will transfer ownership of SMB to HadesDAO, which will provide funding and proposals to generate awareness and growth for the brand.
Ordinal Wallets have arrived: New user-friendly solutions for Bitcoin's Ordinals
Bitcoin's Ordinals is gaining momentum with over 125,000 Ordinals inscriptions on the blockchain, creating a thriving inscription and trading scene. However, the centralized tech framework for interacting with the blockchain has been a barrier for many users. Recently, three new user-friendly solutions have emerged: Ordinals Wallet, Xverse Wallet, and Hiro Wallet. These wallets provide explicit support for Ordinals inscriptions and offer features such as receiving, storing, viewing, and buying and selling Ordinals. With the rise of these new wallets, the NFT community is likely to see further developments in the coming weeks and months that cater to Bitcoin Ordinals.
See this thread I wrote for more info, https://twitter.com/Web3Uncovered/status/1627148295679184896?s=20
Tweet of The Week
OpenSea Changes Track as Blur Gains Popularity: Will it be Enough to Stay on Top?
OpenSea, a popular NFT marketplace, has decided to get rid of its 2.5% fee on sales and reduce its creator royalty protections to stay competitive with the newer marketplace Blur. OpenSea will now only require a 0.5% royalty fee for projects without on-chain enforcement, though sellers may choose to pay more. Blur, on the other hand, charges no fees and has been growing in popularity. OpenSea’s decision comes after Blur recommended that NFT creators block secondary trades on OpenSea. OpenSea has stated that they are trying to find a balance that benefits everyone in the NFT ecosystem.
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 Crypto and NFT markets have seen some exciting developments this week, with notable events like the US CPI report and the Blur airdrop contributing to the growth of the industry. Despite the failures of the DigiDaigaku Superbowl Mint event, the FREE Digi collection has managed to sell well, and other new projects like Ghost Boy are generating very impressive sales. Furthermore, the emergence of user-friendly solutions for Bitcoin's Ordinals and the changes made by OpenSea to stay competitive with Blur are indicative of the evolution and growth of the NFT ecosystem. It's an exciting time to be involved in the industry, and we can't wait to see what's in store in the weeks and months to come.
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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