GM. This is Milk Road. We’re crypto’s Postal Service - bringing you news, stories, and memes every day. And yes, we deliver on Sundays.
This week, we’re trying something new - we’re giving you a full edition on everything NFTs so you can survive and thrive in the bear market.
Here's what we're serving up for you today:
- Top 10 NFT Collections of the Week📊
- Why NFTs are Down Bad📉
- Sales of the Week💰
- Bored Ape Yacht Club’s new dynamic NFT collection👀
TOP 10 NFT COLLECTIONS📊
The top 10 NFT collections on Ethereum and Solana saw a total volume of $60M+ this week.
Here are 3 that made big moves this week:
1/ OTHERDEED
What is it? An NFT land project launched by Yuga Labs (creators of the Bored Ape Yacht Club collection).
What happened?
- Announced a new strategy game called Legends of Mara that will be available to Otherdeed holders
- Gucci confirmed a Yuga Labs collab, “blurring the boundaries between the physical and digital”
Introducing Legends of the Mara, a 2D experience with its own companion collection. Claim your Vessel, discover its potential, and forge your path. Otherdeeds with a Koda will be able to decouple in advance of the game launch. Step into lotm.otherside.xyz and the 🧵 below
— Othersidemeta (@OthersideMeta)10:29 PM • Mar 27, 2023
2/ DELABS
What is it? Creators of popular projects like y00ts and DeGods
What happened? y00ts and DeGods migrated to new blockchains this week
- y00ts moved from Solana → Polygon. As of now, 12.2 of the 13k minted y00ts have successfully bridged their NFTs
- DeGods moved from Solana → Ethereum on Friday. So far, 7,300 of the 9,465 DeGods have been bridged.
- Internet personality Hasbulla also picked up a y00ts on Tuesday
mfer was free, welcome home
— Hasbulla (@Hasbulla_NFT)2:59 AM • Mar 29, 2023
3/ NAKAMIGOS
What is it? A new NFT project that launched this week.
What happened?
- Launched this week and has been the new talk of the NFT town
- In its first five days, it has already seen more lifetime trades than Bored Ape Yacht Club (!!)
Nakamigos on OpenSea: opensea.io/collection/nak…
— Nakamigos (@Nakamigos)8:29 PM • Mar 23, 2023
NFTS ARE DOWN BAD. HERE'S WHY📉
March was a rough month.
Floor prices across most NFT collections dropped. Weekly trading volume plummeted. And everyone's March Madness brackets got busted. (R.I.P)
So what got us here? The 3 most feared letters in crypto - F.U.D.
1/ FEAR
March had one negative headline after another.
- Silicon Valley Bank collapsed
- Coinbase received a Wells notice from the SEC
- Binance got sued by the U.S. government
Since the SVB saga, unique NFT buyers per day have been about 25% lower than they were before. Feels a bit like a structural shift happened then. One of the many topics we discussed in our daily show: youtube.com/watch?v=pmZ7VR…
— NFTstatistics.eth (@punk9059)10:27 AM • Mar 29, 2023
And if that wasn’t concerning enough, there’s a new bill called The Restrict Act which could target crypto in the U.S.
When it rains, it pours.
2/ UNCERTAIN MACROECONOMIC CONDITIONS
The economy is in a tough spot right now.
Layoffs are happening left & right and inflation is still up big (4x higher than it was in 2020.)
With an uncertain job market and an inflated cost of living, all people care about is paying bills and buying cheap eggs - not spending money on JPEGs.
3/ DOUBT ABOUT BLUR
Blur is an NFT marketplace that’s taken over the space this year - over the last 4 weeks, it's processed ~$1.1B of NFT volume. (To compare, OpenSea saw ~$270M)
Similar to X2Y2 and LooksRare, Blur rewards its users with tokens for trading on its platform. The more trades you do, the more $BLUR tokens (i.e. free money) you get.
In February, Blur gave away ~$400M worth of tokens to its early users. Pretty cool right?
Well, while this reward system has its perks, it also incentivizes wash trading. It's estimated NFT wash trading across the top 6 marketplaces totaled $580M in February.
To learn more about the Blur marketplace, check out our Blur deep dive.
With everything going on right now, we asked Twitter what they thought the biggest problem in the NFT space is right now.
Here are some of our favorite responses:
Accountability. First. Second. And third.
— YΞlawulf.eth ᵍᵐ (@_Yelawulf)8:33 PM • Mar 27, 2023
"Success" is determined by price speculation
— NFT Shark (@nftshark_)8:37 PM • Mar 27, 2023
everyone keeps copying each other and building same stuff
— VɪᴄᴛᴏʀɪᴀWᴇʙ3 (@VictoriaWeb3)9:42 AM • Mar 28, 2023
Ultimately, the NFT market is in uncharted territory and no one really knows what will happen going forward.
But with continued fear, unsteady macroeconomic conditions, and more Blur farming, things will probably be messy for quite a while.
Stay safe out there, Roaders.
SALES OF THE WEEK💰
- Sold for 318 ETH (~$557k)
- With only 49 blue beam traits in the entire 10k Bored Ape collection, this was the highest NFT sale in the past seven days
- Sold for 40 ETH (~$72k)
- Aliens are the rarest type in the 9.9k Captainz collection, with only 68 total
- This Alien is the highest Captainz sale so far
- Sold for 20 ETH (~$35k)
- Despite the collection only existing for one week, this rare ghost Nakamigos sold for an all-time high price of 50x the floor
- There are only 9 ghost traits in the entire 20k collection
MILK & COOKIES 🍪
Bored Ape Yacht Club reveals details about its new dynamic NFT collection. The Yuga announcements just keep coming.
MetaMask shuts down rumors of an upcoming airdrop. Be on the lookout for fake sites and scams.
PROOF announces a new series with 10 emerging generative and AI artists. This is the first partnership between PROOF and Art Blocks Engine.
MILKY MEMES 🤣
Waiter: “would you like a free mint on your way out?” NFT mfs:
— alexjm 🍿 the blue roo 🦘 (@alexjmingolla)12:31 AM • Mar 30, 2023
Perspective is everything
— Alan Carroll (@alancarroII)1:07 PM • Mar 17, 2023
That's a wrap for today. Meet us on Twitter to talk all about it. It’s kinda like a family BBQ but better - no screaming kids, awkward photos, or drunk uncles telling weird stories(@MilkRoadDaily)
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Happy sunday, milk road fam!
— Milk Road (@MilkRoadDaily)3:11 PM • Apr 2, 2023
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
