Block_Editor

Flower83

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Welcome to NFT Tuesday, that special day of the week where we cover everything that has transpired in the NFT space lately.



Today’s hot topics include:



<ol><li>Just how credible is all this Yuga FUD?&nbsp;</li><li>Art gobblers continue down their road to zero.&nbsp;</li><li>There&#8217;s a new anime collection in town: KPR</li></ol>



In general, this week has been a wild one. We have seen many collections go down ever further than they were before. Most semi-blue-chips, such as Azuki, CloneX, Doodles and MAYC are all below 10 ETH floor. The total weekly NFT volume on OpenSea is 45.200 ETH, followed by LooksRare and X2Y2 with around 20.000 ETH on both marketplaces.&nbsp;



The top 10 sales are mostly dominated by CryptoPunks, with a few BAYC sales and a Spirit Azuki joining the party.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/M0nGGuCRfb2-02NHJzT5vrqDIeWh4dzO0j7M8t2fjb_oFuujmorYLyd1qjdwaThTv6XqhQQbAujBhD2lumkLRVhJsGtC-oD3bPvKDh86G5GM6gwE0xCupcZOKyt6thrClrvMlaEePFZUsJP7IdbDQIpV1pf3NwC9EK8VRzSP7gnO3w3h2ce-FiddPaye7g" alt=""/></figure>



We have seen a spike in volume and quite a few sales above 100 ETH.&nbsp;



The top 10 collections by volume are shown below:



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/w4Nkok142k4MgpDVlTho5TIiAB-ZVOm7T-NESp4yU0_064CBtxQmiqlHMaimfHjsl8mGDbJGmHULlZduxsQcGM4XM6zYsrMlWQmeBcbPygv-kwxHzIMHmDdyb5wwQ76jBu-X8YXb1j9GVS9eZC7eWpse5c8ex9ciFlVD9EcFrF0VfUoe_IQYFIjHJ6nNlg" alt=""/></figure>



The whole week was dominated by Yuga assets in terms of volume as they have been consistently in the top 5.



Let&#8217;s dive into specifics.&nbsp;



<ol><li>Just how credible is this Yuga FUD?</li></ol>



Today, Bored Apes were trading below 50 ETH for the first time since their historic rally upwards that arguably ignited the whole NFT bull run in the good old days.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh6.googleusercontent.com/wCcoNYPEoRV-5TpUI6VTnxOi2aRJvlkRMscKPsoZFbYfV3yhFkmzahWaBJ9v8Muw-TlyoFiBxdD_7-qeUEwrsItTuMxDsF4XhUfTtiS78W_TFKSMh_eDGPTmo4kLl-d33nVomVPN78oH6AkJTHNg6zA-NlrJQ_IoITVWztIi57aYcm8sr23YW_6UQ8ckhg" alt=""/></figure>



Unsurprisingly, all other Yuga assets also took a massive hit, with MAYC just slightly under 10 ETH, BAKC at around 3.5 ETH, Crypto Punks (recently acquired by Yuga Labs) holding relatively steady <a href="https://cryptopunks.app/cryptopunks/forsale" target="_blank" rel="noreferrer noopener">at 66.5 ETH</a> and Otherdeeds at their all time low of 0.9 ETH floor (more on that later).&nbsp;



What is causing this major sell-off ?



This week there was a lot of FUD circulating around Twitter. Some of the threads are just pure facts, whereas some are border line conspiracy theories. One thing is certain though; the combined FUD from this week was the strongest it&#8217;s been in a while.



First, the facts. There are more than 30 Bored Apes, and a whole bunch of other Yuga assets in the FTX wallet (address: <a href="https://opensea.io/0xf8e0C93Fd48B4C34A4194d3AF436b13032E641F3" target="_blank" rel="noreferrer noopener">0xf8e0C93Fd48B4C34A4194d3AF436b13032E641F3</a>). As you can see, some of them are pretty high rarity, too. It is not yet known what they intend to do with them, but if they are going to be sold as part of the liquidation of FTX assets, it will most likely cause another small dip. FTX was also one of the investors in Yuga’s founding round where they managed to raise a $450 million contribution.&nbsp;



Then, there is some speculation. Allegedly, Yuga held most of their royalties and a good chunk of ETH from Otherside mint in their BlockFi account. If this is true, things can get a lot more ugly. Some have spotted <a href="https://twitter.com/compass_nft/status/1591082818163347462" target="_blank" rel="noreferrer noopener">transactions related to this issue</a>, where Yuga moved around 18.000 ETH.



Yuga Labs cofounder <a href="https://twitter.com/GordonGoner/status/1591104988708999171" target="_blank" rel="noreferrer noopener">Gordon Goner</a>, of course, assured everyone that “assets are fine” &#8211; a famous mantra chanted by every CEO, every project founder, every major centralised exchange and every influencer for the past few days.&nbsp;



Who is (not) going to make it to the Otherside?



When Otherdeeds were still above 1 ETH floor, a whale was spotted. Someone (identity unknown at this point) has transferred around 200 land plots to a newly created anonymous wallet address and started aggressively accepting WETH offers. The Otherside has since lost that psychological barrier of 1 ETH floor for the first time since mint. Read more about this in <a href="https://twitter.com/CirrusNFT/status/1591224167369965568" target="_blank" rel="noreferrer noopener">this twitter thread</a>. NFA, but if you were ever on the sidelines thinking of getting yourself a land plot, there probably won&#8217;t be a better time than it is now.&nbsp;



