gm - August 27th, 2023

gm 👋 NFT volumes are lower on the day; under $10M in total across the top 10 chains. Ethereum has a low $5.8M, followed by $900k on Solana and $800k on Mythos. BAYC saw $1M in total turnover across 19 trades. DMarket had $800k, with CryptoPunks following at $600k. The top sale was a BAYC going at $172k, with the rest being CryptoPunks trading between $75~125k.

Beanie is on Twitter today dropping facts of NFT tech being used for concerts such as Rolling Loud and Tomorrowland - he argues this is where web3 works and throws a bit of shade toward pfp collections. Cirrus has purchased 9 BAYC+MAYC for 180 ETH and has already flipped one BAYC for 105 ETH (the $172k one mentioned above). Lastly, little to no new funds (fiat) are entering crypto at the moment, with stablecoin market cap dropping $30B from $150B in August 2022.

$30B redeemed from the stablecoin market since August 2022