Monthly Recap: November Edition

At NFTBull we are starting a Monthly Recap where we will be sharing the news and updates around the NFT ecosystem each month. Undoubtedly, this month has been one of the darkest in the history of Web3 space. As everyone covers the shenanigans around FTX, SBF, DCG, Grayscale, Alameda, FTT, Genesis, CZ, WBTC, WETH and many more, we will try to focus on good things around the NFT space. Even though it is claimed that the Web3 space has been declared dead 467 times, we are here to stay.

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First up - NFTBull Closed Beta is Live!

We strive to be the terminal for NFTs, whether the user is interested in trading, investing, creating or just exploring. If you wish to gain access please fill out the form here and follow us on Twitter!

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NFT Landscape

• Let's start with the marketplaces & volumes across the board. Even though sudoswap made a splash with its unique AMM model, it is failing to keep its popularity. On the other hand, Blur made an entrance in November that stole a substantial amount of volume from existing competitors. Recently, Uniswap has also joined the marketplace wars but their effect is yet to be seen.
• Royalty wars were full steam ahead this month. Even though they received a lot of backlash, OpenSea is holding its ground on keeping the royalties as other marketplaces move ahead to either make it optional or completely remove.
• The NFT derivatives market is getting heated up. NFTperp just launched its beta and easily crossed 1 mn $ volume in 3 days.

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BlueChip Updates

• We have seen quite a bit of crypto sponsors around F1 but Azuki managed to put an NFT on the racing car of RedBull. After the crushing performance from RedBull this year, it is no coincidence that the chosen NFT, Azuki #8494 (a.k.a. Lei) is a race car builder and five-time champion in the Azuki world “The Alley”.

• Well if you are a person living on earth, you are aware that the FIFA World Cup kicked off. This led to RTFKT and Nike to release jersey that come paired with NFTs for their Footballverse. We are keeping a close eye on the intersection between NFTs and the real world supported by such giant incorporations.
• Pudgy Penguins sold out their “Snowed In” collection at one of the biggest auction houses in the world, Sotheby’s. Well on top of selling out, the average sale was around $12,890, well above the floor price of 3.45 ETH.

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Market Movements

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• We observed Artgobblers (backed by creators of Rick & Mory and Paradigm)  mint in late October which received a lot of interest over the last month. However, news breaking about influencers having lots of WL spots and dumping on retail cast a shadow on the collection. After-sales climbed as high as 12 ETH, it crashed down to 2 ETH, stabilising around 3.9 ETH now.
• Even in these dark times, one of the most anticipated NFT projects, Cel Mates mint happened at 0.33 selling out in mere minutes. Created by French artist, Matthieu Bessudo the collection illustrates convicts stuck on the blockchain. On a personal note, not everyone on the whitelist was able to mint. The creators swept to the floor for these individuals and gave the ones that missed out another chance to meet, kudos to the team on that.

• November 15th saw the most BAYC sales in a while. This was caused by the hit on the floor price which in turn affected NFT which was put as collateral for a loan from BendDAO. Once again we observed that as the NFT market evolves with additional financialization, adequate toolings are required to keep track of everything. This led to the Punks flipping Apes, I guess not the flippening we are waiting for.