gm - November 3rd, 2022
gm 👋
Both Bitcoin and Ethereum are softer by -1% on elevated volumes. Bitcoin is at $20.2k with $57B of turnover, and Ethereum is at $1546 with $32B of turnover. The Fed raised rates by 75bps, in line with expectations but wishful thinkers we’re gunning for a more moderate 50bps raise which dulled enthusiasm for going long. More layoff headlines make their way as Stripe lays off 14% of employees (1,000 staff) and Dapper Labs lets go of 22% of its employees.
The big story of the day across crypto is Instagram’s new NFT marketplace capabilities and features. For selected creators, they’ll be able to instantly create NFTs through their content and sell them to followers within the app. After Reddit’s success with their Avatar NFTs, Instagram’s new feature is another step towards the mass adoption of NFT technology. Polygon is the chosen network once again — MATIC is +12% to $0.94 on the day.
NFT volumes were lower as the hype around Art Gobblers start to subside. Total volumes in the past 24 hours are around $25M, with ETH-NFTs at $22M, ImmutableX at $1.2M, and Solana-NFTs at $1M. Art Gobblers gobbled up $12M in volume on the day across 450 trades. Gods Unchained resumes its healthy activity with $1.2M in turnover across 22k transactions. The rest of the rankings are from the usual suspects.
Check out our Dune dashboard for details → https://dune.com/lhagiimn/cyan-market-dashboard
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NFT headlines:
Polygon, Arweave Jump Double Digits as Meta’s Instagram Announces New NFT Tools
OpenSea Now Auto-Detects and Blocks Stolen NFTs, Disables Scam Links
Square Enix has announced a playable ‘NFT collectible art experience’
Justin Roiland’s Art Gobblers Claim Top OpenSea Spot Amidst Criticism
Warner Bros. Discovery and HBO announce plans for ‘Game of Thrones’ NFTs
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