Welcome to the weekly update of all things NFTX, along with a sprinkling of NFT news.
This week saw the first launch of an NFTX community project, as well as some record-breaking activity across the entire crypto and NFT space.
NFTX Gallery Launches Alpha
The Gallery Squad, a team of NFTX community contributors that has gathered to work on optimizing the user experience around NFT Index Funds, have released the first iteration of the NFTX gallery. And hot damn, it is looking slick!
Members of the NFTX DAO developed the gallery to bring the visual aspects of the NFT funds onto the site and allow you to see which particular tokens were in a fund before you decided to buy, mint, or redeem.
The launch is the first time the new branding has been used on product level and we’re excited about rolling this same look and feel into a new website that covers anything NFTX.
Special thanks to @J_B and @quag, who have led the gallery’s efforts with many other community members’ support and feedback.
We encourage you to take a look at the gallery and leave any feedback you might have using the feedback link.
NFTX New Funds — Started rolling out
Last week we were excited to announce that other single funds were ready to go after a successful governance vote.
While we were working on some front-end patches to simplify the minting/redeeming process, we've already started with moving over CryptoPunks liquidity on all floor pools (Punk-Basic, Punk-Female, Punk-Attribute-4, Punk-Attribute-5 & Punk-Zombie) towards SushiSwap.
A full breakdown of this move, alongside how to become a liquidity provider for any of them, can be found in the blog post we've published!
Full context about the launch of all additional funds are to be found on the governance vote which passed successfully on February 12th.
The fifth governance call occurred this week and chaired again by Finesseboi and Chop.
This week's main topics were the rebrand launch, discussions on the Gallery launch and spawning additional community requested funds such as Bullrun Babes and additional pools for Hashmasks.
Delphi Digital reviews NFTX
During the week, the Delphi Digital team wrote a review on the NFTX platform as part of their own publication. While the article is behind a paywall, you can find a breakdown of the points they made along with a discussion on the Discord server.
@dgntec provided commentary around some of Delphi Digital’s key points and where he believes some of them are strengths rather than weaknesses.
@scot_lew_is also commented on how we need to do a better job to address the misunderstandings from the article on the website to raise a better general awareness around the benefits of the NFTX platform – work in progress!
It’s no wonder that this week has broken a number of records in the crypto space yet again.
Let’s take a quick look at what’s been happening.
Bitcoin and Ethereum break ceilings
Both Bitcoin and Ethereum have hit all-time highs this week with $50,000 and $2,000, respectively. Bitcoin also pushed across to a $1 Trillion Market Cap.
To give you a better understanding of how big 1 trillion is, consider this. If you count to 1 million, 1 Mississippi, 2 Mississippi etc, it will take you around about 11.5 days.
If you were to count to 1 trillion, it would take you 31,709 years. That’s a lot of market cap.
These milestones cause more of the general public to turn towards crypto and in doing so, they also become more aware of the NFT market.
Someone heard about the GLYPH fund getting ready to go live and bought a complete set of all two digit series number Autoglyphs for 731.65ETH.
Okay, so that’s probably not the reason that they bought them, but that is close to a $1.5m purchase. Bravo!
Sunday evening saw a new buyer for Cryptopunks. They made one of the largest acquisitions of Punks with a 557.5ETH raid on 34 Punks, valued at around the $1M mark. There’s a lot of speculation around who the buyer is, but we think the more interesting question is why.
Ben Roy has tried to answer that this week in his article, The Fat CryptoPunk Thesis.
The combination of the ongoing chatter of Cryptopunks being the rookie card of the NFT along with whales buying up large chunks of available punks may have something to do with the price spike in the $PUNK fund up from $85k to $167k.
Launches this week
Bull Run Babes continued it’s popularity this week with multiple requests coming in to start a BRB Fund.
Non-Fungible Pepes created 1069 NFT’s taking their inspiration from Pepe, Punks, and Avastars. These are now only available on the secondary market.
NFT Boxes released their second box based around JOY over the weekend with even more demand than last month. The box price increased to 0.75ETH to cover the rising Gas prices, yet it still managed to sell out in under 1 minute.
This week, a big shout goes out to Pat Doyle for putting together this awesome Dune Analytics report that looks at the NFTX Hashmask Index.
For the first time in NFTX short history are running a weekly update with the price lower than at this time last week. It had to happen eventually. Monday morning started out at $350 before peaking at an all-time high of $499. The dip continued before moving back up to $337.67 Sunday evening.
The price changes launched questions on Telegram and Discord, with the main takeaway being to take a look at the cycles.
- 7d -10.8%
- 14d +180.3%
- 30d +699%
That's all for this week. If you have any questions, come and join in on the Discord channel.