During the second half of 2022, the NFT market is near the crypto market as a whole: continuing along Bear Street with no significant indications of a change in direction. Daily sales volumes have decreased, Solana’s cheap gas prices and burgeoning community are establishing themselves as the main threat, and OpenSea’s troubles persist, with the loss of a co-founder and an increase in suspicious flags on valuable collectibles.
It’s hard to see things going worse than we’ve seen this year. This sets up an intriguing plot for the remainder of the year. Let’s analyse the NFT-related activity and action over the last week.
OpenSea Co-Founder Steps Down
OpenSea co-founder Alex Atallah (left). Source: CoinCu
This week, OpenSea co-founder Alex Atallah stated on Twitter that he was resigning from the platform to concentrate on other projects. Atallah will continue on the board of directors for OpenSea, but in a blog post, he emphasised his wish to return to his primary passion: inventing something from scratch.”
3AC’s NFT Holdings
3AC Allegedly Owns Crypto Punks, Bored Apes, and other NFTs Worth Roughly $7.36M. Source: Ethereum World
In the crypto world, the demise of the big crypto hedge fund Three Arrows Capital has not been a quiet affair. This week’s Dune Analytics dashboard outlines what is believed to be some Ethereum-based NFTs in 3AC’s wallet, including a dozen CryptoPunks, approximately $2.5 million worth of ArtBlocksCurated, and various ArtBlocks, Autoglyphs, Chromie Squiggles, Mutant Apes, and a single Bored Ape.
Yuga Labs With ‘The Otherside’ Metaverse Test Run
‘The Otherside’ Metaverse – Yuga Labs (Source: Yuga Labs’ trailer)
We are just one week away from the projected release of Yuga Labs’ official Otherside Metaverse, but we were fortunate to get a sneak peek last week when load testing started to be conducted. The Otherside is a major expansion of the developer’s flagship NFT, Bored Ape Yacht Club, consisting of ‘The Otherside’ metaverse land NFTs and an upcoming ‘video game’-esque metaverse for BAYC holders to connect digitally. Some customers stated they could not access the platform, which was limited to 3,000 people. However, audio-visual effects seemed to function without difficulty during the load testing conducted last week.
— Herman Narula (@HermanNarula) July 9, 2022
Bagners & Bots
Bagner NFT Collection
The most recent topic of conversation among individuals who follow the most meme-ifiable collections is “Bagners.” It spread like wildfire, and its origins have been the subject of inquiry. Some say it began with a simple typo in a group chat, while others say it originated from someone who accidentally purchased the ENS domain’ bagner.eth’ (rather than ‘banger.eth’).
Regardless, it became quite popular and spread rapidly within days. The mint was bottled and sold out within seconds, with moderate results on the secondary market. At the time of publication, the Bagner floor is around 0.04 ETH. Critics have remarked that it seemed unnatural and’ influencer pump and dump’ esque. Based on the free mint results, we’re approaching an NFT market that resembles the resale of sneakers with more difficulty in spotting gems.
The Reddit and Polygon NFT Marketplace
Reddit has been no stranger to blockchain involvement. Collectible Avatars is a new NFT collection from one of the field’s most prominent social media platforms and companies. The collection will consist of one-of-a-kind works by independent artists, and Reddit chose the Polygon blockchain because of its low-cost transactions and sustainability promises. A new ‘Collectible Avatars’ subreddit has been launched, and the avatars are to be released over the next several weeks.
OpenSea inadvertently blacklists significant NFTs.
Approximately 24,000 ETH worth of NFTs, including BAYC, MAYC, Azukis, Doodles, and others, are designated as suspicious and banned on OpenSea, according to Dune Analytics. Nearly 270 flagged NFTs are owned by the Mutant Ape Yacht Club, making it the leader.
Critics of OpenSea have said that the marketplace does not evaluate flagged items carefully enough, while others have stated that OpenSea’s security protocols are simply inadequate.