Welcome to the weekly summary of hot NFT ecosystem events produced by NFT infrastructure NFTScan.
Period: 2024.09.02~ 2024.09.08
NFT Hot News
01/ Data: NFT sales fell below $400 million in August, hitting a new low this year
On September 2, data showed that monthly NFT sales in August were only $374 million, continuing a downward trend and hitting the lowest monthly sales since 2024. This is the first time this year that monthly sales of digital NFTs have been below $400 million. In August, the total number of NFT transactions was 7.3 million, a decrease of 31%. However, the average sales of NFTs increased by 27%, jumping from $39.93 to $50.74.
02/ Report: 96% of NFTs are considered "dead", and more than 43% of NFT holders are at a loss
On September 3, NFTevening's latest report showed that the NFT market is facing serious difficulties, and 96% of NFTs can be considered "dead", that is, these NFTs have almost no trading volume, extremely low sales in 7 days, and almost no presence on social media. The report analyzed more than 5,000 NFT collections and 5 million transactions and found that more than 43% of holders have suffered losses, and the average return on investment has dropped by 44.5%. In addition, the average life cycle of NFTs is only 1.14 years, which is significantly shorter than traditional crypto asset projects.
03/ PinGo will open the NFT series Prime Punny free minting to whitelist users today
On September 4, TON ecosystem DePIN and AI computing power project PinGo will open the NFT series Prime Punny for free casting at 22:00 Beijing time on September 4, and users holding whitelists can participate in the free casting event. The total number of NFTs in this series is 10,000, and 500 places will be opened this time to incentivize ecosystem participants. Users can interact through the Telegram PinGo Punny applet to obtain PUNNY and whitelist qualifications.
04/ Card game Dimensionals abandons blockchain and NFT and will fully switch to Web2 model
On September 4, NFT Plazas reported that game developer Mino Games announced that its Web3 card building game Dimensionals will fully switch to the Web2 model, completely abandoning the previously integrated blockchain technology and NFT functions. According to Mino Games CEO Sash MacKinnon, Dimensionals originally launched the Genesis Stone NFT series in March 2023, aiming to attract mainstream players for the upcoming game. However, the project faced many challenges from the beginning: whitelist giveaways were attacked by a large number of robots, the project suffered multiple DDoS attacks, and changes in the NFT market landscape caused royalty income to plummet to zero. Although Mino Games launched a non-blockchain version on the Steam platform in March 2024, MacKinnon admitted that the Web3 project ultimately caused huge financial losses.
05/ Yuga Labs launches Dookey Dash sequel and offers $1 million prize
On September 5, according to The Defiant, NFT publisher Yuga Labs launched the sequel to the Dookey Dash game, "Dookey Dash: Unclogginged", and offered a $1 million prize. The app is now available for pre-download on the mobile app store. The first Dookey Dash game was released in 2023 and featured the Sewer Pass NFT, which was airdropped to Ape NFT holders at different levels.
06/ Magic Eden launches different websites for international and US users
On September 6, NFT marketplace Magic Eden announced the launch of magiceden.io for international users and magiceden.us for US users. Magic Eden said, ".US will still have the features that users are familiar with, while .IO will have more features."
07/ CryptoPunk #2967 sold for approximately $568,000, and had received offers of nearly $5 million
On September 6, CryptoPunk #2967 was just sold for 240 ETH, equivalent to about $568,000. The NFT was transferred to the seller's address 0xe38ee2 in October 2022, and the highest offer received during the period was 1,500 ETH (about $4.89 million), but it was not sold.
08/ CryptoPunks floor price dropped to 28.35 ETH, trading volume dropped 40.32% in the past 7 days
On September 7, according to NFT Price Floor data, the floor price of CryptoPunks dropped to 28.35 ETH (about 67,000 US dollars), a decrease of 3.54% in the past 7 days, and the trading volume decreased by 40.32% in the past 7 days.
09/ Pudgy Penguins will launch a soul-bound token for Club Penguin that is held for 1000 days
On September 7, the NFT project Pudgy Penguins announced the launch of Pudgy Penguin Soulbound Token, which is a soul-bound token of Pengus Club that is held for 1,000 days. If a user has held Pudgy Penguin for more than 1,000 days but has not received the Pengus Club Soulbound Token, they can verify it in Discord and fill out the form.
