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 → https://dune.com/lhagiimn/cyan-market-dashboard
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Headlines in NFT today:
What to Know About NFTs and the ‘Bored Ape’ Boom and Bust Cycle
Hello Kitty and Friends Embark on a Globetrotting NFT Experience, Powered By RECUR and Sanrio
Thread on ERC721R — fairer minting method to block pesky bots
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