gm 👋 There's about $14M in liquidity in the past 24 hours across the top chains in NFTs. Ethereum has $9M, Solana $1.2M, Polygon $0.9M, and Mythos at $0.8M. BAYC took the top spot in collections with $1.5M, DMarket next with $0.9M and Gods Unchained had a strong day with $0.8M. Cryptopunks, DeGods, and MAYC each had between $5-600k. All eyes are on the OpenSea announcement today, where royalties paid to collections will be deprecated from February 2024 on Seaport - this affects LooksRare and Blur as they both utilize Seaport as well.
As a result, Yuga quickly put out a statement deprecating their support for Seaport and hinting at a migration away from OpenSea as a whole. Data suggests north of 50%+ of volumes on OpenSea are generated by Yuga's collections, with this figure jumping higher when only accounting for recent volumes. This would be a significant hit to revenue for both OpenSea and Yuga going forward, meaning incentives in the space are going to change drastically over the coming months. Floor prices were weaker on the day given the news - BAYC dipped to near 24 ETH, the top bid on MAYC is 4.69 ETH, and BAKC bid dips to 1.62 ETH. Though, $APE is unchanged at $1.59, potentially helped by a stable ETH and enthusiasm around GameFi tokens as $PRIME pumps to $4 (+9% in 24 hours). Speaking of tokens, $BLUR hit an all-time low overnight of 20 pennies, putting into question whether farming on the platform makes economic sense anymore - bids are already starting to fade across collections. NFTstats shares that Blur insiders have $14M in tokens vest every month, but also have full control over when Season 2 farming ends, suggesting perhaps there is a huge conflict of interest. Lastly, the CEO of Cool Cats has stepped down and will be replaced by @clon, the creator of the project. Cool Cats has a top bid on Blur of 0.56 ETH, 40% lower than what it was 90d ago of 0.9 ETH.