General News and Sentiment
The crypto market continues to face negative sentiment as one of the biggest NFT Marketplaces, OpenSea, faces backlash over royalties. Furthermore, Blue Chip collections continue to struggle, showing continuous downward trends and bearish sentiment in the NFT space. Moreover, as Bitcoin and Ethereum resist the crucial $30K and $2K, falling to even $26K and $1.6K earlier this month, the whole crypto might see more drops in the short term. However, after Grayscale secured a significant court win against US regulators while pursuing a US-listed ETF tied to bitcoin's value – the whole crypto market saw uptake and more green numbers, including prominent NFTs BAYC (+30.7%) and Pudgy Penguins (+312%) (in volume).
- Backlash over OpenSea’s royalties led by Mark Cuban and Yuga Labs. OpenSea revealed its decision to halt mandatory creator royalties on secondary NFT sales, prompting disappointed responses from prominent figures like Mark Cuban and Yuga Labs, the creator of Bored Ape Yacht Club. Read more here.
- OpenSea ends support for BNB Smart Chain. OpenSea discontinues support for BNB Smart Chain (BSC) NFTs, citing resource alignment with more promising initiatives. Viewing, discovery, and transfers remain possible, while new listings and offers are unavailable for BSC NFTs. This move aims to enhance resource allocation for ongoing ecosystem innovation. Read more here.
- Unstoppable Domains launches instant messaging app with XMTP. Unstoppable Domains (UD) launches instant messaging for Web3 usernames, allowing communication via XMTP-supported apps like UD iOS, Coinbase Wallet, and Lens protocol. Android version to add messaging later. Read more here.
- Immutable leads web3 gaming at Gamescon 2023. Immutable unveiled the playable demo for Infinite Victory at the conference, a futuristic sports game by Bit Fry Studios. Additionally, attendees could demo other Web3 games like Shardbound and Battle Derby, all built on the Immutable platform. Read more here.
Analytics Deep Dive
Low market sentiment is reflected in the largest blue-chips in the market. Although Bored Ape Yacht Club still held the highest market cap across all NFTs in the last 30 days - 318,809 ETH, the floor price dropped 14% over the past month. Similarly, Azuki and Mutant Ape Yacht Club have also seen drops of -6.15% and -8.23%, respectively. DeGods, however, had the most challenging month, with its 30-day floor dropping -50%, bringing its market cap to 38,083 and average floor price to 5.61 ETH. (Source Nansen)
NFT Market Overview - Source Nansen
Ethereum NFT Sales Volume (August 1st to August 28th) - Source CryptoSlam
Digital Art, Exhibitions, and Events
- Jackson Pollock Studio's first NFT collection. Jackson Pollock Studio's NFT collection sold out in under three hours, making over $450,000. Created with Iconic on Web3, the "Beyond the Edge" series featured four NFTs of Pollock's studio floor. Priced at .8 ETH or $1,500, 440 pairs sold in < 2.5 hours, one in 32 minutes. 60 items remain for a traditional collector-focused online sale. Read more here.
Image Source: Artnet
- Adidas Originals and Bape Partnership. Celebrating BAPE®'s 30th anniversary, Adidas Originals and the iconic brand reveal the limited Forum 84 BAPE® Low Triple-White sneaker. In a distinctive approach, NFT holders can secure physical and digital pairs through Adidas COLLECT on September 26th. Read more here.
- Sotheby’s generative art auction nets $1.2M in 24 hours. Sotheby's generative art auction, organized by Art Blocks, saw great success. Curated under 'Themes and Variations,' the collection featured 500 artworks by 99-year-old artist Vera Molnár in partnership with Martin Grasser. The event raised $1.2 million worth of ETH in bids. Read more here.
Related Articles
NFT Report: October Edition
The NFT market has felt the effects of “Uptober,” as sales volumes have increased 21% in the last 30 days, resulting in a market cap of $2.18 billion. Blue-chip projects such as the BAYC collection saw an 81.2% increase in volume the last month, similar to Pudgy Penguins, which had a 51.2% increase in volume. The increase in price and volume can be partly attributed to the general price increase of the crypto market, with Bitcoin and Ethereum up 24.7% and 7.26%, respectively, in the past month. Moreover, when Pudgy Penguins started selling physical plush toys in Walmart, one of the most successful retail stores, interest surged, and so did the floor price of the NFT.
NFT Report: September Edition
The NFT market continues to face low sentiment as sales volumes have dropped 29% in the last 30 days, and mainstream media is reporting NFTs as “worthless.” Covered by The Guardian, Cointelegraph, Yahoo, The Hindu Times, and more, a recent study conducted by dappGambl, which analyzed data from NFT Scan and CoinMarketCap, found that 95% of NFT collections, equivalent to 23 million individuals, hold NFTs with no market value – as 69,795 out of 73,257 collections have a market cap of 0 Ether.