Jul 3, 2022
NFT Market Update — Week Ending July 1st, 2022
State of the Market, 3AC Ordered to Liquidate, Mbappé Elevates Sorare, New ETH Token Standard, Raregotchi Launches 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:
Our primary data provider Nonfungible continues to work through a data loss event, impairing segmented measures and aggregates. We will wait for the restoration to resume this section. (source)
- $WHALE Market Strategy Team
⚖ NFT Fear and Greed Index ⚖
The NFT Fear and Greed Index (NFGI) was at 17 (Fri. Jul 1st, 2022), up from last Thursday’s (Jun 23rd) index of 14.
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.
Although Nonfungible provided the Top 10 list for last week, we are not confident in it’s usefulness as it contains what categorically would be considered wash trading. X2Y2 is offering trading rewards with all commissions compensated, thus leading to inordinately high trading volume and pricing. Cross referenced to other data providers, the wash trading was permeating data sets throughout the industry. We will wait for next week to reevaluate.
Recent Events
🥅 Mbappé backs NFT fantasy start-up Sorare 🥅
Kylian Mbappé is following fellow footballers Cristiano Ronaldo and Lionel Messi into the world of NFTs by becoming an investor in SoRare as well as it’s brand ambassador. SoRare operates an online game where players can create fantasy football teams based on the digital trading cards they own. Ronaldo inked a deal last week to promote NFTs for crypto exchange Binance, while Messi agreed a deal earlier this year with Socios, the fan token company. Mbappé has a combined Twitter and Instagram following of more than 80M, compared with Sorare’s 155,000. Sorare hopes that signing a player widely seen as the world’s best will help boost it’s reach and profile. Platform sales have already surged near 800% during the 24hr period following the announcement. The company, which states it has been profitable since early days, also counts tennis star Serena Williams and Spanish footballer Gerard Piqué among its backers. SoRare isalso due to launch a fantasy baseball game later this year after agreeing to a deal with Major League Baseball.
📉 Three Arrows Capital Liquidation Ordered 📉
The liquidation of Three Arrows Capital was ordered by a British Virgin Islands court last Monday. Partners from New York-based Teneo Restructuring have been called in to handle the insolvency. 3AC, founded by Su Zhu and Kyle Davies in 2012, has suffered heavy losses in the region of $400 million in the recent sharp downturn in the crypto markets. Crypto brokerage Voyager Digital issued a default notice to 3AC this week after the fund failed to make required payments on loans of 15,250 bitcoins and $350 million in USDC. The NFT world awaits to see what will happen with the holdings of 3AC NFT fund Starry Night Capital.
👮♀️ DOJ Files Charges Against a ‘Rug Pull’ 👮♀️
The Department of Justice announced criminal charges against the creator of the Baller Ape Club NFT collection for orchestrating a rug pull. The charges, announced alongside those in three other cryptocurrency fraud cases, mark the second time that federal prosecutors have gone after an NFT rug-pull. Le Anh Traun, a Vietnamese national, is charged with one count of conspiracy to commit wire fraud and one count of conspiracy to commit international money laundering. Traun allegedly collected $2.6 million from Baller Ape NFT buyers, only to shortly thereafter delete the organization’s website and launder the funds. According to the Justice Department, he converted the gains into different cryptocurrencies and moved them across multiple blockchains, in a practice known as chain-hopping. If convicted, Traun could face up to 40 years in prison.
📱 Facebook Testing NFTs with US Creators 📱
After debuting NFT support on Instagram in May, Meta has launched digital collectibles support on Facebook with select creators. A spokesperson for Meta told TechCrunch that the company has started a slow rollout that allows a select group of creators in the United States to post digital collectibles on Facebook. With this feature, these creators will be able to show off NFTs on their profiles under a new tab, and the art will have a “digital collectibles” label — just like Instagram.
⛓ New ETH Standard Paves Way for Rentable NFTs ⛓
The Ethereum network development team approved the rentable nonfungible token (NFT) standard EIP-4907 filed by the NFT-rental marketplace Double Protocol, making it the 30th ERC token standard.
🚰 OpenSea Data Leak 🚰
If you are an Opensea user and have your email registered with Opensea, you might have received an email warning about the data leak and possible risk. NFT marketplace OpenSea shared that it’s the victim of another data breach — though this time the target is one of its vendors. An employee of its email delivery vendor, Customer.io, allegedly downloaded and shared stored email addresses associated with OpenSea accounts and newsletter subscriptions with an unknown third party. Stay vigilant!
🎯 Upcoming Drops 🎯
- Raregotchi — the 90’s inspired virtual toy project from NFT Studios, is now available for pre-mint. Each Toy can be minted for 0.25 ETH and some notable collectors have already minted including J1mmy, Rizzle, WhaleShark and Hackatao. The public mint will take place on Monday July 4th.
- Lauded pixel artist Genuine Human released their pixelated banner-format generative art project called Ethereal States and minting is live at 0.08 ETH each.
- Kevin Hart will be dropping 10,000 pfps entitled ‘Confessions from the Hart’ on Thursday July 7th with each priced at $65. Utility includes access to all events in ‘Kevin Hart Nation Metaverse’ and an allowlist for all future drops — both physical and digital.
- PunkScape will be releasing 10,000 unique tracks known collectively as SoundScapes on Tuesday July 12th. Each of the pixelated landscapes will be accompanied by their own unique electronic beat produced by Ben Cronin.
📚 Weekly Reading 📚
- OpenSea Breach and What You Can Do to be Safe by 4lteredBeast
- Bankman-Fried Warns: Some Crypto Exchanges Already “Secretly Insolvent” by Steven Ehrlich
- NFTs Have ‘Fallen Off the Cliff’ as Sales Sink to Lowest Levels in a Year by Olga Kharif
🐳 The Tao of WhaleShark 🦈
On Obstacles and Challenges -
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