Market Updates
Weekly NFT Volume
Volume in NFTs remains low as almost all collections take a hit in floor price.
Blur remains the clear top among the other marketplaces with an average volume market share of 76% throughout the week.
Opensea + Opensea Pro takes an average of 20% of the volume throughout the week.
It is also important to note that LooksRare has gained a little more attention in recent times with their announcement of an upcoming airdrop, encouraging people to list their NFTs on LooksRare.
Weekly Active NFT Traders
Active traders remain low as “NFT winter” continues to drag on.
The ATH for Active NFT Traders is at 430,000+. This is a vast difference from the current numbers, ranging from 10,000 to 20,000
Large Cap PFP Index
Large Cap PFPs, in our definition, are PFP projects with above 50,000 ETH in Market Cap.
CryptoPunks and BAYC remain a notch above the rest while Azuki, Captainz and Degods slowly creep up towards MAYC.
CryptoPunks took a big hit this week, with a significant 25.46% dip in market cap. On a positive note, 6 out of the 10 top NFT sales this week were CryptoPunks.
DeGods have shown resilience, climbing a slight 1.24%. This is largely fuelled by BTC DeGods, seeing 20 sales this week with 19 of them selling above 1 BTC.
Mid Cap PFP Index
Mid Cap PFPs, in our definition, are PFP projects with above 20,000 ETH in Market Cap.
Pudgy Penguins and BAKC dip slightly below 40,000 ETH MC, having been above that number last week.
Miladys and Veefriends suffer significant drops, dipping 15.5% and 11.77% respectively.
Moonbirds are a surprise, rising a slight 0.67% despite every other Mid Cap seeing dips of at least 2%.
Spotlights
Mercedes-Benz sells out first NFT collection, "Maschine"
Mercedes-Benz joins a growing list of luxury brands stepping into the world of Web3, having announced their newest Web3 arm, "Mercedes-Benz NXT". This week, Mercedes-Benz partners with Fingerprints DAO and Dutch artist Harm van den Dorpel to release their first NFT collection, titled "Maschine". The collection is inspired by automotive concepts, playing on the themes of wheels and velocity.
"Maschine", is the first of three core collections, opening as a Dutch auction on 7 June.
Dutch Auction Details:
> 1,000 Supply
> Starting price of 2 ETH
> Price reduction of 0.2 ETH every 10 minutes
> Dutch auction lasts 90 minutes
> 981 pieces available for mint
> 19 pieces to be reserved for the artist, Fingerprints DAO and future activations
Mint Statistics:
> Median mint price of 0.27 ETH
> Holder count of 449
> Profitable flip for the first hour
> Highest sale of 0.6 ETH
> 215 sales in the first 12 hours
What does this mean?
This is generally bullish for Web3, with another luxury brand embracing Web3 technology.
This seems to be the start of a growing trend of automotive companies exploring Web3 with Lamborghini, McLaren and most recently, Porsche their own NFT collections.
NFTs allow for the automotive industry to:
> Create new revenue streams (e.g. selling art-focused NFTs, selling utility-based NFTs)
> Create experiences for brand loyalists (e.g. token gating exclusive experiences, dropping exclusive deals to NFT holders)
> Track car ownership (e.g. having every car tied to an NFT)
Trader's Handbook
For a trader, we can take optimism from the success of Porsche's NFT collection which hit an ATH of 6061 ETH (est. USD$11M) Market Cap.
The current Market Cap of "Maschine" is only 266 ETH (est. USD$488K).
"Maschine" also has a lower supply of just 1,000 while Porsche's collection has 2,363 supply.
Setting aside the differences in utility, art, and marketing, let us explore some possible opportunities.
Bullish Points:
> Low supply
> Potentially providing whitelist to Mercedes-Benz NXT's second NFT drop
> Good, well-known artist in Harm van den Dorpel
> Support of Fingerprints DAO
Bearish Points:
> Pure art project with no future benefits
> Market isn't in a favourable condition
It is also important to note that Porsche's NFT was deemed a failure before it pumped to its ATH.
What we will be doing, is keeping watch for further announcements. In the event that Mercedes announces the benefits of "Maschine", we should see some movements. We foresee that whitelist, and potentially a free mint to the second collection, will see a slight pump in floor. So keep watch of their socials.
Relevant Links:
OpenSea: https://opensea.io/collection/maschine
Mercedes-Benz NXT Twitter: https://twitter.com/MercedesBenzNXT
Harm van den Dorpel: https://twitter.com/harmvddorpel
Fingerprints DAO: https://twitter.com/FingerprintsDAO
Louis Vuitton announces Physical Backed + Soul-Bound NFT drop
Luxury fashion house Louis Vuitton unveils the VIA Treasure Trunk NFT Collection, targeting individuals who are eager to explore new dreams and realities while collecting unique creations.
The VIA Treasure Trunk is a soul-bound token that serves as a gateway to the world of Louis Vuitton. It allows collectors to access exclusive products and experiences through regular immersive drops.
Selected registrants will be guided through the process of acquiring their NFT on June 16th.
