Thread by @JavierAng_

Weekly NFT Juice (7th Feb - 13th Feb)

Is the NFT market going to retrace? 🤨

Series format:
-Performance of general NFT market
-In the Verse (news for crypto-native co.)
-Over the Bridge (news for IRL co. coming in)

LFG!

1a: Past 7 weeks' performance (@opensea only!)

Has the NFT market topped out?

I pointed out that the dwindling momentum over the previous week could signify the start of a retracement in the NFTs market.

This week, Vol & Transactions decreased 21 & 31% respectively.

1b: This particular week (@opensea only!)

The weakened momentum from the previous week carried over but Volume did pick up towards the end.

However, I believe that the increase is short-lived and not indicative of broader market sentiment.

IMO, volume was propped up by speculators that were hoping for:

• NFTs ads during SuperBowl weekend
• Eminem, Dr Dre, Snoop Dogg & Kendrick Lamar to perform as their BAYC avatars

and an outlier transaction of the highest CryptoPunk sale ever of $23.7m

The decreasing number of transactions and users supports my theory and is telling of the market weariness and the possible start of a downturn.

I'll be preparing a deeper dive on this so keep a lookout for my report!

1c: @LooksRareNFT

Things Are Looking Bad...

Last week, I mentioned for our Web 3 brethren to win the war against OpenSea, they'd have to maintain it's Volume (wash trade or not) post-halvening of rewards.

They have failed to do so - Volume is < half of pre-halvening.

LooksRare Is Unable to Retain Its Users

Case could be made that with lower LR incentives, users return to OpenSea due to familiarity (despite all the complaints they have lol)

Of course it could also be attributed to the market-wide slow down

Either way, a market-wide slowdown or LooksRare's underperformance is bad news for LooksRare holders.

Pick the lesser evil.

IN THE VERSE!

2a: New Launch / Use-cases

-@LitProtocol Unlocking Tesla w/ NFT
-@bridgesplit partners with @holaplex on BidSplit (bid pooling function)
-@watchtowerapp launched! TweetDeck for NFTs
-@nansen_ai NFT analytics includes wash-trade filter

2b: Raises / New Funds

-@punk6529 introduces 6529 NFT Fund
-@DROPgg $8m raise
-@Everyrealm $60m Series A
-@GoGalaGames $5b to expand NFT offerings
-@OpenSea announces Venture arm
-@supdotxyz $12m seedround from @paradigm

2c: Honourable Mentions:

- Highest ever #CryptoPunk sold for 8k ETH ($23.7m)
- Highest ever @AzukiZen sold for 204 ETH (~$600k) to @Arthur_0x
- @RTFKTstudios quest to unlock MNLTH starts & ZEN sessions on Discord
- @JavierAng_ releases thesis on @RTFKTstudios 😜

OVER THE BRIDGE

3a: Brands entrance & partnerships
-@budlight partners w/ @nounsdao in Super Bowl ad
-@Gucci buys land in @TheSandboxGame
- @Ubisoft partners w/ @TheSandboxGame to bring Rabbids into the verse
-@McDonalds registers trademark for virtual restaurant

- Koto local government Japan hosted virtual exhibition in @XANAMetaverse
-@ygent_official to partner with @binance on NFT launch (actually prepped report on NFT in Kpop back in Aug'21)
-@alfa_romeo new SUV comes with NFT service record

-@Beijing2022 partners w/ @nWayPlayNFT to launch @OlympicsGamesJam
-@OnlyFans feature for NFT pfp
-@zynga plans NFT games & upcoming blockchain acquisitions

3b: Honourable Mentions

- @Disney hints future metaverse plans with NFT job recruitment
- South Korean Sovereign Wealth Fund plans $200b into Metaverse & AI startups
- IRL home with NFT property deed has 1.5k bidders lined up

CLOSING STATEMENTS

I've changed up the format a little:

- NFT market performance from point form to slightly longer sentences

- Removed write up on NFT news and changed to aggregator & sorted them into relevant groups

Do you guys prefer this format? Let me know!

Hope you've enjoyed this weekly series. Feel free to dm me how I can improve & news I should include in next week's series.

END

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Any other interns wana connect? Dm me!