NFT Market Update — Week Ending February 11th, 2022

State of the Market, Sotheby’s Auctioning 104 CryptoPunks, Zynga’s First NFT Game, Sandbox Partners with Ubisoft, and more!

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WHALE Members

4 min readFeb 12, 2022

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📉

Total number of sales in past 30 days. Data from nonfungible.com.

Market activity for the past 7 days:

Last 7 days’ all measures took a hit and dropped quite significantly from the previous 7 days peak. We already predicted the downtrend in last week’s report. For now, based on this week’s data, I didn’t see any sign that there will be a quick reverse of the downtrend very soon, but good news is it’s also unlikely we see another big dip - most probably the curve will be flat, numbers could go up or down mildly.

- $WHALE Market Strategy Team

⚖ NFT Fear and Greed Index ⚖

The NFT Fear and Greed Index (NFGI) is at 45 (Thurs, Feb 10th 2022), down from last Thursday’s (Feb 3rd) index of 59.

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.

CryptoPunk #5577 for 2501 ETH ($7.7m)
Bored Ape #3052 for 250 ETH ($782k)
CryptoPunk #9344 for 240 ETH ($745k)

Recent Events

💰 Sotheby’s to Auction Off 1 Lot of 104 CryptoPunks 💰

On February 23rd, Sotheby’s will have the first dedicated live evening auction for NFTs, Punk It! — a single-lot sale of 104 CryptoPunks. The whole package is valued around $20/30m. The auction result could have some direct impact to the floor price of other premium PFP projects like BAYC, CloneX, etc.

🤔 GTA Publisher “highly convinced” by NFT Market, But… 🤔

With news breaking last week that Nintendo is considering NFTs, ‘GTA’ publisher Take-Two Interactive is also ‘highly convinced’ by the NFT market and what the company can offer in the future. However, the CEO, Strauss Zelnick, remains cautious as he feels that the market exhibits too much volatility derived from speculative activity.

🐰 The Sandbox Partners with Ubisoft for Rabbids Metaverse 🐰

The Sandbox has partnered with Ubisoft to bring Rabbids to the metaverse.

“Voxel characters and items will also be available for players and creators to incorporate into their own experiences using The Sandbox’s free VoxEdit and Game Maker creation tools.”

🎮 Zynga Plan to Launch Their First NFT Game This Year 🎮

Zynga, the gaming giant that owns the title Farmville and Words with Friends, plan to launch its first NFT game this year. According to Axios, Zynga plan to grow its blockchain team from 15 to 100+ and launch the game before the end of 2022 .