<ol start="2"><li>Art Gobblers continue down their road to zero.</li></ol>



Art Gobblers was one of the hottest drops of the late 2022, with massive volume and a floor price surge not seen since Moonbirds. This week, they seem all but forgotten, as their floor continues to mercilessly trend downward and their volume is drying up too. It is expected to have a slight downtrend after such a hyped mint, but a 97% decrease in volume shows that there is very little interest in the collection anymore.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh3.googleusercontent.com/U98LxEq8ViHjV2eUj-6V87lU9vd1MOCogtHAPYjfTAhmLJ84EjFnaLx8qidQm9LVjp03zTrNztFFhR-zF01CBuE0egzkLdNzOqN_7DVCkOE6FUGpwYi9S8Wy4hdrNhLeC2SuU1ZJo4xHoWy-Yl7OKIIPV8B5n0N37RJpN4ne5v563d8GufyoskaCeYYApA" alt=""/></figure>



Pio Vincenzo found the time to <a href="https://twitter.com/piovincenzo_/status/1591862591340843008" target="_blank" rel="noreferrer noopener">tweet about them</a> on a trip to Bahamas where they were at their lowest.&nbsp;



 3. There&#8217;s a new anime collection in town: KPR.



Even though the hype around Azuki has somewhat subsided over the past few months, and the era of uncountable number of anime themed spinoffs is long gone, <a href="https://mobile.twitter.com/kprverse" target="_blank" rel="noreferrer noopener">KPR</a> still managed to capture a fraction of that hype that once was.



They successfully minted out their collection of 10k NFT in full at a price of 0.2 ETH each &#8211; a noteworthy feat on its own in these market circumstances. The rarest NFTs within the collection sold for more than 8 ETH.



<figure class="wp-block-image"><img decoding="async" src="https://lh6.googleusercontent.com/fsvQMaxMKQrOuumpsX5Glb0JGjy4dtjKAgEZR_rr-CXH5kG_E2QkoXKn47vmNnEN1uYPbGBrTGdkc7zPFCeXckWPor-FJsC4Qq9R1-3gWwWQ4KQ3BDhUMjdPKofC0gj3UDOt-MyECgEPnDUFb-c9Gaxxr7iDAMyzLH2-A3s8gS4RIgMwnEytQLlFbc2VAw" alt=""/></figure>



Of course, no one is immune to the post-reveal dump. Combine that with the harsh market conditions, and you have another collection that will lose more than 75% of its value in just a few days.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh3.googleusercontent.com/Yyl6QBSjprF0LtqfZdpClWmjWAPUbxE0w0Gnowxhz39q8T-WYGRgfoid4oJob1_AYuXACMzFeeTD3EUR9zXr6BLsXb_UTG-HRu6dnYEKWb4Z6Wz1UulIkef16peaZotm7RgzlFsIqY2EiHdTwWMb4EuPYk7-Tf5q9bP3B9yK57M7Ihff5zV5mSdZIT5_Ng" alt=""/></figure>



I think that the art is quite good, honestly. It&#8217;s a shame their roadmap doesn&#8217;t have much to show for and that they launched in such conditions. But the collection still has some PFP value at least.

NFT Tuesday: Weekly Market Review

DamonNeedsToCreate

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Experts are defined as people with a deep and comprehensive understanding in a particular field. This is different from an Authority, who has the power to influence opinions, perceptions, the common terms, and / or community behaviors.&nbsp;



Web3 is a young, global community space focused on technology, art, and finance. This draws in a lot of professionals from the business world, the tech sectors, art industry, and financial institutions. Many of which might be considered experts in their Web2 worlds, but their experience doesn&#8217;t translate one to one as an expert in Web3.&nbsp;



In light of all the chaos happening right now around collapsing centralized exchanges, everyone I speak with is looking for answers. We want to hear the opinions of intelligent people that not only understand the details of what is happening to our world-wide community, but that have also earned our trust. This boils down to research, humility, reaching out to other smart people to pool brain power to discuss ideas and options, and not presenting partial information as whole facts.&nbsp;



Over the last ten years the traditional media’s use of the word “expert” as a qualifying term has diminished its value. On top of that, the fast moving Web3 evolution makes it difficult for many people to really be defined as experts. There are so many moving variables and nuanced sections. Which forces us to look to our “influencers,” the YouTube and Podcast speakers. Who technically could be anyone with a mic and a computer.&nbsp;



Many of these informational mouthpieces have good intentions, are a part of our daily lives, and are genuinely trying to find and deliver answers to the digital asset masses. And most of them are clearly stating they are not experts. But it is important to remember we should be seeking out those that are sharing their research and working to fully understand our digital ecosystem. When we find those quality thinkers, it will help us all to share their content and findings within our own circle of friends and communities.



This brings us to the project founders and their building teams. These have become our Authorities, even if they are not experts. Which has caused the gap to open for the scams and rugs. Unfortunately, this has been a pervasive issue in crypto. If a team is capable and innovative, or are smooth marketers, then they are also assumed to fall into the expert or authority category. Which is not necessarily the case.



As we mature as a group of online community members, it is important to check in with those around us. We have the ability to elevate the voices that we trust, and we also have the power to muffle those personalities that are not operating in line with the values we know to be important to Web3. As onboarding continues over the next couple of years, we will become the mentors, experts, and authorities within the space. Recognizing this fact will shape how we evolve.



From my experience, we are all trying to find the next protocols for business. And I&#8217;m no expert, but as far as I can tell, we are looking for more ways to bring trust back to business by raising transparency, using decentralized thinking, and by attempting to cut out the abuse as we discover it.&nbsp;



Organized community building and collective self regulation has never been done on such a large scale like we are experimenting with right now in the crypto markets. Do not give up on these kinds of goals. Do not lose faith in our concerted ability to continue to steer this vessel away from the rocks. Where we put our money and our time does affect the path we collectively take. Help each other stay safe, but do not just step back completely from this process.



Even if you have no funds invested, continue to pay attention to those voices that are rising to the top as experts and authorities. What we do over the next six months will affect the future of the digital markets.