Stay in the Know. 

• 🤯 South Korean GIANT takes on NFTs

• 🎹 Music platform enters NFT space

• 🎩 Web3 tips and tricks

After the recent NFT run, how are things actually looking?

NFT Market Update 📊

Non-Fungible Tokens (NFTs) have been making headlines this year, especially with the release of Ordinals in January and then the huge hype around the $BLUR airdrop, but how is the NFT market actually looking?

Although things seem to look good, over the past week we have seen roughly a 50% decrease in volume, and on top of this sales are also down by around 35%!

So, what is the reason for this?

The most likely reason is the uncertainty in the financial markets and economy, as the riskiest assets tend to sell off first and NFTs fall into that category just like crypto, except there is even less trust with NFTs than there is with crypto sadly.

It is also important to understand that the hype has been around Ordinals and airdrops recently, with investors seemingly looking to grab a quick gain instead of a longer-term investment, which is seeing NFT sustainability struggling to consolidate as a result. 

Finally, the chart above shows ETH unique wallets that traded an NFT in weekly form. The data shows a significant drop off in 2023, which again links into what was mentioned above.

The risky assets get sold off first, and with crypto being trusted more than NFTs, at least for longer term gains, right now it doesn't seem like there is interest in NFTs due to market conditions and if not for the recent releases and airdrops, perhaps this would be even worse.

Unless something drastic changes, it seems this may continue until market conditions improve significantly and there is no timeframe of when this could happen. Despite the market down-time, innovation in the digital collectibles space doesn't show signs of slowing down.  

🤯 South Korean GIANT takes on NFTs? 

We have seen a resurgence from NFTs this year, especially with Ordinals taking the Bitcoin blockchain by storm then followed by the $BLUR airdrop. If you’re an NFT fan, then things are still looking positive as a major South Korean company; Lotte Group has just partnered with Polygon to release a stream of NFTs.

Who are Lotte group and why is this important?

Lotte Group is the 5th biggest conglomerate in South Korea, with total assets valued at around $92B, this is a big player to be moving significantly into the NFT world.

This is important as from an institutional point of view, a major worldwide company like Lotte will help not only expand NFT exposure into mainstream eyes, but also it will entice more companies to get involved in the Web3 space.

ADOPTION ⁉️

Who will be the next big hitter to join the NFT building club? Either way things are looking great and adoption continues to grow in the Web3 space, it is only a matter of time before adoption will move into the mainstream.

If you want to know more about the Lotte Group and their Polygon partnership, check it out below!

 🎹 Music platform enters NFT space?

Speaking of new powerhouses getting involved in the Web3 world, please give a drum roll for…

SPOTIFY ⁉️

Yes, Spotify has also been working towards a clearer vision in the Web3 space, with an interest in NFT integrations, and has actually gone ahead and announced they’re teaming up with KINGSHIP on a token-enabled playlist. However, if you were looking to get involved, this is a special curated playlist exclusively for KINGSHIP Key Card (NFT) holders.

Pretty dope, right? Overall, this is MASSIVE news in terms of adoption with Spotify having over 450M active monthly users, which could enable hyper Web3 adoption in years to come! Major streaming platforms are likely to follow, and new discussions around streaming royalties and music licensing will surely be unlocked. We can see this shift coming from platforms such as Pixelynx (founded by music moguls Richie Hawtin and Joel Zimmerman aka deadmau5) that are already pioneering the way music can be consumed and distributed, via the format of NFTs and Metaverse experiences. 

You could say that is music to our ears… 🎵👂

Yes, that was a horrible pun, but we are excited, AND we are not the only ones excited, a certain someone in the Web3 world is too.

For Mr. Binance himself, CZ tweeting about such news is obviously a good sign, so definitely keep a look out for developments over the next few months.

If you want to find out more on the Spotify and KINGSHIP NFT integration, take a look below 👇

 🎩 Web3 tips and tricks  

Stay in the know. 

First on our list is Token Unlocks. It's like a database for cryptocurrency token unlocks, it shows you the vesting periods of various token projects. You can use a tool like this to spot liquidity moving into the markets, and scope out long term trends that signify potential sell-offs. 

Why are unlocks important? Seed / private investors (“VCs”) can buy coins at discounted prices but they have vesting periods. When vesting period ends, VCs “unlock” their coins (i.e. they can dispose them), given they bought at deep discount, they often sell large portions to take profits. As we all know, selling pressure makes the price decrease. 

Next up we have an actual person rather than a analytics tool! However, they seem to perform equally well, if you're not familiar with ZachXBT yet, make sure to check him out for the uncovering of on-chain events and money movement.

There's more, we've included two more profiles to follow for breaking news in the markets, so you can stay sharp. 

Weekly NFT data 🧩

Here are some interesting 7D NFT stats 👇

First we have the Top 10 NFT collections in the last 7D.

As you can see, we have BoredApeYachtClub in first place, with an 11% increase in the weekly volume, with BoredApeKennelClub being the only other 7D volume in the green, with a 10% increase. Signs of troubled times ahead?

Here are the top 5 NFT sales in the last 7D.

As you can see we have Sewer Pass #21915 in first place by quite a bit, in fact not only did it sell for $1.2M more than second place Autoglyphs, but it sold for more than the other top 5 NFT sales combined! 🤯

Lastly, here are the top 5 NFT marketplaces in the last 7D.

Blur is sitting in first place, ahead of OpenSea which may surprise many people, however, there is still a significant increase in the amount of traders on both platforms, in fact OpenSea have over 60k more traders despite having nearly FIVE times less trading volume!

Although, despite the volume difference, things seemingly look positive for OpenSea with a big increase in weekly volume at 65% compared to Blur who saw a decrease of 23% as well as a 15% drop in traders.

Could this signal the end of the $BLUR airdrop hype and will we see OpenSea claw back dominance in the NFT marketplace wars? ⚔️

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Written by Lewis 🕵️

DYOR – authors of All Things Flooz newsletter own cryptocurrencies and stocks. 

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Not financial or tax 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.