Weekly Recap 3/6-3/12 - MVHQ

Weekly Recap 3/6-3/12

MVHQ Staff
Mar 13, 2023
Weekly Recap 3/6-3/12

Monday 3/6

A newsworthy day kept the rumor mill swirling as E-Commerce giant, Amazon, inserted itself into the Web3 discussion with hints of an upcoming marketplace. In another massive announcement, AI Artist Claire Silver will be premiering her next collection inside one of the most famous museums in the world. Yuga also closed out its TwelveFold auction, bringing in millions of dollars in the process. 


Marketplace volume took another tumble today as we closed at $41 million, almost $15 million lower than yesterday. BLUR continued to pace the leaderboard with almost $30 million in transactions compared to OpenSeas $8.5 million. ETH continues to play in the $1570 range. 



- Grumblings of an Amazon Marketplace set to launch in April hit headlines today.  The e-commerce giant has yet to officially confirm, however, Blockworks was the first to report citing an anonymous source. The news comes after a recent partnership between Amazon and Avalanche and looks to further cement the company's shift towards web3 open-mindedness.

- Popular AI artist Claire Silver announces that her next collection will be displayed at the world-famous Louvre Museum in Paris, France. Silver also goes on to reveal that she has signed with WME Talent Agency.

Yuga Labs announces the conclusion of their TwelveFold auction on BTC. The auction awarded the top 288 bidders, who will now receive their inscription within one week. Refunds will be given to bidders that did not make the cut. The high bid came in at 7.11 BTC ($159,400) with the entire auction bringing in a cool 735 BTC ($16.5 million).

- Memeland gives more utility to Captainz by introducing Treasure Bags, set to be dropped to holders every Monday.

- Moonbirds announce the release of their entire design system by giving access to its Moonlight Design Figma file as a way to help creators with branding to kickstart their project journey.

- Momoguru: Holoself revealed and saw over 1300E in volume with floors now sitting in the 0.34E range.

- Azuki and its fractionalized counter-part, Bobu the Bean Farmer have formed an official Bobu Committee that will help decide the next steps in Bobu's journey.



Tuesday 3/7

Degen mints were back on the menu as Owls and its many derivates continued their run from the weekend, albeit on slightly lower volume. Meanwhile Creature World announced a Chapter 2 for Crowd as Memeland's 9GAG filed trademarks for "Proof of Fandom". Otherdeeds (1700E vol.) and Mocaverse (1000E)  were the big winners of the day  in the volume department to accompany the day's news.


Despite seeing a dip after Powell's hawkish comments, markets saw a quick move back to levels they began the day with. Total marketplace volume came in at $55 million with Blur commanding $37 million compared to their closest competitor Opensea's $11 million. ETH travelled down and back up to close the day at $1550. 



- Creature World took to Twitter to announce Crowd Chapter 2 would take place in the near future with no further details what that may include.

- Yuga Labs announced that it now has an official affiliate badge for its partner projects on Twitter, such as 10KTF, to guarantee you are viewing the correct account.

- Memeland's parent company, 9GAG, was found to have filed a trademark application in the U.S. for "Proof of Fandom", in connection with their highly speculated $meme drop.

- In a somewhat strange move, Porsche announced an airdrop for minters, not holders, of their 911 collection. The airdrop was completed this morning.

- Dapper Labs has suspended withdrawals via ACH directly to banks accounts for the time being after Circle suspended their support for this type of payout.

- Bored Ape Yacht Club tweeted an update stating that their score audit from the Lick the Toad event has finished. They ended by saying metadata should be updated for Sewer Passes with the "Companion" trait within 24 hours.



Thursday 3/9

The markets saw interesting pockets of activity with VC abuzz from the all the action. Starbucks launched the first paid NFT from their new Odyssey rewards system while Cool Cats pushed another update live for Fractures and their interactive Journeys for holders giving many different users a busy day of market watching. Volume was driven mainly by Otherdeeds (1200E) following their 2nd Trip announcement yesterday and Gitcoin Presents (1000E) following Machi's attempt to own the entire collection for some strange reason. 


