gm - October 16th, 2022

gm 👋

Super slow weekend, with low volumes on both Bitcoin and Ethereum. BTC is flat at $19.1k on $12B turnover, while ETH is also flat at $1283 on $5B turnover. OpenSea has announced they will temporarily halt Solana-NFTs from entering the Top and Trending section on their homepage to prevent gamification of rankings — basically preventing window dressing.

NFT volumes are hovering around $10M, with ETH-NFTs trading $6.7M and Solana-NFTs trading $2M. BAYC is on top again with 11 trades on $1M of turnover. The rest are the usual suspects, with Sorare at $650k, Gods Unchained at $635k, Azuki at $450k, and CryptoPunks at $400k on 4 trades.

As a side note on a slow weekend — prices of second-hand luxury watches have been coming down, which started to taper about half a year ago. Following this market is interesting as there are similarities to NFTs, most notably a limited supply with tons of hype and basically no intrinsic value (I love a mechanical, but to be real, an Apple Watch has a thousand times more utility). Last year a Patek Nautilus 40mm could set you back $200k+ but the market now is about $130k+, which is still way above MSRP. A newer Rolex Sub will still cost twice the MSRP at around $15k for good condition, but still better than the $20–25k you’d have to pay from earlier this year.

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NFT headlines:

VeeFriends: A Guide to Gary Vee’s NFT Project

Academy Award winner Anthony Hopkins sells out NFT collection in minutes

BSC News NFT to Integrate Binance Account Bound Token

NFT Bargain-Hunting Is in as Crypto Bust Craters Prices

Digital LeBron vs. analog Mantle: Sports collectibles remain hot despite NFT boom


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