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According to analytics platform, NTFGO, the total market cap of NFT projects exceeded $15B, less than 1% of the total crypto market cap. The space continues to gain attention and likely has tremendous upside based on the size of the sector in the broader crypto space. Messari recently did a nice categorization of NFTs that we thought would be interesting to share with our readers.
Avatar - BAYC, Punks, Azuki, CloneX
Gaming - Loot, Big Time, Axie
Utility - NFTs used as membership, Aokiverse (these are typically semi-fungible)
Metaverse Assets - SAND / MANA land and other assets
Social - HeadDAO, LinksDAO, MetaHero Universe
Intellectual property - Adidas, Budverse Cans, Pepsi Mic Drop, TwitterMusic
Financial / DeFi - Uniswap liquidity positions, yield bearing NFTs, VISOR NFTS
The NFT space is a lot bigger than we expect, but Avatars make up most of the volume, MCAP and what we see from a project perspective shared on Twitter or trending on OpenSea. See breakdown below from Messari:
Crypto companies like Coinbase, FTX, eToro and others spent big to air during the SuperBowl which had an average cost of $6.5M per a 30 second commercial. Coinbase literally spent $16M+ to show a QR code bounce around the screen. How many of you scanned the code?
Other notable advertisements included a subtle nod from Budweiser in their participation in Noun DAO NFT collection, Crypto.com poking fun at Matt Damon, and my personal favorite, Larry David in the FTX commercial.
SEC hints that there won’t be a spot Bitcoin ETF anytime soon but potentially in the future, “after careful consideration”
Department of Justice announced that the FBI is launching a task force focused on cryptocurrencies
India’s crypto regulatory update provides little clarity for traders / exchanges in the country, especially when it comes to reporting
Colorado’s Governor announced that state will be accepting crypto for tax payments in the near future
Ukraine legalizes crypto, following Russia, the two countries are trying to compete for the crypto industry
Thank you for reading!
Investment Associate | Ember Fund
Ember Nuggets are a weekly update with commentary from the investment team on what’s happening within the crypto market - news, developments, market trends, and more.
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