NFT Update: Coinbase x BAYC

  • 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
  • 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
  • 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.
  • 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
  • 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
  • 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
  • More about the fund: Half of the new capital ($200m) will be deployed to blockchain gaming space.
  • 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.
  • What is Legends of Elumia: play-to-earn MMORPG being built on Solana.
  • What is Real Player DAO: Web 3.0 guild and a multi-task platform for GameAi

Reference Statistics

Figure 1: OpenSea Daily Transaction Volume (Blue, Bar) and 7dma (Orange, Line) in US$
Figure 2: OpenSea Monthly Transaction Volume (US$)
Chart 3: OpenSea Daily Transaction Count (Blue, Bar) and 7dma (Orange, Line)
Chart 4: Floor Price of Selected NFT Projects in ETH
Source: Dune Analytics
Chart 5: Number of NFT Projects (from Zeneca) with Increased ETH Value (Orange) and Decreased ETH Value (Blue)
Chart 6: Net* Number of Projects With Increasing ETH Value
Chart 7: CryptoPunks vs. BAYC Floor Price

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