NFT Market Update — Week Ending November 25th, 2022
Curated by the WHALE Market Strategy team: @ekaitza , @Econ_Rockstar , and Song 📊
To get the full report and discuss market activity with the team, Join WHALE (Discord)
Total number of sales in past 30 days. Data from nonfungible.com.
This week the landslide continues. All the measures continue to drop, with total $ Sales falling to around $60 Million marking the new low for this year. As we approach tax harvesting and loss actualizing for year end, will we have a Christmas shopping season for NFTs?- WHALE Market Strategy Team
The NFT Fear and Greed Index (NFGI) climbed to 15 (Thurs. Nov 24th, 2022), verses Week Ago index of 7.
The volatility displayed last week had calmed, with readings forming a narrow range. However, Wednesday saw a breakout to the upside hitting 12 and was followed by another recent high on Thursday at 15. Despite remaining in Extreme Fear, this move to 15 is a positive in an otherwise depressed market. Closing at 15 represents a 114% increase in sentiment over a week.
Readings for the NFGI are as follows: 0–20 = Extreme Fear, 20–40 = Fear, 40–60 = Neutral, 60–80 = Greed, 80–100 = Extreme Greed.
Top sales in USD for the past 7 days.
Suspected wash trading transactions have been removed.
Another week for the PFP projects. The top 3 positions were taken by BAYC and Punks. Only one piece of Fidenza appears in the Top 10 list.
ApeCoin DAO, a community-led governing body made up of ApeCoin holders, has launched its own white-label non-fungible token (NFT) marketplace. ApeCoin, the Ethereum-based governance and utility token used within the Bored Ape Yacht Club (BAYC)-linked APE ecosystem, launched in March. Built by non-fungible token (NFT) infrastructure company Snag Solutions, the new community marketplace lists for-sale NFTs from Yuga Labs-owned NFT collections like BAYC, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC) and Otherdeed for Otherside.
For many, the move is a welcome surprise that a grassroots effort beat out industry giants to be first to market.
YNFT marketplace Magic Eden is integrating with the Ethereum scaling layer-2 blockchain Polygon to dive deeper into the blockchain gaming and NFT ecosystems, the companies announced on Tuesday. “We are excited to integrate with Polygon and continue our pursuit of a multichain future for Magic Eden,” Zhuoxun Yin, Magic Eden co-founder and COO, said to TechCrunch. “By offering this integration, we are continuing to remove any chain-specific barriers and open NFTs to the masses.” The expansion aims to provide Magic Eden the ability to support Polygon’s ecosystem of game developers and creators. The Polygon network hosts some of the biggest web3 gaming projects and publishers like Ubisoft, Atari, Animoca Brands, Decentraland, Sandbox, among others.
Alongside fully Web3-native games built around NFTs, we’ve also seen fan-driven attempts to add NFTs and crypto tokens to popular online games like Minecraft and Grand Theft Auto V. But Microsoft moved to ban Web3 elements from Minecraft this summer, and now Rockstar Games has done the same with its popular action franchise. Last week, Rockstar Games updated its website to stipulate that fan-operated servers for Grand Theft Auto V can no longer utilize cryptocurrencies or crypto assets, specifically NFTs.
Argentina’s shocking loss to Saudi Arabia last week was heard around the world and even spilled over into crypto. The Argentina fan token offered through partnerships with Socios fell by 23%. Likewise, the novelty PFP collection “The Saudi’s” showed a 2,000% increase in sales volume following the win — demonstrating the influence real life associated events can have on tokenized assets in the web3 space.
Leading toy manufacturer MATTEL has announced their launch of their MATTEL CREATIONS NFT Marketplace, a self ran NFT and digital goods arm that will house their powerhouse IPs for all future NFT iterations. Mattel had previously partnered with WAX for successful launches of HOTWHEELS NFT items, achieving over $5M in USD sales. However, recent projects including their collaboration with CrypToys for MoTU explored alternative NFT ecosystems and delivery methods. The HOTWHEELS move away from WAX to FLOW is something to keep an eye on for the collectibles segment as chains battle for market share and userbase in the current constricted market.
📄 ON DECENTRALIZED CURATION by Alex Estorick, Simon Denny and Karamia Müller
📄 CAN PAINTERS SUCCEED AS NFT ARTISTS? by Anna Beller and Danielle King
📄 FIFA World Cup introduces Web3 to 5 Billion People by Pedro Herrera
Access the full report and discussion in our #market-strategy discord channel. Exclusively for WHALE Members H2P role holders.
How to get started:
⚫ ️Website: https://whale.me/
⚫ ️Discord: https://discord.gg/whale
⚫️ Twitter: https://twitter.com/WHALEMembers
⚫️ Youtube: https://www.youtube.com/whalemembers
⚫️ Instagram: https://www.instagram.com/whalemembers
⚫️ Twitch: https://www.twitch.tv/whalemembers
⚫️ Telegram: https://t.me/WHALEMembers