Weekly NFT Report: Near The Bottom?

Crypto market bounced off the weekend lows, with BTC trading back through 21k on the back of better rally in the US equities overnight. The liquidation should slow down with price holding off above 21k. Alts continue to stay comfortable as well.

Top performers in Top 100: SHIB (+20%), DOGE (+8%), FTT (+6%), MATIC (+9%), XMR (+6%), HBAR (+7%), EGLD (+10%), AAVE (+11%), SNX (+13%), ZIL (+19%), WAVES (+22%), CEL (+51%), AR (+9%), TITAN (+29%)

Top Underperformers in Top 100: BCH (-4%), BIT (-2.2%)

In the NFT space, OpenSea volume and transactions (Chart 1,2,3) have cooled down, and volume is lowest in a year. In terms of the prices, both blue-chip NFT prices (Chart 6) and broader market (Chart 4, 5) have picked up.

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

IMX launches $500m developer and venture fund for NFT and GameFi builders

More about the fund: The capital will be used to fund projects building Web3 games and NFT- focused companies on its L2 platform, Immutable X. Projects building on its platform currently include GameStop, TikTok, OpenSea, and Illuvium. Previously, Immutable closed a $200mio Series C at $2.5bn valuation, led by Temasek.

Aside from that, IMX also announced its partnership with Turner Sports (TNT, TBS, Bleacher Report) to build GameFi for premier sports powered by StarkWare

OpenSea officially migrates to SeaPort

What is Seaport: A new open-source Web3 marketplace protocol made by OpenSea. OpenSea users are expected to enjoy significantly lower gas fees (~35%) from the migration.

Aurory releases updated developments and patches

Tag Heur, Swiss watch maker, releases NFT integration for smartwatches

What’s the deal: The smartwatch will possess the ability to connect to the blockchain and verify NFTs owned by the wearer. Tag Heur previously partnered with BitPay to begin accepting payments in BTC and 11 other cryptocurrencies.

NFT event — ‘NFT.NYC 2022’ running hot

What’s it about: It’s the 4th Annual NFT Industry Event, currently happening in New York City from June 20–23. The events bring NFT-related talents together, including artists, famous projects’ creators, musicians, investors and tech experts, expecting over 1,500 speakers and 14,000 participants across the 4-day conference.

  • Dooplicators reveal on 6/23
  • Doodles’ first airdrop is set to reveal this week 3.5 ETH floor | free mint| minted 5/13/2022

Big Money Raises, and Entrants

  • ScienceMagic.Studios, an NFT and social token advisory firm, raises $10M in pre-seed funding
  • Clockwork Labs, GameFi developer building MMORPG BitCraft, raises $22m

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