Previous
Next

gm - July 8th, 2022

gm ๐Ÿ‘‹

Mikio here โ€” in my previous life as a TradFi grunt, I used to write daily wraps which ended up being circulated across many trading desks. Iโ€™d like to give it a shot once more with a twist for my obsession with NFTs, and hopefully continue this journey along with you, dear reader and user! Along the way, Iโ€™d love to hear from you and iterate on constructive feedback.

ETH is at $1225 as I type this, which is +4% over the past 24hrs. Market cap of Ethereum sits right at $150B, with volumes at a healthy $14.2B turnover, which is decent all things considered (much better than the $7โ€“8B days we say a few weeks ago when liquidity dried up fast). With that said, NFT volumes overall still remain low โ€” with EVM-based NFTs trading just under $14M and Solana NFTs still under $2M turnover in the past 24hrs. These are still +15% compared to yesterday, but a far cry from the $100M+ days we saw a few months back.

OpenSea saw a pick up in user activity, +12% in the past 24hrs to 25k users, with average ticket sizes hovering around $140 /NFT. LooksRare saw a big drop in activity, -27% to just ~300 users and real volumes of under $1M.

Looking at individual NFT collections, BAYC universe saw a pick up in activity after their successful stress testing of 2500 simultaneous users in their Otherside Metaverse. BAYC+MAYC+BAKC+Otherdeeds represented well over 25% of daily turnover in EVM-based NFTs today, with BAYC seeing a +200% increase in txns, although floor prices barely changed outside of MAYC +8% to 18.9 ETH. 30d realized volatility across all Cyan Blue-Chip NFT PFP projects is anywhere between 30~50v, which is surprisingly low given all the recent turmoil; perhaps this leg of the bear market is taking a break.

Major headlines to keep in mind today:

Reddit is launching a new NFT avatar marketplace

Limewire is back and live today

Doodles founder @poopie has purchased Doodle 3881 for 155.55 ETH

Newly Published Patent Hints at Nike-Branded Video Game NFTs

Niantic (creators of Pokemon Go) launch NBA All-World

Cool Cats running puzzles, raffles, and contests all week to get unminted cats

Details

Have a good one frens!

Please let us know your thoughts atย [email protected]

Buy an NFT now and pay later โ†’ย https://dapp.usecyan.com/