Perp’s Pause? Pixels Pump 📈
Weekly Roundup: Nftperp paused, Nouns x Pudgy Penguins droposal, OpenSea adds Zora's L2, & more!
Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & more!
Dear Bankless Nation,
The floor prices of most NFT collections were shellacked over the past month, but over the last day many floors sharply rebounded up. What gives?
Some are pointing fingers at nftperp, an NFT derivatives exchange that yesterday paused its V1 system’s smart contracts.
The perpetuals platform’s done major volume so far, so with all that shorting action instantly dried up, it seems a decent amount of downward pressure has been lifted off of collections’ floors for now.
Is that pressure coming back when V2 launches, if V2 launches? We’ll have to wait and see. In the meantime thanks for reading everyone, and have a great weekend ✌️
📊 The big picture
Over the past week, the floor-based market cap of the NFT space dropped from 7.91 million ETH to 7.43 million ETH for a 6% decline.
🔝 7D top collections by volume
Want to unlock $1,000+ in Citizen deals and perks across crypto?
📰 General news
mint.fun is getting ready to unveil L2 support.
OpenSea just added support for the Zora Network L2.
🏆 Digital collectibles
Azuki is conducting its community vote on whether or not to update the Elementals backgrounds today.
Cool Cats kicks off its new Journeys experience on July 10th.
Kevin Rose published a State of the Moonbirds primer.
Opepen Set 008 revealed.
🎨 Cryptoart & music
🎮 Decentralized gaming
Gods Unchained rolled out a new game mode, Chaos Constructed.
Guild of Guardians launched NFT staking for Season 2 of its Guild’s Treasure campaign.
Realms migrated its LORDS token from Ethereum to Starknet, the first token to do so.
🌐 Virtual worlds
Decentraland Foundation published its Q2 Report.
Webaverse just released an open beta of its AI assistant-themed moemate app.
Arcade is seeing a rise in loans backed by generative art and 1/1 cryptoart.
nftperp conducted a surprise pause of its V1 private beta.
🎆 Mint spotlight: mint.fun !teams
mint.fun just introduced !teams, a group minting competition. Minters are randomly assigned to teams (I got Team Purple💜), and each member’s points contribute to their team’s total score. The contest offers a chance to win from a growing ETH prize pool, bonus !fun rewards on mint.fun, and other prizes. Learn more by visiting the !teams FAQ. Keep in mind that one mint is 0.0025 ETH, and the contest concludes on July 28th!
🙇 New insightful reads to level up your web3 knowledge!
1. apix on their latest onchain gaming report 🎮
2. foobar on why vAMMs are doomed to fail 💀
3. jalil.eth on the design decisions behind Opepen Set 009 🔥
✨ My NFT tool of the week: Optimism on Gallery
Gallery, a web3 curation platform, just added support for NFTs minted on Optimism, meaning you can now organize and share your Optimism NFTs however you’d like. For example, publishing platform Mirror mints its NFTs on Optimism, so if you’ve previously collected any Mirror posts you can start organizing them as you wish on Gallery 🖼
😜 Sorry Zuck, I’m more of a Farcaster or Lens guy myself…
Weekly action steps
🙇 Catch up on my other NFT write-ups from this week:
A Bankless Citizen ⚑ turned $264 into $6,077 last year. A 22x ROI 🚀 in a bear market!
🙏Thanks to our sponsor
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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.