NFT Case Study with a side of Crypto, On-Chain Outlook, Edition #34 (19/04/2022)
Q returns with a feature case study of the Moonbirds NFT collection 🔥 Read on for the latest on-chain coverage of cryptocurrencies and Non-Fungible Tokens 👇
Surplus of Silly Buggers on-chain for Crypto, Excitement in NFT space
Cryptocurrency markets appear to take great pleasure in toying with the market’s feelings.
This observation follows a spectacular bounce down by Bitcoin to price levels around US$ 38K, before a stellar push back up past US$ 40K.
All this action took place within the same day.
The step-to-earn sensation $GMT (STEPN’s native token) looks to be a standout example, outperforming with a 40% overnight gain that delivered prices in the region of US$ 3.30.
Albeit with less of a rollercoaster experience, recent moves in the Non-Fungible Tokens (NFTs) space attract equal excitement.
Despite a relative quietness in cryptocurrency markets, a recent analysis of the Solana NFT market suggests booming activity on-chain. Notably, Qluster Data Labs perceives Solana NFT related transactions overtaking Ethereum NFT related transactions earlier this week for a 24 hour period.
See a comparison of activity for the 12th of April below:
Furthermore, the overall gap between Ethereum and Solana on transaction count and number of unique buyers seems to be narrowing. This is despite the massive difference in sales volume.
See the metrics for the last 7 days below:
Let’s take a closer look on-chain for an NFT collection…
Case Study: Analysis of Moonbirds, NFT Collection
An NFT collection taking the storm over the last couple of days is Moonbirds. The project instantly minted out at 2.5E with first-day secondary sales landing it as the top project on OpenSea by market volume.
First-day secondary sales refers to the reselling of an NFT within its first day of ownership.
Holding a Moonbird gives you access to the PROOF ecosystem which includes an exclusive discord and future access to the PROOF metaverse.
But, what separates this project from the rest is two primary reasons:
Receiving rewards based on how long you hold them—or as the community puts it, ‘Nesting’
Once your Moonbird is ‘nested’, they accrue additional benefits. As the asset owner accumulates more total time nested, the Moonbird owned achieves new tier levels, upgrading their nest.
2. The team and network behind the project
Interest in the collection of 10,000 birds was high, due in part to the people behind the project—the Proof Collective, a group of 1,000 NFT collectors.
Members include respected NFT figures, such as artist Mike Winkelmann—also known as Beeple—and investor Gary Vaynerchuk. Two well-known artists, Kevin Rose and Justin Mezzell provide the artistic flavour behind Moonbirds.
Now let’s log on-chain to see the latest for Bitcoin, Ethereum…
Bitcoin
For this week’s on-chain, Q begins the update with a refreshed view of supply metrics for Bitcoin.
Signs of change since the last update in On-Chain Outlook, Edition #32 appear minimal to non-existent.
In addition, supply on exchanges continues to remain at a flatline. At present, levels look to be situated at an all-time low with approximately 10% of the total supply currently parked on market exchanges.
The chart below depicts the total supply on exchanges as a percentage of the total available supply of Bitcoin:
Ethereum
With the latest conditions of cryptocurrency’s top dog in mind, it should come as little surprise that the second-largest crypto by market capitalisation looks to follow suit.
Reviewing Ethereum’s supply on exchange metrics suggests a similarly lacklustre narrative to Bitcoin.
While not quite at a flatline, the total supply of Ether on exchanges appears to have recently breached all-time lows.
The chart below depicts the total supply of Ether on exchanges as a percentage of its total available supply:
Logging Off-Chain
Despite the remarkably sluggish year for cryptocurrencies so far, the NFT market looks in stark contrast with a firm hold on growth ahead.
While cryptocurrency finds direction, this downtime may offer greater opportunities in searching through emerging NFT markets across either the Solana or NEAR ecosystem.
Feel free to share the NFT collections you find interesting with a friendly community of practitioners in our Facebook Group!
See you again for the next update.
- q
Did you learn something new in tonight’s NFT research feature? Let us know in the comments to help us deliver more crypto and blockchain due diligence 🤗
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