Volatility Awakens, Everything Drops.

Weekly Wrap: 14th August - 21st August

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"it feels like we are in for a somewhat sleepy summer in terms of price action. However, as always, crypto remains ready to surprise at a moments notice"

What a difference a week makes...

The market certainly isn't sleeping any more, volatility kicked up a gear and not in a positive direction. Over 10% was shaved off the crypto market within the past week and the majority of that was within a few hours towards the end of last week. Things have stabilised somewhat after the fall, but we're not out of the woods yet.

Onwards and upwards?

- @nuconomist

Crypto Market Cap: 1.10 Trillion Dollars 🔽 -10.09% (Was 1.22 T)

Bitcoin: $26,188 🔽 -10.58%

Ethereum: $1,685 🔽 -8.37%

Bitcoin Dominance: 46.2% 🔽 -1.49% (Was 46.9%)

Ethereum Dominance: 18.3% 🔼 (Was 18.2%)

Other Crypto (excl. BTC & ETH): 35.5% 🔼 1.72% (Was 34.9%)

NFT Market Cap (ETH): Ξ 7.8 Million 🔼 | $12.96 Billion 🔽 (-8.4%)

30 Day NFT Volume (ETH): 235k 🔼 +0.43% (Was 234k)

Weekly NFT Traders: 50,496 🔼 +1.56%

1. OpenSea: 35,645 🔽 -1.63%

2. Blur: 16,817 🔼 +16.33%

3. Gem: 5205 🔼 +15.72%

Milady: 205 Sellers profited a combined 227 ETH 📈

Bored Ape Yacht Club: 184 Sellers lost a combined 2687 ETH 😬

In stark contrast to "The Otherside" mint last year, Yuga's launch of Wreck League was almost a non-event amongst the crypto crash. The mint took place in Ape Coin which actually dropped in price for the days preceeding the mint and even on the day itself. While it depends on when you bought ApeCoin and the ETH exchange rate, it looks like the boxes are slightly down on the mint price and are roughly tracking their purchase price in ApeCoin. For contrast, The Otherside experienced something like an overnight 5x last year. The hype has left the room.

In a week where every collection seems to be in "down only" mode, OpenSea decided that it was the right time to really drive the knife in for creators by removing it's creator fee enforcement experiment. While it wasn't totally effective, it is hard to see how this will do anything other than decrease creator royalties even further.

Yuga Labs to Block NFT Trades on OpenSea - NFT Now

As one of the largest IPs actively traded on OpenSea, Yuga have an outsized impact on NFT market players. One claim states their 30 day volume is 80% of the total on OpenSea. With this much volume potentially disappearing there are sure to be conversations happening behind the scenes, but it also brings up the question about how much power Yuga actually have to block marketplaces from trading NFTs owned by their community.

Coinbase Acquires Stake in Circle - Decrypt

Circle is now the sole issuer of USDC. This makes an already centralised stablecoin even more centralised. It will be interesting to see if this impacts it's currenct trajectory with a large decease in circulating supply this year.

Bitcoin Volatility Returns With 15% Drop - Bitcoin Magazine

This article argues that speculated reasons for the drop (Elon Selling) weren't in fact relevant and it was just a simple case of more sellers than buyers which triggered a cascade of liquidations.

Why the choice of blockchain matters for NFTs - Coin Telegraph

If you're crazy bold enough to launch an NFT collection right now, you need every advantage you can get. This article shares some insights on things to consider when launching a new collection.

How OnCyber is Open Sourcing Community Creativity - NFT Now

I'm sharing this simply because I'm excited to try it. If you've ever seen my RTFKT Space pods, you'll know I've spent time decoratig them with the digial assets I've acquired over my time spent in the NFTworld. Now this new feature allows you to create completely unique environements to display your collections as well. I'll share where I get to soon!

We all knew that NFTs were having a bad year, but did you realise it was this bad? The top projects have lost billions of USD in the past six months alone. It really goes to show, a significant shift is required if we are to get anywhere near all time highs in the NFT market again.

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