NFT Debrief - December 2022

GM! The NFT newsletter is back, now on a monthly basis. This month:

• Yuga Labs acquires WENEW, the company behind 10KTF (Beeple is a co-founder)
• Memeland prepares for a highly anticipated mint
• We dive into Nike’s .Swoosh project

🚨State of the Market

NFT sales volume in most major marketplaces has been flat month-over-month, reaching a new low in November. OpenSea transacted $242.2M in November compared to $295.8M in October, representing an 18% decrease over the previous month. There were notable developments in the broader NFT ecosystem, however:

• NFTs are live on Uniswap, allowing users to trade NFTs across major marketplaces to find more listings and better prices. As part of the launch, Uniswap also airdropped ~$5M USDC to historical Genie users while offering gas rebates to the first 22,000 buyers on the platform.

• OpenSea continues its aggressive cross-chain expansion, with plans to launch its marketplace on BNB Chain by the end of the year.

• Ethereum continues to see the vast majority of NFT sales transactions, representing >78% of NFT trades.

• Solana is holding on to second place, with >13% sales volume share despite the FTX/Alameda fallout. The Solana ecosystem saw over 70.5% of TVL flow out over a 30-day period.

• ImmutableX is third, but largely due to wash trading in the Gods Unchained collection, which is incentivized by ImmutableX’s daily trading rewards. For more information, see our in-depth report on ImmutableX.

• Valhalla, a gaming and Web3-focused NFT collection, announced the Armory token airdrop for holders on Dec. 7th. Holders will receive a total of five tokens per NFT over the course of two weeks, the first of which was received during the airdrop announcement. Floor prices increased by 87% in one week, rising from 0.7 ETH on Dec. 7th to 1.31 ETH on Dec. 13th.

• Armory tokens will be used in The Armory, allowing holders to re-roll certain Avatar traits on-chain. Re-rolling a new trait will burn the corresponding token.

• The Armory tokens do not expire, but there will be specific times when they can be used. The first re-roll period began on Wednesday, Dec. 14th at 12:00PM PST and will end on Wednesday, Dec. 28th at 12:00PM PST.

 

🔥Top NFT Collections This Month

Monthly trading volumes of the top NFT collections remain relatively muted:

• Yuga Labs has acquired WENEW, the company behind the NFT collection 10KTF. Former WENEW CEO Michael Figge will join Yuga as Chief Content Officer, while co-founder Beeple will serve as an advisor. The acquisition strengthens Yuga’s position as a leader in the NFT space and opens up a new w