Around the Blockchain | FLOW DeFi, Cardano P2E, Solana Rug
If ever there was a doubt that we were deep in a bear market, this past weekend made sure to rid us of any optimism. Last week made note of the fact that everything was up, so the market responded by coming back downward, with a vengeance. Pretty much every macro and micro datapoint, every blockchain, it doesn’t matter, there is blood in the streets. Still, the bull will conquer the bear again, we just don’t know if we are five months or five years away from the next all-time high (ATH). In the meantime, this column will continue on, as long as there is news to report.
This Week in Flow NFTs
Typically, this space is completely dominated by Dapper, sometimes thought of as interchangeable with the Flow chain (not entirely inaccurate, to be fair). All the more reason it is exciting to see the chain expand beyond Dapper and its products.
This past week saw the launch of the very first DeFi platform native to the Flow chain, Increment Labs. Unfortunately, the platform is still in its infancy and the possible returns are virtually nonexistent outside of lending $FLOW itself but hopefully, it leads to more growth in the network's DeFi products.
In the meantime, for anyone looking to generate yield on FLOW tokens, single-sided staking is currently being offered at 5.18% APR (borrowing is available at 9.04% APR) and over 70,000 tokens have already been staked.
Top Shot released its Crafting Challenge feature on Friday, starting with the Ja Morant Throwdown Crafting Challenge. Unlike regular challenges, where users must submit an entry showing all required Moments are owned in order to receive the challenge prize, the new crafting challenge requires users to actually permanently burn all the Moments, removing them from circulation.
This adds a new, deflationary aspect to Top Shot. Currently, the cost to complete the challenge is $816, according to Own the Moment.
Only 308 have been completed, taking a net of 2,772 Moments out of circulation, with an estimated 298 more potential completions.
The closest circulating Ja Morant Moment as of now is the Series 1 Rare multi-rookie badge MGLE Dunk, with a low ask of $3,600.
Solana NFTs This Week
PxlSnkrs came onto the scene touting itself as the newest move-to-earn opportunity, “a crossover between classic web2 and cutting edge tech from web3."
The NFTs quickly gained steam, from a 0.25 SOL mint up to 1 SOL before leveling out in the 0.3-0.4 range. However, after claiming to have an app ready to go and talking about how the release would help the NFTs value to skyrocket well past the initial all-time high, the project rugged.
The official Twitter, website, and Discord have all been deleted, and naturally the PxlSnkrs floor has dropped to 0 on MagicEden.
With StepN, the premier move-to-earn app, also struggling recently, it is fair to wonder about the future of the phenomenon.
In somewhat better news, Just Ape sold out its 10,000 NFT collection on Tuesday, despite sticking to the 5 SOL mint price after a lot of community pushback.
The launch happened directly on MagicEden and featured two separate allowlists, one limited to a single mint per wallet and one with a two mint limit, prior to the public launch. The project currently sits at a 6.25 SOL on Magic Eden, a 25 percent gain from the mint price.
The project has also already announced its first merch drop, free for Just Ape holders, including worldwide shipping.
Other Blockchain NFT News
Cardano NFTs have quietly started to gain some steam. One project, in particular, Land of Cornucopias, had an extremely successful 5-day launch that began on June 3.
In total, 24,000 plots of Cornucopia Land NFTs were sold.
The floor for a basic NFT land plot is currently 195 ADA on jpg.store.
The project has traded more than 7.6M ADA in secondary volume since launch.