M6 Labs NFT Weekly

GM! The NFT market is undeniably picking up steam once more. It appears that NFTs from various ecosystems are gaining popularity. The highlight of the week has been the remarkable surge in activity related to Bitcoin inscriptions.

It will be intriguing to observe how inscriptions spread to other blockchain networks after drawing inspiration from the Bitcoin ecosystem.

News

• Fxhash has launched. A generative art platform that emphasizes openness is launching the 2.0 version of its site. The evolution will see the project go multichain, expanding from its Tezos roots to now additionally supporting mints on Ethereum

• Developers of Axie Infinity have partnered with gaming development company, ‘Foonie Magus’, to launch their new game. 

• Sound partner with Coinbase to launch music quest collection.

• Team Liquid, a leading esports organization, is partnering with Illuvium to beta-test Illuvium: Arena. 

• Buterin Cards have completed its mining process.

• Echelon has scheduled the launch of Sanctuary for Dec 11, a customized Parallel marketplace.

• Fren Pets has unveiled its latest roadmap.

• Ethereum gaming NFT marketplace Aqua shuts down citing slow industry growth.

• Animoca Brands is one of the biggest investors in the crypto space. One of the sectors they are most heavily invested in is GameFi. DeFi_Mochi dives into some projects in their gaming portfolio.

Blue Chip Overview

Recent weeks have seen a significant surge in various collections, showcasing the dynamic and often unpredictable nature of this market. Pudgy Penguins has soared in the last week, while other collections have also seen notable increases in value. Kanpai Pandas rose by 69% to 1.4 ETH, Azuki by 13% to 6.8 ETH, World of Women by 52% to 1.36 ETH and Cool Cats by 29% to 1.1 ETH.

Mad Lads: The standout performer in this recent NFT surge is Mad Lads on the Solana blockchain. This marks a significant increase from its value in early November. Mad Lads has also been the top seller in the 24-hour NFT sales volume chart, surpassing even the popular Bored Ape Yacht Club on Ethereum during the same period. Factors contributing to Mad Lads' success include the recent rise in Solana's price and unique features such as its connection to the Backpack app and executable NFTs (xNFTs). Additionally, Coral, the startup behind Mad Lads, is launching its own crypto exchange, adding further value to the collection​​.

November witnessed $605M in Ethereum-based NFT trading, a significant increase from the previous month. Solana-based NFT marketplaces have also seen increased trading volumes in November and December, reaching $9.3M on November 30, with Tensor being a significant contributor.

This surge was not confined to a single blockchain but was seen across various platforms, indicating a broad-based recovery in the market. Bitcoin Ordinals, NFTs inscribed on the Bitcoin blockchain, led the way with a trading volume of $370M, marking a 2163% increase. Ethereum-based NFT collections followed closely with a trading volume of $344M, a 51.70% increase. Other Solana-based NFTs and collections on Mythos Chain and Polygon also recorded significant trading activities, with increases in sales volume of 162%, 29%, and 34%, respectively​​​​.

Shifts in Trading Platforms and Market Dynamics: A significant development in the NFT market has been the shift in trading volume from OpenSea to Blur. As of late 2023, Blur dominates almost 80% of the NFT trading volume, a dramatic rise from its inception in October 2022. This shift indicates changing preferences among NFT traders and collectors, favoring platforms that cater more to their needs. OpenSea, once the dominant marketplace, now holds around only 17% of the total NFT trading volume​​.

Challenges and the Road Ahead: Despite the recent surge, the NFT market continues to face challenges. Aqua, a gaming NFT marketplace, shuttered its operations in December 2023, citing the slower-than-anticipated growth of the Web3 gaming market. 

In summary: While the recent trends suggest a possible end to the 'NFT Winter,' it is crucial to acknowledge that the market is still recovering from its previous highs. The fluctuations experienced throughout 2023, from the peak in February to the low in September, exemplify the roller-coaster nature of the NFT market. Nevertheless, the resurgence, particularly in November, has infused optimism among enthusiasts and investors, raising expectations for sustained growth.

Degen Corner

• Cradles, a dinosaur-themed MMO, has introduced its game token CRDS and is offering players the opportunity to earn rewards by holding or staking these tokens. Additionally, players can obtain CRDS tokens through in-game activities.

• The Bruce Lee: Year of The Dragon digital collectible series will be released exclusively on EthernityChain on December 16th. 

• Join the waitlist to experience Wanderers.AI, a game supported by prominent backers including Animoca, OpenSea, and GameFive. Sign up here.

• Parallel Season 5 is now underway, offering exciting opportunities to acquire the latest Legendary Cards and Battle Pass Cosmetics. 

• Animoca Brands is collaborating with Pixels to enable players with a Moca ID to earn Realm Points by completing introductory quests in the multiplayer farming game. Additionally, Moca ID holders can use their Moca NFT as an in-game avatar and access various benefits and rewards within the Mocaverse ecosystem. Get your Mocaverse ID here.

• NFTfi is heating up and progressing. Hyperliquid has introduced a new NFTI index, marking a significant step in the evolving NFT market. Meanwhile, LooksRare is undertaking a significant transition with its LOOKS rewards migration, a move that reflects the platform's evolving strategy and user engagement approach. Additionally, NFTfi.com has rolled out its Rewards Season 2 campaign.

• BitsCrunch, the NFT data platform, is scheduled for a token sale on Coinlist, set to take place on December 14th. To participate, registration must be completed by December 11th. During the sale, 6% (equivalent to 60 million BCUT tokens) of the total token supply will be offered at a price of $0.055 per token, with a total valuation of $55M FDV. 

• The Sandbox is opening up publishing to land plot owners, allowing them to create, publish, and advertise their own unique experiences without the need for an application process. This move is expected to lead to a significant expansion of user-generated content within The Sandbox.

• BEAM has surged by 200% over the past month. Beam is a gaming-focused Avalanche subnet from the gaming guild Merit Circle. BEAM's surge is indicative of the GameFi sector's recovery.

• ILV has crossed $100, gaining 54% in the last 30 days. However, the price has since corrected by 5% over the last week. ILV has benefited from the bullish sentiment around GameFi.

• RON has jumped by 42% over the last week. Daily active users (DAU) on the Ronin chain have consistently risen.

• MAGIC has jumped by 24% over the past two weeks. However, the price has corrected by 4% over the last 24 hours and settled around $0.88.

• WILD has jumped by a staggering 36% this past week as Wilder World prepares to unveil its multiplayer metaverse at Gateway Miami.

• ATLAS has increased by 20% this past week as the overall market cap nears $100M.

• WRLD surged by 165% in the last 14 days as the token looked to touch $0.1. Following this, NFT Worlds has been given a “high risk, high reward” rating by Investors Observer.

• DFL has also been on a tear, jumping by >50% over this past week. Overall marketcap has exceeded $25M.

• GALA has dropped below the $0.03 psychological level because of a short-term correction. 

• BLUR has dipped below $0.5 following an 8% correction. Marketcap still remains above $560M.

• SAND spiked by 8% this past week, going up from $0.40 to $0.445. There is some speculation on X that The Sandbox might be potentially moving to Ronin.

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