NFT Weekly Recap (1/4 Feb)
gmgm!!
In this week’s NFT Weekly Recap, attention is shifted from “old school” PFP projects to open edition NFTs. NFT is all about attention, and attention shift quickly! There are tons of updates and excitement to share with y’all on this week’s NFT Market Recap.
We hope you enjoy :)
Fracton Team
Overview
NFT Market Cap: $22.74B
Weekly Change: -7.9%
Market Volume: $159M
Weekly Change: -8.9%
Major Headlines
We IEO’ed Renga NFT’s fractional token, hiRENGA on Kucoin.
Open Edition NFT Sales are on fire, "BRRRRRR,"nets 1400 ETH, more than BAYC and Doodles’ initial sales.
Coinbase NFT hits "pause," noting that new creator drops are on hold but that it is not (yet) shutting down its NFT marketplace
Steve Aoki has partnered with Seth Green's Stoopid Buddy Stoodios and Shibuya to create the "first-ever community developed stop-motion series," partly directed by Replicant X NFT holders
Doodles saw a spike in volume ahead of the Dooplicator utility launch happening today, with wearables for Doodles 2 will be generated and the Gaia marketplace is going live
Sorare has signed a major four-year licensing deal with the Premier League, paying "tens of millions of pounds" for the rights
Cool Cats are teasing a new chapter in their lore, to be debuted in a townhall happening later today
🖥 HiNFTs Monitor
Key Takeaways:
ENS 3 digits have been very volatile, up 17% last week, and this week we see it drop down 20%
Art Block projects are starting to lose attention as traders start buying into Open Edition NFTs.
Doodles got sold off aggressively after the dooplicator unveil. (please note that the floor price displayed are from the “utilized” Doodles, undooplicated floor prices remain steady.
🔥Winners:
Chromie Squiggles: +10.5% (recover from stolen NFT sales)
Fluf: +9.3%
Pudgy Penguins: +5%
🥶Losers:
3 Digits ENS: -22%
Renga: -19%
Gazers: -13.8%
🧨 Projects in Spotlight
Renga is down, but hiRENGA is up:
What is RENGA NFTs?
Well, RENGA is an illustrated 10,000-supply collection of carefully hand-curated, Japanese-style hand-crafted artworks created by digital artist, DirtyRobot. The art is inspired by the NFT community and his imagination. RENGA is also a brand strategy and design studio from Toronto that partners with different brands to impact the world positively.
Why did we choose RENGA?
If you're bullish on NFT collections that focus on storytelling and enjoy the art style of Azuki and CloneX, we strongly suggest you consider RENGA, a handcrafted PFP collection created by dirty robot - Daniel Isles, who is a highly talented and has extensive experience in running a streetwear brand, designing comic books, and collaborating with companies such as Capcom and DC Comics. Given the current floor price, we believe RENGA has significant potential for growth.
💡What Are Open Edition NFTs?
Unlike PFP NFTs, every Open Edition NFT looks the same, and there is no supply limit!
Open edition NFT drops have an unlimited supply limit and collectors can mint as many tokens as they desire within a specific time frame, typically 24, 48, or 72 hours. However, there are also open-ended NFT drops with no time limit, but these are less common.
Recently, open editions are currently very popular and the drop by Ness generated more ETH than well-known PFP projects like Bored Ape Yacht Club and Doodles did in their initial drops (according to NFTstatistics.eth).
Why is Open Edition NFT so hot?
NFT is an attention game, and it shifts quickly as speculators always find new narratives to participate in.
Open Edition NFTs act as “tickets” to artists’ future mint.
Open Edition NFTs are more affordable for people to participate in.
In our opinion, NFT collections can have long-term value if they innovate and foster strong communities, but open editions are mainly aimed at achieving the lowest possible price within a set period, based on what the community is willing to pay. While there may be innovative burn and mint mechanics, open edition NFTs are more affordable options for collecting, not investment vehicles. When the only reason for buying an NFT is the expectation of a price increase without a clear explanation, it's time to sell. The value of NFTs is derived from a combination of scarcity and demand, and if one of these elements is missing, the value may decline.
What do you think? leave a comment!
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