gm - July 26th, 2022

gm 👋

Markets overall looking rocky this morning, as the developed world digests the fact we’re all technically in a recession (well, at least as defined in Economics textbooks). Ongoing earnings numbers in TradFi point to softer results, even after adjustments lower intra-quarter on guidance already. BTCUSD is now just under $21k on $50B turnover, with ETHUSD following right behind, -3.5% to $1390 on $19B volumes. NFT/Metaverse names are lower as well, $APE is -5% to $5.7, $AXS, $SAND, $MANA and $LOOKS all down 3–4%.

EVM-based NFT volumes have popped up to $22M on the day, with the launch of the Ledger Market Pass, which saw $5.7M debut volumes. Solana-based NFTs turnover is back below the $2M mark to $1.7M. OpenSea is on $17M volume in 24hrs, as LooksRare sees about $0.5M. Mooncatz is a new project, pre-reveal at the moment, that saw $1.3M printed out of nowhere. The beloved Rags to Richie by Alec Monopoly saw its volume off by -80% to $0.5M.

Blue-Chip projects had a healthier turnover, but not for great reasons — feels like mostly rotation out of higher value NFTs to balance liquidity and possibly rotate into the new projects launched today. Most notably, MAYC traded close to $1M on softer pricing to under 16 ETH as of now. BAYC saw x2 volumes to $2M but held its price fairly well in terms of ETH — trading 87 ETH now.

Check out our Dune dashboard for details →


Headlines in NFT today:

What to Know About NFTs and the ‘Bored Ape’ Boom and Bust Cycle

NFT utility to remedy ticketing dilemmas? Experts weigh in

Bentley to launch exclusive, sustainable NFT

Hello Kitty and Friends Embark on a Globetrotting NFT Experience, Powered By RECUR and Sanrio

Upcoming Drops: July 25–31

Thread on ERC721R — fairer minting method to block pesky bots

State of The Sandbox Q2 2022 (requires subscription)


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