Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles
Dear Bankless Nation,
Top o’ the mornin’ to you all, and happy St. Patrick’s Day!
As you dive into this week’s news roundup, remember that while fortunes may rise and fall in the NFT world, a keen eye and a bit of luck can go a long way.
For instance, some of my friends joke that I’ve got a “lucky wallet” because I’ve chanced upon minting a handful of rare NFTs before in being at the right place at the right time.
Jokes aside, I really do wish you luck in all your NFT endeavors, and I hope eventually the non-fungible wonders in your wallet will become as plentiful as the shamrocks are on this festive day.
Sláinte and happy exploring in the meantime!
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The overall market cap of the NFT space shrunk for the first time in the two months since I started my Metaversal 2.0 recaps, having dropped from 10.15M ETH to 9.6M ETH for a 5% decline on the week. On the flip side, the prices of top coins like BTC and ETH just had considerable green 7D ticks, so it’s safe to assume more than a few people just fled into the perceived safety of the majors amid the recent banking chaos in the U.S.
Another week, another dominant performance by MAYC atop the 7D NFT volume charts. The Moonbirds collection also continues to see major volume activity, too, as bear market blues has lately led to surges of buy and sell pressure around the project. Azuki, Otherdeeds plots, and BAYC all facilitated over 9k ETH worth of trades on the week to round out the top five here.
Notably, Blur’s stranglehold on the NFT economy receded some over the past week, during which its volume marketshare dropped from 77% to 72% and its trades marketshare dropped from 56% to 51%. That’s not a massive plunge, but it is stark difference from recent weeks when Blur either was gaining ground or staying steady in its dominance. Is this decline a sign that the pull of $BLUR rewards are starting to wane? For now, we’ll just have to wait and see.
It was a cryptoart-themed week for the space’s top 7D NFT sales, as a Fidenza and a classic Lost Robbie sold for 380 ETH and 260 ETH respectively. Rounding out the top three largest transactions was a 191.69 ETH sale of Azuki #3153, a rare “Spirit” type from the PFP collection.
Following up the BAYC Dookey Dash competition, this week Sewer Pass holders were able to start participating in The Summoning, from which new “Power Source” HV-MTL NFTs could be minted. The collection of 30k Mechs will be spread across 8 Power Source types and will be usable in upcoming minigames. The floor price for the basics are currently +2 ETH, but we’ve seen rares sell for as high as 45 ETH already.
LUX_O — A free open edition “outtake” derived from cryptoartist Figure31’s latest LUX series; the mint window for the OE still had over 24 hours left at the time of writing
ZOGZ Pepe — Today Matt Furie, the creator of Pepe the Frog, is holding a open edition drop for the public on his pepe.fun website; at the time of writing it wasn’t clear when the drop was starting, so keep an eye out for an announcement
1. jay on how to assess the strengths of NFT projects:
2. Jack Butcher on the ongoing opepfp experiment:
3. Giancarlo on game publisher Nexon turning its MapleStory franchise into an NFT game:
If you’re someone who’s interested in creating POAPs or already does so all the time, you’ll love the new POAP Drops resource. Designed to become your new go-to tool for creating and distributing digital mementos in web3, POAP Drops offers an optimized and intuitive interface that streamlines the entire POAP creation process, making it a breeze for anyone to create and manage POAP distributions. Check it out!
ETH, BTC, and some NFTs put the “magic” in the “magic internet money” trifecta: they’re super secure, you’re the boss of your own funds, and folks actually value them. Sure, the cryptoeconomy is still in its infancy and can be mind boggling at times, but make no mistake: decentralized bearer assets are empowering in ways human civilization has never seen. Rest assured, this chapter in history is just beginning.
In these early days of crypto and NFTs, holders may ride a metaphorical volatility roller coaster, but through self-custody at least we know where the safety bar is. Last weekend the world was temporarily left guessing exactly what was going to happen to some U.S. banks…
William M. Peaster is a professional writer and creator of Metaversal—a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, JPG, and beyond!
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.