Weekly NFT Report: Sleepy Market v2

5 min readMay 26, 2022

Summary

Crypto market continues to consolidate without any clear direction — BTC continues to trade within $28–31.5k range, whilst ETH is trading between $1.9–2.2k range. Macro-crypto correlation continues strong, and all rips are being sold into.

L1s are underperforming on a 7-day basis, with the Under-performers in the Top 100 being:
ADA (-10%(, SOL (-15%), DOT (-9%), AVAX (-17%), MATIC (-13%), NEAR (-13%), ALGO (-17%), APE (-16%), HBAR (-10%), EGLD (-13%), MANA (-16%), DFI (-19%), MKR (-18%), ZEC (-13%), GRT (-15%), amongst others. Few in the green included: BNB (+8%), TRX (+12%), XMR (+12%), XTZ (+9%), KCS (+8%), AAVE (+11%), FTM (+16%), LRC (+16%).

In the NFT space, OpenSea volume (Chart 1,2) continued to drop lower in the last 7 days, but transaction counts (Chart 3) have interestingly increased. 5 out of past 7 days have seen about <$40M in total volume in OpenSea, lowest daily volume since Jul-Aug’21. Despite the lack of volume, traders are sticking around for most part as represented by still robust transaction counts, hinting ‘low-quality’ JPEGs are still popular.

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)

Deep Dive

Spotify is testing NFT features

What’s the feature: Spotify is testing a new feature that allows artists to promote their NFTs on their profiles. The test will only be available to a small group of artists, and will allow them to promote their existing third-party NFT offerings via their artist profiles. Spotify has been working to enhance artists’ profiles over the past few years — last year, they partnered Shopify to allow artists on its service to connect their Spotify profiles with their Shopify stores, allowing them to market their merchandise directly to fans through the Spotify app.

Aside from Spotify, other Web2 companies are also exploring ways to incorporate NFTs into their platforms. Instagram recently announced that it will start testing NFTs with select creators in the US, where creators and users can share NFTs in their main Instagram Feed, Stories or in messages; Facebook is planning to add support for NFTs in the future;

Chainsmoker x Royal

More about the collaboration: Chainsmokers will be releasing NFTs that give fans a a cut of the streaming royalties from their new album, “So Far So Good.”. The 5,000 Polygon-based NFT sill be given out for free on May 17, with a VIP list made up of frequent concert ticket buyers and other superfans getting early access. Holders are entitled to a collective 1% of the “So Far So Good” royalties. Royal is a startup that aims to build a Web3 platform for fans to connect with their favourite music artists — the company raised $55mio in Series A funding in November — other artists that have onboarded onto the platform includes

OpenSea introduces Seaport

What is Seaport: an NFT marketplace protocol that allows for many-to-many NFT swaps, e.g. offerers can agree to a number of ETH / ERC20 / ERC721 / ERC1155 items. It’s important to distinguish OpenSea (a marketplace platform that’s centralized) vs. Seaport (a protocol, open-source). With Seaport, anyone can build an NFT marketplace using the protocol because it’s decentralized and open-source. The features are largely similar to Sudoswap (short XMON?), but expect the protocol to.

New Mints

Azuki Twin Tigers jacket airdrop

Azuki holders got an airdrop of a jacket, first shown at the Garden Party on March 30th — all secondary royalties will be donated to Stand with Asians, an APPI-focused charity

0.26 ETH floor | 10,000 supply | free mint | minted 5/20

Moonbirds Oddity airdrop

The Oddity collection was designed in collaboration with Cryptoadz and Nouns artist Gremplin, and will reveal sometime in July
2.8 ETH floor | 10,000 total supply | free mint (for Doodle holders) | minted 5/22

RTFKT Space Drip Capsules

Owners of Space Drip NFTs will be able to forge 19 Creator versions of the Space Drip x Nike AF-1 between 6/1–6/10

Following:

Big Money Raises, and Entrants

A16z announces $600M Games Fund One

What’s Games Fund One: a16z’s inaugural fund dedicated to building the future of the games industry. The Fund will be investing in 3 themes: game studios, games x consumer, and infrastructure.

Gamestop launches digital wallet that allows users to send, receive, and store cryptocurrency and NFTs through their web browsers

Bubblehouse raises $9m in seed funding

The social NFT marketplace will expand its portfolio of partners across brands, art, athletics, hospitality, influencer, etc.

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