NFT Weekly Recap (4/4 December)
Do you feel it?
Overview
NFT market is recovering in both volume and floor price
Market Cap: 10.09M ETH
Weekly Change: +1.9%
Volume: 159K ETH
Weekly Change: +12%
News
The biggest NFT project on Solana Degods, and Y00ts announced migration plans to Ethereum and Polygon in Q1 2023. (source)
Polygon to Go Deep into PFP and Art in 2023, Says Polygon Studios CEO.
Keep your NFT secured: SlowMist said a North Korean hacker group is involved in a large-scale NFT phishing campaign, stealing over 300ETH worth of NFTs(source)
Steve Aioki is selling lots of his NFTs (source)
PUBG looks up to Banger for NFT integration (source)
🖥 HiNFTs Monitor
🔥Winners:
Pudgy Penguins: +48%
3 Digit ENS: +23%
Meebits: +22%
🥶Losers:
Otherdeed: -15%
CloneX: -1%
🧨 Projects
Pudgy Penguins: 🔥🔥🔥🔥🔥 ($hiPENGUINS)
What happened?
The floor price reached an ALL-Time HIGH
Crypto Twitter fomos into buying as it starts to get widely discussed post Art Basel on its vision and future roadmap
Pudgy’s CEO Luca said in an interview: “Pudgy could potentially be the most beautiful story that Web3 has ever told”
The Financial Times featured Pudgy Penguins and a sneak peek at the toys that soon will hit the shelf! (see more here)
Fluf World: 🔥🔥🔥🔥🔥 ($hiFLUF)
What happened?
Fulf World is the flagship NFT collection in the Futureverse, which announced last week it has merged 8 projects to create an open metaverse ecosystem. Spending $150m to create one of the most complex Metaverse ecosystems.
Rumors that one of the projects is going to airdrop their token $ROOT to the Fluf World holders
Its other ecosystem projects include infra providers on:
Identity
Communications
Artificial Intelligence
Payments
Know more about Fluf World here
💡Alpha and Thoughts
With the news of y00ts migrating to Polygon, should we start paying close attention to NFTs on Polygon?
Yes
Polygon NFTs had a culture issue because it is too “corporate” and less “crypto native”, it seems that with Y00ts migrating, it will change.
Web 2 users are coming as Web 2 brands are *all* coming to Polygon
Web 3 users are coming as top NFT projects from dying blockchains are migrating to Polygon
The rise of the Polygon NFT ecosystem and the death of the Solana NFT ecosystem:
So far, SOL is the second most NFT activity blockchain only behind Ethereum
However, web 2 giants like Starbucks, Nike, Instagram, and Reddit, are going to bring tens of millions of users onboard to Polygon instead with their NFT launched on Polygon.
Furthermore, Polygon now has successfully attracted the biggest NFT project on Solana to migrate their Degods and Y00ts collections over to Polygon. As a reference, that’s over 30% of the value loss from Solana NFT market cap.
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