Top News
- Animoca Brands announces their PFP NFT collection - Mocaverse.
- Illuvium: Overworld Private Beta goes live for 30k users; Illuvium: Zero to possibly have an alpha release before Christmas.
- Magic Eden hires first Chief Gaming Officer, who previously worked in Forte (blockchain gaming firm) and Glu Mobile (mobile gaming firm).
- Polygon collaborates with neo-banking app Hi for customizable NFT debit cards.
Raises
- Forum3, the company behind Starbucks’ web3 loyalty program raises $10m in seed funding.
- Spaceport, an intellectual property protocol raises $3.6m in pre-seed round, led by Arca.
- Onlybots, the “first on-chain AR” NFT project by Anima raises $3m in a round led by Polygon Studios.
- Decent, an NFT infrastructure protocol raises $3.5m in a seed round led by Archetype and other investors such as Y Combinator.
NFT Market Overview
The NFT markets has seen a slight uptick - with marketplaces seeing an increase in volume particularly for OpenSea and Blur. The BAYC ecosystem collections are in the Top 10 collections for the past week, with significant movement for BAKC in particular. Besides BAYC, Wolf Game has also seen a resurgence following the release of their Woolpaper which details the full game mechanics - which has been in the works for over a year. We dive deeper into these collections below.
Let’s take a look at the overall trends in the past weeks:
Main Observations:
- Volume per week continues to stagnate at lower volumes, signalling that users are still rather conservative in trading given macro conditions.
- Transactions and users per week have increased, which could be a positive signal given that the numbers are similar to levels prior to the FTX collapse which significantly affected the market due to level of contagion.
Solana NFT Market Overview
Main observations:
- Volume has fallen back to similar levels in the past few months despite hitting an ATH just 2 weeks ago.
- The number of transactions and users continue to fall, which could be a worrying sign given that top projects like DeGods have talked about moving off Solana - which could further exacerbate the decline in transactions and users.
This Week’s Highlights
BAYC Ecosystem
BAYC and its related collections have been gaining traction recently - due to the recent APE Staking event (read more about it here) as well as the announcement of an upcoming film - Jimmy the Monkey, as part of the BAYC lore which will also provide BAYC/MAYC holders with a free mint in January.
The collection that has seen the most impact following the announcement would be BAKC, with its floor price increasing by over 41% in the past 3 days. Many speculate that the collection will have greater utility in the near future given that there were ‘paw prints’ under the ‘Jimmy the Monkey’ lore in the BAYC roadmap. The 2.5% royalty fee for the BAKC collection was also turned on just under a day ago, which could have contributed to the increased activity on the collection. Holding a BAKC will also allow BAYC/MAYC holders to qualify under different tiers during the free mint as outlined in the image below. As shown below, holding 1 BAYC and 1 BAKC will allow users to qualify for the highest tier for the upcoming mint which is assumed to be getting priority during the mint.

Despite price movement, the number of NFTs owned by Smart Money did not increase significantly. Looking at the balance changes in the last 7 days for Smart Money wallets shows that different Smart Money wallets are accumulating or decreasing their exposure in reaction to the price movement on the collection. Notably, 🤓 machibigbrother who has an extensive collection of all BAYC collections (BAYC, MAYC and Otherdeed) has added 5 more BAKCs to his holdings. Meanwhile, 🤓 “degen_ape” on OpenSea has sold over 30 BAKCs in the last 7 days which amounts to over 75% of the wallet’s BAKC holdings. The collection has brought about 339,584% realized gains for the wallet, which is also the most profitable collection for the wallet historically. Overall, the average balance of BAKCs held in wallets has decreased which could be a bullish sign given that there is lower concentration of a large number of NFTs in a single wallet - reducing the chances of a dump. Top holders of the collection include 🤓 dingaling and 🤓 @JRNYcrypto who holds 110 and 71 NFTs respectively.
Wolf Game
Wolf Game and its related collections have seen a resurgence in the past week, likely due to the release of the Woolpaper which covers the mechanics of the full game which has been long-awaited. The game launched with a 10,000 Gen 0 Wolves and Sheep NFT collection back in November 2021. Holders were able to stake their NFTs for WOOL right at the start, which allowed them to mint ~3,800 Gen 1 Wolves and Sheep. Farmers were minted by players for 10,000 WOOL, whereby the WOOL used was burned. The total supply of Farmers stands at 11,738. Lands have a fixed supply of 20,000 - whereby half were given to Gen 0 Wolves and Sheep holders while the rest were dutch auctioned.
Collections under the Wolf Game ecosystem can be found here.
All of its collections (except Wool Punch) have hit an ATH in 90 day volume in the past week. Particularly, Farmers have seen a greater increase in Smart Money buys - possibly attributed to their enhanced abilities for breeding immunity, resource multipliers and land tax boost as outlined in the Woolpaper. The number of Smart Money wallets holding Farmer NFTs have increased by 6 in the past week. The the largest accumulation came from 🤓 Nate Alex who is also a new buyer of the collection, who bought 11 NFTs in the past week. Notably, some of the top Diamond Hands with significant balances are also Smart Money wallets, which could signal high conviction in the project given that they have not sold despite the recent price pump.
Even though Wolf Game had a lower increase in the number of Smart Money buyers, the number of NFTs held by Smart Money wallets have been increasing significantly. The NFTs are integral to playing the game as it allows users to breed and expand their collection, breed WOOL and steal resources.
The full game release will also see the introduction of an in-game AMM which will allow players to swap seamlessly between multiple tokens/resources in the game. The game will be played on 101 communities made up of the 20,000 Lands. Users play to gather more resources and defend their community against others through gameplay. While there’s still a long way to go for P2E games in general, the full release of Wolf Game has been long-awaited since the team has continued to ship in the past year despite market conditions. This helps to create greater confidence in the project, and it can be seen in the significant number of Diamond Hands holders in the different collections.