🖼 WTF is NFT: Let's educate? Let's loot? Let's APE? Edition №77 September | by
Hey Moni Maker
Hey NFT students! We are back in crypto art school. NFT market is still going crazy! Let’s learn what happened during these 7 historical days...
How is the market feeling?
Have you heard of NFTs (with just words on them) that cost at least 10 ETH each? We did. The project is called Loot and it’s crashing the market. As well as Bloot, xLoot, Dope Wars Loot… There are plenty of Loots out there… We will figure this out later. Firstly, let’s see the stats of the week!
Weekly Volumes (Marketplaces):
– OpenSea: $1.12b
– SuperRare: $8.37m
– Rarible: $4.18m
1.12 billion dollars volume in 7 days! OpenSea is becoming a huge NFT monopoly. And, frankly speaking, it doesn’t deserve such a status due to the slowness of the website and a bad UI. Will there be a real competition between NFT markeplaces? We don’t know yet. FTX founder recently announced that they are planning to create a big NFT platform on ETH and Solana blockchains. That’s exactly what we would love to see!
Weekly Volumes (Projects):
– Loot (for Adventurers): $207.43m
– Axie Infinity: $155.34m
– Bored Ape Yacht Club: $64.32m
– CryptoPunks: $63.03m
– Art Blocks: $62.16m
Number of sales: 48,235
Active market wallets: 34,258
Top Sales for the past 7 days:
1) CryptoPunk #6275: $5.11m
2) CryptoPunk #6275: $3.9m (same punk was sold twice, it was a flip lol)
3) Bored Ape Yacht Club #3749: $2.91m
4) Bored Ape Yacht Club #7090: $2.27m
5) Fidenza #547: $1.82m
Amazing to see how people are flipping NFTs for millions of dollars in hours. One of the NFT OGs Pranksy bought CryptoPunk #6275 3 days ago for 1000 ETH. Few hours later, he sold it for 1319 ETH. 319 ($1.21m) ETH is a net profit. Crazy.
Apes on Sotheby’s!
Yes, Apes from BAYC went to one of the most famous auctions in the world! 101 Bored Apes and 101 Bored Kennels are being auctioned separately on Sotheby’s. Current bid on 101 apes is $19 million! This is history. Sotheby’s willingness to auction NFTs shows us how the sphere is becoming mainstream.
2 days left till the end of the auction. Do you think it will be even higher? Our bet is YES, the most interesting part will be in the end.
Loot, Bloot, money shoot!
The artwork you see on the picture wasn’t created by the developers of the project. It was created by one artist who bought a piece on the right. Yeah, words on the right are what the founders of the project called “Loot” created. Today you can buy a list of words (a Loot) for 10 ETH. But why do you need it? Well, at least for a speculation as it seems, but developers seem to be more ambitious about it.
“Loot is randomized adventurer gear generated and stored on chain. Stats, images, and other functionality are intentionally omitted for others to interpret. Feel free to use Loot in any way you want.”
To be honest, it sounds pretty cool. You buy text traits, you create. Everyone is fed up with avatar projects, everyone is seeking for something more special and unique. And here it is! A Loot! We don’t know who came up with this idea, but even Andre Cronje was fascinated by Loots.
Few days after the Loot drop, a great person of NFT space Beanie Maxi created a project called Bloot. It was a copy paste, obviously, they just made a bright green background. But, you know, looking at the sales volume of this project you kind of start thinking that this concept is truly something special. Right now Bloot volume on OpenSea is 7,661 ETH!
OpenSea vs. Who?
Yeah, what is a NFT marketplace? And who should be a leader in this race? Many people are waiting for some real competition here because, as we know, in a free market competition is the key to improvement. Rarible loses its reputation whereas OpenSea’s 7 days volume exceeds 1 billion dollars. What should be next so every collector will be more satisfied? Seems like in the near future we will see a growth in the quantity of new marketplaces. Competition must exist, OpenSea’s website shouldn’t be so slow.
It’s time for some education!
You like NFTs? You like this digest? If yes, then this list of educational articles about NFTs is for you!
About NFTs by Ethereum: https://ethereum.org/en/nft/
About NFTs by Forbes: https://www.forbes.com/advisor/investing/nft-non-fungible-token/
About NFTs by The Verge: https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq