NiftyNoon: Yuga Labs Acquires WeNewLabs & 10KTF

For November 15, 2022

Nifty Thought

• Although the impact of the FTX bankruptcy is still continuing to unravel, the market continues on nonetheless. Yuga’s acquisition of WeNewLabs and 10KTF likely marks the start of a trend we will increasingly see during this bear market: consolidation. It is very likely that well-capitalized projects such as Yuga Labs, Proof, and Chiru Labs (Azuki) will use their dry powder to acquire smaller projects that are not able to survive this current revenue drought. In the long run, this is likely good for the industry so long as consolidation is not concentrated at the top with Yuga Labs.

• As NFT volumes dry up while floor prices and crypto prices fall, it is likely we will continue to see more price volatility during the upcoming months. Bored Ape Yacht Club, once the top NFT project by a wide margin, fell to a floor price in the high 40s yesterday before recovering. Unfortunately, these declines will likely be felt industry-wide, particularly for profile picture projects whose prices were driven more by speculation. In the long run, however, the projects that are able to make it out of this market with stable pricing and a strong community are likely positioned to perpetually benefit from the tailwinds of NFTs in the long term. The NiftyNoon team is making that bet on culturally significant profile pictures and art such as CryptoPunks and Chromie Squiggles. As always, we encourage everyone to do their own research and would like to remind everyone that nothing shared on this newsletter should be taken as financial advice. Stay safe and responsible. 

Project News

• CZ announces he is forming an industry recovery fund with donations from other major industry players to bail out projects impacted by the FTX contagion:

  unusual_whales @unusual_whales

  JUST IN: CZ of Binance has said: To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.

• Yuga Labs announces their purchase of WeNewLabs and 10KTF (notably not including Renga) with allusions to 10KTF’s integration into the Otherside metaverse:

  Yuga Labs @yugalabs

  Today, we are excited to welcome the @wenewlabs and @10KTFshop team to the Yugaverse. Together we will push the boundaries of where the metaverse meets reality through creative storytelling and immersive experiences. Read more about the news here:

  

  news.yuga.comYuga Labs welcomes 10KTF and WENEW to the familyYuga Labs announces the acquisition of WeNew and its flagship NFT collection 10KTF bringing them into the Yuga ecosystem.

  Wagmi-san @10KTFshop

  1/5

  

• Nike announces their platform for digital assets called .SWOOSH by Nike:

  RTFKT @RTFKT

  .SWOOSH by Nike - a platform for Nike's virtual creations 👟 RTFKT will continue to be at the edge and work w Nike to onboard the next millions to web3 💻 Clones will get access for .SWOOSH ID, & Nike releases will be Clone digital wearables 🧬 More collab to merge worlds tog 🌐

  

  Vogue Business @voguebusiness

  A new platform from Nike Virtual Studios aims to onboard the #Web3 curious among Nike consumers, with a roadmap that borrows from @RTFKT’s playbook. https://t.co/RINZYZm0gI

• Blur announces their support to enforce royalties on NFTs that ban royalty-optional marketplaces:

  Blur @blur_io

  Blur will enforce royalties on permissioned NFTs. We will continue to incentivize royalties on all NFTs while taking 0% marketplace fees ourselves.

• Clone Force, the Clone X community-led project, reveals their Relic NFTs:

  CLONE⚔️FORCE @CloneForceTM

  The seal has been broken. The Relic is now unlocked. Step forth and claim your destiny!

Community News

• The Ape Foundation announces they were not impacted by FTX:

  ApeCoin @apecoin

  Ape Fam, we want to reassure the community with some information in light of the recent events in the blockchain ecosystem. The Ape Foundation did not, and does not currently, hold any assets on FTX. The treasury is held in segregated custody accounts via Coinbase Custody. (1/5)

• Valhalla, one of the most highly anticipated upcoming projects, releases its trailer:

  VALHALLA @valhalla

  A new era will rise from the ashes. Together, we will build until Valhalla.

Quick Stats:

• OpenSea ETH Daily Volume: 5,938 ETH (▲ 22.64%)

• Blur ETH Daily Volume: 1,892 ETH (▲ 54.28%)

• BTC: $17,048.01 (▲ 3.02%)

• ETH: $1,273.39 (▲ 2.34%)

• Solana: $14.38 (▲ 5.18%)

• Polygon: $0.95 (▲ 3.71%)

NFT Daily Winners:

• Chromie Squiggles: 13.85 ETH (▲ 4.53%)

• Clone X: 7.30 ETH (▲ 3.84%)

• DigiDaigaku: 7.88 ETH (▲ 3.68%)

• CryptoPunks: 66.50 ETH (▲ 2.39%)

• Moonbirds: 7.30 ETH (▲ 1.96%)

• Doodles: 5.89 ETH (▲ 1.34%)

• Bored Ape Yacht Club: 54.29 ETH (▲ 0.39%)

NFT Daily Losers:

• VeeFriends: 5.87 ETH (▼ 0.34%)

• Azuki: 9.49 ETH (▼ 1.17%)

• Mutant Ape Yacht Club: 9.87 ETH (▼ 1.2%)

• Proof Collective: 29.00 ETH (▼ 3.33%)

Notes:

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