Chart of the Week

The ‘Milady’ NFT collection has seen a significant surge in prices without a clear catalyst amid the broader volatility in the NFT market. While most major Ethereum NFT collections, such as ‘Azuki’ and ‘Mutant Ape Yacht Club’, have seen their prices decline, the ‘Milady’ floor price has jumped by 31% from around 4.1 ETH (US$12,840) to a high of 5.4 ETH (~US$20,000) in the past seven days. Milady-adjacent NFT collection, ‘Redacted Remilio Babies’, has also experienced a 24% increase in its floor price.

This is in contrast to the overall trend in the Ethereum NFT market. Periods of high volatility in ETH’s price can negatively affect NFT prices in the short term as traders often prefer to be allocated to ETH rather than NFTs when they anticipate large price movements.

New Project Spotlight

NFT Collectibles

[Live] Loaded Lions: Mane City Season 2

This highly-anticipated update to Loaded Lions: Mane City brings with it two major features: Abilities and Factions. Bring the heat to your fellow tycoons, and decide if you’ll align with the Loaded Lions or Dark Lions in their epic clash. Mane City will never be the same again!

[Upcoming] Cryptonauts 2024

Renowned Spanish digital artist Fran Rodriguez is back with the third collection of the ‘Cryptonauts’ saga! This drop is filled with psychedelia and cosmic surrealism. Collectors of these metaverse explorers have the opportunity to snag bonus NFTs, win autographed art, and more.

[Upcoming] Art de Finance APN : The Second Mythology Mystery Pack

The second instalment of Art de Finance’s APN series features gods from the legendary Mount Olympus: Zeus, Poseidon, and Hermes. Collectors have the opportunity to receive exclusive token airdrops, merchandise crafted in collaboration with Art de Finance’s partner artists, and more.

The following table shows selected top games by weekly volume in USD:

Gaming Token Performance

The total market cap for gaming tokens now stands at $33 billion, increasing by +9.16% from last week

News Highlights

• Yuga Labs, the company behind the popular ‘CryptoPunks’ NFT collection, has faced backlash over a new Punk-themed NFT collection it launched. The ‘Super Punk World’ collection, developed in collaboration with artist Nina Chanel Abney, was criticised by some in the Web3 community for ‘diluting’ the CryptoPunks brand. In response, Yuga Labs CEO Greg Solano said the company will "no longer touch" CryptoPunks going forward. 

• Azuki and Magic Eden have introduced the limited edition Azuki x Satoshi Nakamoto Enduro Hoodie, a dual-chain NFT product existing on both Ethereum and Bitcoin. Each hoodie, designed for Azuki ‘Spirits’ NFT holders, features a chip enabling the minting of a corresponding Ethereum NFT and an Ordinals inscription on Bitcoin for proof of ownership.

• BasedVC and Bored Ape Yacht Club have launched APES Capital, a venture capital initiative aimed at supporting blockchain gaming startups through community-led investments. ‘Bored Ape Yacht Club’ and ‘Mutant Ape Yacht Club’ NFT holders can participate by staking APE tokens.

• FSL, the company behind move-to-earn game Stepn, is launching Stepn Go, a social lifestyle game accompanying its move-to-earn app Stepn. It introduces new social functionality like a lending system and interactive map, alongside a token called the Go Gaming Token (GGT).

• Axie Infinity introduces the Axie Governance Portal and Axie Score, allowing players to participate in decision-making by staking AXS tokens and earning voting power based on their contributions to the community. The Axie Score, reflecting in-game performance, treasury contributions, community involvement, and NFT holdings, determines players' voting power.

• Gala Games experienced an exploit where five billion GALA tokens, valued at over $200 million, were minted. This caused a nearly 15% drop in GALA’s price. Following the exploit, the attacker has returned $22 million worth of Ethereum. This incident follows a previous hack in early 2021, where $130 million worth of GALA tokens were stolen, leading to legal disputes between co-founders.

Recent Research Reports

• Expanding Ethereum’s Frontier: Restaking And EigenLayer’s Ecosystem (An Analysis of Restaking Dynamics): EigenLayer pioneers the ETH restaking narrative, pushing the liquid restaking market to grow to $8 billion TVL. This report delves into EigenLayer’s ecosystem, its restaking mechanism, and the newly launched EIGEN token.

• Tokenisation of RWAs & Yield-Bearing Stablecoins: RWA tokenisation signifies a bridge between TradFi and the digital asset space. We explore the tokenisation of securities and its application in yield-bearing stablecoins, which have both gained much attention recently.

• Alpha Navigator: Quest for Alpha [April 2024]: Asset classes were mostly down in April. Cryptocurrency led the drop. US fighting inflation while ECB signals potential rate cuts.

Recent University Articles

• What Is Offline Staking and How Does It Work?: Did you know that you can keep your tokens in cold storage and still stake them? Here’s how offline staking works.

• What Is Bitcoin Mining and How Does It Work?: BTC is mined on a Proof of Work network — here’s how the process works in detail.

• What Is Decentralised Compute? Plus the Most Popular Projects: Decentralised compute is a rising crypto narrative. Learn more about how decentralised compute works and the most popular projects.

We’re all ears.

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Authors

Research and Insights Team

Disclaimer

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