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gm - October 22nd, 2022

gm 👋

Ethereum leads the way for crypto as it bounces back +2.3% to $1313 on $6B of turnover, recovering the 13-handle after breaking yesterday. Bitcoin is up a modest +1.2% to $19.2k on a decent $20B turnover. Reddit is making waves as it now has 3M active wallets following the hype around its collection of Reddit Collectible Avatar NFTs, surpassing the amount on OpenSea which sits at 2.3M wallets. CryptoSnoos, a premium collection from Reddit launched last July, went for as much as 175 ETH for the top one. Keep in mind, Reddit has 430M monthly active users, so this just scratches the surface!

CryptoSnoos, a Reddit Avatar NFT collection

NFT volumes are softer over the weekend, around $10M in total. ETH-NFTs are $8M, while Solana-NFTs is just at $1M. Otherdeeds has seen its floor price drop about 25% over the past three days and has dropped ~10% in the past 24hrs. The collection is on top today with $1M in turnover with 524 trades in total. Sorare sits in second with $1M in volume as well, with BAYC following behind on $800k of volume. Lots of drama from NFT influencers these past few days on cryptwit surrounding a few accusations of rug pulls on a recent Twitter space; if you’re interested just search for BeanieFarokh, and Alex on Twitter.

Snapshot of Blue-Chip NFTs

Check out our Dune dashboard for details → https://dune.com/lhagiimn/cyan-market-dashboard

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NFT headlines:

NFT Creators Have Earned $1.8 Billion in Royalties to Date: Galaxy Digital

EXCLUSIVE: Gmoney Is Dropping a Surprise for His Fashion NFT Holders

The Floor Price for Bored Ape’s Otherdeed NFTs Is Crashing

Metaverse casino served emergency cease and desist to halt NFT sales

Solana Could Get Enforceable NFT Royalties Via New Metaplex Standard

State Regulators Charge NFT Casino Project With Securities Violations

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