NFT Monthly Report - March 2023
March saw lots of thrilling activity in the NFT world, and in this report, we'll give you a clear, easy-to-understand rundown of the top events, happenings, and changes in the NFT Market.
Welcome to our latest monthly NFT Market report! March was a hectic month for crypto, banks, and NFTs. There's growing concern in the banking sector after Silicon Valley Bank's collapse, while Balaji made a bold prediction that Bitcoin will reach $1M within 90 days due to hyperinflation.
In March, Bitcoin hit its highest price this year at $28,350 (a 20.5% monthly increase), while Ethereum reached $1,840 (a 10.3% increase). Although the NFT market hasn't grown as much as in previous months, it's still evolving steadily. With so much going on in the NFT and Web3 spaces, the upcoming months could be promising for the market. Let's jump right in!
- Sony Files for NFT Patent
- DeGods Migrates to Ethereum
- Yuga Labs Announces New 2D Game
- Otherside 2nd Trip Game Test Highlights
- Ticketmaster Launches NFT-Gated Ticket Sales
- NFT Market Statistics
Top NFT News of the Month
Sony Filed for NFT Patent: NFTs and gaming are a perfect match, and SONY is well aware of this. They have recently submitted a patent application that would enable NFTs to be exchanged across various games and consoles. This could mean that SONY is considering combining a web3 gaming experience with their PlayStation console.
Gamers could easily transfer their in-game assets between various devices such as PC, tablets, and smartphones. SONY has outlined in the patent that their system aims to be compatible with products beyond their own ecosystem, including other consoles like Xbox or other online-based games. This would make NFTs to be fully transferable and functional across multiple gaming environments.
DeGods migrates to Ethereum and leaves Solana, while Y00ts migrates to Polygon: DeGods has been the largest NFT collection on Solana for many months now. In December of last year, DeLabs (the company behind DeGods and Y00ts) announced their migration to Ethereum and Polygon. They began by migrating Y00ts to Polygon, which proceeded smoothly, and the migration has not yet encountered any issues. Holders also had the option to remain on Solana, but the majority of people have migrated successfully. DeGods aims to become one of the top collections on Ethereum, and time will tell if they can achieve this milestone. One of the key factors for success will be the speed at which everyone completes the migration. They offered incentives like 0% fees and a BTC DeGod raffle tickets. Those who did not proceed with the migration will eventually be penalized with a 33.3% enforced royalty.
Yuga Labs revealed a new 2D game called Legend of Mara. Every Otherdeed NFT holder will have the chance to claim a free Vessel. From the Vessel, you can claim one Mara. A Mara is a creature that can farm lands, defend lands, or attack other lands. Kodas, on the other hand, will be like Maras but much stronger. Kodas will have all three abilities but can only use one at a time. This announcement excited people, leading to a 25% increase in the floor price of Otherdeeds. Currently, the lowest price for an Otherdeed is 1.9 Ethereum (about $3,400), while Otherdeeds with Kodas are priced at 14 ETH ($25.5K).
Yuga's 2nd Trip to The Metaverse: Yuga Labs recently launched its second demo test of The Otherside metaverse, with over 7,000 users participating. The test involved challenges, dividing players into four teams led by captains. Although the game still needs improvement, its development has shown significant progress compared to the first trip in 2022.
In this latest trip, players explored the virtual world, interacted with others, and worked on challenges. Yuga Labs' commitment to improving the user experience is noticiable and the comunity is getting excited about the full release.
Ticketmaster Launches NFT-Gated Ticket Sales: NFTs and electronic tickets have already become a popular use for NFTs. Ticketmaster partnered with the band Avenged Sevenfold, which has its own NFT collection called @DeathBatsClub. This new feature opens opportunities for artists to reward it's most loyal fans with token-gated rewards and events. Thanks to its large user base, Ticketmaster may bring token-gating to a wider audience. So far, Ticketmaster has minted nearly 15 million digital collectibles tied to tickets for events (primarily NFT events) across different blockchains like Flow, Ethereum, and Polygon.
Monthly Change in Cryptocurrencies:
- Bitcoin: 21% | $28,245
- Ethereum: 10.7% - $1,800
- Solana: -6.7% - $21.15
- Polygon: -9.3% - $1.12
- Cardano: 6.12% - $0.38
- Avalanche: 3.8% - $17.25
This month, Nikamigos surged ahead with a 110% increase in floor price amid speculation that its creators, HiFo Labs, may be connected to the original CryptoPunks team. V1 CryptoPunks experienced a 20% increase, ending the month with a 5.67 Ethereum floor price. Nouns had a strong month, striving to maintain a floor price above 30 ETH. Bored Apes faced challenges in March, dropping to 60 ETH—a 11% decrease from the previous month. Other projects suffering significant losses include Moonbirds, Doodles, Open Edition, and Checks, with a staggering 58% decline. Ouch!
The market is currently relatively 'cool,' with many long-term traders in the accumulation phase.
March didn't bring as much positivity to the NFT sector as January and February in terms of market cap growth. The chart below shows a sharp increase in volume after February 14, coinciding with Blur's decision to incentivize trading through their Airdrop rewards for traders. While the total traded volume increased, the total market cap experienced a slight decline. This could be due to wash trading and volume driven by NFT bidders focusing on accumulating rewards for the upcoming Blur airdrop, which was recently extended by another month. However, the market remains at healthier levels, and it appears that we may be gradually heading towards the start of a bull run, thanks to significant price increases for Bitcoin and Ethereum in March.
In the past month, Blur has taken the lead with a total trading volume of 875K Ethereum. However, OpenSea surpassed Blur in the number of total NFT sales in March. The ongoing competition for the top marketplace position keeps heating up, and Blur's strategy appears to be working. This could be a sign that more marketplaces might plan to release their own token/reward systems in the future to remain competitive and incentivize trading.
The NFT market is primarily led by Profile Picture NFTs, with digital collectibles, art, and gaming NFTs following closely behind. However, music, sports, and photography NFTs are still experiencing comparatively modest demand.
That's all for this month's report! We'll see you again next month!
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