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Are NFTs still hot? ♨️
NFT sellers are outnumbering buyers throughout April. 46% of millennials across major economies own crypto. Binance's $1.5 Billion BTC balance. Brian Armstrong sells $1.6 Million of COIN stocks.
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Sellers Rule, Buyers Drool 🎉
The NFT market has been all the rage in the last few years, with big names ranging from Starbucks and Nike to Justin Bieber getting in on the action.
But things are changing now. Recent data from NFTGo has revealed a potential lack of demand, with sellers consistently outnumbering buyers throughout April.
The market experienced a decline on March 12, thanks to the collapse of Silicon Valley Bank. NFT trading volumes fell to $36 Million, with a 27.9% drop in daily NFT sales count between March 9 and March 11.
Before the SVB incident, NFT trading volumes were hovering between $68 million to $74 million on March 10.
📈 Blu Chips Dominate?
Yuga Labs, the masterminds behind the Bored Ape Yacht Club, are totally crushing it! According to DappRadar, they've snagged a whopping 35% of all NFT trading volume between October 2022 and March 2023. That's over $2 billion worth of trading volume in just six months! Yuga's projects are the talk of the town and represent 34.6% of the total market volume during that time.
🚀 QuikTrip Joins the Fray
But it's not just big players making waves in the NFT world. U.S. convenience store chain QuikTrip recently launched a free mint of digital collectibles to commemorate its 1,000th store. The drop featured 1,000 Ethereum NFTs, each featuring a cartoonish "QT" character with randomly generated visual elements and QuikTrip's signature red shirt. The drop was a hit, with all 1,000 claimed in under 24 hours.
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TTD Adoption 🎺
Bitget, a crypto exchange, went all out and surveyed 255,000 peeps across 26 countries from different age groups.
And the deets:
46% of millennial respondents owned crypto
25% of Gen X, 21% of Gen Z and 8% of baby boomers have owned crypto
36% of Gen Z considers crypto regulation an important factor when voting for political candidates. - 4% of baby boomers, 6% of Gen X, 27% of millennials agree.
A survey from Charles Schwab in October 2022 revealed that almost half of Gen Z and millennials want crypto in their retirement funds.
43% of Gen Z and 47% of millennials already invest in crypto outside of their 401(k) accounts.
Safe to say crypto's future is safe.
TTD Numbers 🔢
That's Binance Bitcoin balance.
The exchange has been stockpiling some serious BTC in the past month. Their balance shot up by a whopping 50,000 BTC, which is equivalent to $1.5 Billion.
Meanwhile, other major exchanges are seeing a decrease in BTC or insignificant balance increases.
According to Coinglass, Binance now has 51,000 more BTC on its books than it did 30 days ago. And in the past seven days alone, its balance has increased by a whopping 22,000 BTC!
Other exchanges combined only saw an increase of around 14,000 BTC.
A sell off sign?
While BTC/USD has been climbing to new highs since mid-March, traders are worried that this surge in BTC balance on Binance could signal a sell-off. Data suggests that the market could be going short BTC at $30,000, and investors may be gearing up for a sell-off. According to DecenTrader, $35,000 is a key zone for liquidating leveraged BTC short positions.
Despite this, actual selling pressure has remained low by historical standards, and BTC/USD continues to trade near $29,500. But who knows what the future holds?
TTD Sale 🤛
Coinbase CEO Brian Armstrong has sold over $1.6 Million in common stocks.
SEC filing shows that Armstrong s—a tiny sliver of the $2.5 Billion he owns, roughly 18% of shares.
Why? To support the pledge to fund scientific research. He wants to sell 2% of COIN Stock to fund projects aiming to extend human life and reward academic research via crypto.
TTD Surfer 🏄
ChatGPT, Midjourney, and other AI tools are likely to be drafted into EU legislation. A proposed bill will classify the risk of AI tools and force developers to disclose the use of any copyrighted materials.
Crypto exchange Binance is set to reenter Japan after acquiring the regulated crypto exchange platform Sakura Exchange Bitcoin (SEBC).
One Championship and Animoca are developing a Web3 MMA Mobile strategy fighting game with NFTs. To launch in 2024.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.