Market Updates

Weekly NFT Volume

Weekly NFT Volume remains choppy as NFT winter continues, seeing an overall 22% dip in volume from the previous week.

Blur continues to dominate the market with bulk of the volume on the trader-focused marketplace.

Blur bids, lending, and borrowing activities have also seen a decrease this week, a dangerous indicator of cascading interests in NFT trading.

Blur averages 70% of the volume throughout the week, while Opensea + Opensea Pro takes an average of 24%.

Weekly Active NFT Traders

A change in the weekly active traders chart, as we see 30 days as a better overview than a short 7 days chart.

This week, weekly active traders have seen a significant dip, with roughly 7000 less active trading wallets as compared to the previous week.

Large Cap PFP Index

Along with the cascading active wallets and volume, Large Cap PFPs have taken a hit.

The Yuga ecosystem struggles, as the gap between CryptoPunks and BAYC widens, while the gap between MAYC and Azuki closes.

Both BAYC and MAYC have taken hits in their floor price this week with BAYC dipping a slight 1.38% and MAYC dipping a chunky 5%.

DeGods are on a tear this week, rising a huge 11.72% as DeGods tease their future plans in a Twitter post.

CloneX saw the most significant dump of 14.87%, dropping below the 50,000 ETH Market Cap.

Mid Cap PFP Index

Mid Cap PFPs faced a bigger hit this week, naturally as they tend to be less stable than the bigger Market Cap projects.

VeeFriends, Doodles, and Moonbirds have dipped below the 20,000 ETH Market Cap, slightly dropping out of our definition of a Mid Cap.

Almost every Mid Cap has dipped this week but a surprisingly resilient Milady Maker sees a slight rise of 1.31%.

BAKC, Beanz, Doodles, and Moonbirds see the biggest hits of 9.9%, 8.46%, 9.33%, and 9.22% respectively. Wild, but not surprised.

Trending NFT Projects of the Week

A worthy mention that Goblintown has doubled in floor price since the start of the week seeing huge sweeps on Monday with countless Twitter mentions of their game "Only Up".

Spotlights

Recursive Inscriptions, a game changer for Ordinals

Bitcoin Ordinals started gaining a ton of traction towards the end of April 2023, with more than 12 million inscriptions to date. Thanks to Ordinals (mostly PFP inscriptions), Bitcoin is now second for volume, boasting about 1/3 of the volume on Ethereum. For more Ordinals statistics, check out this Dune dashboard.

This eventually led to the development of Recursive Inscriptions, which is a new feature that allows new inscriptions to be much cheaper.

How does it work?
Recursive Inscriptions call data from prior inscriptions. What this means is, we can now take data from earlier inscriptions and use that to create a new inscription.

Since each Bitcoin inscription can only store up to 4MB of data, Recursive Inscriptions offer a way to work around this limit. Users can call complex code and/or data from existing inscriptions and build on top of them, which means they do not have to take up data space by deploying the existing code on a new inscription entirely.

One prime example of how it helps new PFP Ordinals projects is, a new 10,000 supply PFP project can first inscribe its 200-300 traits as individual Ordinals. Then, using Recursive Inscriptions technology, inscribe the remaining 10,000 by taking data from the 200-300 traits inscriptions and putting it on the base trait.

This method saves a good chunk of inscription fees, as there are only 200-300 new inscriptions needed, as compared to inscribing 10,000 new ones.

What does this mean?
While Bitcoin Ordinals face divided opinions due to the concerns of congesting an already slow network, there are benefits such as being "fully on-chain".

Recursive Inscriptions could be helpful with hosting larger files, such as video games and more complex codes, widening the possibilities of the Bitcoin chain.

We see Recursive Inscriptions as an overall positive improvement as it allows for more interoperability and reduces data storage needs as compared to the usual inscription framework.

If you are an aspiring founder of a Bitcoin Ordinals project, this might just be the technology to utilise.

