Weekly NFT Report
2022–05–18
Summary
Crypto market has been consolidating ever since last week’s bloodbath. BTC and ETH struggling to clear above 30k and 2k meaningfully. Sentiment has been pretty mixed with some on CT being cautiously optimistic, whilst other remain bearish and see all rips as opportunities to sell. In the macro fronts, yesterday’s retail sales data (+0.9%) and Walmart and Home Depot’s sales number alleviated market fear that US economy is in danger of an imminent plunge. Risk took a breather following the data, as stocks caught a strong bid (ES + 2.1%, NQ +2.6%) although treasuries still having a tough day, with 10s jumping 8bp to 3.17%, and 2s at 2.71% (+13bp).
L1S continue to underperform, with top underperformers in Top 100 being AVAX (-24%), SHIB (-24%), MATIC (-21%), NEAR (-32%), ICP (-21%), TFUEL (-30%), FIL (-26%), SAND (-22%), GRT (-28%), BTT (-24%), FTM (-34%), CVX (-43%), WAVES (-41%), CELO (-29%), OSMO (-37%), ONE (-24%). Few in the green included: XMR (+7%), XCN (+50%), ZEC (+20%), MKR (+25%).
In the NFT space, OpenSea volume and transaction count (Chart 1,2, 3) have been on the downtrend in the last 7 days. Prices have also seen small declines, although they are generally up on YTD basis. Azuki drama continued, with price falling early in the week, then rebounding to ~14 ether when Zagabond announced all funds had been returned to the Phunks and Zunks communities. Overall quiet in the NFT space, as activities have been slowing down and eclipsed by what’s happening in the DeFi space.
Next up: deep dive
Azuki Drama Continues
- More about the drama: Zagabond.eth, founder of Azuki, tweeted a controversial article, titled ‘A Builder’s Journey’, where he clarified that he’d founded 3 projects (CryptoPhunks, CryptoZunks, Tendies) prior to Azuki, as well as self-analysis of what he learned from each of these projects. Soon after the release of his article, CT users started unveiling more information about his previous projects — some of the things they pointed out included Beanz metadata having been leaked prior to release, or that the CryptoPhunks royalty fee had suspiciously been boosted to 5% on Looksrare prior to a wash trade that netted 300 ether. or that ZAGABOND had been impersonating a woman through the use of the ‘Mandy’ account associated with CryptoZunks. Azuki floor price fell from ~16 ETH to ~7 ETH. Zagabond tried to clear his name on Twitter spaces, which attracted ~14,000 people, and addressed what it meant to rug a project, defending that the project teams delivered on everything they promised.
The Otherside reveals The Voyager’s Journey
- What is The Voyager’s Journey: next steps Voyagers (Otherdeed holders) can expect, including the first tech demo, followed by release of procedures to link Otherside lands, and release of the remaining supply of land and the ability to change and build on your land. Overall, the plan lacks dates or specific details.
DuskBreakers raises $24m from a16z, Pantera, FTX, Merit Circle, etc.
- What is DuskBreakers: vast Sci-Fi Web3 game franchise founded by Twitch founder Kevin Lin. The DuskBreakers universe is set to unfold across a set of NFTs, comics, and games. Since minting in Dec’21, the team has released two mini-games and is preparing to launch their P2E game in Q3. The funds from the Series A round will allow the team to expand their game, art and content teams. The press release teases a number of things in the coming weeks and months, including a webcomic, 3D PFP NFTs and more.
New Mints
Augmented Labs Scientists
- The Scientists kick off an expanded Kiju Kingz ecosystem with new P2E mechanics
- 0.007 ETH floor | open supply | free mint | minted 5/16
Dooplicators
- 3.1 ETH floor | 10,000 total supply | free mint (for Doodle holders) | minted 5/13
11 Captain’s Club
- The highly anticipated 11 Captain’s Club — the first NFT offering from Miami nightclub E11EVEN — will grant holders priority access to real-life events at E11EVEN as well as exclusive Captain’s events
- 1,111 supply | 3 ETH mint | mint date 5/23
Following: Big Money Raises, and Entrants
Madonna x Beeple
- More about the collaboration: Madonna has collaborated with Beeple (whose NFT fetched record-breaking $69mio in Christie’s sale) to create a series called Mother of Creation, which includes 3 NFTs. The NFTs showed a 3D likeness of Madonna giving birth to robot centipedes, butterflies and trees. The NFTs were auctioned on SuperRar, with each piece fetching 66–170 ether
Inflow raises $1.5mio with participation from ConsenSys Ventures, Dapper Labs, and Protocol Labs
- What is Inflow: social token launchpad for artists
Pnkfrg raises $3mio — the project is a gaming studio building mobile F2P games on the Bitcoin Lightning Network
Medallion raises $9mio — the project tries to redefine artist x fan connection
Reference Statistics