VIA Collection Details:
> Priced at €39,000
> Limited to a few hundred pieces
> A soul-bound NFT (no resell, no transfers)
> Paired with a physical counterpart
> Continuous series of digital keys for holders
Available on the LV Website in:
> Canada
> United States
> United Kingdom
> France
> Germany
> Japan
> Australia
Louis Vuitton also reveals their plans to deliver 2-3 drops per year for at least the next 3 years.
What does this mean?
Again, this is a great sign for Web3 with yet another luxury fashion brand integrating Web3 technology into their plans.
The use of soul-bound tokens means that there is no reselling of the trunks. Louis Vuitton is making it clear that this is a consumer/collector good, not one for the degenerates to flip.
A few considerations:
> How many degenerates will mint considering this is an exorbitant price and unflippable?
> For the loyal Louis Vuitton collectors, are they well versed with Web3 infrastructure like Metamask?
Taking the above considerations, it seems like Louis Vuitton is targeting a very small subset of people, which in a way is on brand. But, it will be interesting to see the number of mints when it launches.
If all goes well, for the Web3 world, this could pave the way for new launches of fashion luxury goods.
Relevant Links:
Waitlist: on.louisvuitton.com/6005OaALD
Louis Vuitton Twitter: http://twitter.com/LouisVuitton
Fewocious announces new PFP drop featuring ERC-6551
NFT artist Fewocious announces his first generative art project, titled "Fewos". The collection consists of 20,000 unique creatures, each crafted with hand-drawn traits and then converted into 3D art. These creatures are the inhabitants of FewoWorld.
After minting a Fewos, you can redeem "flowers" that act as mint passes for accessing FewoFashion digital wearables and accessories.
Holders of the Paint Drop collection will be eligible to redeem 1 free flower for every unit of Paint in their Paint Drop.
More details about the 3 species (Frankensteins, Misunderstoods and Humanoids) will be revealed closer to the mint date.
Frankensteins, Misunderstoods & Humanoids… all ready for their close-ups 
What will you be?! Initial info here, more coming soon! fewoworld.io/fewos
1,545
Mint Details:
> 20,000 Supply
> Mint date expected in August (21-25)
> Time and price, TBA
> Paint Holder Presale, Fewocious Art Holder Presale, Public Sale
> ERC-6551 token standard
What is ERC-6551?
The FewoWorld website confirms that all Fewos will come with their own individual ERC-6551 "backpack" wallets. These special wallets are made possible by the ERC-6551 token standard, which enables the NFT to transform into a functional wallet.
ERC-6551 has gained much attention in the past few weeks, with plenty of well-known Twitter accounts tweeting about it.
The number of ERC-6551 accounts currently is estimated to be around 408. We can track the statistics through this dune dashboard by sealaunch.xyz.
Benny Giang, one of the authors of ERC-6551, expects this number to rise to 50,000+ in the next 3 months which seems like a conservative estimate considering Fewos will bring in 20,000 of these accounts.
Web3 renowned dev, cygaar, recently mentioned that he will write a thread on the innovative ERC standard. This is certainly one we'll be looking out for.
What does this mean?
For projects, it may mean a new revenue stream for them. Projects can now release new assets/drops every month without diluting the supply of the initial collection.
ERC-6551 is particularly huge for gaming NFTs, with ERC-6551 accounts (avatars) being able to hold on to ERC-20, ERC-721, and ERC-1155 tokens (new weapons, tools, power-ups, boosts, etc.)
For a consumer, this is a fun "gamification", with added dynamism and an ever-growing NFT. We could potentially see more shifts in rarities throughout collections as rarer traits are minted and added to the collection. Floor NFTs can eventually become mid rares or possibly even 1/1s with trait upgrades.
ERC-6551 will allow for anything to become an NFT. Imagine an online shopping cart being an ERC-6551 account and the items you add into the cart are ERC-1155 tokens. We're a long way to go with blurring the lines between the technology and integrating it into our everyday lives. But, the possibilities with these are probably endless.
Trader's Handbook
While Fewos will not be the first collection to utilise ERC-6551 (Sapienz from Stapleverse has taken that claim), we expect it to bring the most attention to the new ERC standard.
This might be one to get in on closer to the mint date if ERC-6551 gains more attention.
The arguable downside is the large collection size of 20,000.
We recommend you keep watch of the progress of ERC-6551 and further announcements from Fewocious regarding this.
Fewos Presale Details:
> For free mint, you'll have to own an NFT from "FEWOCIOUS x FewoWorld: Paint".
> To get a discounted mint, you'll have to be a Fewocious art holder.
Relevant Links:
Website: fewoworld.io
FewoWorld Twitter: https://twitter.com/FewoWorld
Fewocious: http://twitter.com/fewocious
Quick Fire News
OpenSea Pro releases 2 new features, "Proceed Based Listings" and "Whale Activity"
NFT AMM Protocol sudoswap announces that v2 is now live
PUMA partners with NBA star LaMeloBall and Gutter Cat Gang for NFT sneakers
Lens Protocol announces a $15m funding round
Blur updates "Bidding Points" to reward bidders who take real risk
NFT Inspect introduces a Chrome extension that incorporates NFT Twitter search
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