Weekly NFT Report: Dogechain Goes Live

Crypto market slightly pulled back after China lowered two key lending rates on Monday. Bitcoin rejected at the 100dma ($24.8k) and gyrating around $24k. Ethereum, the focus of the month, could not find a support at the psychological level $2k yet, hovering in a narrow range at $1.9k. Crypto assets currently stand at $1.2T market cap. Memecoins rallied up as Dogechain, so-called the Layer-2 for Dogecoin, went live earlier this month (7d: DOGE +24.4%, SHIB +56.5%, ELON +16.1%, FLOKI +17.9%, KISHU +19.0%, and more…).

Over the last 7 days:

Outperformers in Top 100: SHIB (+57.7%), CHZ (+40.3%), EOS (+38.3%), CEL (+33.4%), DOGE (+25.5%), NEXO (+22.1%), LDO (+21.9%), HT (+19.6%), OKB (+18.2%)

Underperformers in Top 100: BIT (-24.6%), APE (-9.4%), FLOW (-9.3%), MKR (-6.1%), GRT (-4.8%), XCN (-4.7%)

In the NFT space, OpenSea volume (Chart 1) remained plateau at low level. The average daily volume over the last 10 days was $17.8m. According to the first half of August’s data, the monthly volume (Chart 2) and number of NFTs sold (Chart 3) were expected to end similar as July’s numbers ($528m monthly volume and 1.7m NFTs sold). NFT market continued to remained quiet this week with rising regulatory concerns for digital collectibles. Crypto natives continued to discuss topics about Ethereum Merge and Dogechain launch, NFT market could potentially rally upon successful merge which lowers fees on Ethereum (largest NFT market) and new development on Dogechain, such as NFT market, Defi protocols related to digital assets and more.

Chart 1: OpenSea Daily Volume ($USD)
Chart 2: OpenSea Monthly Volume ($USD)
Chart 3: OpenSea Monthly NFT Sold (transaction count)

Fed released new guidelines to crypto banks

  • More in details: Financial institutions can now offer both traditional and new types of financial products (cryptocurrency) using ‘Master Accounts’. Custodia and Kraken, crypto institutions, will very soon apply for their master accounts and act as a bridge that links the web2 and web3.

Coinbase pausing ETH and ERC20 transfers during Merge

  • More in details: The upcoming Ethereum Merge was tentatively scheduled on 15–16 Sep, Coinbase will temporarily stop ETH’s and ERC20 tokens’ deposits and withdrawals during the transition to proof-of-stake. Coinbase stated the precautionary measure will ensure the upgrade to be completed seamlessly. Trading services will be remained unchanged.

Galaxy Digital terminating BitGo $1.2B acquisition deal

  • More in details: Galaxy Digital has exercised its right to terminate the acquisition deal (cash and stock) for BitGo, crypto custodian firm, valued at $1.2B since BitGo failed to provide its audited financial statements by the end of July. BitGo managed to seek a $100m termination fee from Galaxy.

Tencent stopped sales on its NFT platform — “Huanhe”

  • More in details: Huanhe, a China-based NFT marketplace launched in August 2021, will no longer release new NFTs to users as regulatory scrutiny mounts. Owners of existing digital collectibles will still be able to hold, display or request a refund for their holdings.

Dogechain went live this week

  • More in details: Dogechain is a separate blockchain network based on Polygon Edge. Although it was not built on top of Dogecoin, it was regarded as the Layer 2 solution for Dogecoin ($DOGE). Dogechain lets users bridge over their $DOGE to enter its Defi protocols, NFT ecosystems and other upcoming web3 applications. $DOGE rallied up for 25% over the last seven days.

The European Union (EU) new AML regulator role for crypto oversight

Big Money Raises, and Entrants

  • Zash, an NFT analytics platform, partnered with Binance to jointly develop NFT data tracking and intelligence tools. The products are expected to help crypto institutions make wise decisions in the rapidly growing NFT market.
  • KuCoin Labs, the investment arm of KuCoin exchange, collaborated with Univers Network to launch an incubation program for web3 exploration.

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