NFT Market Recovers as Blue-chip NFT Floor Prices Rebound

2023/05/04 08:38:32

Date: April 21 - April 28, 2023

In this NFT recap, we'll delve into all the essential developments in the NFT space over the past week, ensuring you stay informed and up-to-date on the latest happenings. NFT is all about attention, and attention shifts quickly! There are tons of updates and excitement to share with you all on this week’s NFT Market Recap. We hope you enjoy :)

📈Market Overview

🔑Key Takeaways

The NFT market has experienced a moderate rebound in floor prices across nearly all blue-chip NFT collections.
Rare ENS names experienced a significant uptick, with both 3-digit and 4-digit names appreciating over 25%. This demonstrates the resilience of holders in the current market and is further bolstered by the news that ENS names can now be registered through various fiat payment options.
Blue-chip NFTs have seen some nice sweeps following the speculation that the end of Blur Airdrop season 2 is a bullish catalyst.
However, the art industry persists in reaching unprecedented lows, even as the wider NFT market ceases its decline and experiences a resurgence.

🗞️Major NFT Headlines

Yuga Labs Wins Key Ruling in Ryder Ripps Trademark Case.
Sotheby’s To Auction GRAILS Part I - a curated selection of digital art from the 3AC collection.
The Stoodio, a new platform for creating custom Doodles, is set to launch its early beta access.
Moonbirds announced the formation of a PROOF + Moonbirds Community Council.
Nike x RTFKT Forging Event Has Started, Holders can forge limited edition digital Air Force 1 sneakers, including two styles designed by Takashi Murakami.
The co-founder of the Cool Cats NFT project, Lynqnoid, announced a departure from daily operations while hinting at an upcoming project.
Yuga's The Otherside shared new details ****about how Environment tiers will matter in the Otherside.
10KTF announced an upcoming NFT and physical shoe drop in collaboration with Puma.

💡Thoughts for Alpha: Mad Lads and xNFT

Key Takeaways

Backpack has launched its first xNFT collection, Mad Lads, on Solana, which quickly became the biggest thing on Solana - it shattered all previous records of 24-hour volume on Solana and is on par with BAYC’s trading volume on that date.
xNFTs act as native decentralized applications within Backpack, and developers are encouraged to create new xNFT app experiences for Backpack using a web stack of their choice and publishing to the app store xnft.gg.
The Mad Lads collection showcases the power of xNFTs. Each collectible serves as a clickable ticket into the Mad Lads story, granting access to anything the creators behind the collection choose to offer the holders.

Backpack has introduced its groundbreaking xNFT (executable NFT) collection named Mad Lads. This collection has not only made waves in the NFT space but also significantly impacted trading volumes on the Solana blockchain.

During the launch of Mad Lads, an astonishing peak of $8.2 million in trading volume was reached within the first 24 hours on Solana. This figure is nearly triple the corresponding 24-hour volume of the popular Bored Ape Yacht Club on Ethereum, a remarkable achievement for the relatively new blockchain. This surge in trading activity has propelled Solana's 24-hour NFT trading volume to surpass 50% of Ethereum's total 24-hour NFT volume for the first time in history, highlighting the growing interest in the Solana ecosystem.

It is not only the speculation on their PFPs but there is real technological advancement in these NFTs. Because with Backpacks’ xNFTs, xNFTs represent a portal to applications, games, and assets built on any chain, and users can finally access all of their assets and dApps (decentralized apps) natively in one place, meaning each Mad Lads collectible functions as a clickable ticket, providing holders access to a range of offerings from the creators, without the need to navigate multiple platforms or rely on additional chat programs and verification software.