PFPs Down, Art Up

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Over the past 7 days, selloffs across stocks and crypto bled over into the NFT space, with virtually every top PFP collection on Ethereum, Bitcoin, and Solana in the red in that span.

However, one sector of the NFT market proved notably resistant to this recent downswing, and it was cryptoart.

Indeed, on the week we witnessed plenty of green among the ecosystem's most popular art series. Some of the 7-day runners here, for example:

• Ringers (+55%)
• Checks (+34%)
• Rare Pepes (+33%)
• Winds of Yawanawa (+9%)
• Beeple Everydays (+6%)

Of course, when it comes to cryptoart vs. PFPs, the former tends to attract more long-term, conviction-based buyers that 1) are willing to buy when others aren't, and 2) are fine with volatility because of their focus on cultural value.

We see similar dynamics in traditional fine art markets, which sometimes remain hot or stable during wider financial downturns as collectors keep hunting and holding their favorite pieces.

All that said, if the trend of cryptoart outperforming continues, we could be in store for another 2021-style rally as the next big wave of attention arrives. Only time will tell, but review your collecting strategy just in case!

Other news this week...

📰 General news

• Abstract launched its mainnet
• Nouns completed the handover of 9 classrooms in Uganda
• OpenSea opened OS2 access to Gemesis holders
• Syndicate Chain, a new appchain infra stack, released its testnet
  

🎨 Cryptoart

• Art Blocks unveiled GRIDS, an interactive gallery for AB Curated collections

🏆 Digital collectibles

• Burnt Toast, the founder of Doodles, is stepping in as the collection's CEO
• Fountain released FountainGO, a peer-to-peer platform for NFT trades
• Igloo Inc., the parent company of Pudgy Penguins, is exploring new inflows for the collection and $PENGU

🎮 Decentralized gaming

• B3 announced its $B3 token plans
• Bloops, a new experimental crypto game, launched on Base
• Cartridge welcomed Ultimate Football Tactics to its incubator program
• fantasy.top launched its Fantasy API
• Fren Pet is preparing to launch AI features this month
• Midnight Society, the team behind the extraction shooter Deadrop, is closing up shop

🪙 Memes & NFTfi 

• GONDI added support for 30-day loan offers for Miladies
• Uniswap introduced its next-gen V4 protocol, which represents liquidity positions via NFTs

📱 Onchain social

• Lens is leveraging Avail's infra
• Rodeo rolled out one-tap posting

🌐 Virtual Worlds

• Decentraland announced its latest development updates

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• 🦄 Uniswap V4 Is Here — Uniswap
• 🚀 Reintroducing DFArchon — DFArchon
• 🤖 Republic of Bots, the Game — 1kx
• 🎨 Kim Asendorf on Elegant Symbiosis — Peter Bauman
• 📱 A One Night Stand With Lens — Fabrizio Gianni
• 🌐 Networks Owned By Their Participants — Chris Carella