Aug 7, 2022
NFT Market Update — Week Ending August 5th, 2022
State of the Market, Pearson to Sell Textbook NFTs, Creators Going CC0 for the Culture, Tiffany's Punk Pendants, and more!
Curated by the WHALE Market Strategy team: Ekaitza, Frank, and Song 📊
To get the full report and discuss market activity with the team, Join WHALE
📈State of the Market📉
Market activity for the past 7 days:
This past week we saw some stabilization on the NFT market. Most measures are flat, either going up or dropping slightly. Some key measures like Sales in US$ and Secondary Sales in US$ show positive momentum. It’s still too early to call it, but I am quite optimistic this time. As long as the overall crypto market does not quickly change direction, we might see some NFT market recovery in the next few weeks.
- WHALE Market Strategy Team
⚖ NFT Fear and Greed Index ⚖
The NFT Fear and Greed Index (NFGI) dropped to 36 (Thurs. Aug 4th, 2022), still ranging near previous weeks.
The NFGI remains at resistance near the Fear/Neutral transition level. It appears the market is remaining cautious but may be ripe for a breakout.
Readings for the NFGI are as follows: 0–20 = Extreme Fear, 20–40 = Fear, 40–60 = Neutral, 60–80 = Greed, 80–100 = Extreme Greed.🥇 Top 3 Sales 🥇
Top sales in USD for the past 7 days.
- Cryptopunks #6874 300 ETH (US $512 K)
- Cryptopunks #7622 260 ETH (US $430 K)
- CyberBrokers Hitus 129 ETH (US $220 K)
Suspected wash trading transactions have been removed.
It’s another week of PFP projects occupying the Nonfungible top 10 list. Besides the usual suspects (Punks and Apes), there are two new entrants that have shown up: CyberBrokers and Meebits.
Recent Events
📘 Pearson Plans to Sell Textbook NFTs 📘
Pearson plans to profit from secondhand sales by turning its titles into NFTs. Educational books are often sold more than once, since students sell study resources they no longer require. Publishers have not previously been able to make any money from second-hand sales, but the rise of digital textbooks has created an opportunity for companies to benefit. Former chairman of Walt Disney International and now CEO of Pearson, Andy Bird explained his plan to sell digital textbooks as NFTs, allowing the publisher to track the ownership of a book even when it changes hands.
“In the analogue world, a Pearson textbook was resold up to seven times, and we would only participate in the first sale,” he said, explaining that “technology like blockchain and NFTs allows us to participate in every sale of that particular item as it goes through its life”.
While lauded for the prospect of wider mainstream adoption and social signaling for the utility of web3 tech, the move also has raised concerns in discussion around who should actually benefit from the integration.
© NFT Creators Are Giving Away Commercial Rights ©
Since launch, Moonbirds have yielded more than half a billion dollars’ worth of trading volume in a matter of months. Buying one will cost you at least $29k in ETH. But its creators have now decided that you won’t have to own a Moonbird to use its imagery. Proof, the Web3 startup behind the Proof Collective NFT group and Moonbirds, announced that it will transition Moonbirds and the recent Oddities NFT collections to a CC0 license. Effectively, it means that no rights are reserved by the creators, and it puts the artwork into the public domain. As a result, anyone can use the Moonbirds or Oddities artwork and likenesses to create and sell derivative projects, merchandise, apparel, etc. Proof’s announcement comes just days after pseudonymous crypto artist XCOPY tweeted that they would also open up all of their previous artwork to public domain.
While the recent moves put the narrative in greater focus, many creators in the NFT space have long advocated for CC0 relative to it’s effects on permeating culture on a wider scale, accessibility, freedom of expression and censorship.
🌎 META Expands NFT Support 🌎
Meta CEO Mark Zuckerberg announced on Aug 4th that the company is beginning its international expansion of NFT support on Instagram. The expansion follows the social network’s initial NFT test launch in May. With this expansion, users and businesses in more than 100 countries in Africa, Asia-Pacific, the Middle East and the Americas will now be able to share their NFTs on Instagram. Prior to the expansion, the support was only available to select creators in the United States.
💸 Flow Soars on Meta NFT Support News 💸
$Flow had jumped 52% during the past week, rallying Thursday afternoon minutes after Meta announced that it would expand its NFT feature to 100 countries and added $Flow to its list of supported blockchains. $Flow experienced rapid growth in 2021 as NFTs and it’s flagship product NBA TOPSHOT boomed, peaking at $42.40 in April 2021. However, it has failed to reach new highs after the recent market crash. Even after this week’s rally, it remains about 93.2% short of its all-time high. An opportunity awaits.
💎 Tiffany Custom Cryptopunk Pendants 💎
Tiffany recently offered to custom make the Cryptopunk pendants for CryptoPunk holders. Now cryptopunk owners can get a handcrafted pendant modeled after their NFT (non-fungible token) from Tiffany & Co. for 30 ETH (around $50K) The pendant, which will feature “at least” 30 diamonds or gemstones, will hang on an 18K gold chain with five pave diamonds on the clasp. Latest news, some of the pendants are already being flipped. One piece was sold for 55 ETH, about 80% profit based on mint price. However, there are currently NFTs listed below the 30ETH cost floor. Community discussion is ongoing relative to the rights given up to acquire the pendant and if it was far reaching.
❌ Solana Exploit Tied to Slope Wallet ❌
Developers behind the Solana blockchain are saying the closed-source Slope wallet may be responsible for an ongoing exploit that has resulted in millions of dollars’ worth of crypto tokens being stolen from more than 9,000 hot wallets. In the second day of the exploit that has caused at least $6 million in various tokens to be stolen from users of the Slope and Slope-tied Phantom wallets, the Twitter account run by the Solana Foundation is blaming the software of the wallets and not its own code for the attack.
🎯 Upcoming Drops 🎯
- Photographer Cath Simard releases two pieces on Nifty Gateway on Sunday August 7th entitled Somnambulism and See You On The Other Side
- Cryptoart OG Stellabelle has a special release of her historical satire CryptoStellas on Nifty Gateway slated for Monday August 8th. The drop will include both 1/1 auctions for select pieces and open editions.
📚 Weekly Reading 📚
Institutional Investors Pile Into Ethereum (ETH) at Highest Rate Since November 2021: CoinShares by Daily Hodl Staff
🐳 The Tao of WhaleShark 🦈
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