Did Otherside crash NFTs by 99%?

Hey y'all, hope you're having a day filled with sunshine and puppies.

Estimated read time: 2 minutes 50 seconds

Today's stories:

• Did Yuga Labs trigger the NFT market collapse?

• Decentra Daily giveaway reminder! (Wolf Game)

• Ticketmaster x Flow NFT tickets growing

Did Otherside crash NFTs by 99%?

DappRadar data shows that OpenSea transaction volume is ⬇️ 99% from a daily ATH of $405.75 million.

That was on May 1st, while this Sunday saw just under $5 million. That’s a drop of almost 99% in 120 days. 😬😬😬

So what happened on May 1st?

Yuga Labs’ metaverse project, The Otherside, dropped Otherdeed NFTs – keys to plots of virtual land that earned the company $287 million.

Competition to mint one of 55,000 Otherdeeds was huge, and people burned nearly $200 million worth of ETH in gas fees, sucking liquidity from other projects.

For several hours, users were paying upwards of 2-3 ETH to get their transactions to the front of the line.

The whole frenzy drained about $1 million per minute in gas…JFC Yuga!

Since then, trading volume has dropped significantly – although measuring activity against the May 1st spike is maybe a little misleading.

So how bad is this slump?

Looks like we’re back to November 2021 numbers:

• OpenSea monthly transactions are now 90% down from January

• In the last 30 days, number of transactions is down 15% while transaction volume has fallen 31%

• Both are accompanied by a drop-off in overall user activity

Decentra Daily Wolf Game Giveaway

Here's your reminder that this month is our Wolf Game giveaway! We are giving away a 'starter pack' worth >1.5 ETH ($2,500):

Successful newsletter referrals earn 5 entries each

Any interactions on our Wolf Game social posts also act as entries to the giveaway (including the two below), you can read all about the giveaway in the first post:

Ticketmaster Flow NFT expansion continues

Ticketmaster began experimenting with tokenized ticket stubs a while back – initially minting dynamic souvenirs on Polygon for those who attended Super Bowl LVI or the NFL postseason. Or you could buy them even if you didn't attend a game.

See, I'd never go to a Jets game, but I have one of these to commemorate their continued mediocrity......

a wild Gary Vee appeared!

Since inception, they’ve announced souvenir NFT tickets for at least 3 home games for every franchise in 22/23.

NFTs will run on Dapper Labs’ Flow chain and can be traded using Ticketmaster’s marketplace. There’s also a Ticketmaster digital wallet.

Now, the two companies are launching a more extensive partnership.

A Dapper Labs blog post shared details on new functions that let event organizers issue NFTs for live shows – before, during, or after they occur.

This means that, in addition to being tradeable souvenirs, Ticketmaster NFTs could be used to grant VIP access and other pre-show benefits.

According to the post, Ticketmaster has already minted over 5 million NFTs for various events.

Headlines of the day

• US Government Recovers $30M From Crypto Game Axie Infinity Hack

• White House Calls For Crypto Mining Standards to Minimize Environmental Impact

• Gensler On Board With CFTC Taking Over Bitcoin Oversight

Disclaimer: Nothing in this article/newsletter should be considered financial advice. The purpose is to inform readers of the current trends and news in the web3 space. We encourage every reader to do their own research and not act upon information put forth by Decentra Daily.