Curveball Avoided, FutureVerse FutureScore and On-Chain Summer Launches

• Bitcoin: $29,037 🔽 -0.82%

• Ethereum: $1,827 🔽 -1.83%

Chatter for the first part of this week was dominated by talk of a $110 million loan that was rumoured to have the potential to crash the price of CRV to zero. This would likely have sent ripples across the broder DeFi ecosystem but the worse appears to have been avoided for now.

As a long-term holder of the FutureVerse NFTs, I was especially focused this week on the launch of their FutureScore system which awards holders and will be a component in the distribution of their newly launched Root Network token. I wrote about how the score system could potentially be a good model for rewarding responsible NFT collecting here. You can read that article here.

To be clear: I am not paid by FutureVerse for sharing this information but their NFTs make up an outsized percentage of my NFT collection.

Another new network that has launched is Base, from Coinbase, which has been gaining some initial traction from memecoin traders. However, Coinbase themselves have a series of lunch activities scheduled starting with a commemorative NFT mint when you bridge to their chain.

They say bear markets are for building, and it looks like the crab market is definitely allowing developers more time to focus on shipping long-coming networks and features.

Onwards and upwards.

- @nuconomist

Crypto Market Cap: 1.21 Trillion Dollars 🔽 -1.66% (Was 1.23 T)

Bitcoin Dominance: 46.8% 🔼 +0.65% (Was 46.5%)

Ethereum Dominance: 18.2% ↔️ (Was 18.2%)

Other Crypto (excl. BTC & ETH): 35.0% 🔽 -0.85% (Was 35.3%)

Nuconomist Notes:

After the initlal excitement following the Blackrock ETF application, the market seems to have calmed down and seems to be stuck ranging for now. Ethereum dominance remains relatively stable and the ebbs and flows appear to be from Bitcoin and Other cryptos. In fact, the relative stability for Ethereum is even more impressive when one of the big news stories this week and a half was in relation to a vulnerability in several smart contracts using the Vyper smart contract language.

NFT Market Cap (ETH): Ξ 9 Million 🔼 | $16.41 Billion 🔼 (+2.6%)

30 Day NFT Volume (ETH): 296k 🔽 -14.45% (Was 346k)

Weekly NFT Traders: 52,232 🔼 +6.66%

1. OpenSea: 37,501 🔼 +8.02% (Was 35,032)

2. Blur: 15,016 🔼 +16.26% (Was 12,916)

3. Gem: 5373 🔼 +32.83% (Was 4,045)

1. Blur: Ξ 27,681 🔽 (Was 40,026)

2. OpenSea: Ξ 8404 🔽 (Was 9,630)

3. X2Y2: Ξ 1259 🔽 (Was 3,086)

While ETH volume is down this week, the number of active traders and overall market cap is up. This suggests more small trades and could indicate growth in lower value collections. Noticeably, the platforms targeting pro traders (Gem and Blur) saw the biggest growth in usage this week. This would seem to suggest that trading instead of collecting is still the main driver of activity in the NFT space right now.

1. CryptoPunks: 50.0 Ξ Floor ‧ 597 ETH PnL

2. Milady: 3.64 Ξ Floor ‧ 137 ETH PnL

3. Punks2023: 0.06 Floor Ξ ‧ 176 ETH PnL

4. Autoglyphs: 325 Floor Ξ ‧ 130 ETH PnL

5. Azuki Elementals: 0.63 Ξ Floor ‧ 130 ETH PnL

1. Mutant Ape Yacht Club: 5.52 Ξ Floor ‧ -949 ETH PnL

2. Bored Ape Yacht Club: 30.25 Ξ Floor ‧ -720 ETH PnL

3. CloneX: 1.47 Ξ Floor ‧ -531 ETH PnL

4. The Captainz: 4.31 Ξ Floor ‧ -322 ETH PnL

5. Otherdeed for Otherside: 0.6 Ξ Floor ‧ -286 ETH PnL

Losses are far more significant than the gains for the top collections again this week. CryptoPunks continue to demonstrate they are the alpha NFT collection. While the Yuga collections and CloneX continue their capitulation phase with many holders locking in large losses. The Captainz collection seems to be hurting with a loss of momentum after limited details of their airdrop were announced without a specific date.

Open Ordinals Institute Launches to Propel Bitcoin Ordinals Protocol - CoinDesk

More Money for Creators: NFT Minting Platform Zora Initiates New Revenue Split - CoinDesk

NFT Trader Admits Nabbing $1.5 Million in ETH on Blur - Decrypt

Twitter Bot Activity Increased After FTX Listings - Decrypt

nWay, Animoca Brands, and Yuga Labs Collaborate to Launch "Wreck League" Game - NFT Now

Base: Coinbase's Ethereum Layer 2, Heres What You Should Know - NFT Now

Luca is fast becoming one of the biggest advocates for how an NFT collection might deliver value back to web3 holders by building a consumer focused brand whilst avoiding short-term hype drops that fuelled a lot of the speculation in the past two years. I recommend reading the entire thread if you're interested in NFT business models and value accrual.

Link to Tweet

Published with ♥ by {{ admin_name,fallback=Nuconomist }}.
Here’s where you can find me online:

{{ admin_address,fallback=nuconomist.com }}

Unsubscribe here.