Weekly Wrap: 15th May - 22nd May

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While the price action certainly hasn't been explosive this week, the community reaction to a recent prouct release from Ledger certainly was. They announced a new service called "Recover" which is designed to help you recover your seed phrase in case of emergencies. It didn't go well at all and you can read my thoughts on it here.

Other than that, today is Bitcoin Pizza day, so it's time to celebrate with a slice 🍕 It's been 13 years since one of the first real transactions with Bitcoin, where someone spent 10,000 BTC on two Papa Johns pizzas. Total cost for those pizzas as of today: $268,462,075 😵

Until next time,

- @nuconomist

Crypto Market Cap: 1.17 Trillion Dollars 🔻-0.85% (Was 1.18 T)

Bitcoin Dominance: 44.56% 🔺+0.27% (Was 44.44%)

Ethereum Dominance: 18.65% 🔻-0.16% (Was 18.68%)

Other Crypto (excl. BTC & ETH): 36.79% 🔺+0.24% (Was 36.70%)

Comments:

As predicated last week, the chop continues and there hasn't really been much movement here either way. Although after the past year, some stability is probably appreciated. Previously price stability has led to more activity in the world of NFTs, so lets see if that holds true now...

NFT Market Cap (ETH): 8.2 Million 🔺+6.49% (Was 7.7 Million)

NFT Market Cap (USD): $14.95 Billion 🔺 +8.41% (Was 13.79 Billion)

30 Day NFT Volume (ETH): 396k 🔻-11.8% (Was 449k)

Comments: Volume continues to plummet this week, although there is hope in that the total market cap of NFTs in both ETH and USD terms is up. This would suggest that while less people are trading, those that are still active in the same aren't willing to drop their prices. This may not be it, but one day we will find a true floor.

1. Mutant Ape Yacht Club

2. Wrapped Cryptopunks

3. Milady

4. Bored Ape Yacht Club

5. Azuki

Comments: The only real change here was Cryptopunks jumping above Miladys in the rankings, but that is to be expected after the latter received an Elon fuelled pump in the prior week. If anything, it is more surprising that they are maintaining their position here after several strong weeks. If NFTs are momentum assets, then momentum is certainly on their side. The stability across the top five is impressive.

Comments:

1. Milady: 891 ETH PnL (Was 1357 ETH PnL PnL)

2. Redacted Remilio Babies: 816 ETH PnL (640 ETH PnL)

3. Pudgy Penguins: 425 ETH PnL

4. The Captainz: 365 ETH PnL

5. Fancy Nouns: 352 ETH PnL

In hindsight, it was inevitable. Redacted Remilio Babies joined their parent collection as one of those eligible for Blur lending this week and together, they have both held their top spots this week.

Azuki fell off the list, being replaced by Pudgy Penguins, who have recently launched collectible toys on Amazon. Captainz maintain their pre-reveal trading activity, not much to say there.

And this week's surprise appearance is Fancy Nouns, this was a free mint of 3333 NFTs with design inspired by the Nouns collection. It doesn't appear to be an official collection by Nouns DAO, but the anonymos devs are stated to be members of Nouns DAO and Lil Nouns DAO. After an initial pump, things seem to be calming down, but this could be an interesting one to watch if they follow up with further utility. It's an interesting example of a new project piggybacking on the popularity of a truly decentralised brand.

1. CryptoPunks -837 PnL

2. Moonbirds: -587 ETH PnL

3. Mutant Ape Yacht Club: -549 ETH PnL

4. Clone X: -422 ETH PnL

5. Doodles: -379 ETH PnL

Comments:

CryptoPunks takes the top spot here with only 15 sales required to make the top of the leaderboard. The bigger they are the harder they fall. When you're "investing" in one of the most expensive NFT collections, even the smallest percentage shifts can represent large sums, and after a period of slow bleeding you can suddenly realise a lot of value has dissapeared.

Mutant Ape Yacht Club appears to be coming to terms with losing the psychological support level of 10 ETH. If it stabilises below there, other collections have shown in the past how quicky that sub 10 ETH floor can fall away from you. It will be interesting to see if the Yuga halo will keep this collection propped up, or if their recent dilution with newer collections is really starting to hit the value of their collections.

Apart form that, the gang is back together this week with Moonbirds, Clone X, and Doodles all making an appearance. These collections have all had a bad year, and it keeps on giving. It just goes to show, no matter how much has been lost on a collection, while you're above zero there is still room to fall, and times of sideways chop can be just as deadly.

Tether pledges to put 15% of Profits into Bitcoin - Decrypt

Bitcoin 2023 Conference Highlights - Bitcoin Magazine

Memecoin Speed Run Goes Viral - Decrypt

Pudgy Penguins sells over 20,000 toys - Decrypt

Bitcoin NFT volume grows to #2 in a matter of months - CoinDesk

Comments:

Why continue to focus on NFTs when things have been down only for a while? Well this research shows just how much of an impact they have on the Ethereum ecosystem. And with NFTs now spilling onto the Bitcoin blockchain, this is clearly an area of massive development that will continue to be felt for a while.

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