The NFT Bear Market Is 🔥
Huge CryptoPunk sale, the Ronin wallet goes 📈, OpenSea fights scammers, & more!
Metaversal is a Bankless newsletter 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 “bear market” label — but certainly not about all the developments occurring around us right now.
Beyond the simplicity of the 🐻 or 🐂 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
🙏 Sponsor: Nifty Gateway—buy, sell, and store NFTs!
🏆 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 “Natively Digital” curated NFT auctions 👽
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 “Natively Digital” sale, a group of 19 first-gen Art Blocks pieces, sold for $81,900 at auction.
“The 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.
Artist Carlos Marcial and collector Rudy Adler are teaming up to exhibit Marcial’s iconic “Here Comes Fiat” in Austria’s first-ever cryptoart museum exhibition ...
🕹️ NFT Games
Axie Infinity’s Ronin wallet has notched 100,000 downloads in short order 💯
Aavegotchi just crossed its 4 millionth block on Polygon’s PoS sidechain.
Global fantasy ⚽ game Sorare updated its New Season Bonus (NSB) rules.
🌐 Virtual Worlds
The latest slate of Cryptovoxels updates were released.
Decentraland is holding its Pride Parade 2021 event today 🏳🌈
Somnium Space announced a Tertiary Land Offering sale will take place between July 5th and July 31st.
The Sandbox experienced its largest LAND sale yet this week for $650,000.
🛒 NFT Platforms
OpenSea is fighting deceptive NFT offers by more prominently displaying the value and ticker symbol of bids.
Rarible launched a new feature that allows you to hide NFTs you own but don’t want to display from your profile page.
💎 DeFi x NFTs
Due soon, NFTX v2 will have sleek new token ticker designs.
Universe, a new DeFi-centric suite of tools for NFT creators, launched its $XYZ governance token.
Action steps
📰 Read “NFTs Are Coming to Aave” by Metaversal
📰 Read “How to get a loan on your NFT” by Bankless
👀 Check out BanklessDAO’s latest Season 0 NFT drop, “Leviathan.”
Subscribe to Bankless. $22 per mo. Includes archive access, Inner Circle & Badge.
🙏Thanks to our sponsor
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Nifty Gateway works with both successful and up-and-coming artists, musicians, and brands to create limited Nifty (NFT) collections that are available on our marketplace.
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👉 NEW DROPS BY JON BURGERMAN, DOTPIGEON, PI-SLICES, GREG MIKE, GODZ & MORE OUT THIS WEEK!
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.