gm - July 12th, 2022

gm 👋

TradFi markets started the week off negative, with ARKK -7%, COIN -11%, META -4.7%, and macro looking rocky as EURUSD trades at par (insert all the ‘shitcoin’ memes you can think of). DXY (the dollar index) pumps to above 108 and is trading at 108.360 now, as globally people flee to the mighty dollar. USDJPY ticking higher to 137.20 as Kuroda basically pulls a “Deploying more capital — steady lads” moment as he mentions economic uncertainty lurks ahead. Overall risk-off sentiment continues.

ETHUSD breaking $1100 on higher volumes vs. yesterday, now trading $1090, -6% on $12B of volumes. ETH looking like it's being dragged down by BTCUSD, as it drops 4% to just below the $20k level and trades at $19,920 as I type. Interestingly, BTC volumes are lower by 16% to $24B vs. $29B yesterday. NFT/Metaverse tokens get dragged lower with Apecoin leading the way, down 9.4% to $4.34, after enjoying days near the $5 mark. $LOOKS hammered down -13% to 28 cents on even lower volumes again.

NFTs might be the last thing on everyone’s mind, however, EVM-based NFT volumes were a decent $14M, a 17% pick up from yesterday. Solana-based NFT volumes remain low at below $1.5M turnover. OpenSea represented 50% of the NFT volumes, although average ticket sizes fell 27% to $132 as users tighten their wallets. LooksRare saw their volumes halve to just around $0.5M, and average ticket sizes cratered to $725, down from $2,143 24hrs ago.

As for individual Blue-Chip projects, MAYC flipped BAYC in terms of volumes, as it traded almost double in turnover in the past 24hrs. MAYC floor price remains steady at 18.5 ETH, with average prices going for 21 ETH. BAYC also remains steady at 98.9 ETH floor and average prices going for slightly lower at 98.25 ETH. MeeBits continues its move higher, with floor prices up another 15% to 6 ETH and average prices going for 11.34 ETH. The number of txn for MeeBits doubled to 122, although total volumes still only represent about $1.5M.

Grok these NFT headlines:

Announcing the public release of sudoAMM

NFT Protocol OMNI Suffers Reentrancy Attack, Loses 1,300 ETH in Testing Funds

How NFTs could Change the Future of Photojournalism (requires subscription)

A Saudi Arabia-Themed NFT Collection Is the Latest Free-to-Mint Hit

Developer turns ‘future of gaming’ talk into a surprise attack on convention’s NFT and blockchain sponsors

GameStop Boss Celebrates NFT Marketplace Days After Laying People Off

At least we are all saving on gas?

Let’s concentrate on the long game!

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