NFT Market Update — Week Ending October 14th, 2022
State of the Market, DeGods Goes 0%, YUGA Labs Investigated, Hirst Burns Currency, Avalanche on OpenSea, and much 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:
This week, the overall measurements are still dropping. Fortunately it’s much less than last week. Major measures dropped slightly and Secondary sales even raised a little bit. The bear market continues.
- WHALE Market Strategy Team
⚖ NFT Fear and Greed Index ⚖
The NFT Fear and Greed Index (NFGI) dropped to 12 (Thurs. Oct 13th, 2022), verses Week Ago index of 17.
Sentiment continues to weaken with the NFGI settling in Extreme Fear during the past week. The index hit a local low of 10 before landing at 12 for the reading. This represents a fall of 5 points from last Thursday’s reading of 17.
eadings 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 #8958 333ETH (US $425 K)
- CryptoPunk #4298 140ETH (US $185 K)
- Fidenza #249 130ETH (US $174 K)
Suspected wash trading transactions have been removed.
Punks and Fidenza (Artblocks) are the winners of this week’s top 10 list. Each took three positions. Punks also won the №1 and №2 positions. Two rare Azukis also showed up in the top 10. There’s only one BAYC that took the №10 position. Perhaps Yuga Lab being investigated by the SEC was a factor.
RECENT EVENTS
🔥 Damien Hirst Burns 1000 Paintings 🔥
British artist Damien Hirst is among the many art-world giants who have set fire to their work, having burned 1,000 of his artworks Tuesday. He streamed the event on Instagram and is set to burn thousands more works of art. It’s part of his project “The Currency.” It consists of a collection of 10,000 NFTs. Each non-fungible token corresponds to a physical painting featuring his signature multicolored dots, made from enamel paint on handmade paper. The pieces were initially available for $2,000, which is affordable compared with what Hirst’s work has been known to go for. “A lot of people think I’m burning millions of dollars of art but I’m not, I’m completing the transformation of these physical artworks into nfts by burning the physical versions,” Hirst wrote in an Instagram caption. “the value of art digital or physical which is hard to define at the best of times will not be lost it will be transferred to the nft as soon as they are burnt.”
🔬🐒 Yuga Labs Investigated by SEC 🔬🐒
Sources say that the United States Securities and Exchange Commission (SEC) probe into Yuga Labs is actually part of a wider investigation into the nonfungible token (NFT) market, which already came to light in March. On Oct. 11, a report from Bloomberg, citing a source “familiar with the matter,” said the SEC is investigating Yuga Labs over whether certain NFTs are “more akin to stocks” and whether the sales of certain digital assets violate federal laws. However, Cointelegraph understands that the investigation is part of the ongoing SEC probe into the wider NFT market, which is looking at whether certain NFTs and fractional NFTs could fall under federal securities laws.
🌊🏔 Opensea added Avalanche NFT support 🌊🏔
OpenSea has added NFTs from the Avalanche blockchain to its online marketplace, the company announced Tuesday. The marketplace — which saw roughly $350 million in Ethereum NFT volume traded last month — now supports NFTs from seven different blockchains:
- Ethereum
- Polygon
- Klaytn
- Solana
- Optimism
- Arbitrum
- and now Avalanche.
Avalanche is an open-source network with the native token AVAX and three different blockchains, one of which is called the C-Chain. The C-Chain is optimized for Ethereum compatibility and smart contracts, which NFTs use (NFTs can exist on Avalanche’s C-Chain or X-Chain).
🚫 Degods Announces 0% Royalties 🚫
DeGods announced on October 9th, 2022 that it is updating all NFT Projects in its ecosystem, including t00bs and y00ts to 0% royalties as its next experiment. The DeGods NFTs used to carry a 9.99% royalty fee and the new update was being implemented to the collection as the announcement was made. While DeGods did not initially offer an explanation for why it made the decision, the controversial move sparked wider debate in the NFT community around the necessity of royalty fees and how it would impact the NFT ecosystem in general. While some welcomed the idea, saying that it would “force” the project to come up with other revenue streams, others called it “financial suicide” and lamented the trickle down effect to small creatives.
🛡⚔ Cryptoys Digitizes Mattel’s MoTU for the Metaverse 🛡⚔
Cryptoys and Mattel have brought together its forces in sharing the initial release of the upcoming Masters of the Universe digital toy series. With the Masters of the Universe (MOTU) franchise celebrating its 40th anniversary today, Cryptoys and Mattel have unveiled the next three waves of MOTU’s first digital toy drops. Spanning from this November — January 2023, Cryptoys’s new NFT platform for toys, gaming, and entertainment will bring Mattel and MOTU’s fan-favorite characters into the metaverse with 12 limited edition digitized action figures. The first drop will include MOTU’s famous He-Man/Prince Adam, Evil-Lyn, Battle Cat/Cringer, and Tri-Klops with additional characters such as Orko, Teela, Beast-Man, Trap-Jaw, Skeletor, Sorceresses, Panthor, and Man-At-Arms appearing in the next coming digital releases. With the help of Cryptoys expansive playable universe, the action figures will come to virtual and animated life in a digital surprise toy pack experience. Each toy drop will consist of 10,000 toys per character and offer a variety of skins across seven different rarity levels.
Some longtime fans question the artistic direction of the line being divergent from the source — while others have welcomed the broadening of appeal.
🥽 CyberBrokers Release Roadmap🥽
Josie Bellini and her team at Cyberbrokers (CB) are building on their initial success and have launched a roadmap to inform us of their upcoming plans and developments. “We’re building a universe that will touch every corner of the metaverse” — Josie. The team has identified 3 pillars that will guide their development: content, collectibles, and experiences.
Being one of the few projects that are OnChain and powered by OG initiative — many are watching CyberBrokers eagerly awaiting their execution of brand building.
🤖 Mona Introduces AI for the Metaverse🤖
Metaverse platform Mona has rolled out a new AI tool to help builders design more realistic objects in online worlds. Launched on Thursday, the company says that its AI Material Designer will allow creators on its platform to generate textures for objects using a text description rather than code. While its generator is currently limited to materials, Mona co-founder and CEO Justin Melillo told The Block that the technology to generate entire 3D objects with AI is already possible today. The tools just haven’t been made available to the public yet. “We are actively working to build and incorporate these types of tools into our creation pipeline for our community. We’re not too far away from users being able to generate assets and entire worlds using AI inside Mona,” he said.
📚 Weekly Reading 📚
NFTS AFTER THE MERGE: Following Ethereum’s big move to a new mode of consensus, the NFT community predicts its likely impact by RighClickSave
NFTs Explained: A Must-Read Guide to Everything Non-Fungible by Jolene Creighton and Scott Summers
🐳 The Tao of WhaleShark 🦈
On the crypto narrative
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