10/ CryptoPunk#9368 was sold yesterday for 475 ETH, or about $1.065 million
On September 8, punksotc.eth bought CryptoPunk#9368 for 475 ETH, equivalent to approximately US$1.065 million. The NFT was transferred to the seller’s address 0x7224a1 in January 2021.
11/ Magic Eden trading volume recovered due to the anticipation of ME airdrop, with daily trading volume reaching $60 million
On September 8, The Block reported that NFT trading volume on Magic Eden began to recover, perhaps due to Magic Eden's announcement of an upcoming airdrop of ME tokens. Daily trading volume soared from around $1 million to an average of $30 million in recent times, and recently reached a peak of $60 million in daily trading volume. Currently, Magic Eden's total trading volume on various networks is $6 billion, accounting for 60% of all NFT revenue and 80% of all Bitcoin Ordinals and Runes transactions.
NFT on-chain data
01\ NFT multi-chain data overview
As of September 9, 2024, NFTScan currently supports 25 mainstream blockchain networks including Bitcoin, Ethereum, BNBChain, Polygon, Solana, Mint, Avalanche, Arbitrum, Optimism, zkSync, Sei, Starknet, Aptos, Mantle, Linea, Base, TON, Blast, Gravity, Scroll, Viction, Fantom, Moonbeam, PlatON, and Cronos, generating a total of:
Number of NFT contracts: 4,679,331
Number of NFT assets: 2,101,285,527
Number of NFT on-chain records: 6,966,124,458
Total NFT asset market value: $20,377,784,551
NFT historical total transaction volume: $106,061,654,553
02\NFT Trading Market Trends
This week: OpenSea dominated the market, with the overall transaction volume reaching its highest on September 8, with the highest volume of OpenSea reaching $8.436 million at 0:00. NFTScan recorded 233 trading markets with a total transaction volume of $86.1m in 7 days. This week, OpenSea ranked first in transaction volume, and the market transaction volume distribution was relatively stable. The top six trading markets and their proportion distribution are as follows:
OpenSea: $39,830,239 (46.27%)
Blur: $15,220,951 (17.67%)
Element: $8,586,562 (9.97%)
MagicEden: $5,563,729 (6.46%)
CryptoPunks: $3,324,240 (3.86%)
CoralCube: $3,302,959 (3.84%)
03\Top NFT Blue Chip Trends
The current total market value of the 19 blue-chip contracts is 645,796 ETH, accounting for 22.09% of the total NFT market value.
This week: The total transaction volume of blue-chip NFTs was 4.84k ETH, and the total market transaction volume was 12.42k ETH. As of 00:00 on September 7, the transaction volume reached a maximum of about 1087 ETH.
04\TOP 10 Wallet
NFTScan analyzed the top 1,000 NFT holding value wallet addresses, and the current top 10 holding value are shown in the figure below:
Top1 Wallet:
0xab14624691d0d1b62f9797368104ef1f8c20df83
This wallet address holds 4,815 NFTs (including 3 NFT Collections), currently holds 64,785 ETH ($148,852,612), and has 7,459 interactions.
05\NFT Project Ranking List
The top 10 NFT projects with the highest transaction volume on the Ethereum network are shown in the figure below:
This week, Crypto Punks ranked first, with the floor price stable at around 29.75e last week, and a 7d transaction volume of 1,412e; Bored Ape Yacht Club ranked second with a transaction volume of 1,264e, and the current floor price is 12.2e; Pudgy Penguins ranked third with a transaction volume of 926e, and the current floor price is 10.39e; the overall market transaction volume and floor price of most blue-chip NFTs are on an upward trend.
06\Popular NFT Express
This week’s popular NFTs are the Pudgy Penguins series:
On September 7, the NFT project Pudgy Penguins announced the launch of Pudgy Penguin Soulbound Token, which is a soul-bound token for Pengus Club held for 1,000 days. If a user has held Pudgy Penguin for more than 1,000 days but has not received the Pengus Club Soulbound Token, they can verify it in Discord and fill out the form.
Data shows that the current floor price is stable at 10.39 ETH, the highest transaction price is 420 ETH, and the total transaction volume on Ethereum has exceeded 411.2k ETH. The transaction distribution in the past 7 days was mainly Blur: 847.21 (92.56%) OpenSea: 57.69 (6.30%) MagicEden: 10.4 (1.14%) units of ETH, and the number of 7d transactions reached 99 times.