Total secondary market volume came in at similar levels to yesterday's, tallying $58 million. Blur traded the majority of this volume with $44 million. Opensea's $10 million traded came in a reasonable second place. Crypto and stock markets both took a beating as ETH continued its fall, closing the day at $1415. 



- Pixel Vault launched a trailer promising they would be building more in public this year while outlining what exactly holders can look forward to seeing delivered from the company in the next 3 months. 

- Animoca Brands has partnered with Planet Hollywood to offer a token-gated physical meeting space for certain holders, with the first being called, Meta Hollywood.

- Cool Cats announced a new Cool Score leaderboard for holders to check themselves and friends on as well as offering the newest Journey for Fracture holders in the ongoing quest of Blue Cat and Chugs. 

- Fluf World tweeted an update on their upcoming Gods and Goblins collection where users can burn select NFTs in exchange for $Junk which will then be used to mint the new NFTs. 


Notable Mints:

- Starbucks Odyssey minted their first limited edition Stamp NFT featuring the iconic Starbucks Siren featured on the logo in the form of a 2k generative drop. The drop was another instance of Nifty Gateway's poor preparedness as most users were met with issues and bugs. The Stamps minted for $100 went on to complete $115k in secondary volume while holding a floor price of $370.



Weekend Recap 3/10-3/12

It's been a wild and uncomfortable few days in the tech and crypto world as the Silicon Valley Bank meltdown has created unrest that we have not seen since the FTX debacle. A $USDC depeg created a combination of sheer panic and bountiful opportunity for those that were tactful enough to take advantage of the heightened arbitrage across the marketplace. As NFT teams and projects checked in via social media to provide transparency of their holdings with SVB, floor prices across the NFT landscape plummeted, and have yet to fully recover as news stabilized into Sunday. 


Weekend volume was expectedly slow across the marketplace as dust continues to settle across the broader financial landscape. Saturday ($38 million) and Sunday ($30 million) were the two lowest volume closes we have seen since our $BLUR stimmy on February 14th. After a panic-induced freefall below $1400, ETH pivoted with a sharp bounce back above the $1600 range to close out the roller coaster weekend. 


Hope everyone had a great weekend and was unscathed from the financial institution theatrics. Cheers to a better and safer week ahead. 



- Silicon Valley Bank (SVB), the 16th largest bank in the US and a bank that is widely connected to the tech/crypto industry, was shut down by federal regulators after being forced to close due to massive funds mismanagement. Fears of a bank run have been quelled as there have been reassurances that deposits will be made whole and contagion seems relatively under control for now. As of Sunday the U.S Fed and policymakers provided an update on the situation as we head into Monday. 

- In an update, Popular AI Artist Claire Silver will not be showcasing her work at the Louvre Museum after a series of unfortunate events that essentially boiled down to miscommunication and a bit of misled trust. Silver had announced an exhibition of her art inside the world-famous museum earlier in the week. 

Yuga Labs announces that the inscription process for its TwelveFold collection is now underway. 

Circle, the company behind the $USDC stablecoin, states that $3.3 billion of their $40 billion in reserves was held at SBV. This news caused panic across the crypto landscape which saw $USDC de-peg down into the $0.88 range on Saturday. 

Coinbase temporarily pauses USDC/USD conversions amid SVB fallout, as transactions rely on the US banking system to fulfill. Transactions will resume on Monday as normal. 

- Azuki announces that 5% of their fiat treasury was in SVB but maintains that the team uses multiple banking partners and will be able to operate as normal. 

PROOF Collective makes a statement confirming their holdings in SVB, without giving a firm number. The team states that they have a diversified holdings portfolio and still are able to continue with the roadmap that it had recently unveiled. 

- Gutter Cat Gang launch an official Gutter Shop in partnership with Shopify. GCG will aim to include "apparel and collectible drops and collaborations," on its storefront. 

- Pixelvault releases a BattlePaper for its upcoming PvP game called Battleplan! 

- Punk 6529 unveils the release of the Global Digital Rights Charter v1, which aims to be a "declaration of principles for a world that is highly digital and more so every day." 

- VeeFriends provides an update on what you need to know about Veecon 2023. 

- Zaptio, co-Founder of RTFKT, hints at a "legendary" announcement coming on March 13th.