Top News

• Uniswap acquires NFT aggregator Genie and announces USDC airdrop
• Christie’s Head of Digital Noah Davis leaves to join CryptoPunks as Brand Lead
• Immutable X launches $500m fund for NFTs and game developers
• Truth Labs reveal themselves as the team behind Goblintowns
• Doodles introduces Doodles 2.0, their secondary PFP collection, during NFT NYC
  • The collection also announced that Pharrell Williams will become their Chief Brand Officer
  • Seven Seven Six, the VC firm of Alexis Ohanian, led a funding round for the collection (which was not disclosed)
• Magic Eden raises $130M and plans multi-chain expansion
• eBay acquires NFT marketplace KnownOrigin for an undisclosed sum
• Shopify announces Tokengated Experiences for NFTs as part of their product update
• Documentary speculating on the hidden Neo-Nazi messages within the Bored Ape Yacht Club NFTs
• MonkeDAO acquires the SMB brand, IP and assets from the SolanaMBS team
  • More details on the takeover to be revealed which will be followed by a formal DAO vote
• Magic Eden raises $130m Series B round at $1.6b valuation
• Bubblegoose Ballers’ mint goes cross-chain using Crossmint
• Whale Moves with HGE: Utilizing Magic Eden statistics to watch whale moves

NFT Market Overview

Volume per week

Main observations:

• Volume measured in ETH continues to stay relatively flat throughout the past weeks with no noticeable deviations. June 2022 will likely end the month to become the lowest volume for NFT sales since July 2021
• Transactions per week has seen a steep drop off and remains the second lowest weekly volume YTD outside of the Luna/UST blow up week
  • Given how volume measured in ETH remained flat, this signifies that a large portion of transactions were attributed to quality blue-chip projects.
• The Blue Chip-10 index has rebounded in the last week and is up 12% YTD measured in ETH terms. As expected, there has been a flight to quality NFT assets during the bear market
  • CryptoPunks and Doodles lead the charge with its floor prices up 29% and 40% respectively.

OpenSea vs. LooksRare

Daily active users on both OpenSea and LooksRare are on a downward trend with LooksRare suffering larger percentage declines in retained users. OpenSea continues to dominate the secondary marketplace share and no anomalies from trading volume can be seen.

This Week’s Highlights

CryptoPunks Insider Trading?

CryptoPunks had an interesting week, with sales volume soaring 779% just before Noah was appointed as the new brand lead. With Nansen’s on-chain data, we can date back to the 24 hours before the announcement where unique buyers went up from 16 to 72, and total transactions increased from 16 to 115 within the same time span. It appears that there were holders who were front-running news, potentially from a leakage of news sources, or it could have been potential insider trading. Currently, the floor price stands at 65 ETH, with a total volume of 20,438 ETH in the last 7 days.

Art Blocks Season?

Trailing from our NFT Art-20 Index, we can see a rebound in index points from the Art sector (generative, physical, and digital art), with generative art taking up 87% of the Art-20 market cap.

Generative art as a whole has a multi-decade history. Art Blocks brought in a new digital art movement focused on generative art which undoubtedly captured the interests of mainstream degens.

In the past week, Chromie Squiggles nearly doubled and are now holding a 10.575 ETH floor and solid volume.

Doodles 2.0:

Doodles announced some interesting updates during NFTNYC. They raised a recent round led by Alexis Ohanian, and added Pharrell Williams as the chief branding officer. They also partnered with Columbia Records to produce their very own NFT album. Moreover, they also appointed Julian Holguin (former Billboard pres) as their new CEO. With that said, there are many catalysts for Doodles as a standalone brand, and we will be keeping close watch of their developments over the next few months.

The Currency by Damien Hirst

The Currency by Damien Hirst is overperforming most notable art collections in the last 90D. The price has been staggering at 3-4 ETH, and has been climbing up consistently since, reaching a current all-time-high of 8.45 ETH, at the time of writing.

Starting with the creation of the physical artworks in 2016, The Currency explores the boundaries of art and currency—when art changes and becomes a currency, and when currency becomes art. Successful applicants will all initially receive NFTs. Ultimately, you have to decide between the digital NFT or the physical artwork, both of which are artworks in their own right. Whichever you pick, the other gets burned.

This project is pioneering a new art movement, combining physical and digital art. Holders have an option to hold on to their NFTs or exchange it for a physical edition. There has been some chatter regarding an in-real-life event where the team will burn unredeemed paintings in London happening soon.

Smart Money Movements

Similar to previous weeks, we have seen more selling volume than buying volume from smart money wallets this week. Moonrunners topped this week's both buying and selling charts. While 13 unique smart buyers acquired 6.18E worth of NFTs from this collection, 52 smart sellers sold 11E in volume. Although many projects in the NFT space have seen their floor price rise this week, Smart Money sentiment still suggests a slight bearish attitude, indicating some caution in the short term. Other notable collections bought by smart money include Gossamer Seed, LonelyPop, and SneakerHeads.

As the art sector, especially Art Blocks, rebounded from incoming interest this past week, Petro National by John Gerrard from Art Blocks x Pace was most accumulated by smart minters in terms of volume, totalling over 42 ETH from 8 different wallets. MetaHero Gear Pods also saw significant interest from smart money minters, with 35 unique entities picking up 19E worth of NFTs from the project.

