gm - July 8th, 2022
gm 👋
Mikio here — in my previous life as a TradFi grunt, I used to write daily wraps which ended up being circulated across many trading desks. I’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, I’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 $7–8B days we say a few weeks ago when liquidity dried up fast). With that said, NFT volumes overall still remain low — 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:
Doodles founder @poopie has purchased Doodle 3881 for 155.55 ETH
Newly Published Patent Hints at Nike-Branded Video Game NFTs
Cool Cats running puzzles, raffles, and contests all week to get unminted cats
Have a good one frens!
Please let us know your thoughts at [email protected]
Buy an NFT now and pay later → https://dapp.usecyan.com/
