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Crypto markets react negatively to Powell’s speech at Jackson Hole, as he reiterates his stance on tackling inflation and is overall ‘moderately hawkish’ in tone. TL;DR — he is prepared for households to endure more “pain” in order to lower inflation. Bitcoin is down 4% to $20.6k on higher $32B of volumes. Ethereum is down harder, -7.1% to $1575 on $19B as leverage clears out. Overall crypto market capitalization still manages to hover just above $1T at $1.05T.

NFT volumes are $21M on the day, with EVM-based NFTs at $17M and Solana-based NFTs at $2M. BAYC+MAYC+Otherdeed dominate the top spots with $6.5M in total turnover, although floor prices and best bids didn’t change overall — Eminem and Snoop continue to pump BAYC bags as they’ll bring their apes to the VMAs this year. Azuki had a strong day with $1.1M in turnover, though the floor didn’t budge and average prices were off 15% to 9.69 ETH.

Check out our Dune dashboard for details → https://dune.com/lhagiimn/cyan-market-dashboard

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NFT headlines:

Reddit Starts Airdrop of Polygon-Based ‘Collectible Avatars’

Hook (NFT Options protocol) launches dapp

‘The Sims’ Creator Will Wright Raises $6M for Blockchain Games

Snoop Dogg and Eminem to Bring Bored Ape NFTs to VMAs In ‘Otherside’ Metaverse Performance

Reddit Is Airdropping Free Polygon NFT Avatars to Its Most Hardcore Users

Animoca Brands’ Japan unit raises $45M at $500M valuation for NFT push

Most NFT Projects ‘Convey No Actual Ownership’: Galaxy Digital Research

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