Weekly Wrap: 21st August - 28th August

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Unfortunately for many, there was no instant rebound after the market decline last week but it also did not continue the rapid descent either. As we slowly emerge from a sleepy summer, all eyes are fixated on whether this was the start of a new decline or a strong case of "buy the dip".

I'm certainly no macro finance expert, but it appears as though there are a few events scheduled for the next few weeks that could help us find that answer sooner, rather than later.

NFT volume remains low across the board, and with prices of the $BLUR token falling, it looks like there has been a decrease in people farming bidding there too.

I've taken some of the quiet time to experiment with 3D editing, using my CloneX NFT files. You can see the some of the results in the header mashup above and on Twitter X here.

- @nuconomist

Crypto Market Cap: 1.09 Trillion Dollars 🔽 -0.65% (Was 1.10 T)

Bitcoin: $26,087 🔽 -0.39%

Ethereum: $1,657 🔽 -1.66%

Bitcoin Dominance: 46.3% 🔼 +0.30% (Was 46.2%)

Ethereum Dominance: 18.2% 🔽 -0.66% (Was 18.3%)

Other Crypto (excl. BTC & ETH): 35.5% ↔️ 0.00% (Was 35.5%)

NFT Market Cap (ETH): Ξ 8.6 Million 🔼 | $12.65 Billion (+11.5%)

30 Day NFT Volume (ETH): 215k 🔽 -8.51% (Was 235k)

Weekly NFT Traders: 53,141 🔼 +5.24%

1. OpenSea: 37,002 🔼 +3.81%

2. Blur: 15,933 🔼 -5.26%

3. Gem: 5915 🔼 +13.64%

Milady: 138 Sellers profited a combined 160 ETH 📈

Bored Ape Yacht Club: 195 Sellers lost a combined 1219 ETH 😬

While the NFT market cap is up in ETH this week, it remains relatively stable in terms of USD suggesting most of the fluctuations are coming from ETH volatility instead of NFT driven price action.

Yet again, there were more losing trades than winning trades in the top collections and combined they equal a loss of 1059 ETH worth over $1.7 Million USD at current values. Bored Apes are having a bad time...

Nouns DAO is one of the most successful NFT DAO projects to date and holds a treasury of over 29489 ETH worth about $48.7 Million USD at current values. They've inspired (and sometimes funded) a whole ecosystem of "nounish" projects over the past couple of years. Recently, they held a vote to fork the DAO so Noun holders could opt-out into a forked DAO with a share of the treasury funds. This has led to speculators stepping in and bidding up the price of Nouns to the proportional share of the treasury. This feels like a case of financialisation overtaking true DAO governance and will be an interesting one to watch for anyone interested in the functioning of decentralised organisations.

OnlyFans Hold Ethereum on their balance sheet - Decrypt

The site that is known for being popular with adult performers revealed in filings that they had added over $19 Million in ETH to their balance sheet within the last year. This is interesting development as companies holding BTC on their balance sheet has been a big narrative in the past, but they have often dumped these positions as bear markets creep in. However, it seems as if OnlyFans owners may have continued to hold through the current bear.

SEC Fines LA Company Over NFTs Sold as Securities - Decrypt

Decrypt reports that the SEC has indicated sales of the "Founder's Keys" collection were promoted as direct investment opportunity, making them security investment contracts. The case appears to have been settled ith a $6 Million fund and ordered destruction of the NFTs. If this had gone fully through the courts, it would have been interesting to see exactly where the line is where an NFT backed promise becomes a security.

Tornado Cash Devs are caught in a US Dragnet - CoinDesk

The Tornado Cash entity and smart contracts were famously sanctioned (and those sanctions challenged) last year. This article observes how it is part of a bigger geopolitical question that goes beyond whether the individual coders were guilty or not for publishing a few hundred lines of solidity code.

Pepecoin says "Bad Actors" on team stole $15M PEPE - CoinDesk

After a meteoric rise to a market cap of $1 Billion USD $PEPE certainly made its mark in the history of meme coins. However, more recently it has been getting attention for unexpected transactions where 16 trillion tokens were sent to exchanges in a single day. The price has suffered since and there are allegations this action was taken by rogue team members.

If you collect FutureVerse NFTs then this thread appears to be your cheat sheet to maximising your FutureScore. I haven't verified the data is accurate but it feels about right based on what I've been seeing.

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