Oxalus Insights Weekly Allstars

Weekly Allstars #4: The Return Of The Punks

Weekly Allstars Mar 18 2023

Welcome to Weekly Allstars, the series where we dive into the exciting world of non-fungible tokens (NFTs). Every Sunday, we will explore the latest trends in the NFT market and showcase the top collections that have caught our attention. So sit down, sip 1 cup of coffee, and get ready to discover the most innovative and unique NFTs.

At the top is the Wrapped Cryptopunks collection, with a trading volume of 37,000 ETH. These are the original Cryptopunks converted to the ERC-721 standard to be tradable on secondary marketplaces. Since March 5, Blur has allowed trading of Wrapped Cryptopunks with a 0% trading fee. Since then, the trading volume of this long-standing collection has skyrocketed after a long time.

In the remaining positions, this week’s ranking comprises familiar NFT blue chips like Azuki or BAYC. The only representatives of this new generation in the top 10 are Sewer Pass and HV-MTL, both Yuga Labs collections.

Looking closer at this week’s top collection transactions, we noticed that four days ago, a whale wallet converted a large amount of its Cryptopunk to Wrapped Cryptopunk and sold them all. It’s possible that this whale doesn’t want to hold these NFTs anymore because he also sold out all of his Meebit NFTs around the same time.

In the blockchain rankings are still these five familiar names. Because of Bitcoin’s momentum, the NFT market is probably more active, with significant recoveries for most blockchains, except Ethereum and Solana. We also saw the absence of Binance for three consecutive weeks. With Binance Launchpad going to list the governance token of Space ID, a Web3 Domain Name project, next week, we can expect a strong return of the Binance ecosystem in the NFT space.

At the time of writing, Bitcoin has surpassed $27,000, its highest level since last year’s major correction. Although the macro situation is still unfavorable with the collapse of central banks, the crypto market is becoming more buzzing with huge airdrops from Web3 giants like Blur, Arbitrum, or Space ID. People expect the rise to bring more new users into the market, signaling the prosperity of the crypto market in general and the NFT space in particular in the first half of 2023.

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