gm - August 18th, 2023

gm 👋 NFT volumes rebound on the day, with $20M going through across the top chains. Ethereum had $15M driven by the new GameFi project Wreck League Majestics, led by Animoca, which had $2.1M in volume, and Wreck League Boosters which saw $1.2M. Solana has $1.6M in total volume, led by Kanpai Pandas with $300k in trades. Mythos is in third place, as DMarkat has a $900k day.

In celebration of the new game mentioned above, Cyan has purchased a couple of Wreck League Majestics, and will be giving these away to our community - details will follow soon! Make sure to follow us and Animoca on Twitter for more details.

Lots happening in crypto given the spot moves on BTC and ETH. There is FUD around SpaceX potentially unwinding $373M of Bitcoin since last year, which is largely being blamed for the drop. However, there is a large macro event affecting Tether, as Evergrande (China's largest real estate developer) declared bankruptcy - Tether's balance sheet is rumored to have carried some size in Evergrande debt for yield. Singapore also made arrests for a $1B money laundering operation using crypto, affecting Bybit, Tether, Binance, and potentially other exchanges. In addition, Binance's $BNB token is dangerously close to a loan liquidation, to which CZ is rumored to be keeping the price above the covenant level by selling users' Bitcoin.

Lastly, for NFTs, NFTstats posted an updated chart of Large-cap NFTs - prices have dropped below the Azuki Elemental reveals a month ago.

Large-cap index seems to just go lower