Weekly Wrap: 17th July – 24th July
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If the Crypto market wanted to be taken seriously, then betting on Hamster races is probably not the way. None the less, that is exactly what happened this past week as a new token and website launched where thousands of punters are betting on which hamster will make it to the finish line first. This inspired a new animal racing category on CoinMarketCap.
Back in the (only slightly) more sane world of the crypto majors, there hasn’t been a whole lot of movement this past week with prices sitting marginly below last week…
- Bitcoin: $30082 🔽 -0.52%
- Ethereum: $1888 🔽 -1.78%
With the FOMC scheduled for this week, there is some more volatility expected and I’m hearing more voices expecting it to be to the downside. I personally don’t have a strong opinion either way but will watch with interest.
– @nuconomist
📈 Weekly Crypto Stats
Crypto Market Cap: 1.24 Trillion Dollars 🔽 -1.6% (Was 1.26 T)
Bitcoin Dominance: 46.8% 🔼 +0.21% (Was 46.7%)
Ethereum Dominance: 18.2% 🔽 -1.09% (Was 18.4%)
Other Crypto (excl. BTC & ETH): 35.0% 🔼 +0.29% (Was 34.9%)
Nuconomist Notes:
While Bitcoin feels like a stablecoin this week, the total crypto market cap shrank by 1.6% with much of that figure coming from a weaker Ethereum.
🖼️ NFT Corner
Market Stats
NFT Market Cap (ETH): Ξ 7.3 Million 🔽 -0.95% (Was Ξ 7.4 Million)
NFT Market Cap (USD): $13.86 Billion 🔽 -2.71% (Was $14.25 Billion)
30 Day NFT Volume (ETH): 439k 🔼 -2.71% (Was 461k)
Nuconomist Notes:
Down only this week for NFTs, with a dip in NFT and USD valuations and volume traded. It feels like it is going to take a strong catalyst to get the NFT market soaring again and it isn’t clear that there is anything significant on the short term horizon.
Most Profitable Collections by ETH (7 Days)
- Opepen Edition: 0.68 Ξ Floor ‧ 199 ETH PnL
- Pudgy Penguins: 4.38 Floor Ξ ‧ 146 ETH PnL
- Garbage Bags: 0.12 Ξ ‧ 120 ETH PnL
- Sproto Gremlins: 0.44 Floor Ξ ‧ 53 ETH PnL
- ROTA Official: 0.2 Ξ Floor ‧51 ETH PnL
Nuconomist Notes:
The top spot here is taken by Opepen edition after they went truly viral this past week. Twitter user @BoredElonMusk offered NFT influencer ThreadGuy a rare edition worth 20 ETH if he were to use it as his profile picture instead of his signature Mutant Ape worth a fraction of the price. To say it escalated from there is an understatement and you can read the full story here. TLDR; ThreadGuy didn’t sell but changed his PFP anyway and the founder of Opepen ended up creating a custom open edition mint for ThreadGuy with all profits going his way from which he ultimately received over $100,000 from over 54,000 mints.
Apart from that Pudgy Penguins got a boost in time for their second birthday. Garbage Bags launched with a deflationary stake to evole collection. The strange memecoin linked Sproto Gremlins made a reappearance and finally ROTA is an ape project that appears to have a reveal in process.
Least Profitable Collections by ETH (7 Days)
- Azuki: 5.15 Ξ Floor ‧ -1981 ETH PnL
- Bored Ape Yacht Club: 32.69 Ξ Floor ‧ -821 ETH PnL
- Moonbirds: 1.79 Ξ Floor ‧ -698 ETH PnL
- Mutant Ape Yacht Club: 5.8 Ξ Floor ‧ -580 ETH PnL
- Invisible Friends: 0.49 Ξ Floor ‧ -502 ETH PnL
Nuconomist Notes:
After their recent fumble, Azuki is well and truly in capitlation mode now, joining other “blue chips” in challenging waters. Not much more to say here other than, once again the total losses are much higher than the gains this week for the top traded collections. NFTs are truly in a bear market.
📰 News Digest
Jack Butcher’s ThreadGuy Opepen Edition Goes Viral – NFT Now
Opepen Guide: Jack Butcher’s Pepe Themed Experiment – NFT Now
Arkham Intel Exchange Shows 11 Submissions – CoinDesk
Did you miss out on Hamster Races, Anon? – Decrypt
How Web3 is Reacting to OpenSea’s New Deals Feature – Decrypt
🐦 Top Tweet
My thoughts on NFTs for the next few years in this tweet 🧙♂️, if you read one thing today, let it be this:
— Loopify 🧙♂️ (@Loopifyyy) July 23, 2023
Going over the fundamental use case of NFTs and also “trading them to make money”.
Bullet points first for those who want a TL;DR–
• Best use case for NFTs remains the… pic.twitter.com/m9Qk7AcR9M
The answer to whether NFTs are dead or not. No, this is not a short tweet.
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