Weekly NFT Report: The Goblins Doxxed Themselves

Summary

Crypto market suffered another 30% after CPI release last week. FUD was peaked when Celsius stopped all redemptions. Crypto total market cap went down to $880B. Bitcoin dropped below the 200 weekly MA ($22.3k) for the first time since the Covid Crash in March 20, $BTC trading at 18-month low and funding rates turned negative accordingly. The Fed was widely expected to raise rates by 75 bps at the end of tomorrow’s FOMC meeting, high volatility incoming.

Top performers in Top 100: LEO (+0.2%), the only coin besides stablecoins that had a positive return in the last seven days.

Top Underperformers in Top 100: NEXO (-45%), APE (-43.6%), DFI (-43.2%), XCN (-42.8%), AAVE (-42.5%), AR (-42.4%), WAVES (-41.6%), XMR (-41.2%), stETH (-38.9%), FLOW (-38.7%), NEAR (-38.6%), KLAY (-38.2%), RUNE (-38.0%), AVAX (-37.5%), GRT (-37.3%), ETH (-37.2%), CRO (-37.1%).

In the NFT space, OpenSea volume (Chart 1,2) dropped 40% as $ETH price dropped 42% over the last 7 days; transaction counts (Chart 3) dropped 29% this week.
Volume = Transaction Count * # of corresponding ETH * $ETH price
With 42% and 29% drop in $ETH and transaction counts respectively, the volume should have dropped about 58% theoretically. The 40% drop in volume indicates a 46% increase in the number of ETH involved. This implies the more expensive NFTs being more attractive recently, probably some blue-chips as they may be regarded as a store-of-value asset during bear market.

Chart 1: OpenSea Daily Transaction Volume (Red, Bar) and 7dma (Green, Line) in US
Chart 2: OpenSea Monthly Transaction Volume (US$)
Chart 3: OpenSea Daily Transaction Count (Red, Bar) and 7dma (Green, Line)

Deep Dive

Team behind ‘goblintown.wtf’ doxxed

What’s happening: the meme NFT series, ‘goblintown.wtf’, was successful and famous for its features of no roadmap, no Discord and no utility. The free-to-mint NFT drew a lot of attention from the market and went up to a floor price of 7.6 ETH earlier this month. Today, the team has just doxxed themselves. The core team members were revealed and the team behind the project is called ‘Truth Labs’. Truth Labs is also the creator of ‘illuminatiNFT’ and ‘The187’. Goblin NFT floor dropped from 5 ETH to 3 ETH after the dox.

What’s next: Goblintown.wtf also revealed plan for the 1,000 goblin NFTs that were set aside on the mint day, they will be reserved for the holders of other projects created by Truth Labs. Other plans held in physical world were also revealed, including a food truck ‘The McGoblinburger Burger’ in NYC and some private events for goblin holders.

OpenSea to SeaPort

What’s the deal: OpenSea is migrating to Seaport, a brand-new Web3 marketplace protocol for safely and efficiently trading NFTs. Notable benefits and upgrades at launch: 35%-lower gas fees, the ability to make offers with specific attributes, no account initialization fee for new users, and an easier and more user-friendly signature required when confirming blockchain actions.

ShitLab partnered up with BinaryX for IGO

What’s ShitLab: It is creator of ‘I’ll poop it NFT’ and ‘ShitBeast’. Both NFTs outperformed the others during NFT hard time in last two weeks. The team was famous for its disparagement on other blue-chip NFTs. ShitLab has no roadmap and discord like the goblins. ShitLab built things fast and squeezed all the achievements in two weeks only, of what other blue-chips completed in one-year. That includes but not limited to NFT airdrops to holders and merging two NFTs to create the pixelized version of ‘I’ll poop it nft’. The quick work gave holders confidence and thus the community continued to grow with ShitLab.

What’s BinaryX: It is one of the well-known IGO platforms on BNB chain, ESP for on-chain game/Metaverse development. Popular projects collaborated includes CyberDragon and CyberArena.

More about the partnership: Not many details released about the partnership yet expecting a Metaverse game with several pots of land NFTs, ShitBeast will be one of the characters in the game

New Mints

Murakami Lucky Cat Coin Bank

  • A claimable airdrop for Murakami Flowers’ holders.
  • Holders’ registration deadline for airdrop claim 15/6 | floor price 0.7 ETH

Philosophers

  • Fashion-forward characters with cool traits and unique attributes, the team aimed to create a sustainable ecosystem for holders and build a sanctuary for philosophers to connect.
  • Mint date 29/6 | mint price 0.12 ETH | collection size 8,888 | twitter followers 22.4k

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