Try as it may, the non-fungible tokens (NFT) market just can’t seem to find solid footing, even with cryptocurrencies looking stronger than it has in over one year. NFTs’ tumble in early June found the market at an all-time low, and while its fall has been broken, we may not have found a new foundation yet.
Prices across many of NFTs’ top established projects like Moonbirds, Doodles, and CloneX have reached prices many thought would never be touched, with each trading for under 2 Ether. Cool Cats and Gutter Cat Gang both are hovering around 0.6 ETH, and Bored Ape Yacht Club (BAYC) is having maybe its biggest test to date, with floor prices reaching as low as 33 ETH last week. BAYC’s average sales price remains close to its 2-year low, still hanging around the mid-US$ 70,000 range. To cap it off, June is on track to have the lowest monthly global NFT sales volume since last November.
The strange thing is, the NFT community is as optimistic as I’ve seen them in a while, with many still hopeful that once crypto gains are realized, those funds will flow into the NFT markets. History tells us that when the market recovers, it’s usually new projects that see the benefit of those funds, while most existing projects are left behind. It’s for this reason that the big-name projects likely still haven’t found their floor during this bear market. But make no mistake, some of these collections will rebound in a big way, and some traders are making moves today that they hope to be life-changing down the road.
Azuki has a major mint dropping this morning with a new collection called Elementals. This is easily the biggest NFT drop of the year so far, and it will provide major insight into the strength of the current NFT ecosystem. The new 20,000 collection will have 10,000 NFTs sold via a Dutch auction, with a price that starts at a whopping 2 ETH. I’m watching for the price it sells out at, if there will be a gas war, and if traders liquidate their other NFT assets to play the secondary market.
If the collection struggles to sell out at the top, expect plenty of FUD (fear, uncertainty, and doubt) across the NFT community. On the flip side, an instant sell-out and hot secondary market could electricity traders, and be the spark needed to put liquidity back in traders’ hands to carry us through the summer.
It’s a big day for NFT, and you can be sure all eyes are on this mint today.
Azuki hosted a major conference in Las Vegas on Friday called “Follow the Rabbit”, and announced their new Elementals collection in another “Check your wallet” moment. Elementals seem to be their new 2nd tier collection and will push Beanz down to the companion role. The sale today will be in Dutch auction format starting at 2 ETH. Azuki and Beanz holders will first dibs, and the public will have their shot 20 minutes later if any are left.
The CyberKongz announced a new token standard called ERC721x which functions as a security layer, as you use another wallet to “lock” your NFTs in its holding wallet. Their upcoming Genkai collection will be their first new collection to mint using the new tech, though their existing CyberKongz VX collection also used the security feature.
Discounted BAYC prices have led to another new anonymous wallet going on a shopping spree. Twitter user Sam aka NFTStatistics pointed out recently that the anon wallet has purchased 17 Bored Apes so far. The buyer possibly sees an opportunity with the price being near its 2-year low point, or maybe someone is protecting their investment by keeping the collection out of a total free fall, hoping to prop it up until the next NFT bull run.
While Epic Games Fortnite didn’t end up including in-game NFTs, a newcomer to the Epic Game store sure has. Gods Unchained arrived on the Epic Games Store last week, bringing the NFT-based card game to a huge new audience. Gods Unchained is actually one of the blockchain’s oldest video games, being born on Ethereum in 2018 before migrating to its current home on the Immutable X blockchain for scaling purposes.
Mythos Chains’ NFL Rivals made news this week as the free-to-play officially licensed NFL mobile game crossed the 1 million download mark. Players assemble their team by collecting player cards, but they may only realize their cards are NFTs when they interact with the marketplace. In fact, only 10% of the games user base has traded a player card, which highlights the tremendous growth potential that’s ahead in the NFL Rivals ecosystem.
Mostly green week is a welcomed sight for NFT traders
Bored Ape Yacht Club and Mutant Ape Yacht Club sales both are up this week thanks to some of the lowest prices the collections have seen in years.
Azuki and Beanz both benefited from the hype leading up to their Las Vegas “Follow the Rabbit” event, and they remain hot as collectors try to scoop one to secure a spot in today’s Elementals mint.
Gods Unchained transactions are up 27% thanks to their new audience from the Epic Games store.
The Captainz continue to show that they’re a force to be reckoned with, and its sales are up 47%. Collectors are accumulating the major project from 9GAG, leading up to their $MEME token drop, and The Captainz PFP reveal.
$FRAM and $BTOC show that BRC-20s are still alive and thriving on Bitcoin, even doing well when $BTC itself is pumping.
The top 5 blockchains by sales volume are all green this week, riding the wave of positive crypto news.
