NiftyNoon: Is the NFT Market Dying?
With project floor prices collapsing at an alarming rate, many people are questioning the future of NFTs as a whole (March 22, 2023)
Nifty Thought
It is a dark time for NFTs. Projects that were once viewed as stable blue chips have now dipped to prices that many previously considered unfathomable. As traders and collectors begin to rapidly leave the NFT space and total true (without Blur farming) volume trends lower, it seems negative momentum may be here to stay for NFTs for quite a while. While the concept of provable scarcity for digital assets will likely remain durable in the long run, it is also very likely that 99.99% of NFTs today will not survive into the next bull run.
Those focusing on learning and building rather than holding will likely be best positioned for the NFT bull run. Furthermore, as most valuable NFTs are priced in ETH, simply acquiring ETH may also prove to be fruitful for people that are confident in the future of NFTs. The sobering truth is that very few NFTs will outperform ETH. As always, nothing written in this newsletter is intended to be financial advice and readers should always do their own research before making financial decisions.
Project News
Magic Eden announces they are now on Bitcoin, continuing their multi-chain journey:
OpenSea updates precision limit for offers, with changes going live March 27th:
Pudgy Penguin files for 2 trademarks for Penguin logos:
CCP Games announce they have secured $40M financing, led by a16z to create a new blockchain AAA game within the EVE Universe:
Sony files for NFT gaming patent:
Azuki Bobu Bucket Hat available for Bobu Token holders:
Bobu Bucket Hat available for 24hrs. Shop link: bobu.azuki.com/buckethat 1x Free Hat per Bobu Token holder wallet (pay only shipping). Snapshot taken yesterday @ 12PM PST. More details 👇
Community News
Community spreads word about recently stolen Clones, which will be flagged soon:
Quick Stats:
OpenSea ETH Daily Volume: 5,563 ETH (▼ 7.14%)
Blur ETH Daily Volume: 17,609 ETH (▼ 24.49%)
BTC: $28,283.09 (▲ 0.27%)
ETH: $1,800.37 (▼ 0.17%)
Solana: $22.53 (▼ 1.66%)
Polygon: $1.15 (▼ 0.28%)
NFT Daily Winners:
🧝🏼♀️ DigiDaigaku: 7.00 ETH (▲ 14.75%)
🌈 Doodles: 3.83 ETH (▲ 3.04%)
🦉 Moonbirds: 3.95 ETH (▲ 1.25%)
NFT Daily Losers:
🧟 Mutant Ape Yacht Club: 12.69 ETH (▼ 1.17%)
🧬 Clone X: 3.44 ETH (▼ 1.2%)
⛩️ Azuki: 13.19 ETH (▼ 2.06%)
🚬 CryptoPunks: 62.38 ETH (▼ 2.82%)
🏳️🌈 Chromie Squiggles: 10.10 ETH (▼ 5.52%)
🦧 Bored Ape Yacht Club: 57.55 ETH (▼ 5.62%)
🐈⬛ VeeFriends: 3.09 ETH (▼ 5.79%)
🐧 Pudgy Penguins: 4.51 ETH (▼ 6.82%)
🥃 Proof Collective: 10.89 ETH (▼ 12.53%)
Notes:
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