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gm - December 6th, 2022

gm 👋

Crypto is softer in the past 24hrs, with Ethereum down -2.4% to $1257 and Bitcoin off -1% to $17k. Murmurs of Amber Group nearing insolvency as the firm let go of 50% of its workforce (as reported through Crypto Twitter) in December and has asked many of its employees to work from home. Not to mention on-chain proof of wallets linked to Amber Group dumping assets rapidly. Orthogonal Trading has defaulted on a $36M loan to Maple Finance, as reported by The Block. Nexo is exiting the US market as well, citing regulatory uncertainty but CT is quick to point out their avoidance of a Celsius-like scenario. Although BTC and ETH are stable, there will still be weeks and months of cascading fallout from FTX and even LUNA crashes — 2022 is brutal for sure.

NFT volumes hover around $15M, with $12M in ETH-NFTs and $2M in Solana-NFTs. CloneX takes the top spot with $1.6M in turnover — they’ve announced an airdrop of 20,000 Eggs to holders and 10,000 to the community for the 2nd stage of “Animus”. Pudgy Penguins also make it into the top 5 with $1.2M in turnover as the floor price continues to go up, now at 4.4 ETH on OpenSea. $APE holds steady at $4.08, despite all the FUD heading into the launch of the staking mechanism for supply inflation over the next 3 years — Cyan’s ApeCoin staking goes live as well, head to your Account Page to start!

Snapshot of Blue-Chip NFTs

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

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NFT headlines:

Malta prepares to revise regulatory treatment of NFTs

Crypto.com’s CRO Surges as It Launches World Cup NFTs With Coca-Cola

Axie Infinity Leads Metaverse, NFT Token Rally as Trade Volumes Surge

GameStop Cuts More Staff — Including Crypto Wallet Engineers

The Contagion Fever Breaks: NFTs Dominate Art Basel

3 Luxury Brands That Entered the Metaverse and NFT Markets in November

Pine Protocol, NFT Financing Platform, Closes $3M Private Round, Led by Amber Group & Sparkle Ventures

The OG Streetwear Designer Fighting for NFT Creator Royalties