BLUR Airdrop Farming Keeps NFT Market Liquid, Sappy Seals Lands on KuCoin

2023/02/24 14:30:21

In this week’s NFT Weekly Recap, the NFT market had retraced a bit, but the liquidity is extremely high thanks to Blur airdrop farming. NFT is all about attention, and attention shifts quickly! There are tons of updates and excitement to share with you all on this week’s NFT Market Recap. We hope you enjoy :)

📈Market Overview

Key Takeaways

  • Game NFTs are the best-performing sector of the week, led by the impressive rise in floor prices of Creepz Genesis.
  • Art NFTs had a strong bounce back this week, with a significant increase in sales and interest. This is likely due to renewed attention in Open Edition NFTs, namely Checks VV by Jack Butcher.
  • Trading Volume is continuing at all-time highs as whales are farming for Blur season 2 airdrop, and flips per NFT on Blur are at an all-time high this week as well. However, the number of unique NFT buyers did NOT increase as much as the volume had, ETH spend per buyer did.
  • Moonbirds floor prices are taking a big hit as bad news just continued to drop, Proof conference was announced to be canceled this year and FUDs are on the rise.

Major NFT Headlines

  • The second Cool Cats Journey went live on February 23.
  • Sewer pass holders can now play for a unique companion trait to their Power Source if they score a Top 500 score run or a Top 2000 score in Toad Points.
  • OpenSea to cut royalties and fees in order to compete with Blur:
    • Platform fee dropped to 0%.
    • Optional royalties above 0.5%
    • Enforced full royalties if LooksRare and Sudoswaps are blocked.
  • The Proof Conference unfortunately won't be happening this year. The team is now dedicated to executing strategies to benefit all Moonbirds and Proof holders.
  • NFT and P2E project fRiENDSiES "pauses" project, despite it raising over $5m of funds.
  • NFT project On1Force was acquired by crypto fund Old Fashion Research at an undisclosed amount.
  • The founder of Blur has doxxed himself, see his background here.

🎉Project in Spotlight: Sappy Seals

This week, KuCoin in partnership with Fracton Protocol launched a fractional NFT token called hiSEALS for Sappy Seals, providing investors with a low-risk, high-reward investment opportunity in a curated selection of high-quality NFT assets.

Our Recommendations

Sappy Seals has a combination of cuteness, memes, and utility. We highly recommend checking them out. The Sappy Seals community, led by its founder Wab, is renowned for their outstanding meme game and emotional value. While their metaverse game has experienced some hiccups and slow development, the current market price cap ranking suggests that investing in Sappy Seals is not a bad decision

What are Sappy Seals NFTs?

Sappy Seals is a collection of 10,000 adorable seal NFTs on Ethereum. It is a community-driven project with a focus on bringing its holders emotional value and expanding its metaverse game - Pixlverse.

Who created Sappy Seals?

Sappy Seal was minted in 2021, Aug 30th, by wab.eth, who also co-founded the Pixlverse - a metaverse platform including an Axie Infinity-like game in development. Before Sappy Seals, Wab was already well-known in the Cardano NFT space.

Why Sappy Seals?

Sappy Seals has a combination of cuteness, memes, and utility. We highly recommend checking them out:

  • Utility
    • Sappy Seals holders are able to stake their NFTs in order to earn $PIXL, their ERC20 utility token within the Pixlverse metaverse, the token can be used in an Axie Infinity-like blockchain game, as well as bidding for new NFT drops.
  • Strong Community & Meme culture
    • Sappy Seals have gained widespread recognition in the NFT space, thanks to their incredibly strong meme game and the tight-knit community that surrounds them. Those who proudly display a Sappy Seal as their profile picture are considered to be at the forefront of this movement, and are often referred to as the driving force behind these incredible "meme machines".
  • The Pixlverse Metaverse Venture
    • With the foundation of Pixlverse, the Seals and other NFT collections cemented their commitment to the metaverse and its future.
    • Currently, the first edition of Travelling Sealsman is on auction, holders can either get their ordinal NFTs through bidding $PIXL or competing in various quests in order to enter the draw of free ordinal NFTs.

💡Thoughts for Alpha

Surreal NFT liquidity on Blur - Could it last?

NFT KOL Mando and OSF sold 72 apes for $9 million successfully on Wednesday without causing a drop in the floor price. The majority of these apes were purchased by Machibigbrother, who was farming for Blur airdrop by bidding closely to the floor prices on the Blur marketplace. This is a clear sign that the Blur token has a significant impact on the NFT market and is an important factor in determining the liquidity of NFTs.

However, we suspect that If the price of BLUR token were to drop, it could potentially have negative consequences for the NFT market. For example, decreased liquidity and a negative spiral could occur when Blur’s token price is at a level that is no longer worth it to take on the risks of holding the inventory risks of illiquid NFTs. Although, the team at Blur has created incentives for people to list their NFTs as well, which means that if the number of farmers decreases due to a drop in the price of Blur, there may still be a corresponding decrease in the number of listings, hopefully without affecting the floor price.

We recommend paying close attention to the price of the Blur token, it could be a leading indicator to determine the volume and liquidity of NFTs.

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