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The NFT Bear Market Is πŸ”₯

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The NFT Bear Market Is πŸ”₯

Huge CryptoPunk sale, the Ronin wallet goes πŸ“ˆ, OpenSea fights scammers, & more!

William M. Peaster
Jun 11, 2021
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The NFT Bear Market Is πŸ”₯

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Metaversal is aΒ Bankless newsletterΒ for weekly level-ups on NFTs, virtual worlds, & collectibles


Dear Bankless Nation,

There’s so much activity happening in this latest NFT bear market that it can be exhausting trying to keep up!

To be sure, I’m kidding about the β€œbear market” label β€” but certainly not about all the developments occurring around us right now.

Beyond the simplicity of the 🐻 or πŸ‚ framing, I think a better way to describe our ecosystem is that it’s primed. This can mean a lot of things, and play out in uneven ways, but ultimately what I’m getting at is NFTs have progressed past a sort of event horizon from which there’s no going back.

Like those who used the early internet, then, we too are seemingly at the start of one very long adoption ramp. That’s my two gwei, make of it what you will! And as always thanks for reading everyone, have a great weekend!

-WMP


πŸ™ Sponsor:Β Nifty Gatewayβ€”buy, sell, and store NFTs!


πŸ† Digital Collectibles

  • Alien CryptoPunk sales are a rare occurrence, so the NFT ecosystem was excited this week by CryptoPunk 7523 selling for $11.75 million amid Sotheby’s β€œNatively Digital” curated NFT auctions πŸ‘½Β 

  • The CryptoPunk floor price is 15 ETH, or ~$36,400, right now 🏷️  

  • Over 4,000 unique addresses now own Bored Ape Yacht Club (BAYC) NFTs 🦍 

  • Ponderware, the team behind MoonCats Rescue, is selling two 2017 MoonCats via Dutch Auctions on NFT20 next week 😸 

🎨 Cryptoart

  • Fidenza, the latest curated drop on generative art platform Art Blocks, was a smashing success. Artist Tyler Hobbs sold out the series’s 999 pieces in 20 minutes for 170 ETH!

    Fidenza #1
  • Speaking of Art Blocks, Lot 4 from Sotheby’s β€œNatively Digital” sale, a group of 19 first-gen Art Blocks pieces, sold for $81,900 at auction.Β 

  • β€œThe New Octahedron,” an iconic Ethereum-centric artwork that was famously featured on ethereum.org, was listed on Foundation by its creators, THE LOL INK DAO.Β 

  • Artist Carlos Marcial and collector Rudy Adler are teaming up to exhibit Marcial’s iconic β€œHere Comes Fiat” in Austria’s first-ever cryptoart museum exhibition ...

Twitter avatar for @carlosmarcialt
Carlos Marcial @carlosmarcialt
"Here Comes Fiat" will be showcased in the first ever museum exhibition of #cryptoart/#NFTs in Austria. πŸ‡¦πŸ‡Ή I took this decision together with @rudyadler, the current owner of this piece. Yes, NFTs are smart contracts, but they are still social contracts... so thanks Rudy! πŸ™πŸ’ŽπŸš€
Image
3:16 PM βˆ™ Jun 8, 2021
178Likes20Retweets

πŸ•ΉοΈ NFT Games

  • Axie Infinity’s Ronin wallet has notched 100,000 downloads in short order πŸ’―

  • Aavegotchi just crossed its 4 millionth block on Polygon’s PoS sidechain.

  • Global fantasy ⚽ game Sorare updated its New Season Bonus (NSB) rules.Β 

🌐 Virtual Worlds

  • The latest slate of Cryptovoxels updates were released.

Twitter avatar for @cryptovoxels
Cryptovoxels @cryptovoxels
🚒 Releasing 6.4.6 - Always use combine blend mode for drag-drop images and video - Allow .mp4 videos for drag and drop - Better in-world parcel search in toolbar - Edit layout of 'users online' tab in Explorer
3:56 AM βˆ™ Jun 9, 2021
17Likes5Retweets
  • Decentraland is holding its Pride Parade 2021 event today πŸ³β€πŸŒˆ

Twitter avatar for @decentraland
Decentraland @decentraland
Join the Pride Parade along the Rainbow Road, 10pm UTC (-70,0). Tweet your look with #DCLPride for your chance to win 'Best Costume'. Giveaways, wearable NFTs on sale, balloons and more balloons! Read more on the blog: decentraland.org/blog/announcem…
Image
4:27 PM βˆ™ Jun 11, 2021
58Likes18Retweets
  • Somnium Space announced a Tertiary Land Offering sale will take place between July 5th and July 31st.Β 

  • The Sandbox experienced its largest LAND sale yet this week for $650,000.Β 

πŸ›’ NFT Platforms

  • OpenSea is fighting deceptive NFT offers by more prominently displaying the value and ticker symbol of bids.Β 

  • Rarible launched a new feature that allows you to hide NFTs you own but don’t want to display from your profile page.Β 

πŸ’Ž DeFi x NFTs

  • Due soon, NFTX v2 will have sleek new token ticker designs.Β 

Twitter avatar for @alexgausman
gaus.eth @alexgausman
Some of the NFTX v2 token tickers designed by @0xChop 🀩 (coming soonβ„’ to a dapp near u!)
Image
4:09 PM βˆ™ Jun 9, 2021
65Likes7Retweets
  • Universe, a new DeFi-centric suite of tools for NFT creators, launched its $XYZ governance token.


Action steps

  • πŸ“° Read β€œNFTs Are Coming to Aave” by Metaversal

  • πŸ“° Read β€œHow to get a loan on your NFT” by Bankless

  • πŸ‘€ Check out BanklessDAO’s latest Season 0 NFT drop, β€œLeviathan.”

    Twitter avatar for @luke_spotlong
    Luke Whitten 🌎🀝🌐 @luke_spotlong
    This is an absolutely sick piece from @thecryptobushi You can learn a lot about @banklessDAO and the future of work from this. Outbid me: rarible.com/token/0x60f801…
    Image
    3:57 PM βˆ™ Jun 11, 2021
    4Likes2Retweets

Subscribe toΒ Bankless. $22 per mo. IncludesΒ archive access,Β Inner CircleΒ &Β Badge.


πŸ™Thanks to our sponsor

Nifty Gateway

The all-in-one platform that makes it easy to buy, sell, and store NFTs!

http://bankless.cc/Nifty

Nifty GatewayΒ works with both successful and up-and-coming artists, musicians, and brands to create limited Nifty (NFT) collections that are available on our marketplace.

πŸ‘‰ VisitΒ NiftyGateway.comΒ and start your NFT Collection today!

πŸ‘‰Β NEW DROPS BY JON BURGERMAN, DOTPIGEON, PI-SLICES, GREG MIKE, GODZ & MORE OUT THIS WEEK!


Not financial or tax advice.Β 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.Β 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 ourΒ investment disclosures here.

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