1/6/2024 0 Comments Space punks twitter![]() Subscribe to Blockworks’ free newsletter now.If you haven’t already picked up a pre-order pack for this free-to-play game or simply haven't heard of it yet, you can check out the trailer below to get an idea of what’s coming in this cartoon dungeon crawler. Get the day’s top crypto nws and insights delivered to your inbox every evening. From multimillion-dollar funding raises and activations at NFT.NYC, Web3 companies will need to determine better ways to measure their customers’ loyalty. And within the Web3 and NFT space, only the collections that can deliver on promised value are the ones that are going to make it. Overall, June highlighted an immense amount of volatility and activity within the crypto industry. The Gallery of Digital Assets (GODA) Mint Pass climbed charts for giving NFT holders access to privately curated modern art collections in addition to supporting emerging NFT artists. Other notable June winners are the GoblinTown project that “has completely thrown established practices to the wind” by making the mint free and neither having a Discord nor a roadmap, Rebo said. July 3 marked the sale of the most expensive ENS name, “000.eth,” for 300 ETH or $320,000. Utility NFTs such as Ethereum Name Service (ENS) decentralized domains saw increased interest in June, with top seller “porno.eth” going for 184 ETH, or $203,892. The top collectibles sales of the month, according to NonFungible, included Bored Ape #7537 for 1,024 ETH, or $1.2 million on June 16 Bored Ape #2488 for 1,000 ETH, or $1.16 million on the same day and CryptoPunks 8531 for 825 ETH, or $872,916 on June 22.Īutoglyphs and ArtBlocks were among the top earning collections in the art segment, while BAYC’s Otherside land was the top metaverse NFT earner, and in-game NFTs from Axie Infinity and Loot had the top sales. Number of daily NFT sales from April through July 2022 | Source: NonFungible NonFungible data shows that while the number of daily sales fell down to 20,000 at the end of June, mid-April recorded the lowest sales count within the past year, at 15,000. Buyer demand (or lack thereof), leading to a rise or fall in the number of NFT purchases, is what causes floor prices to fluctuate.Ĭhanges in the number of daily NFT sales, while in decline since the beginning of 2022, are not as drastic in the past three months. The floor price may be the latest price of the cheapest NFT in that collection, but it is just one of many value indicators, such as rarity, utility, ownership history, creator reputation and buyer interest. It is important to question if floor price or average price are fair indicators of an NFT project’s true value. The number of CryptoPunks traders and sales were also up by 87% and 120%, respectively, on July 1. When it comes to blue-chip NFTs, Rebo pointed out that floor prices may have seen a drop at the start of June but experienced a resurgence that coincided with the NYC.NFT convention.ĭappRader found that Meebits led the pack with a 76% bounce, denominated in ETH, while Doodles and CryptoPunks recovered 44% and 43% and Bored Ape Yacht Club jumped 23%. “The reduction in the price of ETH has removed trading barriers for many traders,” Boris Rebo, DappRadar research analyst, told Blockworks, which has resulted in continued healthy demand for NFTs despite the pullback. Still, the chart below shows the number of NFT holders has been steadily increasing over the past three months, and the number of traders is minimally down by 14%. Given that NFTs are momentum assets, floor prices are more likely to go up today if they went up yesterday, and vice-versa tweeted entire market value of the NFT ecosystem went from $35.6 billion to $22.3 billion during the second quarter of the year, as shown by data from NFTGo. Many factors contribute to movement in NFT floor prices. However, trading volume must not be totally conflated with prices, which Bloomberg reported to have “plummeted” due to sinking sales. Trends across the past six months show that NFT floor prices have been much more likely to rise when ETH goes up, according to data compiled by NFT analyst Source: on Twitter This data indicates that declining prices of many underlying cryptocurrencies, including ether (ETH) and solana, combined with sinking NFT floors, may have contributed to plunging trade volumes. Solana NFT (non-fungible token) marketplace Magic Eden registered nearly $111 million in trading volume last month, down 63.5% since May. OpenSea, the largest NFT marketplace, traded $646.6 million in volume during June, down more than 65% from May, according to DappRadar. Ethereum Name Service domains recorded the largest ETH volume on OpenSea earlier this week.The Wanderers art NFTs saw its floor price increase the most between July 5 and 6, while Pixel Vault’s Punks Comic dropped more than any other top collection.
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