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📉 Market
OpenSea volume check-in
OpenSea USD volume is at the lowest level its been since August 2021
OpenSea ETH volume is at December 2021 levels
Via @punk9059
Goldman Sachs says the crypto slump has little impact on the economy
Crypto still represents a negligible portion of the average household’s net worth.
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Crypto represents just 0.3% of the average household’s net worth
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The total crypto market cap stands at $1.3T as the cumulative net worth of American households sits at $150T.
Representing 33% of the average American household’s net worth, equities play a far larger role in spending habits. One study showed that for every $1 decline in equities drop spending drops by 3 cents. Over the last 5-months, this equates to a ~$300B reduction in consumer spending. With consumer spending accounting for 70% of US GDP, many on Wall Street are predicting that the US will soon fall into recession.
Li Jin on Magic Eden vs. OpenSea
👤 Social & Collectibles
Not Okay Bears
Not Okay Bears, A derivative of the popular Solana-based PfP project, Okay Bears was delisted from Opensea (Most likely due to a DMCA takedown request).
Derivative projects get delisted every day from OpenSea but a few things make this one special:
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This time the OG was on Solana and the derivative was on Ethereum. It’s almost always the other way around.
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It really sparked the Ethereum vs. Solana rivalry.
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Not Okay Bears was the most traded collection on Ethereum over a 24-hour period starting on May 16th.
Moonbirds airdrops Oddities
PROOF Collective’s PfP Moonbirds airdropped Oddities to its holders.
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The floor sits at ~3.8 ETH
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They were designed in collaboration with Gremplin
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The art will be revealed in July 2022
The number of Moonbirds listed on OpenSea dropped post airdrop – almost every other airdrop resulted in the opposite.
Several NFT project Discord servers (Moonbirds, Cool Cats, PXN) were hacked
The MEE6 Discord moderation bot was temporarily compromised, opening the door for hackers to infiltrate popular NFT servers. An employee of MEE6 briefly had their account hacked allowing attackers to use MEE6 to post unwanted messages.
Timpers launches Chimpers
Pixel artist Timpers launched Chimpers on May 20th. The floor rose to as high as 5 ETH but has since sunk back to around 2.5 ETH.
Heaven Land’s 24 hr volume surges to the top of OpenSea
NounsDAO Prop Houses
Prop houses were launched to scale Nouns DAO ecosystem funding.
🎮 Gaming
A16Z’s new $600M gaming fund
The fund will be led by general partners Andrew Chen, Jon Lai, and James Gwertzman. Its backers include the founders behind King, Discord, Roblox, Zynga, Twitch, Blizzard, and Riot Games.
The fund will invest in three key areas within gaming:
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Game Studios
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Games x Consumer
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Infrastructure
Recent gaming specific funding rounds
🌎 Virtual Worlds
Voxels airdrop
Decentraland stabilizes wearable publication fee
The wearable publication fee will be $500 USD instead of 500 MANA. This was done to protect creators from the volatility of MANA which would sometimes make the fee too high.
🎨Art
An Artist quadruples web2 yearly earnings with 1 NFT
A pixel artist, @jmw327, still struggling to sustain themselves through traditional web2 means, despite their 150K+ followers, decided to give NFTs a shot.
…and proceeded to 4x their yearly earnings
Foundation has opened up to all creators
📰 Mainstream
OpenSea launches Seaport marketplace protocol
The new marketplace protocol will bring some interesting new features:
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Bundling different assets in exchange for an NFT – instead of only bidding in wETH you can bundle together different assets to make a bid (ex. bidding a 40 ETH Doodle and 60 ETH for a 100 ETH BAYC)
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Bidding on specific traits from a collection
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Tipping
Here is a great thread that breaks down the current Wyvern Exchange protocol
LinkTree adds NFT features
The Link in bio site popular with creators has partnered with OpenSea to add some NFT features including:
👀 Drama
Do Kwon and SBF whistleblowers
Milady
📚 What we’re reading
Virtual Beings: a New Internative-Native Medium for Storytelling
