NiftyNoon: Sharing the Market

For October 11, 2022

Nifty Analysis

• The NFT market seems to be stabilizing at new volume lows, indicating limited interest in buying these volatile assets during extremely bearish macro market sentiment. Despite this, floor prices across most profile picture blue chips seem to be holding steady. Given the nature of these holders and their preference for liquidity, this may suggest there is more room for profile picture valuations to fall across the board. With this being said, generative art and 1/1 pieces have traditionally always experienced low volume across the board. Valuations for these types of collections may be more stable during the coming months.

• The first full airdrop for the Ledger Marketplace Genesis Pass may reveal a future path for similar utility passes moving forward. Rather than commissioning 10,000 new pieces of generative art, Ledger has commissioned one very large piece of artwork that will be divided into roughly 10,000 individual pieces. The team has also taken a novel approach to address the royalty controversy dominating the NFT space over the past few weeks. The airdrop is only available for holders that do not have their Ledger NFT listed on a royalty-free marketplace. This approach is quite reasonable in that the team will only provide value to your pass if you are willing to pay their royalty. This give-and-take method may end up being emulated by many other teams moving forward. This may be comforting news to major NFT marketplaces such as MagicEden which are losing significant market share to competitors that do not enforce creator royalties.

Project News

• Ledger announces generative art airdrop for Ledger Market Genesis Pass holders in partnership with Agoria:

  Ledger @Ledger

  [ L ] Market has commissioned artist @agoriamusic to create an exclusive generative work for [ L ] Market Genesis Pass holders, {Compend-AI} 2022 SX #1. 🔗 l-ai.agoria.dev

• MagicEden falls below 50% market share amongst Solana exchanges for the first time in 2022:

  Mamba 🐍 @Mamba248x

  And for the first time in 2022, we have @MagicEden under 50% market share 🙊

  

Community News

• NFT community actively discusses key macro risk factors for the week ahead, possibly contributing to lower NFT transaction volume:

  prez 🌐 @jpegprez

  Events this Week: 🔸 Total of 5 Fed members speaking 🔸 PPI inflation report on Tuesday 🔸 Fed meeting minutes on Wednesday 🔸 September CPI report on Thursday 🔸 Retail sales and consumer sentiment on Friday 🔸 Q3 earnings season begins Prepare appropriately. 🫡

• $SUSHI token for Sushi Swap decentralized exchange dumps due to rumours circulating about new CEO:

  Jared Grey @jaredgrey

  Today has been interesting. Let me be clear: the accusations towards me are 100% untrue. FYI, in 2019, my business partner stole funds from our community while I was busy raising funds to launch the Bitfineon exchange. /1

  db @tier10k

  [DB] Sushi Swap Head Chef Says Rumours of Impropriety With a Horse Are 'Completely False'

• ForeverPunks, a popular CryptoPunks search engine, announces NFT drop to fund future development:

  ForeverPunks 💕 MINTING TOMORROW @foreverpunksnft

  ✨ Announcement ✨ Foreverpunks.com GENESIS NFT drop... coming soon 😍 💕 a thread, for details 🧵👇

  

Quick Stats:

• OpenSea USD Daily Volume: $9.38M (▲ 11.53%)

• OpenSea ETH Daily Volume: 7,122 ETH (▲ 11.05%)

• BTC: $19,135.30 (▼ 1.05%)

• ETH: $1,285.07 (▼ 2.26%)

• Solana: $31.52 (▼ 3.63%)

NFT Daily Winners:

• Azuki: 10.30 ETH (▲ 5.64%)

• Mutant Ape Yacht Club: 14.60 ETH (▲ 2.82%)

• CryptoPunks: 66.60 ETH (► 0.00%)

• Proof Collective: 44.00 ETH (► 0.00%)

NFT Daily Losers:

• VeeFriends: 5.20 ETH (▼ 3.53%)

• Moonbirds: 9.99 ETH (▼ 2.82%)

• Doodles: 8.00 (▼ 2.44%)

• DigiDaigaku 12.36 ETH (▼ 1.90%)

• Clone X: 9.20 ETH (▼ 1.50%)

• Chromie Squiggles: 10.90 ETH (▼ 0.91%)

• Bored Ape Yacht Club: 75.00 ETH (▼ 0.66%)

Notes:

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• Created by @AxuETH, @jpegprez, @SSPxLEO, and @SpeedyGonzale87