NFT Market Overview
-kezfourtwez
A mostly red week across the board as NFT’s continued their downtrend. Despite the crypto price action of late, multiple airdrops/supposed liquidity injections, it feels like peak bear sentiment for jpegs. Volume continues to leg down and has been mostly made up of Wrapped Punks, and blur farming shenanigans.
Moonbirds, Doodles and Clones continue to fall farther off their shelf and in the last 30 days, the only top collection to hold a positive floor price is Memeland’s the Captainz. It’s not pretty out there for NFT’s at the moment, it feels like they are playing out the end of the 2018 alt cycle whilst fighting against the current of BTC’s strength.
Said farming shenanigans
With such low organic interest, certain Blur farmers are tossing around floors like it’s nothing. I’ve been following someone this past week that has their playbook down pat and has made a killing by taking advantage of the bearish environment.
> 3000e split between two freshly funded wallets, one main address that accumulates and one that places bids just below their main to help prop up and walk up floors when they’re getting ready to dump
> Place thousands of ETH in bids at desired level that coincides with freshly made lows, aim is to create the illusion of a solid backstop and slowly accumulate
> As they get sold into they are slowly moving both wallets bids up, usually accumulating over 100e of whatever they’re buying
> When finally ready to offload, gets more aggressive on upping the bids, places slightly above and beyond floor at the same time as sweeping to give the illusion of demand - this draws in other bidders and bots who are just competing for points
> When happy with the profit margin, proceed to dump all into bids
> The final step is pull all bids to add to the fear and reset lower when happy with thecarnagenew entry price, rinse and repeat
Blur doesn’t let you sell into your own bids which very much works in the whales favour. It might look like there are 300 bids at floor, but in reality the whale makes up 250 of them so the selling cuts swiftly through the first few pools and unsuspecting farmers get dumped on.
On the chart below you can see the sales of address 9082d2 who I’ve aptly named bid walker, I’d say they are most of the reason for the further 22% drawdown on Moonbirds over the last 5 days. Though the birds are not the only collection they’ve been trading, Clones, Doodles, Pudgy’s, Cool Cats and Kennels have all been tossed through the washing machine and suffered a similar fate.
The address along with the one they use to support their bids was freshly funded 8 days ago and is up 154e and 24k Blur points while accounting for 1600e of the Moonbirds volume over that time.
As terrifying as this is, it’s impressive and has been a great case study for what can happen in a low liquidity environment under the guise of high liquidity.
We saw some similar shenanigans earlier on in the week when farmers turned to Wrapped punks, you can read more about that in the thread below.
The Otherside & Legends of the Mara
A few days ago I attended the Otherside’s 2nd trip. Like many, overall I was kind of underwhelmed. The first trip had the oomph to amaze as it was the first time anyone had accomplished thousands of concurrent users in one area, and that alone was incredible to watch.
It was not enough to wow a second time, many experienced technical difficulties, lag and bad graphics or just couldn’t get in at all, and the experiential content was lacking. Basically we were split into 4 teams to collect orbs and feed them to toads in order to break through a pyramid portal. It was fun to have a task this time and get to experience more mechanics like low gravity jumping, gliding/flying and fast running, as well as different environments - but it just didn’t quite hit home and maybe didn’t live up to development expectations almost a year on? It felt like worse quality to me.
The adventure ended in a Bone environment with a giant monster roaring at us. The one caveat is that Yuga plans to hold more experiences like this and more often, I’m betting this is just the beginning of the story. The tech is incredible and I look forward one day being able to experience a rich metaverse with a fully functioning and NFT based economy, but the 2nd trip did not give the indication that we are anywhere near that.
This morning the Otherside twitter account posted this tweet:
In classic Yuga style the lore is complicated and mysterious, there are multiple terms used to describe different entities and processes in order to eventually get your hands on what seems like a 2nd order Koda, a Kodamara - They have begun to refer to Koda’s as “Genesis Koda’s”.
It seems obvious now that they would reveal something like this as it sounds like Koda’s + Kodamara’s are an integral part of the Otherside and necessary for harvesting resources, protecting against threats and to give boosts.
In early April Otherdeed holders will be able to claim a vessel with a randomly assigned purpose, hunting, farming or enchanting. Each vessel will have a specific incubation time before it reveals a Mara. In May holders of a Deed + a Mara will be able to use it in a standalone 2D strategy game ‘Legends of the Mara’. This will mark the first external benefit or airdrop for Deed holders!
Thanks for reading and bye for now, stay on top of the markets with Parsec and we’ll see you next week
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