NFT Update: Coinbase x BAYC
2022–04–21
Summary
Consolidation of crypto after Monday’s sharp drop. Market still focused on macro backdrop, with correlation with equities remaining high. The CT meme is that tax season is now over, freeing up funds for investments. Funding continues still heavy, with the last 3 days’ average funding rate at -2.7% for BTC and -5.6% for ETH.
- Outperformers in the Top 100 are: LUNA (+11%), APE (+36%), AAVE (+10%), STEPN (+53%), FXS (+23%), XCN (+16%), SNX (+25%)
- Underperformers in the Top 100 are: SHIB (-7%), WAVES (-7%), OSMO (-6%), HNT (-6%)
In the NFT space, OpenSea volume (Chart 1,2) and transaction count (Chart 3) are consolidating — with the risk appetite back on the rise, NFT prices have seen good bounce (Chart 4,5,6). Remainder of the month presents a lot of events, including Anata, Moonbirds, VeeFriends S2, with traders on the lookout for potential purchases. So far, most anticipated is Anata mint on 4/21.
Next up: deep dive
Coinbase to produce 3-part film featuring BAYC, with selected apes receiving $10k in licensing fees
- More about the film: the announcement by Coinbase doubled as casting call to BAYC holders to submit their characters and story ideas — selected BAYC owners will be cast in the film. The move is part of Coinbase’s growing brand content ambitions, as it aims to use creative entertainment in order to get users’ attention; this move in particular is a way to promote its new NFT marketplace
Arweave gets fully integrated with Avalanche
- What’s the deal: not that big of a deal, you can now buy Arweave storage via $AVAX tokens on Avalanche, and also build decentralized apps with Avalanche as a smart contract backend
Louis Vuitton releases new NFTs
- What’s LV doing: LV first introduced its mobile app game Louis: The Game, and now it introduced PFP inspired NFT rewards.
- Why it matters: fashion companies have been entering the metaverse with the hope of attracting Gen Z consumers — most notably, it took over Decentraland for the first-ever metaverse fashion week.
The Sandbox is looking to raise $400m at a valuation of more than $4bn
- More about Sandbox: owned by software and venture firm Animoca Brands, The Sandbox has 2.2mio registered users as of 4/4/2022. It previously raised $93mio in Series B funding round last November (led by SoftBank’s Vision Fund 2). The Sandbox
Following: New Launches
Moonbirds
- What’s the collection: 10,000 pixelated owl PFP NFTs — Moonbirds offer holders access to the PROOF (a private NFT community) Discord channel and upcoming PROOF drops, events and projects
- Why it matters: Since launching, Moonbirds collection saw [75]k ETH in trading volume, with surge in floor prices. The trading surge already slotted Moonbirds as the 14th most-traded NFT collection of all time. Following the mint, PROOF Holdings raised $60M in capital.
- Details: 19e floor | 10,000 supply | 2.5e mint | minted 4/16/2022
Following: Big Money Raises, and Entrants
Sony and LEGO invests $1bn each to build a metaverse with Epic Games
Starbucks to get into NFTs
Lamborghini to auction its latest Avantador with an NFT
Amazon CEO Andy Jassy says Amazon could sell NFTs in the future
- In an interview with CNBC, Jassy dismissed that Amazon might be adding crypto payment options in the near future, but could sell NFTs in the future — the Company opened position for digital currency and blockchain product lead to help build out Web 3 strategy and product roadmap in Jul’21
Framework Ventures reveals $400M Fund with focus on blockchain gaming
- More about the fund: Half of the new capital ($200m) will be deployed to blockchain gaming space.
Blast Royale raises $5M, with participation from Animoca Brands, Mechanism Capital, Dragonfly Capital, DeFiance Brands, Polygon, etc
- What is Blast Royale: Battle Royale game with a P2E twist, being developed on Polygon (ETH L2) chain — the game is being developed by First Light Games, and is expected to be released on the testnet towards the end of Q2. The funds raised by First Light Games will be used to develop the game, attract top talent, and grow the game community.
Legends of Elumia raises from Alameda Research, Animoca, Crypto.com Capital, Spartan Group, etc
- What is Legends of Elumia: play-to-earn MMORPG being built on Solana.
Real Player DAO raises with participation from Animoca Brands
- What is Real Player DAO: Web 3.0 guild and a multi-task platform for GameAi
Other things we are reading (or had no time to read)
Web3 infrastructure protocols’ revenue
Reference Statistics
