NFT Tuesday: Weekly Market Review

By: Flower83


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:

  1. Just how credible is all this Yuga FUD? 
  2. Art gobblers continue down their road to zero. 
  3. There’s a new anime collection in town: KPR

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. 

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

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

The top 10 collections by volume are shown below:

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

Let’s dive into specifics. 

  1. Just how credible is this Yuga FUD?

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. 

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 at 66.5 ETH and Otherdeeds at their all time low of 0.9 ETH floor (more on that later). 

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’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: 0xf8e0C93Fd48B4C34A4194d3AF436b13032E641F3). 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. 

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 transactions related to this issue, where Yuga moved around 18.000 ETH.

Yuga Labs cofounder Gordon Goner, of course, assured everyone that “assets are fine” – a famous mantra chanted by every CEO, every project founder, every major centralised exchange and every influencer for the past few days. 

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 this twitter thread. NFA, but if you were ever on the sidelines thinking of getting yourself a land plot, there probably won’t be a better time than it is now. 

  1. Art Gobblers continue down their road to zero.

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. 

Pio Vincenzo found the time to tweet about them on a trip to Bahamas where they were at their lowest. 

3. There’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, KPR 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 – a noteworthy feat on its own in these market circumstances. The rarest NFTs within the collection sold for more than 8 ETH.

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. 

I think that the art is quite good, honestly. It’s a shame their roadmap doesn’t have much to show for and that they launched in such conditions. But the collection still has some PFP value at least.

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