A Dark Week for NFTs
The worst liquidation event for NFTs, ever
It was a bloody week. But if you zoom out, it’s just a short blip. We won’t even remember last week soon enough.
Today we cover:
🏴☠️ What caused the NFT market crash and the “Black weekend”?
📈 NFTs have capitulated. What could happen next?
🎾 Game, Set, Match: Parallel Avatars are here. Dropping on 6 July
🍵 Dimensions mint gets delayed.
Market Update — Crash Edition
A quick scroll through these tweets will give you the full scoop on the NFT crash.
🐥 A Black Weekend for NFTs
We just had a "Black Weekend" for NFTs.
Floor prices for BAYC, MAYC, Azuki, Memeland Captainz and other PFPs fell 30 – 60%, accelerating over the weekend.
What caused all of the panic selling?
It all started with the Azuki Elementals mint.
The Azuki community spent $38M to… twitter.com/i/web/status/1…
— Teng Yan ⛩ (@0xPrismatic)
Jul 3, 2023
🐥 Largest liquidation cascade, ever
Over the last few days, we've seen the worst liquidation cascade in the history of NFTs and its not really close
There were 1244 Liquidations in the last 96 hours (This excludes forced sellers that sold their collateral to repay loans before they were underwater)
For reference… twitter.com/i/web/status/1…
— Cirrus (@CirrusNFT)
Jul 3, 2023
🐥 What to do during capitulation
capitulation is one of the most bullish events there is
most just don't have the patience to wait for it, instead they face death by 1000 paper cuts not realizing there's a large time aspect to it, not just price. Both conditions must be met
Same goes for NFT's. Those with… twitter.com/i/web/status/1…
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1)
Jul 3, 2023
🐥 The incentive structure on Blur is broken
Aight once and for all, using the words of the great @punk9059 cause the replies to my previous post are doing my head in:
“This is a market simply responding to an incentive structure which moves supply to people with no interest in holding NFTs for longer than 30 minutes 👇
— DFarmer.eth (@OGDfarmer)
Jul 2, 2023
🐥 Did Blur cause the crash?
Is @blur_io nuking your NFT prices? Yes.
And here's how.
Full thread coming within 24 hours. Will be discussing this concept on spaces tonight.
— Mihai (@presentlyMihai)
Jul 4, 2023
Game, Set, Match: Parallel Avatars Arrive
Parallel Avatars are set to be launched on July 6th, 2023, and they serve as the gateway to new experiences within the Parallel Universe. As a refresher, Parallel is a competitive trading card game using NFT cards, where you can earn tokens for winning games.
These aren't your run-of-the-mill avatars. They're like the VIPs of the Parallel Universe, always first in line for the newest, coolest experiences. Imagine them as the main characters in the expanding catalog of games and storytelling elements within the Parallel Universe.
So how do you get one?
If you own a Masterpiece or Prismatic Key, or are a member of the Echelon Ardent program, you get to buy one on 6 July for 11 $PRIME (~$20). Snapshot has already been taken.
For everyone else, there will be a first-come-first-serve public drop on OpenSea, happening on 11 July at 0.11 ETH each ($210)
There is a total supply of 11,001 avatars with 6 unique 1/1 pieces to be discovered.
𝗘𝗮𝗿𝘁𝗵𝗲𝗻 𝟭/𝟭 𝗔𝘃𝗮𝘁𝗮𝗿
The Avatar Collection has a total supply of 11,001. There are 6 unique 1/1's to be discovered.
The Manifest begins July 6th on parallel.life
@opensea Public Drop begins July 11 on
For more info visit… twitter.com/i/web/status/1…
— Parallel (@ParallelTCG)
Jul 5, 2023
You can also win Avatars in the upcoming Parallel Beta which will be open to the public in late July. We’ve heard that it is a dope game so it’s worth giving it a go.
Additionally, there's a new type of gaming experience called Parallel Colony, where your words have power and you can interact with your Avatar in new and inventive ways.
🤑 Why it matters:
Cryptos and NFTs are like peanut butter and jelly when it comes to Trading Card Games (TCGs). Why, you ask? Well, just like those rare holographic Charizard or Black Lotus cards, NFTs can have an inherent rarity factor. Magic: The Gathering, Pokemon cards - they're not just relics of the '90s, they're still hot commodities with a bustling secondary market.
Parallel has an actual working game in this genre. Alpha reviews earlier this year were generally good. It will be exciting to see this game go mainstream soon.
Sega announces its first blockchain game that will be ready in late 2023: Sangokushi Taisen
Sotheby’s launches a Generative Art Program with 3 highly-curated long form series a year. Vera Molnar is the first artist, whose work will be on sale on 26 July at a Dutch Auction beginning at 20 ETH
Mythical games, the creator of NFT rivals, raises $37M in funding to expand their games in a bear market
A BRC-69 token standard for creating Recursive Ordinals on Bitcoin was just released.
🍿 Dimensionals - EVE drops announced a delay in their public mint (previously planned for 6 July). They will be changing into a Play-to-Mint structure, giving everyone an equal chance. It is a free mint.
🚨IMPORTANT ANNOUNCEMENT regarding the Eve Mint. 🚨
We've been working closely with our community and have collectively made some important decisions regarding the upcoming Eve mint.
Here is everything you need to know:
1️⃣ We will be reducing the number of Eves in the public… twitter.com/i/web/status/1…
— Dimensionals (@DimensionalsRPG)
Jul 5, 2023
That's it for today folks. If you want more, follow us on Twitter (@the_metadata). If you were forwarded this newsletter, you can subscribe with just one-click:
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Disclaimer: This newsletter is for educational purposes only. None of this is financial or investment advice. It is not a solicitation to buy or sell any assets. Minting and buying NFTs is risky. Please do your own research.