Even amid the fallout from the crises at Celsius and Three Arrows Capital, the metaverse continues to take shape.
This week saw a slew of updates from popular NFT projects including Yuga’s Otherside and RTFKT’s CloneX. Move-to-earn project Stepn is offering Bored Ape holders a free mint in its ‘Ape Realm’ in an attempt to cross-pollinate the communities, and Reddit has launched an NFT avatar marketplace in partnership with Polygon.
ENS domains topped the volume charts this week with over 6,800 ETH ($8.5M) traded as collectors snapped up non-English numbers and combinations.
Otherside Stress Test
Otherside, the metaverse being built by Bored Apes creators Yuga Labs, conducted a stress test of its platform on July 6. This was the first of two planned tests ahead of its ‘First Voyage’ demo slated for July 16.
By all accounts, the test was a success, with roughly 2,500 Otherdeed holders participating concurrently.
ENS Registrations Spike
Ethereum Name Service (ENS) domains saw renewed interest this week after 000.eth was sold for 300 ETH ($375,000) on July 4. The sale is the second-highest price paid for an ENS domain after paradigm.eth, which was purchased for $1.5M last year.
On secondary markets, the 10K Club, which refers to numbers from 1-9999, saw the most volume but Arabic and Chinese numerals have also been snapped up.
Nike-backed RTFKT Studios has released the 3D model files for its CloneX avatar collection.
NFT owners can now incorporate their full-body avatars into their visual content using software like Blender.
State Of The Market
We saw an uptick in the number of transactions, with nearly 400,000 NFTs traded in the week ending July 3. Volume in USD terms continues to trend lower, according to data from Dune Analytics.
- Bored Ape Yacht Club – Up 5% this week to 90.5 ETH
- CryptoPunks – Up 3% to 68 ETH
- Otherdeeds – Flat at 2.8 ETH
- Moonbirds – Up 40% to 26 ETH
- Clone X – Flat at 10.5 ETH
- Chromie Squiggles – Up 40% to 14.5 ETH. Art Blocks’ flagship collection surged after Adidas unveiled a limited edition jersey featuring the generative art.