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NFT Market Update — Week Ending October 28th, 2022

State of the Market, Reddit Cracks the Code, LooksRare New Model, Apple Eases into NFTs, Swiss Bank Custody, 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 22(Thurs. Oct 27th, 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. CryptoPunk #924 475ETH (US $741 K)
  2. V1 Punk #6915 180ETH (US $236 K)
  3. Ringers #771 Artblocks 150ETH (US $202 K)


💻 Reddit Shows How to Take NFTs Mainstream 💻

Reddit may have demonstrated the best way to introduce the masses to the world of blockchain: Avoid complicating things with talk about cryptocurrency and non-fungible tokens. The social media and discussion platform recently released a collection of “Collectible Avatars” users can either claim or purchase. Reddit also appeared to purposely avoid using blockchain terms like “crypto” and “NFT” in the main portion of its sales presentation of the digital collectibles. The net result is that since Reddit launched its NFT marketplace in July, users have created about 3 million crypto wallets, a company executive recently said. That’s several hundred thousand more than the 2.3 million active wallets held on OpenSea, the world’s largest NFT marketplace, which has been in operation for nearly five years. Subtracting the number of active OpenSea wallets — again, the most popular NFT marketplace — by the number of Reddit wallets suggests that Reddit’s strategy may have helped encourage as many as half a million or more people to buy an NFT for the first time.

LooksRare Removes Creator Royalties

On Oct 27th, LooksRare announced some changes. One of the major ones is removing the creator royalties. Here is the summary of changes: Royalties: LooksRare will be directing 25% of protocol fees to creators, and removing standard creator royalties. Buyers can opt-in to pay optional royalties at checkout. Protocol Fees: Still 2% total, except now 1.5% of each trade goes to LOOKS stakers and 0.5% goes to collections if they’ve set up a receiving address. (If they haven’t, total fees are only 1.5%) Trading Rewards: 95% of trading rewards go to sellers, and 5% to buyers. Listing Rewards: The Listing Rewards leaderboard now ranks by OpenSea rolling 24 hour volume only.

🍎 Apple Restricts NFT Content Unlocks 🍎

Apple has formalized its controversial stance on NFTs. The tech giant published updates to its App Store Review Guidelines on Monday with new language surrounding NFTs, according to Apple Insider. In short, NFTs are allowed to exist within apps on the App Store — but they can’t unlock additional features or content. “Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring,” the new guidelines read. “Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app.” Under Apple’s long-standing policies regarding paid unlocking of digital goods and services, NFTs that are purchased via Apple’s in-app purchases can be used for token-gated utility. But those are subject to Apple’s 30% fee.

🛹 Azuki NFT Sets Record with Skateboards 🛹

NFT project Azuki completed an auction for eight Golden Skateboard nonfungible tokens — which will also be redeemable for physical Golden Skateboards — with the lowest and highest winning bids coming in at an even 200 ETH ($261,682.00) and 309 ETH ($404,298.69), respectively, according to its official Twitter account. The skateboards, though currently only in digital form, are all among the most expensive skateboards ever sold — by a wide margin. Some of the costliest skateboards sold previously include Jamie Thomas’ and Bob Dylan’s “Blowin’ in the Wind Skateboard,” which sold in a fundraiser for $38,425 in December 2012, and a Tony Hawk-owned “Beatles’ Blackbird Board,” which features handwritten lyrics to the song and Paul McCartney’s signature and was auctioned for $27,116. “The Golden Skateboard is a marvel of art & technology showcasing our first implementation of PBT, which paves the way for a new era of storytelling,” Azuki’s official Twitter account told its more than 314,000 followers. “We broke the record for the most expensive skateboard ever sold (in fact, the 8 most expensive skateboards ever sold).”

💰 Nike, BAYC Biggest Winners of NFT Royalties 💰

A report from the research arm of Galaxy Digital, a digital asset-focused financial services firm, laid out data showing that, while NFT royalties benefit small artists, the main beneficiaries are top NFT projects like Bored Ape Yacht Club and corporations like Nike. Royalties for Ethereum-based NFT projects earned a total of $1.8 billion in revenue. The top 10 NFT projects netted $489 million, or 27% of all royalties earned. Yuga Labs, with its Bored Ape, Mutant Ape and Otherside projects, brought in $147.6 million in royalties, followed by Art Blocks with $82 million.

🔐 Swiss Seba Bank Launches NFT Custody 🔐

Seba Bank’s retail and institutional clients can now store tokens from Ethereum-based NFT collections like Bored Ape and CryptoPunks in the bank’s new custodial service. The decline of the nonfungible token market doesn’t seem to be a problem for the Swiss cryptocurrency-focused bank Seba, as the firm now allows its customers to store NFTs. Seba Bank has launched a regulated custody platform allowing its clients to store NFTs, the firm announced on Oct. 26. The NFT custody solution enables Seba Bank’s retail and institutional clients to store any Ethereum-based NFTs, including tokens from world-famous NFT collections like Bored Ape Yacht Club and CryptoPunks, the firm said.

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