gm - August 22nd, 2022

gm 👋

Crypto markets feel resilient after a brutal week and choppy weekend sessions. Bitcoin looks flat at $21.4k on $27B of volume. Ethereum continues to trek lower, down -2.9% to $1578 on $16.5B of turnover. Lots of opinions flying around from tech, non-tech, financial, and pundits on the upcoming ETH 2.0 merge — some saying it's “all priced in bro”, to others saying we’ll look back one year from now and see this as the bottom. Either way, September is gearing up to be a volatile month, as it historically has been for TradFi (people return from summer break) and crypto alike. Just worth noting, FTX’s numbers ‘leaked’ out, and show 2021 revenues were $1.2B, up from $90M in 2020 (😱).

NFT volumes are at $18M on the day, with EVM-based NFTs just under $15M turnover and Solana-based NFTs at $1.1M. BAYC + MAYC dominate the 1–2 spots in terms of volume, with $4.4M trading hands as the BendDAO contagion continues to work its way through. Floor prices have recovered some to give some breathing room, but loans are not clear from the liquidation triggers just yet. Otherwise, Pudgy Penguins posts up a strong day again with $1M in volume, Sorare with $850k.

Snapshot of Blue-Chip NFTs

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NFT headlines on the day:

CryptoPunk Ethereum NFTs Floor Price Flips Bored Apes for First Time in 5 Months

Metaverse is a key factor in long-term NFT success, says new research

What Are PFP NFT Collections? The 2D Avatars Taking Over Twitter


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