Telegram Bots, App Store NFTs & Defi Hacks

Weekly Wrap: 24th July - 31st July

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Volatility didn't really arrive with the FOMC, but prices did slip a little...

• Bitcoin: $29,277 🔽 -2.68%

• Ethereum: $1,861 🔽 -1.43%

While the crab market mostly continues for the crypto majors, albeit a little down. There certainly isn't a lack of activity with altcoin traders betting on telegram trading bots, NFTs selling on mobile app stores (including another wave of Reddit NFTs including a Cool Cats edition) and a relatively large hack unfolding on the DeFi apps coded with the Vyper language.

- @nuconomist

Crypto Market Cap: 1.23 Trillion Dollars 🔽 -2.68% (Was 1.24 T)

Bitcoin Dominance: 46.5% 🔽 -0.64% (Was 46.8%)

Ethereum Dominance: 18.2% ↔️ (Was 18.2%)

Other Crypto (excl. BTC & ETH): 35.3% 🔼 +0.86% (Was 35.0%)

Nuconomist Notes:

While the overall market remains relatively stable, Bitcoin fell a little more this week than Ethereum. Although, that all could change if the fallout from the latest DeFi hacks ends up being larger than expected. Additionally some FUD was circulating today around the SEC asking Coinbase to delist everything other than Bitcoin, but that seems like older news at first glance.

NFT Market Cap (ETH): Ξ 8.66 Million 🔽 | $16.16 Billion 🔼 (+1%)

30 Day NFT Volume (ETH): 346k 🔽 -21% (Was 439k)

[NEW METRIC] Weekly Traders: 48,971 🔽 -16%

Nuconomist Notes:

The data source I use for the NFT total market cap jumped by a lot this week, more than I'd expect, and upon further investigation this was due to more collections being added to their analytics instead of actual growth. For this week, I'll switch to their quoted growth stats instead of manually calculating growth and drop last weeks figures. I'll investigate if this still makes sense moving forwards and what their methodolgy is for including new collections as this could potentially lead to sampling bias.

At the same time, 30 day rolling volume (as measured by Nansen) is down significantly which runs counter the moderate growth in valudations. Annecdotally, the market feels soft in the higher valued PFP collections and there has been some growth in smaller caps that I track, but sampling bias is even more pronounced here, so I wouldn't take too much away from this weeks NFT market observations.

1. Sothebys Gen Art: 0.68 Ξ Floor ‧ 597 ETH PnL

2. Autoglyphs: 4.38 Floor Ξ ‧ 141 ETH PnL

3. PEPEAI Coupon: N/A Ξ ‧ 137 ETH PnL

4. Pudgy Penguins: 4.5 Floor Ξ ‧ 127 ETH PnL

5. Laelaps Master Key: 1.40 Ξ Floor ‧ 79 ETH PnL

Nuconomist Notes:

This weeks top spot is taken by Sothebys who ran a dutch auction for generative art pioneer Vera Molnár, which minted out in the 1 ETH range and has gone on to reach a floor price of 4.25 ETH.

A couple of other notable collections here are the PEPEAI Coupon and Laelaps Master key collections, which are both access tokens for memecoin trading tools, a trend which is currently going viral in crypto trading and apparently spilling over into the NFT space.

1. Bored Ape Yacht Club: 32.69 Ξ Floor ‧ -1078 ETH PnL

2. Mutant Ape Yacht Club: 5.79 Ξ Floor ‧ -824 ETH PnL

3. Azuki: 5.18 Ξ Floor ‧ -662 ETH PnL

4. Moonbirds: 1.68 Ξ Floor ‧ -534 ETH PnL

5. Bored Ape Kennel Club: 2.27 Ξ Floor ‧ -291 ETH PnL

Nuconomist Notes:

Yuga PFPs and Azuki continue their capitulation phase for many, and still with much greater losses across the board than seen in the most profitable NFT collections this week. It is a tough time for NFT trading right now.

1. OpenSea: 35,032

2. Blur: 12,916

3. Gem: 4,045

1. Blur: Ξ 40,026

2. OpenSea: Ξ 9,630

3. X2Y2: Ξ 3,086

Nuconomist Notes:

I've started to pay more attention to the number of traders and where they are active, so this section will probably evolve as that process becomes more refined. But for now, it's clear to see that OpenSea has the most regular accounts, while Blur is processing the most volume. The high volume to user ratio on Blur is likely due to the ongoing token farming. It's interesting to see how far ahead in users OpenSea is even as volume balloons on Blur.

Yuga Labs Hopes to Rile Up Its bored Apes With Latest Otherside Demo - CoinDesk

Memecoin-Focused Crypto Casino Coco Makes Debut - CoinDesk

Memecoin Mania Drives Degens to Base - Decrypt

Attackers Steal $24 Million From Several DeFi Projects - Decrypt

British Museum Collaborates with The Sandbox to Enter the Metaversr - NFT Now

With volume drying up again and the "blue chips" falling, this tweet seemed like the right things to share.

It's cut off above, but he left a little hopium too...

"you're now so late to the party that you're actually early
cheers to the memories and the hopium of another party"

Link to Tweet

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