Weekly NFT Report:OH MY “DEGODS”!

Crypto assets slightly recovered from the sharp decline last Friday and reclaimed the $1T asset class level. Bitcoin is trading at $20.3k and Ethereum at 1.6k (7d: BTC -6.0%, ETH -4.9%) with negative funding rates. The risk assets required some time to heal after the hawkish Fed’s announcement. Upcoming releases will be crucial to further confirm the Fed’s decision on September rate hike, the US “Nonfarm Payrolls” this Friday will be closely watched. Then the centre of focus will shift to the August CPI number releasing on 13 Sep and the Ethereum Merge updating schedule.

Top 100 Over the last 7 days:

Outperformers:XEC (+15.3%), BIT (+15.2%), EVMOS (+14.0%), NEXO (+11.2%), TKX (+10.9%), CAKE (+4.2%), HT (+3.4%)

Underperformers :CEL (-29.4%), EOS (-20.7%), CHZ (-18.9%), HNT (-16.7%), 10SET (-16.4%), AVAX (-15.8%), AR (-15.6%), BCH (-12.3%), UNI (-11.3%)

In the NFT space, OpenSea volume (Chart 1) remained plateau at low level ($16m), dropped more than 90% from the peak. The average daily volume over the last 10 days was $15.0m (-9.6%). The August monthly volume (Chart2: currently $488m) is expecting to end lower than July’s number ($528m) with less than one day remaining. According to Chart 3, it is observed that the number of NFT sales also decreased 16% in August, with only 1.4m sales recorded so far. NFT market remained quiet as investors’ risk appetite evaporated during bearish market. On the other side, institutions continued to enter the potential NFT and metaverse market after the success of Nike and RTFKT. NFTs minted on chains other than Ethereum will also be looked at in coming months, following the recent rally of Solana-based NFT — “Degods”, which floor price surged from 220sol to 700sol in last two weeks.

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

NFT post on Facebook and Instagram

  • Meta now lets users post their digital collectibles on its social media platforms. Users can connect their crypto wallets like MetaMask, Rainbow, Trust Wallet, Coinbase Wallet and Dapper Wallet and post NFTs that were minted on Ethereum, Polygon or Flow. Meta is now working on NFT display through stories and adding AR-compatible features.

X2Y2 flexible royalty options

  • The NFT marketplace implemented a new option for buyers. Buyers could discretionarily select a royalty fee that they wish to contribute to the NFT project.

Eminem and Snoop Dogg BAYC-themed show

  • The hip-hop pop stars partnered with YugaLabs and performed a BAYC/Otherside-themed show on the MTV Video Music Awards on Sunday.

OpenSea accepting Polygon and $MATIC

  • The top NFT marketplace added Polygon support for its “Seaport” expansion. OpenSea will begin using Seaport for all new listings and offers on Polygon. Anyone who makes a transaction on Polygon using OpenSea will be required to pay their gas fees using $MATIC.

Azuki website update giving hopes to holders

  • The popular NFT collection updated its official website last week, allowing users to explore “The Alley” for hidden messages. The team also tweeted “open anime universe for the world”, implying an upcoming metaverse/virtual world built for NFT holders. The floor price seemed to be stabilized around 8eth.

RTFKT physical wearables

  • The Nike-acquired NFT creator announced physical wearables for its “Clone X” holders to mint. They include shirts, shoes, socks, hats and hoodies. Holders can mint two of each item, only the shirt will be free and other prices ranges between 0.04eth to 0.38eth.

“DeGods”-related twitter accounts got suspended

  • After climbed higher in the NFT market cap leaderboard, the Solana-based NFT’s twitter account got suspended suddenly. Not only have the official “DeGods” account got suspended, but also the team members’ personal twitter accounts. The community was shocked and asking Twitter support to get in touch. The creator’s new project, “y00ts” account also got banned. The team suspected it was due to a hack and reminded the public not to click any link until further notice. Floor price for Degods is now 600sol.

Big Money Raises, and Entrants

  • Temasek will be leading a $100m funding round in Animoca Brands for NFT and metaverse investment.
  • A group of former executives from Genesis and Galaxy Digital creating a $500m new crypto fund.
  • Limit Break, the company behind “DigiDaigaku” NFT collection, secured $200m funding over two rounds, led by Paradigm. The fresh fund will be used to build massive multiplayer online web3 games.
  • PROOF, the team behind “Moonbirds”, raised $50m funding in Series A led by a16z. Other investors included Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel and VaynerFund.
  • Mars M&M partnered with NFT music group — Kingship to create limited edition candies.

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