NFTs Are So Back!

Weekly Wrap: 31st October - 6th November

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Whether it is the announcement of ArcadeDAO last week, the upcoming Blur airdrop or just the general buoyancy of the crypto markets, there is definitely some excitement back in the NFT market.

NFTFi volume in particular has exploded by more than 40% in a week even as the number of deposits remained dropped. This suggests to me that farmers are definitely eyeing up this opportunity but it looks like they are gunning for ETH volume over transaction numbers. However, looking at the ArcadeDAO token qualifiers it probably makes sense to try explore all of the different features too.

Meanwhile the crypto majors grind higher waiting for that next explosive move.

Onwards...

- @nuconomist

Sam Bankman-Fried found Guilty - CoinDesk

The disgraced founder of FTX has been found guilty on all 7 counts in court and could face up to 115 years in prison. While this is not going to make the exchanges missing billions reappear, it will hopefully bring some closure and a sense of justice for those impacted by his actions.

Michael Saylor's MicroStrategy is now up nearly $1 Billion - Bitcoin Magazine

While he is often mocked for buying local tops, this is what dollar cost averaging looks like at an institutional level. If the companies recent gains are anything to go by, even buying all of the local tops could look to be a great strategy in hindsight by the peak of the next bull.

Arbitrum Approves Staking Proposal - BlockWorks

Arbitrum recently approved a proposal to enable staking of the native ARB token with rewards provided by the treasury. This is a controversial form of staking, because it doesn't serve a security purpose as with Ethereum, but is more akin to a marketing budget incentivising people to hold on to the token. The actual implementation proposal is still to come before a full analysis can be made.

NFT Market Cap (ETH): Ξ 5.1 Million 🔽 | $9.69 Billion (-0.01%)

Weekly NFT Volume (ETH): 53,736 🔼 +13.36%

Weekly NFT Traders: 46,901 🔽 +8.61%

Weekly NFT Loan Volume (USD): $115.5 Million 🔼 +40.49%

Weekly NFT Deposited as Collateral: 3524 🔽 -12.60%

Bored Ape Yacht Club: Floor: 29.05 ETH 🔽 | Volume: 21k ETH 🔼

OpenSea lays off 50% of its staff - Decrypt

Demonstrating a masterclass of spin, OpenSea announced that they are aiming to innovate faster by losing half of their workforce. However, talks of a Foundation launch has led to speculation that they will finally be launching a token.

The Simpsons taps into NFT Culture - NFT Now

I have to admit that I haven't seen this one yet, but it's going straight to the top of the watch list. The Simpsons may not be the cultural staple they once were, but they are still a major touchpoint in the global conversation. And of course, short-term opportunists rode the hype train by launching a Springfield Punks collection as a free mint.

Yuga Labs and Magic Eden to launch Ethereum Marketplace with Enforced Royalties - NFT Now

With all of the major marketplaces on a race to zero with creator fees, Yuga have partnered with the underdog marketplace in an attempt to create a market that will enforce royalties. A few market commentators have mentioned that this could potentially require people to wrap or migrate their Bored Apes for trading. This is likely to be a contentious issue and may require additional incentives to work effectively so it's definitely one to watch.

Cool Cats leaked first images of their Cool Cat balloon for this years Thanksgiving Parade. Yet another example of a slow burn project that has been active for almost a year behind the scenes, that will finally be hitting wider audiences. What else will we see before Christmas?

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