NiftyNoon: Did Yuga Labs Lose the Golden Touch?
In stark contrast to 2022, Yuga Labs has recently struggled to produce meaningful catalysts to drive NFT price action (May 31, 2023)
Nifty Thought
The lack of market movement following the Otherside “The Friends” announcement demonstrates both the state of diminishing NFT liquidity and the decline in influence of Yuga Labs. A little over a year ago, the entire profile picture NFT market was rallying off “the Otherside effect”. Projects that showed up in the Otherside trailer were seeing huge floor price moves. Even previously stagnant projects such as Cryptoadz and Cool Cats saw moves up to 4 ETH and 8 ETH respectively. Any involvement of those projects proved to be unfounded speculation.
However, recent official teasers alluding to Otherside integration with non-Yuga profile pictures such as Moonbirds, has yielded little market movement. It is more apparent now than ever that Yuga has lost its golden touch. While some of this can be attributed to the greater NFT bear market overall, there have still been recent catalysts to drive floor price pumps (such as the Beeple Nakamigos work). While Yuga Labs is still undeniably in a dominant market position, these recent developments not even they are immune to the bear market.
Highlighted News
Otherside Meta shares Legends of Mara Gaming info:
https://twitter.com/OthersideMeta/status/1663626599332290560
Introducing BRC-721E:
Charity project rug by @hopeexist1, someone supposedly battling cancer, was supported by Andrew Wang causing the project to mint out. Turns out she stole the art and deactivated her account:
Project and Community News
Azuki announces additional tickets to the Azuki Follow The Rabbit event in Vegas have been sent via the tokenproof app to those who RSVP’d last week:
Andrew Wang shares he believes sarah/hopeexist was listing works on foundation that were not hers, and calls into question the legitimacy of her work:
LooksRare announces they have bought back 0.1% of the circulating LOOKS supply:
LooksRare raffle goes live:
Platinum Group, the leading F1 ticket issuer, teamed up with @elemintsNFT and @baryagency to release NFT tickets for the Monaco Grand Prix:
@CValley_ announces Ether mint will take place June 30th:
Quick Stats:
OpenSea Daily Volume: 2,232 ETH (▼ 25.13%)
Blur Daily Volume: 8,372 ETH (▲ 1.22%)
BTC: $27,190.00 (▼ 2.22%)
ETH: $1,871.37 (▼ 1.68%)
Solana: $20.77 (▼ 0.44%)
Polygon: $0.89 (▼ 1.6%)
NFT Daily Winners:
⛩️ Azuki: 15.40 ETH (▲ 5.48%)
🥔 Potatoz: 3.09 ETH (▲ 4.39%)
🧟 Mutant Ape Yacht Club: 9.65 ETH (▲ 1.74%)
🦉 Moonbirds: 2.05 ETH (▲ 0.62%)
🦧 Bored Ape Yacht Club: 45.35 ETH (▲ 0.13%)
🐈⬛ VeeFriends: 2.15 ETH (► 0.00%)
🏴☠️ Captainz: 9.00 ETH (► 0.00%)
NFT Daily Losers:
🚬 CryptoPunks: 50.95 ETH (▼ 0.08%)
🐧 Pudgy Penguins: 4.96 ETH (▼ 0.30%)
🌈 Doodles: 1.99 ETH (▼ 0.93%)
🧬 Clone X: 2.90 ETH (▼ 2.52%)
🧝🏼♀️ DigiDaigaku: 3.29 ETH (▼ 2.95%)
🥃 Proof Collective: 5.89 ETH (▼ 3.38%)
🏳️🌈 Chromie Squiggles: 11.00 ETH (▼ 6.38%)
Notes:
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