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NFT Market Update — Week Ending November 25th, 2022

State of the Market, MetaMask Data Concerns, APE Community Wins the Race, Rockstar Bans Web3 from GTA, and much more!

📈State of the Market📉

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

Market activity for the past 7 days:

⚖ NFT Fear and Greed Index ⚖

The NFT Fear and Greed Index (NFGI) climbed to 15 (Thurs. Nov 24th, 2022), verses Week Ago index of 7.

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.

  1. BAYC #1268 780 ETH (US $939 K)
  2. BAYC #232 800 ETH (US $930 K)
  3. CryptoPunks #7261 285 ETH (US $323 K)


🦊 MetaMask Collecting User IP Addresses 🦊

According to a revised privacy policy agreement published by ConsenSys on Nov. 23, MetaMask will begin collecting users’ IP addresses and Ethereum wallet addresses during on-chain transactions. However, ConsenSys, the wallet’s creator, explains that the collection of users’ data will only apply if they use MetaMask’s default Remote Procedure Call (RPC) application, Infura. Individuals using their own Ethereum node or a third-party RPC provider with MetaMask are therefore not subject to the newly updated ConsenSys privacy policy. Instead, the terms of the other RPC provider apply.

🐵 Ape Coin Dao launches Community Driven NFT Marketplace 🐵

ApeCoin DAO, a community-led governing body made up of ApeCoin holders, has launched its own white-label non-fungible token (NFT) marketplace. ApeCoin, the Ethereum-based governance and utility token used within the Bored Ape Yacht Club (BAYC)-linked APE ecosystem, launched in March. Built by non-fungible token (NFT) infrastructure company Snag Solutions, the new community marketplace lists for-sale NFTs from Yuga Labs-owned NFT collections like BAYC, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC) and Otherdeed for Otherside.

✨Magic Eden Extends Support to Polygon ✨

YNFT marketplace Magic Eden is integrating with the Ethereum scaling layer-2 blockchain Polygon to dive deeper into the blockchain gaming and NFT ecosystems, the companies announced on Tuesday. “We are excited to integrate with Polygon and continue our pursuit of a multichain future for Magic Eden,” Zhuoxun Yin, Magic Eden co-founder and COO, said to TechCrunch. “By offering this integration, we are continuing to remove any chain-specific barriers and open NFTs to the masses.” The expansion aims to provide Magic Eden the ability to support Polygon’s ecosystem of game developers and creators. The Polygon network hosts some of the biggest web3 gaming projects and publishers like Ubisoft, Atari, Animoca Brands, Decentraland, Sandbox, among others.

🚗Grand Theft Auto Bans NFT and Crypto on Fan Servers 🚗

Alongside fully Web3-native games built around NFTs, we’ve also seen fan-driven attempts to add NFTs and crypto tokens to popular online games like Minecraft and Grand Theft Auto V. But Microsoft moved to ban Web3 elements from Minecraft this summer, and now Rockstar Games has done the same with its popular action franchise. Last week, Rockstar Games updated its website to stipulate that fan-operated servers for Grand Theft Auto V can no longer utilize cryptocurrencies or crypto assets, specifically NFTs.

The Saudi’s NFT Collection Soars 2,000% After WC Win ⚽

Argentina’s shocking loss to Saudi Arabia last week was heard around the world and even spilled over into crypto. The Argentina fan token offered through partnerships with Socios fell by 23%. Likewise, the novelty PFP collection “The Saudi’s” showed a 2,000% increase in sales volume following the win — demonstrating the influence real life associated events can have on tokenized assets in the web3 space.

🧸 Toy Company MATTEL Launches NFT Platform on FLOW 🚙

Leading toy manufacturer MATTEL has announced their launch of their MATTEL CREATIONS NFT Marketplace, a self ran NFT and digital goods arm that will house their powerhouse IPs for all future NFT iterations. Mattel had previously partnered with WAX for successful launches of HOTWHEELS NFT items, achieving over $5M in USD sales. However, recent projects including their collaboration with CrypToys for MoTU explored alternative NFT ecosystems and delivery methods. The HOTWHEELS move away from WAX to FLOW is something to keep an eye on for the collectibles segment as chains battle for market share and userbase in the current constricted market.

📚 Weekly Reading 📚

📄 ON DECENTRALIZED CURATION by Alex Estorick, Simon Denny and Karamia Müller

🐳 The Tao of WhaleShark 🦈

An Open Letter to Elon


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