Weekly NFT Report: Insider Trading Comes to Crypto

Crypto market showed some recovery in the last couple of days, together with China’s relaxation of some COVID controls. Funding also bounced back to firmly positive territories, although the question remains how long this can last, and if narrative and actual fed policy will change.

Top performers in Top 100: LINK (15%), XEC (+11%), HNT (+8%)

Top Underperformers in Top 100: SOL (-14%), DOT (-11%), NEAR (-11%), BCH (-11%), ATOM (-10%), FLOW (-11%), APER (-11%), ICP (-17%), AXS (-17%), EGLD (-18%), AAVE (-12%), MKR (-12%), FTM (-13%), LUNC (-46%), BIT (-24%), GMT (-19%), CELO (-13%).

In the NFT space, OpenSea volume (Chart 1,2) have plateaued following the few weeks of declining activities; transaction counts (Chart 3) remain still relatively robust. In terms of the prices, both blue-chip NFT prices (Chart 6) have picked up whilst the broader market (Chart 4 5) are under pressure

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

Ex-OpenSea employee charged in first ever digital asset trading

What’s the deal: Nate Chastain, former product manager of OpenSea was charged for allegedly trading on inside information about NFTs that were scheduled to be featured on OpenSea homepage — he was charged with one account of wire fraud and one count of money laundering. Chastain’s ‘insider trading’ is not news at all, given he was already exposed in Sept’21 via Twitter and dismissed from OpenSea shortly after. However, the indictment definitely sends a warning shot to the crypto industry where insider trading is rather rampant, as well as to tech industry in general where the insider trading clampdowns have yet to take place.

BAYC’s Discord Server Exploited

What’s the deal: BAYC’s discord servers were exploited, resulting in 200 ETH worth of NFTs affected. This wasn’t the first time BAYC’s social media channels were exploited — last month, BAYC’s Instagram account was hacked allowing thieves to steal ~$2.8mio worth of NFTs by sharing a link to a scam website that stole NFTs from users’ wallets

English Premier League files crypto and NFT trademarks

What’s the deal: the Premier League filed 2 US trademark applications pertaining to NFTs and cryptocurrencies. The filings were expansive in scope, covering creation and sale of digital assets, virtual sportswear, digital asset trading services, etc. In English Premier League, Arsenal announced a partnership with Unagi as part of their free to play game where player cards could be purchased as NFTs.

Epic Games announces partnership with Gala Games

More about the partnership: the 1st NFT game integration between a Web2 and Web3 company! The collaboration would culminate in play-to-earn game on the Epic Games Store

Illuvium Land Sale Concludes

What’s the sale: Illuvium raised $72m+ in total sales, and ~240k sILV2 is expected to be burned

McGoblinBurger claim for Goblin holders

o Following an extremely successful launch, Goblintown allowed users to create their own burger

o 1.35 ETH floor | free claim | minted 6/4

Adidas Originals meta capsule airdrop

o More about the airdrop: users who burned Adidas’ into the metaverse received Phase 2 token and Adidas Meta Capsule which appears to hold a jacket

o 0.39 ETH floor | free mint | minted 6/3

· Dework raises $5m, led by Paradigm and Pace Capital

· Binance raises $500mio fund for Web3, blockchain investments

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