May was a wild month for the markets, especially here in Goblin Town 👺. It seems like everything is mostly PvP and the trick is to stay safe and just survive.
Just like any market correction, don't play games you cannot afford to play. Less choices and staying flat is sometimes better than entering & exiting for break even 7 different times while spending money on gas.
What's happening in the NFT market?
The market saw some turbulence due to the Terra (LUNA)/UST depeg, unfortunately NFTs didn't go completely unscathed. Blue chips like Azuki and Bored Ape Yacht Club did see their prices drawdown from their highs.
While prices did pull back, we did have over 300,000 unique wallets actively buying NFTs for the month of May (down ~7% or so from April). We also saw over 2 million NFTs trade hands for the month too.
One thing that stood out while pulling this data together was seeing the big increase in NFTs minted in the month of May. At least we got some goblins out of it, right?
What's the latest on the project front?
Azuki’s airdropped the Twin Tiger Jacket token that’ll be redeemable for their first physical piece of merchandise. FREE of charge. Taking inspiration from Sukajan jackets aiming to combine Japanese & American street culture. Redemption period is expected to be announced soon, so keep an eye out for that.
Doodles opened up their claim for dooplicators a while back, while it is still unknown as to what they’ll be used for - there’s an announcement expected to drop on the 22nd of June during NFT NYC to add more clarity as to what they’re doing next with the reveal being the day after.
Let’s wait and see what they have in store for us. If you own a doodle, make sure you claim your dooplicator by June 21 - otherwise the claim window closes and it will be no more.
Solana NFTs gained a lot of traction last week this was seen with a great amount of Okay Bears being picked up and a huge spike in Solana volume and traffic. Seen them here and there on my Twitter feed and it looks like their community is buzzing.
Kaiju Kingz are moving on with their next steps of their journey. Holding their uncapped Scientist mint last week allowing over 50,000 wallets to mint at 1 mint per wallet. What a crazy stat.
Scientists are another puzzle piece in their P2E system they’ve built out - capturing the failed DNA extractions and splitting up the lost $SCALES among applicable scientists, they also have a chance to capture a strand of DNA.
Altered State Machine has released a tweet giving some insight to their Gen II brains. Stating that it’ll provide a new accessible entry points into their ecosystem. We’re not sure yet as to how they’re going to expand the collection, but would not hurt spending some time and looking if their ecosystem appeals to you and what they’re building out over there.
Chimpers had their mint and collection expansion giving way to 5555 Chimpers on the Ethereum Blockchain. It seems like the team wants to create a community collective in which everyone that is part of their journey gets enjoyment out of it. They’re surrounded in mystery stating that they want to underpromise and overdeliver.
Goblintown had their mint two weekends ago, and what a story it is! They came out of nowhere, but very fitting to the market. Starting off as a free mint and now trading above a whopping 8e, talk about an insane ride to the top while in the middle of the market melt down.
The market, its role-players and the traders have shot this collection up, embracing the market for what it is in its current state. It also seems like they baked in a couple of easter eggs into the collection with the first free claim happening on Friday (03-Jun) for their burgers. Bing! Orders up, XL patty with special sauce!
Kith dropped their Invisible Friends hoodie a bit back the purchase window was open for an hour - early bird gets the worm, or in this case the ones watching the blue bird. The simple design rocks a large embroidery Invisible Friend on the back; it is expected to ship somewhere in February of 2023. While also launching the Dutch Auction Kith x Invisible Friend collections giving claim to a certain amount of Kith gear.
Admit One - gmoney’s community of builders, creators, web3 enthusiasts and more had their mint a couple days ago. Being a free mint to those who had eligible POAPs from gmoney. One can read his manifesto here.
Akamu Dragons, a project that finds its origins in the Borkyoku Dragonz on Solana has had its mint on (May 31, 2022), however, running into issues slightly after the mint started. Their devs have spent resources on deploying a solution which is expected to go live soon as of this writing of this post (June 1st, 2022) - the team has said they will forgo their share if that means that all whitelisted wallets and BLOOD BOKU burners will get their respective claim to their NFTs.
LinksDAO has entered an official partnership with the brand Callaway. Members of the LinksDAO holding one of their passes allows them to receive exclusive benefits and discounts on pieces of Callaway’s gear.
Whew! That was quite a bit of information to go through. Hopefully that catches you up to speed with what’s been happening the last few weeks. While the markets are still looking a bit shaky and the motto of this time period is Just Survive!
There still seems to be plenty going on within the world of NFTs. Attention by the masses has faded a bit. It could be some time until that comes back in full swing, but projects have shown that there will always be teams exploring and pushing the boundary of what NFTs currently stand for.
Keep an eye out for those and explore the latest projects that are pushing the boundaries on icy.tools!
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