Ethereum is being carried by PFPs as one might expect, but it’s the strength of Azukis and Beanz that was unexpected.
Bitcoin Ordinals are closing in on 14 million inscriptions, and as $BTC itself gets more widely adopted, many believe its ecosystem of blockchain collectibles will benefit in a big way.
Solana is back in business this week with tons of action. June 25th and 26th saw the month’s high point in unique buyers and sellers, and total transactions of 98,000 and 83,000 are the most single-day transactions since September 2022.
Polygon is also having a big week following more news about the blockchain’s upgrade, along with strong sales in RingRunnerz, DraftKings, and Y00ts collections.
Immutable X secured the #5 spot thanks to Gods Unchained’s continued massive sales.
Musk earned an unprecedented $23 billion from Tesla two years ago after hitting performance targets.
The five-year housing market outlook, according to industry experts.
After a shaky August for the markets, we have now entered the year’s final third and the bad news is that, going by the history books, September represents the market’s worst month of the year. The good news, however, is that according to Oppenheimer’s head of technical analysis, Ari Wald, any anticipated lull will be short-lived. “The key takeaway in our work is that, whether or not the advance is resuming imminently, it should only be a matter of time,” Wald recently said. “The Russell 2000’s
If there's one thing cash investors love, it's high dividend yields that can juice up portfolio returns. Buying high-yielding dividend stocks often works well — until and unless the dividend gets cut or suspended. An unusually high dividend yield is sometimes called a "yield trap," meaning that while the yield is alluring, the declining share price is often a reflection of weak company fundamentals and declining earnings. Another event that perks investor interest is a stock split, as one can ow
Lisa Su emphasized AMD is one of the few companies that offers a complete AI technology portfolio across chips and software.
(Bloomberg) — For years now, stock traders have been getting so rich betting big companies will get even bigger that they’ve forgotten what a bubble looks like. They’re going to find out thanks to Nvidia Corp.Most Read from BloombergHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsChina Slowdown Means It May Never Overtake US Economy, Forecast ShowsReturn-to-Office Is a $1.3 Trillion Problem Few Have Figured OutBillion-Dollar Corporate Bond Deals Hit Treasuries: Markets WrapUnited
Toyota thinks the world outside of Japan may finally be ready to embrace its six-figure superluxury flagship car.
(Bloomberg) — The renewed advance in the US dollar is sending Asian currencies to multi-month lows and keeping the euro under pressure, while prompting authorities in Japan and China to step up defense of their beleaguered exchange rates. Most Read from BloombergChina Slowdown Means It May Never Overtake US Economy, Forecast ShowsHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsIndia’s Moment Has Arrived, and Modi Wants a New Global OrderReturn-to-Office Is a $1.3 Trillion Problem
Two of Warren Buffett's favorite energy stocks jumped Tuesday as U.S. oil prices surged above $85 per barrel, hitting fresh 9-month highs.
The most powerful Black woman in the Fortune 500 steps down as Walgreens CEO.
Five years is a long time to wait to make no money on a stock. But that's been the case for a surprisingly large part of the S&P 500.
JPMorgan said "de-dollarization risk for Western economies mostly relates to inflation and their debt burden."
The U.S. government is taking a big step toward forcing a defiant Tennessee company to recall 52 million air bag inflators that could explode, hurl shrapnel and injure or kill people. The National Highway Traffic Safety Administration on Tuesday said it has made an initial decision that the inflators made by ARC Automotive Inc., and under license by another company, are defective. In May the agency asked ARC to recall the inflators, which it says are responsible for at least seven injuries and two deaths in the U.S. and Canada since 2009.
Ford Pro CEO Ten Cannis explains the potential for software-defined vehicles. The auto maker's investors stand to benefit if he is right.
The Roth IRA can set you up with tax-free retirement income, but watch out for the pitfalls.
(Bloomberg) — In the emerging post-pandemic era, most aspects of life have returned to normal. Moviegoers are flocking to cinemas, vacationers jammed airports for summer travel and kids are returning to classrooms.Most Read from BloombergHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsWhy China Is Avoiding Using ‘Bazooka’ to Spur EconomyMercedes Bets on Range Boost in Swipe at Tesla’s EV LeadOpenAI CEO Sam Altman First Person to Get Indonesian Golden VisaThe one thing that has re
Amazon could face an antitrust case which advocates breaking up the company, according to The Wall Street Journal. That might not be such a bad thing for shareholders.
How to take advantage of the opportunities in high-yield savings and other places, no matter your income.
What might seem to be farfetched tax mitigation tactics are perfectly legal, lawyers and bankers to the wealthy tell Insider.
The directive is the latest step in Beijing’s campaign to cut reliance on foreign technology and could hurt Apple’s business in the country.
