LT;DR Jan. 27 NFT Recap: OpenSea & DeFi Struggles

Top News Today:

• OpenSea & DeFi Struggles

• Missing Frontier & Ubisoft

• Mutant Fishy

• Top Movers

OpenSea & DeFi Struggles

OpenSea has implemented some new features to help users understand when their old listings might still be active. OpenSea has also created a shared storefront for users to create free mints. However, bad actors created fake collections to trick people into purchasing illegitimate copies of specific NFTs. Late this afternoon OpenSea addressed these recent issues in a tweet thread regarding the storefront. Reporting over 80% of items created with the tool were intended to mislead, OpenSea stated "In addition to reversing the decision, we’re working through a number of solutions to ensure we support our creators while deterring bad actors.". 

The cryptocurrency market has struggled this week with the FOMC meeting yesterday and slight news from the Biden administration hinting at more regulation within the crypto markets. Although hikes in interests rates and regulation will take a while to come to fruition, this combination of factors paired with the recent spike in covid cases has led to a major pullback across the board in DeFi and crypto. 

Missing Frontier & Ubisoft

Missing Frontier announced via Twitter that they have secured Ubisoft as a key investor. The game is in development and planned for release sometime this year, which Frontier says will benefit greatly from the investor. The market reacted to the news this morning sending the floor price up 25% to 0.15 ETH. 

Mutant Fishy

FishyFam announced via discord they would be doing an “exclusive presale” of Mutant Fishys — a companion collection — for people who qualified for the main FishyFam collection presale but weren’t able to mint. After potential buyers were blocked by minting in the presale, FishyFam has held above a 0.4 ETH floor since their reveal. In an attempt to please the rest of the ecosystem, FishyFam will be holding this mint as an apology for the exploitations in the presale contract. 

• Azuki is down a bit in volume since the insane sweep yesterday, but the floor continues to rise up 18% to 8.8 ETH.

• CloneX jumps to number two on our rankings after a strong last couple of days with the floor rising just under 9 ETH and up 12%.

• BAYC is back into our top three with over 3,000 ETH in 24-hour volume, with the floor nearing 100 ETH. 

• Check out Lucky Trader's full NFT project rankings here. 

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