Relevant Links:
Ordinals Dune Dashboard: https://dune.com/dgtl_assets/bitcoin-ordinals-analysis
Magic Eden Ordinals Marketplace: https://magiceden.io/ordinals

Snoop Dogg drops new NFT collection that evolves as he tours

Rap icon Snoop Dogg has partnered with Web3 platform Transient Labs to launch the "Snoop Dogg Passport Series." This collection aims to enhance fan engagement by offering exclusive experiences like behind-the-scenes footage and merchandise from his upcoming world tour.

The Passport token includes a feature called "dynamic refresh" that allows the metadata of the token to be updated in real-time without a refresh. Snoop Dogg's team constantly uploads backstage or on-the-bus content, keeping the token continuously updated for real-time insights into Snoop Dogg's world.

Passport NFT Details:
> 0.025 ETH, on Arbitrum
> Unlimited supply
> The first “evolving digital tour collectible”
> "Snoop Selects" digital artwork airdrop for holders

What does this mean?
We've seen music artists launching their own NFT projects with Tory Lanez launching his album "When It's Dark" as NFTs, and Takeoff launching a Space-Ape themed NFT project.

The music industry is increasingly tapping Web3 technology, with big platforms like Spotify exploring token-gated content. This shows promising signs of the blockchain's use cases for music.

While most of these artists see NFTs as a new revenue stream, it also provides a new way for them to interact with fans and add a level of personal touch.

For instance, Takeoff's project, "Apes In Space NFT", had a goal of sending one lucky holder on a real-life space journey with Takeoff himself. A privilege that diehard fans will dream of.

With the use of NFTs, artists can provide access to fans and allow for more exclusivity than ever before. This could potentially pave a new way of fan interaction and build loyalty. We expect more artists to follow suit, should we see positive reception of the Passport series.

Relevant Links:
Apes In Space NFT OpenSea: https://opensea.io/collection/apes-in-space-nft
Snoop Dogg Passport Series Website: https://www.snooppassport.xyz/
Snoop Dogg Twitter: https://twitter.com/SnoopDogg
Transient Labs Twitter: https://twitter.com/TransientLabs

Origins NFT sunsets operations

Origins NFT was founded by Jumpman, a well-known figure/trader, in September 2021.

Origins prided itself on being a data-driven NFT community that consists of dedicated traders and investors, who utilise their in-house tools, automated bots, and partnerships to extract insights from the market.

At its peak, it was considered to be one of the best alpha groups in the space. Jumpman even announced a $4 million seed round funding for Origins, led by Mirana Ventures.

A raise for what seemed like a regular alpha group was unheard of, but it was proof of the potential Origins had.

What Origins NFT has built:

> A custom Discord bot that provides
> Market Summaries
> Collection Statistics
> Collection Dashboards
> Listings Dashboards
> Alerts

Origins explained in a tweet that "despite their best efforts at building and iterating on multiple, sustainable, revenue-generating products geared toward both B2C and B2B customers, they're nowhere close to covering their technical infrastructure and overhead costs".

Despite this sad news, many have shown their support, replying with encouraging remarks. Big names like Wizard of SoHo, 0xLungin, ohDots, have sent their well wishes, praising Jumpman for his work.

A testament to the positive impact Origins left on the NFT space.

What does this mean?
It's clear that running an NFT project isn't easy and building a legitimate product requires a lot more resources than we think. Despite having received $4 million funding, Origins struggled to stay afloat.

Could we see more projects follow the same trajectory? Definitely. We expect more projects to shut down, whether it be the lack of resources or the lack of competencies.

This is also a sign for projects to look further into the future and urge sustainability in the long run.

If you're a founder or an aspiring one, be sure to look out for these financial pitfalls.

Relevant Links:
Origins Twitter: https://twitter.com/OriginsNFT
Jumpman Twitter: https://twitter.com/jumpmanft