Meebits & Dreadfulz: Tweedle Dee and Tweedle Dum, On-Chain Outlook, Edition #41 (1/06/2022)
A challenger has arisen to dispute OpenSea's NFT crown 👀 Read on to find out more about x2y2 and their secret weapon the dynamic duo Meebits and Dreadfulz 👇
It’s been a relatively quiet few weeks in the cryptocurrency & NFT world.
Terra 2.0 launches with the ‘new’ LUNA airdropped to those who held Luna & UST pre and post the collapse of the Terra ecosystem. The airdrop criteria can be found here (hyperlink), with majority of LUNA being vested and slowly unlocked to holders over the coming 2 years.
Considering Do Kwon’s past performance and actions, a hearty dose of skepticism and suspicion in anything LUNA affiliated is advised for your own peace of mind and sanity.
For our on-chain update, let’s check into the NFT world today:
And for digital assets like cryptocurrency, we're only just getting started 👇
The rise of x2y2, or is it?
NFT marketplace ‘x2y2’ has seen a tremendous jump in volume over the last two months.
Compared to both OpenSea & LooksRare, we can see that it is steadily gaining significant portions of the market share. Part of this can be attributed to both OpenSea & LooksRare facing declining trends in trading volume, whereas x2y2, in contrast, has been staying at consistent levels.
See x2y2 in purple versus OpenSea in blue & LooksRare in green. x2y2 now has 26% of the weekly trading volume.
Let’s take a closer look into why.
After carefully dissecting x2y2’s volume profile by collection, we see that two collections dominate over 80% of trading volume: Meebits & Dreadfulz.
Dreadfulz case study - 31/05
When looking at transactions for Dreadfulz, we see that two wallets conduct almost all transactions for the day of 31/05. These two wallets transact a single Dreadfulz NFT back and forth at 320 ETH+.
We can observe similar behaviour for most April & May across both collections: Meebits & Dreadfulz.
X2y2’s new token reward structure has likely incentivised traders to trade back and forth to rack up x2y2 rewards. These rewards can then be sold for fiat on the market.
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