Weekly NFT Report: Yuga Labs on Board
Crypto market returned to lower levels under negative macro sentiment and pressures from the liquidity crisis of several crypto institutions. Bitcoin is trading below 20k and Ethereum at $1k level. The Consumer Price Index (CPI) for June will be released on July 13th. CPI for May was 8.6% while the expected CPI for June was 8.8%, 0.2% higher than May’s. A higher-than-expected CPI will usually drive the dollars up and harm the crypto market. High volatility is imminent.
Over the last 7 days:
Top performers in Top 100: QNT (+40.9%), SRM (+40.0%), AAVE (+18.0%), ICP (+15.2%), XCN (+12.1%), MATIC (+9.0%)
Top underperformers in the Top 100: 10SET (-23%), EVMOS (-15.9%), BAT (-15.0%), ATOM (-11.4%), ENJ (-10.8%), SNX (-10.0%), CELO (-9.3%)
In the NFT space, OpenSea volume (Chart 1,2) continuing to plateau at low levels. The month of June’22 recorded the lowest NFT volume since Jul’21, coming in just above $600M. After only 13 days into July, the monthly transaction count has come to 767k which is 50% of the entire June results. It is expected to observe a similar transaction count as June’s. In terms of the prices, most blue-chip NFTs have recovered strongly from the dips as Yuga Labs launching its metaverse for Otherdeeds holders soon, the load tests so far were reportedly successful.
Reddit launching NFT marketplace
More in details: Reddit partnered with Polygon to launch a NFT avatars marketplace. Holders could then use the unique NFT as a blockchain-based profile picture on their app. Holders will also be granted the licensing rights to use their NFTs on and off Reddit.
Teller Finance offering ‘buy now; pay later’ for blue-chip NFTs
More in details: Teller Finance introduced a scheduled periodic payment service for purchasing blue-chip NFTs. Buyers will be required to make a 25%-50% down payment at the initial stage and periodically pay the remaining part with ~30% interest. The team suggested the service could provide a more affordable financing for NFT enthusiasts. The blue-chip NFTs that could enjoy this service have not yet confirmed however Teller Finance mentioned BAYC, MAYC, Doodles, Azuki, Meebits, Adidas NFT could be in consideration.
Otherside Metaverse ‘First Trip’ launching on July 16 (Saturday)
What is happening: Yuga Labs carried out two load tests for the Otherside Metaverse ‘First Trip’, the first blockchain gaming demo, on July 6th and July 9th. Otherdeed holders were invited to join the tests. The participants were dancing and moving in the metaverse, the load tests were smooth and Yuga Labs planned to reward the holders who assisted in the tests.
- A clear surge in prices and volume for Yuga Labs’ NFTs (BAYC, MAYC, Otherdeeds, Meebits).
Tencent QQ testing NFT avatars and virtual music room
What happened: Tencent started testing NFT avatars and virtual room on its QQ Music App. The NFTs were created on Tencent Blockchain, Zhixin Chain. The virtual room, ‘Music Zone’, incorporated different functions including friends’ invitation to listen music together. The NFT avatar was set at $0.13USD with 40k total supply.
Coca-Cola launching their first ever NFT
More about the launch: Coca-Cola partnered with Rich Minsi to create the NFT artwork. The NFT is to celebrate the International Pride Day. The NFT collection will be launching on Polygon blockchain (Matic). All the earnings from secondary sales will be donated to the LGBTQIA+ community organization.
Alex Atallah, OpenSea co-founder, will be leaving the company at the end of July.
Art Blocks strong recovery (Floor prices: Screens @ 5eth, Anticyclone @ 8.35eth, Fidenza @ 130eth)
Big Money Raises, and Entrants
- Animoca Brands raised $75M at a pre-money valuation of $5.9B, it is the second tranche of the last round in earlier this year. The new capital will be used for strategic acquisitions, product/metaverse development, investments and also for securing some licenses for intellectual properties.
- Gnosis Safe (renamed to ‘Safe’), the digital asset management platform, raised $100M from investors including Coinbase Ventures, Tiger Global, 1kx and Lightspeed and Digital Currency Group.
- Multicoin Capital launching its third $430m Venture Fund.