NFT Market Update — Week Ending October 7th, 2022
State of the Market, Animoca Invests in Cool Cats, WMG x OpenSea, 3AC NFTs on the Move, Solana Soars, and much more!
Curated by the WHALE Market Strategy team: Ekaitza, Frank, and Song 📊
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📈State of the Market📉
Market activity for the past 7 days:
This week, almost all the major measures have a significant dip, the notable exception being the average NFT price sold.
- WHALE Market Strategy Team
⚖ NFT Fear and Greed Index ⚖
The NFT Fear and Greed Index (NFGI) dropped to 17 (Thurs. Oct 6th, 2022), verses Week Ago index of 26.
The NFGI touched a low of 13 before settling at 17. This is a decline of 9 points in one week, with sentiment reverting to Extreme Fear.
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 #5944 980 ETH (US $1.28 M)
- BAYC #8585 777 ETH (US $1.02 M)
- CryptoPunk #1484 240 ETH (US $327 K)
Suspected wash trading transactions have been removed.
This is a PFP dominated week, with almost all of the top 10 positions taken by Punks or Apes. The except is the 10th ranked sale, which was a Fidenza from Artblocks.
RECENT EVENTS
🐱 Animoca Invests in Cool Cats for Gaming Partnership 🐱
Cool Cats Group LLC announced that it has received a strategic investment from Animoca Brands, the company advancing digital property rights for gaming and the open metaverse. The partnership will drive Cool Cats’ mission to become the largest global NFT brand and a robust media and content company, including through expansion of its gaming offerings.
⚫ Pak taps NFT Studios for Unusual Airdrop for Merge ⚫
NFT Studios have partnered with legendary artist Pak to create the new Merge airdrop with a gamified experience built into the smart contract. Over the past weeks, they’ve been working with Pak to build the technology behind the recent Matter airdrop in the Merge project. Leveraging Web3 technology, NFT Studios developed a gamified experience built into the smart contract of the Matter token, the NFT airdropped to Merge holder.
Pak + NFT Studios: creating an unusual airdrop for the Merge project | NFTStudios (medium.com)
💿 Warner Music Group Partners with OpenSea 💿
On Sept. 29, global music and entertainment company Warner Music Group (WMG) announced a partnership with nonfungible token (NFT) marketplace OpenSea to provide a platform for select musical artists to build and extend their fanbase into the Web3 community. According to the release, the collaboration between these two entities will allow select WMG artists to get early access to OpenSea’s newly rolled-out feature, which enables artists to launch their NFT collections and limited-edition projects on their own customizable and dedicated drop pages.
Reception has been mixed, as the NFT space had been viewed as an alternative for musicians to circumvent the gatekeeping and predatory practices of music industry in it’s current incarnation — as well as a level playing field for emerging artists.
👔 Hugo Boss Partners with Imaginary Ones 👔
Global fashion brand HUGO announced today that it will collaborate with renowned Web 3.0 company, Imaginary Ones on a holistic, 360-degree metaverse experience. This partnership sees HUGO take a major step forward in its exploration of the metaverse, as the launch of its first-ever NFT collection marks another significant milestone in the global refresh of the brand in 2022. An exclusive HUGO x Imaginary Ones NFT collection of 1,001 3D animations, entitled ‘Embrace Your Emotions’ (EYE), will be launched in early November. The aim of the collection is to encourage everyone to connect with their emotions, and to share a message that all feelings — positive and negative — are valid and should be embraced, as the freedom to feel and express can significantly improve mental health and overall well-being.
💸 Over 300 NFTs Moved Out of 3AC Address 💸
Starry Night Capital, a nonfungible token (NFT)-focused fund launched by the co-founders of the now-bankrupt hedge fund Three Arrows Capital (3AC), has moved over 300 NFTs out of its address, according to reports. Starry Night Capital was founded last year by Su Zhu, Kyle Davies and pseudonymous NFT collector Vincent Van Dough. At the time, the fund planned to exclusively invest in “the most desired” NFTs on the market. Blockchain data provider Nansen on Oct. 4 on Twitter noted that the NFTs were reportedly shifted from a wallet associated with the fund, including Pepe the Frog NFT Genesis, which sold for 1,000 Ether (ETH) in October last year, worth $3.5 million at the time.
📈 Solana NFT Sales Soar in September 📈
Solana NFT sellers pocketed more than US$126 million in September, a 77% month-over-month increase, according to data from CryptoSlam. Solana’s September NFT sales surge comes as overall sales of the unique assets fell for the fifth consecutive month, recording the lowest monthly sales since July 2021. Ethereum, the most popular blockchain for NFTs, recorded around US$320 million in September NFT sales, a 36% drop from the previous month. More than US$13 million worth of y00ts mint t00b NFTs were sold in September, making it the most popular collection in Solana over the month.
📰 NEWS QUICK HITS:
- NFT trademark filings reached new high [read more]
- Yuga Labs launches BAYC Community Council [read more]
- BNB Chain Hacked for $570M [read more]
- DeGods Spark Royalties Debate.. Again [read more]
📚 Weekly Reading 📚
An Interview with Sputniko! by Jason Bailey
Are NFTs Really a Wild West? by Yayoi Shionoiri and Alana Kushnir
From MP3s to NFTs by Joe Looney
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