gm NFTs Mar. 30 | Market Movers, Insider Trading Accusations
Welcome to gm NFTs, the most streamlined way to stay up-to-date on the NFT space each day. The top news for March 30 includes: market movers, NFTs and insider trading, and the Kiwami Genesis reveal.
Impostors Genesis Aliens, which had the remainder of the circulation release yesterday, made its debut charting on both the OpenSea 7-day and 24-hour chart.
Impostors has already accumulated just shy of 4,000 ETH traded in volume over the last 48 hours since presale launch, with a majority of the volume occurring yesterday post-public sell out in roughly four minutes.
🔥SOLD OUT 🔥— Impostors (@PlayImpostors) March 29, 2022
The Public sale sold out in 4 minutes 🤯!
Thank you to our community and the team!
We are looking forward to the exciting journey ahead 🛸🛸@elliotrades is hosting a Twitter open space Sold Out Party!
Join in https://t.co/OV3BC3x2NV pic.twitter.com/3eTmyPddev
Over the last 24 hours, Impostors has tallied over 3,200 ETH in volume and over 2,300 sales, jumping 371.90% day over day. The project has been receiving social media presence from a number of influencer including Alex Becker, who has shown his support to his friend @elliotrades.
The floor for Impostors Genesis now sits at 1.45 ETH on OpenSea.
Azuki had another absolutely massive day, posting over 2,100 ETH traded in volume and pushing the floor to 18.5 ETH.
Everai Heroes is now charting on OpenSea Top Collections on the 24 hour table after seeing over 330 ETH traded in the last 24 hours following mint sell out. The floor now sits at 0.3 ETH.
Murakami.Seeds continues to see an increase in floor price, despite a minor dip in volume after Clone X holders with Murakami Drip assets were able to mint. The project still saw over 800 ETH in volume traded over the last 24 hours with a floor price of 6.57 ETH.
Finally, Blue Chip Clone X dropped out of the 24-hour chart, assuming more listings than purchases following the premint for Murakami.seeds. Clone X still sits on the 7-day chart, boasting over 3,400 ETH traded, with the floor sitting near 14.4 ETH and volume down 31%.
NFTs and Insider Trading
We are all very self aware that the NFT space is very fast, rapidly growing sector where the rules of the trade are changing everyday. We are also very familiar with project's marketing and launch timelines, usually incorporating a period of time allocated before "the art is revealed" and metadata has been uploaded to a secondary server such as an IPFS.
Recently, a number of wealthy individuals including Alexandre Arnault (son of Bernard Arnault), have been put on blast for abusing their wealth to receive insider information on certain hyped releases. Alexandre Arnault is the 29-year old billionaire heir to the LVMH fashion empire (Tiffany & Co.), who has recently been called out his for audacious bid (32% higher than floor) on a pre-revealed HypeBear #9021. Over the two days, Arnault continued to make bids on another four HypeBears. Upon reveal, Arnault had "blindly" bid on five and gotten three of the ten rarest, including #9021 and #7777.
According to Convex Labs, a digital analytics company pushing to create transparency in the NFT space, the odds of this are 1/440,000.
With the mass availability of volume and immediate returns way higher than stocks for hyped projects, how can we prevent bad actors and ensure the integrity of investors in the NFT space?
A lot of projects use secondary servers for file storage, but one way to prevent this is for projects to generate and store data on-chain at the time of the mint. "Fully on-chain" projects cost a lot more to implement, which pushes projects away from the technique to create more net revenue for themselves and "provide a lower" mint price for followers of the project.
It is clear that this is a larger scale issue than we probably think, with top executives of firms related to now Yuga Labs owned projects purchasing and seeing large spurts of volume for Meebits. just days before the news broke of the acquisition.
Since NFTs aren't truly considered securities, people will continue to be rampant bad actors to post astronomical gains on trades until the space is regulated.
Kiwami, which minted on March 24 for 0.15 ETH, is set for reveal today per social media outlets at an unannounced time. Kiwami has partnered with Rarity Sniper for reveal for instant trait/asset rarity via their recent Twitter post. To go along with the most recent article, Kiwami also posted the block difficulty number for seed generations to ensure trust in the community following "reveal" portion of the roadmap.
Following the time post mint, Kiwami has amassed over 2,900 ETH in volume with a floor price of 0.62 ETH.
Regarding Kiwami's upcoming reveal:— Kiwami (@KiwamiNFT) March 29, 2022
In order to prove inability to enforce predictable token generation outcomes, we commit to using the block difficulty from block number #14478619 as the seed for our generations. pic.twitter.com/R9WiVfwdav