What's actually going on in the 2nd largest NFT ecosystem
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Today we cover:
🤷♀️ Top NFT collections seem to be down only. What’s going on?
💹 Weekly Data insights: We take a look at Solana, the 2nd largest NFT ecosystem
🇫🇷 We found the best takes and summaries on ETH CC, if you missed the conference in Paris
🙊 Is the most strategy in crypto longing cults?
Market Update — Down Only
There’s not a lot to say about NFTs right now except that they’re just chilling. The Forkast 500 NFT index, which represents top NFT collections across multiple blockchains, is down 2.6% on the week.
A 5-year-old kid could look at the chart and tell you where we’re headed — down. But hey, what goes down must come up, right? So, we're keeping our eyes peeled for that trend reversal.
Here's the weekly scorecard for the top collections:
Bored Ape Yacht Club: 30.8 ETH (-5.8%)
Azuki: 4.8 ETH (-19%)
Mutant Ape Yacht Club: 5.7 ETH (-5.8%)
Milady: 2.4 ETH (-16%)
DeGods: 8.3 ETH (-4%)
Solana is probably the 2nd largest NFT ecosystem today after Ethereum. Vibrant NFT communities and degen traders have found a home there.
This week, we dive into the Solana scene, especially in the wake of DeGods' departure - once the top dog of Solana collections, now they've packed their bags for Ethereum.
Daily NFT Marketplace Volumes
Let’s get real for a second. Solana NFT marketplace volumes have fallen off a cliff since January this year. Just 6 months ago, ~400,000 SOL was traded daily ($8.5M).
Today, just 35,000 SOL ($790K) was traded.
Market Share of Solana NFT Marketplaces
But every story has its heroes, and in this case, it's Tensor (brown in the above chart). They've been climbing the ranks since February and have now claimed the throne as the top marketplace by trading volume on most days, leaving Magic Eden in the dust.
We talked about Tensor in last week’s newsletter and how it’s gearing up for its Tensorian NFT launch soon.
Unique Wallets & 1st-Time Wallets
Over the past six months, there have been about 342K unique wallets trading NFTs on Solana, with 134K of them being 1st time users. Seems pretty impressive, right? But remember, one user can have multiple wallets, so it's not a direct headcount. Plus, with Solana's almost non-existent fees, setting up a new wallet and moving funds/NFTs around is as easy as pie.
Monthly number of 1st-time Wallets
The monthly chart of first-time wallets shows a trend that's a bit of a downer. The number of newbies in the Solana NFT space is dwindling, hitting its lowest point since 2021.
Amongst the top 5 NFT collections on Solana by trading volume, 4 of them are PFP-type projects and 1 is a utility project (Casino).
Solana has a lot of potential for its tech, with compressed NFTs and executable NFTs. We're just waiting for some innovative team to tap into this goldmine. Until then, it looks like trading volumes and participants might hit a bit of a plateau.
Our Favourite Tweets
🐥 Someone drops a million dollars on a Zombie cryptopunk. He’s buying it for the culture
Today we bought a million-dollar JPEG. But why?
— balon.eth (@balon_art)
Jul 15, 2023
🐥 “Blue-chip” NFTs aren’t blue chips. The faster you realise this, the better
Is it still fair to call these NFTs blue chip if they fall 60%-95% against ETH?
Best thing is to just hold staked ETH to farm ETH yield and do nothing innit?
— Bobby Ong (@bobbyong)
Jul 25, 2023
🐥 OpenSea introduces peer-to-peer trading and why it’s a gamechanger
OpenSea just played its wildcard.
It's a game-changer for NFT trading.
— S4mmy.eth (@S4mmyEth)
Jul 21, 2023
🐥 Moonbird launches its Mythics collection and people like the art. But what else does it really do?
Shout out to @kevinrose, @JustinMezzell, and everyone at the @proof_xyz team for the flawless drop of @moonbirds Mythics!
The art, mechanics, build-up, storytelling, & execution were all first class, and exemplary of the top-quality products Proof is capable of.
Well done! http
— JK (@_JKNFT_)
Jul 21, 2023
🐥 The best alpha on the Chinese gaming industry we’ve found
some interesting notes from @0xAikoDai on the chinese gaming industry and their fit with web3 gaming
translated by yours truly:
• open minded towards innovation instead of being hateful about NFTs
• chinese gaming developers are constantly looking for new ways monetize… twitter.com/i/web/status/1…
— apix🎮 (@apixtwts)
Jul 24, 2023
🐥 The most profitable strategy in crypto: longing cults.
1/ For a very long time, I’ve been thinking about making this thread. After being asked by many to explain my strategies in crypto, I want to highlight my most profitable way. The art of longing cults.
— Zoomer Oracle (@ZoomerOracle)
Jul 22, 2023
🐥 StoryCo allows creators to share in the upside with profit points
1/ We're thrilled to announce the launch of two exciting initiatives here at StoryCo:
"Co-Create" and "Profit Points."
We will also be rewarding 50% of the profit of THE DISCO BALL IP to our community of creators and fans 👀
— StoryCo (@StorycoHQ)
Jul 20, 2023
🐥 Louis Vuitton continues its foray into NFTS with this digital Speedy 40 VIA bag, which will also be available in a physical version next year.
Louis Vuitton VIA. The first VIA journey is now available. Discover the Speedy 40 VIA @Pharrell, revisiting the Maison's iconic bag crafted in 1930. Discover more at on.louisvuitton.com/6006PPCOr
— Louis Vuitton (@LouisVuitton)
Jul 17, 2023
Best ETH CC Takes
We couldn’t be at ETH CC, so we scoured Twitter to find the best summaries on last week’s conference
9 takeaways from ethcc:
1. The next evolution of the app-chain thesis is the cooperative-chain thesis. @owocki has called the latter "ecosystem chains" and they're a massive innovation for the space, enabling projects to *share revenue* for building on chains that support their… twitter.com/i/web/status/1…
— david phelps 🐮🏰🃏🐘 (@divine_economy)
Jul 24, 2023
Personal notes from Paris 📝🇫🇷
A short 🧵from a tardfi POV:
— 1chioku.eth 🦇🔊 (@1chioku)
Jul 20, 2023
🍿 CyberKongz is launching its Genkai Mint on 27 July. 7,000 NFTs will be airdropped to existing holders and 9,000 will be sold at 0.25 ETH each.
(Will be a trading opportunity but…do we really need another 16k NFT supply to hit the market in these conditions?)
⚔️ GENKAI MINT DETAILS ⚔️
Step into the epic world of Niakea on Thursday, July 27th at 4:00 PM UTC.
Full details in 🧵
— CyberKongz (@CyberKongz)
Jul 20, 2023
🍿 Possibility Spaces by Look Highward, a curated release on Sovrn Art will be dropping on 3 August. Premint sign-up is available.
“An exploration into the vast realms of human imagination through the mind's eye of a machine intelligence. Super HD zoomable AI artworks.”
An exploration into the vast realms of human imagination through the mind's eye of a machine intelligence. Super HD zoomable AI artworks.
𝐀 @sovrnart 𝐂𝐮𝐫𝐚𝐭𝐞𝐝 𝐫𝐞𝐥𝐞𝐚𝐬𝐞.
Updates here: airtists.com.
Premints below. twitter.com/i/web/status/1…
— Look Highward 🤖3️⃣.eth (@LookHighward)
Jul 13, 2023
🍿 Reddit’s next avatar drop: Level Up. It might release later this week. It’ll be a free collection with 150K - 2M supply.
That's it for today folks, see you tomorrow. 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.