gm - August 7th, 2023

gm 👋 Volumes look tighter as Europe and the US wake up to start the week. 24-hour NFT volumes in total are under $12M, with EVM at $7M and Solana at $1M. Immutable X and Mythos also put up solid numbers of $1M each as well, driven by Gods Unchained and DMarket. BAYC + MAYC volumes were a combined $1M, as transactions for both were up +50% on the day and MAYC floor price rose +5% to 5.70 ETH. DeGods and y00ts were a combined $500k.

Punk9059 shared stats showing that unique NFT buyers are on the rise week-over-week, but still a far cry from the numbers seen in 2021-22. Beanie also shared a chart from Glassnode showing gas fees paid towards NFTs have declined to below-2021 levels. Twitter is abuzz with a wallet that burned $4.5M in ETH and has registered a menu of ENS handles - rumors are the user is going through a bad breakup and is rage quitting crypto (or he is a genius and 'lost' crypto assets before a divorce). On a final note, there is massive FUD on a potential Huobi insolvency, driven mostly by the ongoing stablecoin wars between Binance, Tether, TUSD, Justin Sun, and Huobi - nonetheless, liquidity might dry up further from here, despite ETH seeing the lowest turnover this past weekend in years.

Chart provided by Punk9059