NFT Market Update — Week Ending January 7th, 2022
State of the Market, GameStop NFT Marketplace, Lamborghini NFT, Pudgy Penguins Drama, Ben Mezrich 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:
All the measures had a nice jump against previous 7 days. Sales in US $ increased 63.5% against previous 7 days sales, number of Sales increased 34.1%, active market wallets number is 30.7% higher than last week, Primary sales went up 53%, secondary sales increased 74.8%, average NFT in US $ has another jump of 28.7% on top of last week’s number. It looks like we just had a great start for 2022, let’s see how long the recovery will last.
- $WHALE Market Strategy Team
⚖ NFT Fear and Greed Index ⚖
The NFT Fear and Greed Index (NFGI) is at 53.94 (Thurs Jan 6th 2021), up from last Wednesday’s (29th December) index of 33.81.
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.
- All Time High in the City, XCOPY (Superrare) 1630 ETH ($6.2m)
- MAYC Mega Mutant Serum for 1542.069 ETH ($5.9m)
- CryptoPunk #2681 for 900 ETH ($3.1m)
Recent Events
🎮 GameStop NFT Marketplace Officially Confirmed 🎮
GameStop has finally confirmed that they are establishing a NFT and cryptocurrency marketplace having first hinted at this transition last May.
The news, first reported by The Wall Street Journal, suggests GameStop has a 20-person unit working on the online marketplace, set to launch later this year, which will offer in-game goods as supply-limited, cryptographically signed NFTs. In addition, the Journal’s sources suggest GameStop may be preparing to invest “tens of millions of dollars” in crypto-related companies, including the development of games that use the blockchain.
🌊 OpenSea $300m Series C 🌊
OpenSea announced a $300m Series C funding at a $13.3 billion post money valuation.
Paradigm and Coatue led the round with participation from new and existing investors. The goals set out by OpenSea for this funding are:
- Accelerate product development
- Significantly improve customer support and customer safety
- Meaningfully invest in the wider NFT and Web3 community
- Grow the team
🐧 Pudgy Penguins Rugged… then un-Rugged? 🐧
With the threat of the project being disbanded as well as the founders distributing recently raised investor capital amongst themselves, Pudgy Penguins finds itself once again in the spotlight. Twitter thread by 9x9x9 shares the recent shenanigans going on and what could potentially save the project:
The floor dropped below 1 ETH for sometime right after information got out, but has since climbed back up to 1.75 ETH due to renewed interest after suggestions of a buyout or DAO forming 🤷♂️
You may want to just watch from the sidelines on this one.
Upcoming Drops
🎬 Ben Mezrich Project Screenplay Token 🎬
Ben Mezrich is the latest to launch an NFT project. Known as the ‘Ben Mezrich Project’, it will consist of 3 separate drops, the first of which was launched on January 4th. The 6,000 rocket NFTs were minted for 0.06 ETH each, depicting a story about Wall Street Bets, meme stocks such as GME and AMC and, of course, Doge.
The dates for the next two drops will take place around February and April. Holding all three tokens enables you to receive a prorated share of 50% of revenue from any monetization of the screenplay.
It’s also worth noting that Ben has a very impressive track-record to say the least! Including “The Accidental Billionaires”, which was later adapted into the hit movie “The Social Network”.
Find the first drop on OpenSea. At the time of writing this, the floor is at 0.15 ETH with consistent sales coming in.
🏎 Lamborghini NFTPRO Teaser 🏎
Lamborghini shared a teaser of what looks to be their entry into the NFT marketplace:
“The launch is close, but this time it’s not a car” 🤔
… wen lambo?
🐳 The Tao of WhaleShark 🦈
👀 Weekend Reading 👀
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