gm - August 20th, 2022

gm 👋

Crypto markets over the weekend are only a touch softer from Friday, with Bitcoin at $21,260 on decent volumes of $28B. Ethereum is -3.4% to $1634 on $18.5B. Huobi’s stablecoin HUSD has regained its peg after a ‘minor’ liquidity crisis causes it to drop 10%. NFT/Metaverse names are weaker overall by an average of 15%, led by $APE and $STEPN.

NFT volumes sit at $17M, with EVM-based NFTs at $13M turnover and Solana-based NFTs posting $1.3M. BAYC is at the top with $1.6M in volumes and MAYC is in third place with $1.1M as the floor prices of both continue to fall. BAYC’s best offer is at 61.5 ETH while MAYC’s best offer is at 11.55 ETH on OpenSea — both seem to be reacting to BendDAO’s contagion risk of liquidations. Blue-Chip NFTs floor prices are softer across, about 5~10% as a reaction to ETH’s drop and lower NFT liquidity.

Snapshot of Blue-Chip NFTs

NFT headlines:

ApeCoin, STEPN Drop 15% as Gaming, Metaverse Tokens Plunge

Bored Apes, Moonbirds Have ‘Misled’ Buyers on NFT IP Rights: Galaxy Digital Report

A Complete Guide to Proof Collective’s Exclusive Web3 World

Many Bored Ape NFTs Are in Danger of Getting Liquidated as Borrowed Money Comes Back to Bite


Entering the New Phase of Collective Ownership as Tessera (formerly Fractional)

New licensing terms for Meebits from Yuga Labs

Dapper Labs Opens NFL Version of NBA Top Shot NFTs to the Public

Buy an NFT now and pay later →