NFT Market - Weekly Update | January 4, 2023

Introduction

2023 has kicked off with an excellent start for NFTs. Since December, we have seen an increase in total volume, and the number of daily transactions is rising. While Bitcoin and Ethereum remain relatively stable during the last month, NFTs activities are gaining strength as we welcome 2023.

In this report:

• China to Launch NFT Platform
• Yuga Labs Builds Momentum with Jimmy The Monkey Project
• Proof Announces Grails Season 3
• Donald Trump's NFT is Down 98%
• Doodles 2 Prepares for Genesis Box Reveal
• Scott Pippen launches NFT Collection
• Mutant Hounds Soares Through the Charts
• Zeneca Announced PFP NFT Collection
• Rankings of Top NFT Collections

Top NFT News of the Week:

• China to Launch NFT Platform: China has been against many crypto projects unless they have control over them. But now, they are launching their state-backed NFT marketplace. This makes sense for china as they want to capitalize on the existing blockchain (and NFTs) technology while having control. Therefore, they plan to launch and create their own 'Digital Collectibles' and Non-Fungible Rights (NFR) platform. Payments with cryptocurrencies will not be allowed. Instead, users must use fiat to buy the collectibles and pay platform fees.

• Yuga Labs Builds Momentum with Jimmy The Monkey Project: Bored Apes and the whole Yuga Labs ecosystem increased in price in the last week for one main reason: The Trial of Jimmy the Monkey, an interactive event for MAYC and BAYC holders. So far, it’s been like a puzzle with hidden hints. The goal is to find a ‘magic key’. All known information is available through the official website where they release teasers every other week. The next event will take place on January 11, which will be a preparation for a Mint held on January 18. The art reveal of the mint will be on February 8. And it looks like it will be an ongoing narrative for the next couple of months. We don’t know much else yet, but based on the track history of Yuga Labs, there’s always been significant value in their projects and announcements.

• Logan Paul's Response to NFT Scam Accusations: One of the largest YouTubers and social media influencers, Logan Paul, released an NFT project named CryptoZoo last year. Has been accused of being a scam. Logan recently released a response via YouTube explaining how the team leader that directed the project was a criminal. He states that he did not take any money from the projects, which can be verifiable through the blockchain. See the full video here.

• Proof Announces Grails Season 3: Proof is one of the top NFT projects on Ethereum. They announced the upcoming Grails Season 3, which consists of 20 different pieces of art by 20 selected artists providing both limited edition and curated series of artworks.

• Donald Trump's NFT is down 98%: Former US ex-president released a polygon-based NFT collection in December. The collection is now 98% down from its highest point, and many new investors are at a loss.

• Doodles 2 Prepares for Genesis Box Reveal Doodles is one of the largest NFT collections. In February 2023, owners of Genesis Box will be able to unbox their NFT. They will unlock wearable NFTs with a customizable appearance without paying transaction fees. The wearables will be tradable NFTs which will be revealed in February 2023. Genesis boxes are now trading at a floor price of 0.29 ETH in OpenSea.

• Scott Pippen launches NFT Collection: the former NBA celebrity, dropped his NFT collection to celebrate his career. The collection consists of 1,000 digital sneakers, currently at a floor of 0.2 Ethereum. The reveal is set to happen on Wednesday, January 3. All details can be seen in this interview by Forbes. The hype is building up as we approach the reveal of the art on January 4. The collection was sold out in less than two minutes and is now trading at a floor price of 0.29 ETH on OpenSea.

• Mutant Hounds Soares Through the Charts: a project that has gained the attention of NFT investors during the last two weeks. The team's goal is to expand the Mutant Ape Yacht Club universe. NFT owners will be able to use their Hounds in TheOtherside Metaverse by Yuga Labs. The reveal is set to happen on January 11th. The initial mint was open to BAYC and MAYC Holders. People who own a Collar NFT will be able to burn it to get a Hound. The collection is currently trading at 1.1 ETH in OpenSea. Here's an informative video going deeply into the project.

• Zeneca Announced PFP NFT Collection: Web 3 educator, Zeneca, plans to drop PFPs this year. NFT holders will be able to burn one to receive a profile picture NFT by Zen in the upcoming months. Zeneca has built a Twitter following of 313K, and is also part of the team at the growing NFT marketplace Blur.io.

NFT Collections Raking (7-Day Change):

2023 has begun positively, with many projects reporting positive results or gains. This week, there has been a solid showing from several NFT collections. Here are the best-performing NFT collections of the week:

• Mutant Hound
• LilPudgys
• Rektguy
• Nouns
• Potatoz

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