Somnath is passionate about AI, Blockchain, NFTs, algorithmic art and trading!
Somnath is passionate about AI, Blockchain, NFTs, algorithmic art and trading!
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Sep 12, 2022
After a brutal cryptocurrency summer, let us take a look at where NFTs stand now. CryptoSlam shows 188,300 buyers spent $110 M on NFTs over the past 7 days. This meant, NFT sales down a bit (- 1.8%) compared to last week. Two of the most noticeable trends were the emergence of Ethereum Naming Service (ENS) as the leader based on highest 7-Day Trading volume on OpenSea and the emergence of Solana based NFTs and Marketplaces like MagicEden.
Solana NFT marketplace doubled (+116%)
Otherdeeds rocketed (+81%)
NBA TopShot made it to the Top-10 with +40%
Flow sales up by +25%
Crypto fan token sales up 0.5%, with $2B in sales
ENS made it to the TOP of the OpenSea on a 7-Day Trading Volume ($3.6M +113%)
BAYC sales tanked (-42%)
CryptoPunks was down by -26%
Moonbirds was down by -66% and dropped out of TOP-10
Ethereum and Polygon sales are down -22% and -19%, respectively
y00ts mint t00b: $7.5M (new drop)
Otherdeed: $6.4M (+81%)
Sorare: $6.1M (+9%)
Bored Ape Yacht Club: $6M (- 42%)
Ethereum Name Service: $3.6M (+113%)
Crypto Domain Names ENS is top on OpenSea, in terms of 7-day trading vol, beating BAYC, CloneX, and Moonbirds.
To date, over 2.2 M ENS names have been created amongst 546K unique users.
Last 7 days, ENS had 2,565 ETH ($4 M) trading volume on OpenSea. ENS was followed by:
BAYC’s 1,934 ETH ($3 M)
Otherdeed 1,767 ETH ($2.8 M)
CLONE X’s 1,353 ETH ($2.1 M)
Rather than use long hex strings (i.e. “0x0CCfA1c…”) for addresses Web3 DNS providers enable users with human-readable names e.g. “abc.eth” or “xyz.crypto”
DNS providers have integrated with leading wallets, exchanges and dApps including Metamask, Rainbow, Brave, Opera, Trust, 1inch, Moonpay etc.
Rise of Solana Solana-based NFT marketplaces e.g. Magic Eden and Metaplex reached $115 M on Sept. 6. Magic Eden, a Solana-based NFT marketplace has increased its market share of the overall NFT market to 36.6% as of Sept. 7 within a week.
Lower costs to mint and trade has been the biggest drivers. Note: Magic Eden charges no fee to mint but only 2% in trading fees.
“y00ts mint t00b” collection had $9.6 million in secondary sales in September.
Source: Block Research
Weekly Trading Volume by Chain for last 3 Months from CryptoSlam.
According to DappRadar, here are the Top-10 NFT Collections for the last 30 days (Aug 11 - Sep 10, 2022) by Trading Volume. This provides overall standing.
According to analytics site Lunar Crash, ENS is 3rd in Market Cap and fourth in Social Dominance and mentions. This adds Social engagement of the NFTs.
ENS Dashboard is a tracker by developer Nick Johnson, shows that over last days (Aug 10- Sep 10, 2022) there were 392K registrations and 38K Renewals.
July 2022, “000.eth” was bought at 300 Ether (ETH), which was worth around $320,000 at the time of sale
“Samsung.eth” and “Starbucks.eth” were sold for 60 ETH (~$90K)
Some anonymous buyer placed a bid of $1 M for the ENS Domain “Amazon.eth”
ENS has outperformed ETH over the past 3 months by more than 40%.
ENS - Price Action available HERE
The token is down -81% from ATH (all time high) and +108% from ATL (All time Low)
Few weeks back I wrote about Rental NFTs and the NFT usage evolution from vanity to utility. There are distinct signs of that migration. The first signal is, in spite of BAYC tanking (imho a Profile Picture vanity use case), the OtherDeeds (presents a potential utility use case with land) has surged. But a much more compelling use case is The Web3 Domain name. A surge in trading volume of Web3 domain names (something which many, many users can use and also at a much more affordable price) is a strong indication of an up and coming migration to real life and practical NFT utilities.
A key building block to this migration has to be lower cost of minting and trading. The rise of the Solana based NFT ecosystem is a key testimony towards that. The cheaper it gets, more utility demand will follow and vice versa!
Sources: Forbes , CryptoSlam.io, CoinGecko, BoardRoom, Cointelegraph, DappRadar
Sep 12, 2022
After a brutal cryptocurrency summer, let us take a look at where NFTs stand now. CryptoSlam shows 188,300 buyers spent $110 M on NFTs over the past 7 days. This meant, NFT sales down a bit (- 1.8%) compared to last week. Two of the most noticeable trends were the emergence of Ethereum Naming Service (ENS) as the leader based on highest 7-Day Trading volume on OpenSea and the emergence of Solana based NFTs and Marketplaces like MagicEden.
Solana NFT marketplace doubled (+116%)
Otherdeeds rocketed (+81%)
NBA TopShot made it to the Top-10 with +40%
Flow sales up by +25%
Crypto fan token sales up 0.5%, with $2B in sales
ENS made it to the TOP of the OpenSea on a 7-Day Trading Volume ($3.6M +113%)
BAYC sales tanked (-42%)
CryptoPunks was down by -26%
Moonbirds was down by -66% and dropped out of TOP-10
Ethereum and Polygon sales are down -22% and -19%, respectively
y00ts mint t00b: $7.5M (new drop)
Otherdeed: $6.4M (+81%)
Sorare: $6.1M (+9%)
Bored Ape Yacht Club: $6M (- 42%)
Ethereum Name Service: $3.6M (+113%)
Crypto Domain Names ENS is top on OpenSea, in terms of 7-day trading vol, beating BAYC, CloneX, and Moonbirds.
To date, over 2.2 M ENS names have been created amongst 546K unique users.
Last 7 days, ENS had 2,565 ETH ($4 M) trading volume on OpenSea. ENS was followed by:
BAYC’s 1,934 ETH ($3 M)
Otherdeed 1,767 ETH ($2.8 M)
CLONE X’s 1,353 ETH ($2.1 M)
Rather than use long hex strings (i.e. “0x0CCfA1c…”) for addresses Web3 DNS providers enable users with human-readable names e.g. “abc.eth” or “xyz.crypto”
DNS providers have integrated with leading wallets, exchanges and dApps including Metamask, Rainbow, Brave, Opera, Trust, 1inch, Moonpay etc.
Rise of Solana Solana-based NFT marketplaces e.g. Magic Eden and Metaplex reached $115 M on Sept. 6. Magic Eden, a Solana-based NFT marketplace has increased its market share of the overall NFT market to 36.6% as of Sept. 7 within a week.
Lower costs to mint and trade has been the biggest drivers. Note: Magic Eden charges no fee to mint but only 2% in trading fees.
“y00ts mint t00b” collection had $9.6 million in secondary sales in September.
Source: Block Research
Weekly Trading Volume by Chain for last 3 Months from CryptoSlam.
According to DappRadar, here are the Top-10 NFT Collections for the last 30 days (Aug 11 - Sep 10, 2022) by Trading Volume. This provides overall standing.
According to analytics site Lunar Crash, ENS is 3rd in Market Cap and fourth in Social Dominance and mentions. This adds Social engagement of the NFTs.
ENS Dashboard is a tracker by developer Nick Johnson, shows that over last days (Aug 10- Sep 10, 2022) there were 392K registrations and 38K Renewals.
July 2022, “000.eth” was bought at 300 Ether (ETH), which was worth around $320,000 at the time of sale
“Samsung.eth” and “Starbucks.eth” were sold for 60 ETH (~$90K)
Some anonymous buyer placed a bid of $1 M for the ENS Domain “Amazon.eth”
ENS has outperformed ETH over the past 3 months by more than 40%.
ENS - Price Action available HERE
The token is down -81% from ATH (all time high) and +108% from ATL (All time Low)
Few weeks back I wrote about Rental NFTs and the NFT usage evolution from vanity to utility. There are distinct signs of that migration. The first signal is, in spite of BAYC tanking (imho a Profile Picture vanity use case), the OtherDeeds (presents a potential utility use case with land) has surged. But a much more compelling use case is The Web3 Domain name. A surge in trading volume of Web3 domain names (something which many, many users can use and also at a much more affordable price) is a strong indication of an up and coming migration to real life and practical NFT utilities.
A key building block to this migration has to be lower cost of minting and trading. The rise of the Solana based NFT ecosystem is a key testimony towards that. The cheaper it gets, more utility demand will follow and vice versa!
Sources: Forbes , CryptoSlam.io, CoinGecko, BoardRoom, Cointelegraph, DappRadar
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