# NFTs Are So Back! By [Nuconomist](https://paragraph.com/@nuconomist) Β· 2023-11-06 --- _Weekly Wrap: 31st October - 6th November_ ![](https://storage.googleapis.com/papyrus_images/adfa37b3a2a3fbbd4da633bee21cedf1.png) **gm** Whether it is the announcement of [ArcadeDAO](https://twitter.com/Arcade_xyz/status/1717190623533379752) last week, the [upcoming Blur airdrop](https://twitter.com/blur_io/status/1711419863887925327) or just the general buoyancy of the crypto markets, there is definitely some excitement back in the NFT market. NFTFi volume in particular has exploded by more than 40% in a week even as the number of deposits remained dropped. This suggests to me that farmers are definitely eyeing up this opportunity but it looks like they are gunning for ETH volume over transaction numbers. However, looking at the ArcadeDAO token qualifiers it probably makes sense to try explore all of the different features too. Meanwhile the crypto majors grind higher waiting for that next explosive move. Onwards... _\- @nuconomist_ * * * πŸ“ˆ Crypto Corner ---------------- #### Market Stats _\- Market statistics provided by CoinGecko_ -------------------------------------------- ### πŸ“° Crypto News **Sam Bankman-Fried found Guilty -** [**CoinDesk**](https://www.coindesk.com/policy/2023/11/02/sam-bankman-fried-guilty-on-all-7-counts-in-ftx-fraud-trial/) The disgraced founder of FTX has been found guilty on all 7 counts in court and could face up to 115 years in prison. While this is not going to make the exchanges missing billions reappear, it will hopefully bring some closure and a sense of justice for those impacted by his actions. **Michael Saylor's MicroStrategy is now up nearly $1 Billion -** [**Bitcoin Magazine**](https://bitcoinmagazine.com/business/michael-saylors-microstrategy-up-nearly-1-billion-bitcoin-investment) While he is often mocked for buying local tops, this is what dollar cost averaging looks like at an institutional level. If the companies recent gains are anything to go by, even buying all of the local tops could look to be a great strategy in hindsight by the peak of the next bull. **Arbitrum Approves Staking Proposal -** [**BlockWorks**](https://blockworks.co/news/arbitrum-activates-staking) Arbitrum recently approved a proposal to enable staking of the native ARB token with rewards provided by the treasury. This is a controversial form of staking, because it doesn't serve a security purpose as with Ethereum, but is more akin to a marketing budget incentivising people to hold on to the token. The actual implementation proposal is still to come before a full analysis can be made. * * * πŸ–ΌοΈ Collectibles & Culture -------------------------- #### Market Stats NFT Market Cap (ETH): Ξ 5.1 Million πŸ”½ | $9.69 Billion (-0.01%) Weekly NFT Volume (ETH): 53,736 πŸ”Ό +13.36% Weekly NFT Traders: 46,901 πŸ”½ +8.61% Weekly NFT Loan Volume (USD): $115.5 Million πŸ”Ό +40.49% Weekly NFT Deposited as Collateral: 3524 πŸ”½ -12.60% ##### Top Volume Collection (7 Days) **Bored Ape Yacht Club:** Floor: 29.05 ETH πŸ”½ | Volume: 21k ETH πŸ”Ό #### πŸ“° NFT News **OpenSea lays off 50% of its staff -** [Decrypt](https://decrypt.co/204371/opensea-slashes-nft-marketplace-staff-50-layoffs) Demonstrating a masterclass of spin, OpenSea announced that they are [aiming to innovate faster](https://twitter.com/dfinzer/status/1720516611998699657) by losing half of their workforce. However, talks of a Foundation launch has led to speculation that they will finally be launching a token. **The Simpsons taps into NFT Culture -** [NFT Now](https://nftnow.com/news/the-simpsons-tap-into-nft-culture-in-their-latest-episode/) I have to admit that I haven't seen this one yet, but it's going straight to the top of the watch list. The Simpsons may not be the cultural staple they once were, but they are still a major touchpoint in the global conversation. And of course, short-term opportunists rode the hype train by launching a [Springfield Punks collection](https://opensea.io/collection/springfieldpunksofficial) as a free mint. **Yuga Labs and Magic Eden to launch Ethereum Marketplace with Enforced Royalties -** [**NFT Now**](https://nftnow.com/news/yuga-labs-and-magic-eden-to-launch-ethereum-marketplace-with-enforced-royalties/) With all of the major marketplaces on a race to zero with creator fees, Yuga have partnered with the underdog marketplace in an attempt to create a market that will enforce royalties. A few [market commentators](https://x.com/punk9059/status/1721184322281996525) have mentioned that this could potentially require people to wrap or migrate their Bored Apes for trading. This is likely to be a contentious issue and may require additional incentives to work effectively so it's definitely one to watch. * * * πŸ—£οΈ Social Highlights --------------------- Cool Cats leaked first images of their Cool Cat balloon for this years Thanksgiving Parade. Yet another example of a slow burn project that has been active for almost a year behind the scenes, that will finally be hitting wider audiences. What else will we see before Christmas? https://twitter.com/cloncast/status/1720904930632892829 [**_Link to Tweet_**](https://twitter.com/cloncast/status/1720904930632892829) * * * Published with β™₯ by {{ admin\_name,fallback=Nuconomist }}. Here’s where you can find me online: ![](https://nuconomist.com/wp-content/plugins/newsletter-glue-pro/assets/images/share/default/grey/twitter.png) {{ admin\_address,fallback=nuconomist.com }} [Unsubscribe here.]({{ unsubscribe_link }}) --- *Originally published on [Nuconomist](https://paragraph.com/@nuconomist/nfts-are-so-back)*