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The week started with such hope as many talked about the potential for Apple to kickstart a new wave of Metaverse investments with it's announcement of the Vision Pro. People were picking up tokens from the top metaverse platforms and then the SEC entered the chat...

The SEC began their week by launching enforcement actions against Binance, which kick-started a sell-off and just as the market was coming up for air, they hit Coinbase too. Whether there is substance to their claims will be decided in a courtroom but either way, it certainly killed any hope of a party in the Metaverse this week.

Of course, it is billed as being for the protection of investors but that is a hard pill to swallow when those same investors they are protecting wake up to a portfolio that is down 30%.

We appear to have gained some stability now while the market asses the damage, but it isn't a stretch to image further bleeding as more people unwind after the initial shock wears off.

Long-term the vision hasn't changed. Stay safe out there!

- @nuconomist

Crypto Market Cap: 1.09 Trillion Dollars 🔽 -3.54% (Was 1.13 T)

Bitcoin Dominance: 45.9% 🔼 +4.32% (Was 44%)

Ethereum Dominance: 19.2% ↔️ +1.59% (Was 19.2%)

Other Crypto (excl. BTC & ETH): 34.9% 🔽 +5.16% (Was 36.8%)

Nuconomist Notes:

It appears the drop in the prior week was just the appetiser, with the SEC also going after Coinbase this week and causing another sharp drop in the markets. This time, alts were hit hardest with some falling as much as 30% within 24 hours. The majors are holding up OK for now, but those low 20s targets for Bitcoin at the end of June are looking a lot more possible now...

NFT Market Cap (ETH): Ξ 7.9 Million ↔️ (Was Ξ 7.9 Million)

NFT Market Cap (USD): $13.7 Billion 🔽 -4.53% (Was $14.35 Billion)

30 Day NFT Volume (ETH): 410k 🔼 +4.59% (Was 392k)

Nuconomist Notes:

Amongst a week of significant volatility, NFTs remained relatively stable with the implied market cap only down in USD terms due to the drop in Crypto prices. And in fact volume increased this week after rounding out the week before. NFTs are probably less likely to find themselves in the crosshairs of the SEC (although even that isn't guaranteed), so perhaps we could see renewed activity here as people seek safer trading avenues.

1. Bored Ape Yacht Club

2. Azuki

3. Mutant Ape Yacht Club

4. Wrapped CryptoPunks

5. DeGods

Nuconomist Notes:

There is a new collection in town, DeGods volume grew this week. Perhaps in part, due to the launch of their new digital hub. Utility isn't just a meme after all.

1. Azuki: 16.75 Ξ ‧ 760 ETH PnL

2. Opepen Edition: 0.7235 Floor Ξ ‧ 369 ETH PnL

3. The Captainz: 8.98 Floor ‧ Ξ 289 ETH PnL

4. Fidenza: 75 Ξ Floor ‧ 212 ETH PnL

5. Sproto Gremlins: 0.2497 Ξ Floor ‧ 209 ETH PnL

Nuconomist Notes:

Not too much change here, although volume is down a lot for the top five. Perhaps suggesting that the increased volume is across a broader range of projects, rather than concentrated in the most popular collections this week.

1. Mutant Ape Yacht Club: 9.36 Ξ Floor ‧ -658 ETH PnL

2. veMULTI NFT: 0.78 Ξ Floor ‧ -420 ETH PnL

3. Moonbirds: 2.12 Ξ Floor ‧ -376 ETH PnL

4. MekaVerse: 0.1639 Ξ Floor ‧ -286 ETH PnL

5. Clone X: 2.57 Ξ Floor ‧ -261 ETH PnL

Nuconomist Notes:

Once again, not much change here. Mekaverse is a new entrant mostly driven by a single whale's capitulation locking in a staggering 266 ETH of losses. They appear to still be holding a lot of MekaBots from the associated collection.

Notably Mutant Apes are back under 10 ETH even with increased volume. If it accepts below, we could see them continue to fall as new collections take attention.

Cryptos Crash After the SEC Charges Binance - CoinDesk

New Worldwide Tax Standard for Crypto - Decrypt

Court Finds a "DAO is a person" - Decrypt

A guide to Opepen: Jack Butcher's Pepe-Themed Web3 Experiment - NFTNow

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