Oxalus Insights Weekly Allstars

Weekly Allstars #1: The Checks Of Jack Butcher

Weekly Allstars Feb 25 2023

Welcome to the first edition of our weekend new series, Weekly Allstars, where we take a closer look at the top 10 NFT collections of the week. In this series, we are going to focus on market volatility and how it impacted the top collections in the NFT space. Join us as we explore the collections and analyze the trends shaping the world of non-fungible tokens.

First of all, let’s see the first list where we have eliminated all suspected wash trading transactions. There are 3 Jack Butcher NFT collections appear in this list, led by Opepen Edition with a trading volume of 5,082 ETH, while the remaining 2 collections are VV Edition and VV Originals ranked 7th with 2,270 ETH and 8th with 2,239 ETH, respectively. In the remaining group, we can also see familiar blue-chip faces like Bored Ape Yacht Club or Otherdeed for Otherside. Surprisingly, MG Land surpassed several giants to take 3rd place with 4,175 ETH. It is the collection of the largest NFT space on the blockchain with 10,000 pieces of land, allowing users to bring their NFT to socialize and trade.

Explaining the rise of Jack Butcher’s NFTs, these open-edition collections are taking the NFT space because of the iconic Twitter verification check mark. A few days ago, Opepen Edition collection holders discovered that the NFT’s metadata had been changed. Therefore, instead of colorful dots, it can now be said that they own a part of the famous Mona Lisa. More and more people are sharing their NFTs on Twitter with the hashtag #OpepenEdition, so we think that’s the reason why the trading volume of this collection has skyrocketed this week.

Compared to the ranking without a wash trading filter, there is a huge disparity in the trading volumes of the collections. In particular, the MechMinds collection has recorded a trading volume of more than 125,000 ETH while the market cap is only 645 ETH, the floor price of Mechminds has also increased 8 times so far. Other collections also recorded an unusually high trading volume, suggesting that most trades today are wash trading. Most likely, OpenSea’s move to temporarily bring the fee to zero and offer an optional royalty fee is the cause of this situation. Some unscrupulous projects and users have taken advantage of this opportunity to create fake trades to manipulate the market in their favor.

Looking at the blockchain ranking by weekly NFT sales, Ethereum is still leading with outperformance from all metrics. Besides, NFT sales also increased significantly, up to 60% compared to last week. Polygon has a significant increase in Buyer volume, more than 43% from last week, but NFT Sale Volume has also plummeted by a corresponding percentage. That shows more people buying NFT on Polygon but lower spending.

This change on Polygon is likely due to the recent Reddit x NFL partnership to create Polygon-based Super Bowl Collectible Avatars. Over 1 million avatars were minted in the first 4 days, breaking a new all-time high in minting. The important thing is that users can completely mint Reddit NFTs for free and then resell them on secondary markets for cheap so that later people can get them.

Overall, next week’s NFT market will likely still revolve around the Ethereum ecosystem and trending collections like VV Checks. While the battle between OpenSea and Blur is far from over, those in the middle like us can take advantage of zero fees to trade highly liquid collections. Moreover, even though high-wash trading suites are not recommended, if you take the time to keep an eye on the on-chain data, you can also find your hidden gems.

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