NFTuesday - $2M+ Comes and Goes
PLUS: The latest on Porsche, Doodles, RTFKT, and more
👋 Welcome to the 48th issue of The Syllabus from Invisible College—a newsletter that helps you navigate the fast-moving world of web3. To get it delivered straight to your inbox, subscribe here:
The Weekly Numbers
Top Five Blockchains by Sales Volume:
Ethereum: $176.54M - ⬇️ 17.84%
Solana: $26.55M - ⬇️ 17.03%
ImmutableX: $3.52M - ⬆️ 25.12%
Cardano: $3.09M - ⬆️ 1.54%
Polygon: $2.17M - ⬆️ 2.08%
Top Five Projects by Sales Volume:
Otherdeed: $15.04M - ⬆️ 75.66%
Sewer Pass: $13.47M - ⬇️ 69.00%
BAYC: $11.94M - ⬇️ 15.08%
MAYC: $10.74M - ⬇️ 44.43%
Doodles: $10.55M - ⬆️ 399.61%
(Source: Crypto Slam)
The News and Narratives
This week, Ethereum sales numbers are down. It was a predictable trend after the massive week Yuga Labs’ Sewer Passes had last week when they alone accounted for nearly 1/4 of all secondary sales on Ethereum. They’ve since cooled off but still sit near the top of the charts for the second week in a row. With the Dookey Dash game still live for a couple more weeks, we expect them to remain at or near the top for now.
ImmutableX had the largest growth in sales, mostly driven by the Gods Unchained game, which accounted for $2.53M or ~70% of all sales on the blockchain. The game has been a fairly reliable mainstay on top of the ImmutableX charts for months now.
$2M+ hack
Kevin Rose, the founder of Proof and one of the most well-known people in the crypto and NFT space, had his vault wallet drained last week. The hacker was able to steal over $2 million worth of tokens and NFTs, including an Autoglyph worth 350+ ETH and multiple Squiggles.
The hack was carried out by using Seaport’s approvals architecture. Seaport is an open-source marketplace protocol built and used by the OpenSea team.
We’ll be sharing a bit more about this hack, as well as a scam that I fell victim to just yesterday, in our next issue. Be sure to subscribe so you get the post in your inbox later this week.
$2M+ open edition
Over the weekend, the artist NessGraphics shared an open edition entitled M0N3Y PR1NT3R G0 BRRRRRR that was only open for one hour at a mint price of 0.069 ETH. A total of 20,357 NFTs were minted, which netted the artist over $2 million.
NessGraphics isn’t new to the digital art scene. He has previously sold animated pieces on SuperRare for upwards of 100 ETH (pictured below), as well as with the Sotheby’s auction house.
NFT mint refunds?
This Twitter user shared a thread on an interesting law that could potentially apply to people who mint projects and live in the EU or UK (and a handful of other countries, although, notably, not the US):
Long story short, there’s a law on the books that provides consumers with a 14-day cancellation period when they buy things online. This includes both physical and digital goods, which presumably could also include NFTs.
This person discovered the law because the legal team behind the Porsche project added a checkbox that waives your right of withdrawal. The cancellation period can also be extended to up to 12 months if the online retailer doesn’t make you aware of the law. So now this person is also trying to get a refund on his Otherdeed mint from Yuga Labs.
But maybe he shouldn’t ask for a refund?
Updates on Existing Projects
PORSCHΞ 911
Current floor price: 2.30 ETH
Since our last NFTuesday edition, the Porsche 911 project has made a complete 180º turn. Shortly after we hit publish, they published this tweet:
And then followed it up the next day with a thread about the utility NFT holders will get. They include behind-the-scenes access, co-creation workshops with Porsche’s core web3 team, real-life events, and more.
The market responded quickly with a flurry of sales and the floor price jumped from a low of 0.88 ETH to as high as 2.985 ETH just over a day later, and it has been hovering between 1.9 and 2.7 ETH ever since.
Doodles
Current floor price: 6.63 ETH
You might’ve noticed Doodles in the top-five projects at the top of this newsletter and thought the increase in sales volume would also mean an increase in floor price. But it’s been quite the opposite.
Last Wednesday, Doodles made the announcement that their Doodles 2 collection will be on the Flow blockchain.
The decision is all about scale. They want to expand beyond the more clunky and expensive Ethereum ecosystem into one that can handle way more volume. But this did not go over well with current Doodles holders and the floor price went from a high of 8.16 ETH down to 6.63 ETH where it is now.
Two of the Doodles founders also happen to have worked at Flow previously, so I suppose the decision shouldn’t have been a surprise. Some prominent NFT influencers aren’t happy:
Ultimately, though, if top-tier NFT brands want to scale in the near term, they’re going to have to do so on a different blockchain than Ethereum.
RTFKT Exodus
Current floor price: 1.42 ETH
The RTFKT team released what appears to be an elaborate staking mechanism wrapped in lore. To be fair, the lore is top-notch, which I suppose is to be expected given the resources at their disposal now that they’re a part of Nike.
Here’s the promo video they shared today:
The Exodus website is also well-done with some additional backstory and videos, although it still might leave anyone who’s not steeped in the RTFKT ecosystem quite confused. They have so many different NFT collections, including collaborations with artists and brands, that it’s hard to keep track of what’s what.
The graphic tweet below shows what might be hinting at a form of staking:
Terms like “hibernation speed” seem like a dead giveaway for staking. But, as someone who’s watched Spaceballs countless times, I’m disappointed they didn’t include Ludicrous Speed.
As always, none of this should be construed as financial advice. Please do your own research.
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