Upcoming Projects Highlights

Gridcraft Identities

(Twitter)

Gridcraft IDs is a collection of characters generated from a pool of over 2,600 traits. Gridcraft Identity holders will receive BITS, priority to receive Gridcraft Land, and more perks.

Mint date: June 27, 2022

Llamascape

(Twitter)

Llamascape is a Play & Earn Metaverse platform powered by Gridcraft. Llamascape's merge with Gridcraft means that Gridcraft will build out their ecosystem, and Llamaverse land holders will get direct utility/benefit from Gridcraft.

Mint date: June 27, 2022

Possessed

(Twitter)

Possessed is a collection of animated PFPs.

“The PSSSSD lab is dedicated to enhancing your creativity. We'll be releasing a roadmap of future experiments in the coming weeks and months.”

Mint date: June 30, 2022

Solana NFTs

NFT Market Overview

Despite a market downturn, Solana’s ecosystem continues to grow. Daily active wallets have remained over 1 million since late April, while usage and development activity has been growing as well. Solana’s NFT market cap currently stands at $855m, a significant decrease from $1.35b just 2 weeks ago. 7D volume has also decreased, down to $31.8m as compared to $37.9m 2 weeks ago. While the NFT market slump might be discouraging, increased activity in the Solana ecosystem will be beneficial to Solana NFTs once people regain their interest in the markets.

7D volume for Magic Eden and OpenSea remain at similar levels from previous weeks, while Coral Cube saw a significant decrease. The number of active wallets also remain at similar levels for Magic Eden and Coral Cube, while OpenSea saw a slight increase.

Top 10 by 7D Volume

• Similar to previous weeks, volume has been concentrated in newer projects such as Primates and Yeah Tiger while ‘Blue Chips’ are generating lesser interest
• Solana Monkey Business has made its way back into the Top 10 projects by 7D volume, with the renewed interest mostly attributed to MonkeDAO taking over the project from the original team
• Minting out less than 2 weeks ago, Primates have risen to become one of the top communities on Solana in terms of PFP and reach
  • Having a strong community on Twitter has helped the project to gain traction, becoming the best performing project out of all the recent mints.

Top 10 Sales (24H)

Despite falling out of the Top 10 project by 7D volume, DeGods still remains as the top project on Solana in terms of floor price. The upcoming Duppies mint is highly anticipated despite its high mint price. Set to mint on July 15, Duppies will be a 100% WL mint. Over 60% of the supply is reserved for DeGods holders, while the rest are given out as ‘scholarships’ and DAO collaborations. There are also plans to do cross-chain marketing as stated in this tweet, but progress on it as of now remains unclear.

It is interesting to see the Primates sale of 299 SOL is more than 10x of the current floor price. Looking at Wallet Profiler, it shows that the wallet is new as its first NFT transaction started less than a day ago. It bought 4 Primates at prices much higher than the floor and has also bought 2 Degen Apes for an average of 137.5 SOL, which is 3x the current floor price. The owner is most likely a whale or a rare NFT collector given the price insensitivity when buying NFTs.

Upcoming Project Highlights

Duppies

(Twitter)

A second collection from the DeGods team. Duppies is a collection of 15,000 NFTs. All DeGods holders will be guaranteed to mint 1 Duppie. The mint price will be 375 DUST.

Mint date: July 15, 2022

Taiyo Pilots

(Twitter)

Taiyo Pilots are a community-driven and lore-driven NFT project and are introduced as an extension to the Taiyo Robotics Universe. The Pilots utility will be a form of social staking that allows you to get graphite opportunities and access to the Taiyo incubator launches in the form of whitelist spots. There are a total 12,000 NFTs - Taiyo Infants and Taiyo Oil holders will be airdropped one Taiyo Pilot NFT.

Pacer

(Twitter)

Pacer is a wellness-to-earn app that rewards users for sleeping, practising mindfulness or exercising consistently. The project is backed by notable investors such as FTX Ventures and QCP Capital. Giveaways and access to discord can be won through Pacy NFT’s Twitter.

Tools for further research

1. NFT aggregators

   • Gem
     • Gem recently launched on January 20.
     • Gem allows users to explore and collect NFTs across all the marketplaces on a single interface, giving you a birds-eye view of the market - ensuring you never miss out on a good deal.
   • Genie
     • Batch buy & list NFTs across all major marketplaces in a single transaction. Save time & gas.
     • Genie was technically the first NFT aggregator in the NFT space.
   • Hyperspace (Solana)
     • Hyperspace allows users to explore NFTs across all marketplaces on a single interface

2. Due diligence for minting

   • Nansen’s guide here

3. Wallet management + tracking

   • NFTBank.ai
     • This platform is a leading platform for tracking your NFT inventory
   • Zapper
     • Zapper is a good tool for tracking an overview of your NFT portfolio
   • Solsniper.xyz (Solana)
     • Solsniper allows you to track floor prices, volumes and an overview of your NFT portfolio

4. NFT Marketplaces
   • Opensea
   • LooksRare
   • Rarible
   • Mintable
   • Mintbase
   • Zora
   • SuperRare
   • Magic Eden (Solana)
   • Solanart (Solana)
   • Coral Cube (Solana)