The Ordinals Shakeout

Sponsor: Mantle — Mass adoption of decentralized & token-governed technologies.

Price-wise, it was a down week for many NFT projects on Bitcoin, Ethereum, and Solana, yet most of the steepest floor drops came among the OG chain's leading Ordinals collections.

For example, over the past week NodeMonkes dropped -25%, Bitcoin Puppets -30%, Runestones -40%, Bitmaps -17%, and Quantum Cats -8%. Not great.

In comparison, CryptoPunks, BAYC, and Pudgy Penguins were -2%, +0.5%, and -0.5% respectively in the same span.

Of course, floor prices go up and down, activity and interest around chains ebbs and flows, so it's not that Ordinals can't rip again. It's just that the honeymoon phase is over, and collectors seem to be looking elsewhere for other opportunities at the moment.

Down, but not out, though presently it's not clear what near-term catalysts might cause the next Ordinals rally. Only time will tell, to be sure, but the currents are bearish for now.

📰 General news

• Bello added wallet watchlists
• Blast unveiled its 3rd Gold distribution
• ENS added support for registering and extending names by date
• FTX claimants are receiving their Solana NFTs back
• Holograph unveiled its HLG tokenomics
• Mintify launched double XP for Rainbow users
• Nouns is voting on sponsoring Onchain Summer
• Pods rolled out crosschain mints
• Privy previewed its new global wallet system
• Umbra intro'd its V2, which will feature private NFT payments
• Zora acquired Mint Fun

🎨 Cryptoart & music

• Highlight unveiled support for $DEGEN and $HIGHER minting via Farcaster Frames
• Manifold announced its new Manifold Studio platform
• Songcamp is building a music-first Zora client

🏆 Digital collectibles

• CryptoPunk 3619 resold for 215 ETH

📱 Onchain social

• Friend.tech intro'd a casual price curve for club creators
• Nook, a new Farcaster client, launched
• Orb opened to all Lens users
• Yup rolled out new features and deployed $YUP on Base

🎮 Decentralized gaming

• Axie Infinity released its latest Axie.App update
• Cambria unveiled a new 1M $PAC Duel Arena prize pool
• Fantasy concluded its cards airdrop claim and first tournaments
• Immutable reached +800k Immutable Passport signups
• Nouns Esports received funding to host 3 major Super Smash Bros. Melee tournaments
• Sky Strife added a new map

🪙 NFTfi 

• Sudoswap introduced Basecamp, a DIY memecoin launcher
• Uniswap dropped a commemorative mint for the 5-year anniversary of Unisocks

🌐 Virtual worlds

• Decentraland added a public and private mode for Worlds

In recent issues, I've highlighted Redstone and new games on the innovative L2 like Sky Strife, Biomes, and DF Ares.

The latest Redstone game I want to turn your attention to? Downstream.

It's a future civilization simulator, and the central gameplay mission is to help a super AI rebuild the world. Practically speaking, you can create your own game zones, adventure in other players' zones, and remix existing builds into new forms.

These sorts of simulator games are some of my favorites to play, and if they're up your alley too, Downstream is a charming gateway for diving deeper into the Redstone scene!

Mass adoption of token-governed technologies. With Mantle Network – an Ethereum rollup, Mantle Treasury, and a token holder governed roadmap for products and initiatives.

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