NFT Market Update — Week Ending February 4th, 2022
State of the Market, GameStop Partners with IMX, CryptoMotors Launches Alpha, Pak x Julian Assange Drop, 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:
Last 7 days’ main measures have another upswing, but will this be the last one in the short term? A few top NFT projects like CloneX, BAYC made some major contributions to the big secondary sales jump, but since Wednesday, we observed the floor of those projects had quite a big retraction. The next 7 days could be less attractive like the past one.
- $WHALE Market Strategy Team
⚖ NFT Fear and Greed Index ⚖
The NFT Fear and Greed Index (NFGI) is at 59 (Thurs Feb. 3rd 2022), up from last Thursday’s (Jan. 27th) index of 63. The NFGI hit a high of 67 mid-week.
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 #7121 for 1180 ETH ($3.09m)
- Decentraland Estate #399 for 360,000 MANA ($1.32m)
- Bored Ape#3001 for 500 ETH ($1.3m)
Recent Events
🎮 GameStop to Launch NFT Marketplace on IMX 🎮
GameStop has teamed up with Immutable X to launch an NFT marketplace later this year. The partnership will see the creation of a $100-million fund dedicated to providing grants to game developers and studios to build on Immutable X and the NFT marketplace.
Building on the Immutable X protocol “will enable faster, more affordable, carbon-neutral, and nearly limitless transactions on GameStop’s NFT marketplace.”
🚨 Wormhole Protocol Hack — $323m in ETH Stolen 🚨
Another hack was reported recently with $323 million in ETH stolen due to an exploit from the cross-chain protocol Wormhole, a bridge between the Ethereum and Solana blockchains. Wormhole is a bridging protocol that enables assets to move across various blockchain protocols.
This tweet goes in-depth into how the hacker did it:
🚫Over 80% of OpenSea Free Mints are Copies or Fake🚫
If you collect NFTs, then you have likely received random NFTs in your wallet or seen them in influencers' wallets — these are usually minted using OpenSea’s shared storefront contract, which is free to mint on.
Turns out over 80% are plagiarized or fake collections.
To anyone with experience in the space, this likely isn’t much of a surprise — but interesting to see actual data from OpenSea.
🏁CryptoMotors 3D Racing Closed Alpha🏁
This week CryptoMotors launched the closed alpha of their much anticipated 3D Racing Game. Almost 500 players who claimed the alpha driver role on their Discord server were able to play the game with their own car or a borrowed one. The alpha build currently works only on Windows, and it is only playable with a keyboard. A Mac version and controller support will be coming soon.
Upcoming Drops
⚫ Censored by Pak x Julian Assange: Feb 7th ⚫
Pak has collaborated with WikiLeaks founder Julian Assange for his upcoming NFT project entitled ‘Censored’ which will consist of a dynamic 1/1 NFT and a dynamic open edition.
🐳 The Tao of WhaleShark 🦈
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