Weekly NFT Report: The House Speaker Landed with Volatility
Summary
The crypto market fell lower with macro uncertainty prior to the Friday jobs report and next week’s CPI. General crypto assets had high volatility yesterday since Pelosi, the US House Speaker, visiting Taiwan triggered US-China geopolitical tension. Total crypto market cap is $1.1T, with BTC trading at $23k and ETH at $1.6k.
Over the last 7 days:
Outperformers in Top 100: LDO (+59.8%), FIL (+58.3%), ETC (+48.4%), BTG (+45.3%), CHZ (+31.6%), SNX (+31.1%), CEL (+29.2%), UNI (+28.1%), BIT (+28.0%)
Underperformers in Top 100: 10SET (-13.0%), LEO (-1.6%), XCN (-1.6%), OMI (-0.6%)
In the NFT space, OpenSea volume (Chart 1) continued to remain plateau at low level. The July monthly volume unexpectedly ended lower than June’s (Chart 2). However, the number of NFTs sold in July has increased, implying that the investors tended to purchase less-expensive NFT. It is not surprising that the volatile NFT market continues to fall as investors are likely to de-risk during a bear market. However, it is worthy to note that the institutions continued to express their interest in NFTs, such as Gucci, Tiffany & Co. and Meta.
Deep Dive
Meebits royalty fees and IP agreement release
- More in details: Yuga Labs, the acquirer of Meebits’s intellectual property in March, will charge 5% royalty fees for any Meebits’s secondary sale after July 28. Yuga Labs did not mention how the money will be used. On the other hand, the Meebits’s IP agreement and the licensing right will be released to owners on August 15. In addition, Yuga Labs will reserve the right to make final changes.
- ‘Meebits’ | 4.75 ETH floor | 20,000 items | 126.1k ETH volume
Tiffany and Co. NFT debut
- More in details: The luxury brand will be launching its first ever NFT collection, ‘NFTiff’, on August 5. The collection is exclusive only for CryptoPunks’s holders. Buyers will receive both the digital and physical version of the NFTiff pendants.
- ‘NFTiff’ | 30 ETH mint price | 250 items | August 5 2022 mint date | CryptoPunks’s holders exclusive.
Okay Bear first airdrop
- More in details: The well-known NFT on Solana announced their first airdrop last week, which will be the ‘Founders Coin’ NFT. Each ‘Founders Coin’ will be randomly attached with a gold weight (0.25/0.5/1/5/10g). In Q4 2022, owners of the coin will be allowed to exchange the ‘Founders Coin’ into real gold with minimum 10g weight. Otherwise, owners can sell the NFT for corresponding SOL or USDC value.
- ‘Okay Bears’ | 91 sol floor | 10,000 items | 2m sol volume
Gucci accepting $APE for in-store customers in the US
Following
Big Money Raises, and Entrants
- VeeFriends, the NFT project from Gary Vaynerchuk, raised $50M in seed funding led by a16z. The capital injection will be mainly used to support future intellectual property of the 283 VeeFriends characters.
- Center, the NFT indexing company, raised $11M in seed funding round invested by Thrive and Founders Fund. The firm aims at indexing and organizing every NFTs on every chains.
