NFT Weekly Recap (2/4 Feb)
gmgm!!
In this week’s NFT Weekly Recap, attention is shifted from ETH PFP projects to Bitcoin NFTs. NFT is all about attention, and attention shifts 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: $22.21B
Weekly Change: -2.3%
Market Volume: $219M
Weekly Change: +19.7%
Major Headlines
We IEO’ed the fractionalized Genuine Undead NFT ETF token, hiUNDEAD on Kucoin.
NFT on Bitcoin? Ordinal Punks have been the collection leading the hype with the floor price reaching 55 ETH this week.
Reddit brings more mass adoption into NFTs as Super Bowl LVII Collection Passes 1M Mints
Saudi Arabia To Collaborate With The Sandbox
As a pioneer in SBTs, Pudgy Penguins announced the official Sotheby's Soulbound Token (SBT)
NIKE gave CloneX holders unique codes to claim their .SWOOSH IDs
The second game test for the Otherdeed is coming and it will hold different explorable environments for a greater group of users than the First Trip.
🖥 HiNFTs Monitor
Key Takeaways:
It wasn’t a great week for blue-chip PFP NFT projects. While the overall market cap did not change, attention and capital were shifted from PFP projects to open-edition projects.
Chromie Squiggle had a nice week, shrugging off from Kevin Rose’s wallet hack.
For the second week in a roll, Doodles got sold off aggressively after the dooplicator unveil.
🔥Winners:
Chromie Squiggles: +14.1% (recover from stolen NFT sales)
BAYC: +11.2%
Gazers: +5%
🥶Losers:
4 Digits ENS: -15.6%
CloneX: -12.2%
Doodles: -10.9%
🧨 Projects in Spotlight
Genuine Undead:
What is Genuine Undead NFTs?
Well, Genuine Undead is a silent-free mint collection that was launched in August 2022. It is a 10K pixel art collection by an anonymous artist (the founder) who described it as a “24*24 pixel art collection you have never seen before.
Why did we choose Genuine Undead?
Are you a believer in the power of a decentralized community? At Genuine Undead, the community is the utility. We believe Genuine Undead is one of the most impressive NFT projects that are exploring this thesis. From governance guidelines to weekly council meetings, the community members at Genuine Undead are vibing and working on a variety of promising products.
A Deep Dive into Genuine Undead:
💡Bitcoin NFTs are Pumping
Many NFT collections on Ethereum have seen declining values as interest has shifted towards Bitcoin NFTs. Bitcoin NFTs have experienced explosive growth, with over 40,000 mints already created.
It appears that some individuals are selling their ETH NFTs in order to invest in Bitcoin NFTs. Meanwhile, NFT collections on Ethereum are being introduced with the claim that holders can exchange their NFTs for Bitcoin Ordinals. For example, Moonbirds and OnChainMonkey already made their claims on Bitcoin.
💡On Racist and Nazi FUD in BAYC Traits
In the letter, BAYC’s co-founder responded to accusations of racist and Nazi imagery embedded within the Bored Ape Yacht Club NFT project.
This is a 20 mins+ long read, and we are going to summarize the letter for you. Basically, prove and detailed explanation was given for all the conspiracies.
Aronow hits head-on accusations of Nazi symbolism and more in great detail in the following categories:
The BAYC ‘patch’ Logo
The Traits
The Founder's Name
The Inspiration Behind The Apes
The Solutions To Puzzles
The Koda’s name
In our opinion, the accusations of BayC being racist are baseless and untrue. Sure, some may view the depiction of an ape as innocent and playful, while others may see it as insensitive or even racist. But after the details given in the letter, it is obvious that the previous accusations are not true.
What do you think? leave a comment!
For more information and our latest updates, please visit our channels below:
✔️ Twitter: https://twitter.com/FractonProtocol
✔️Website: https://www.fracton.cool/
✔️Telegram: https://t.me/fractonprotocol
✔️Youtube: https://www.youtube.com/@fractonprotocol4166
✔️Discord: https://discord.com/invite/fracton-protocol