Welcome to the weekly update of all things NFTX, along with a sprinkling of NFT news as well.
This week we found a bug in the Staking Rewards which was causing some issues when users chose to Mint and Stake on a position they were already staking. We paused the ability to use the Zap while the dev team investigated and fixed the issue, and we expect this to be up and running this week.
For those of you that were staking you will still receive the fees that were accumulated during the time the interface was paused. We are still unsure if the users that were affected will be automatically allocated the fee’s, however, if not we will be providing manual distributions for that period over the next couple of weeks.
A few more updates for this week including:
- Homepage figures updated from using the V1 Total Value Locked (TVL) and number of NFTs in the vault. We are now pulling through the values from the V2 vaults. The two biggest contributors to that number are the 142 Punks (with another 20 to come over from V1) making up $11.3M and Glyphs making up $4.9M.
- The Migration contract for v1 -> v2 has been deployed to the migration page on the site, and you can find a link to it in the footer of the App as well.
The migration UI will pick up which tokens you currently hold from V1 and give you the relevant V2 vault you can migrate your tokens across to. For some vaults, we may not have set up a V2 option, and in those situations, you will be linked through to the Discord to receive support migrating across.
- Performance improvements have been made across the site to help improve the loading of the NFTs in the vault pages. We’re now caching the items more heavily than before, and have made changes to how the home page loads. When V2 was first released we started with a handful of vaults, but that has quickly increased to more than 100 vaults in just a few weeks. Rather than loading them all when you arrive we now stagger them in the same way we stagger the individual vault pages.
This has resulted in sub 2-second page loads, with the site visually loaded in less than 1-second.
There’s still much more we can do, and now that V2 will move into stable running we will begin to iterate over the UX and continue to make improvements behind the scenes.
This week in NFTs
Damian Hirst’s “The Currency”.
A rarity spreadsheet has been developed to give you a better understanding of the value of Damian Hirst’s “The Currency”.
This week was huge for NFT sales, one of the biggest weeks on record.
Arguably you could say the week started with the sale of two Punk Zombies from the NFTX holdings for 450ETH a piece. One of those Zombie’s, Punk #6649, was then sold 1 day later for 810ETH with the flipper picking up a cool 360ETH profit in the process. Not bad for a couple of days work.
The even bigger news was Punk #2140 — an App with glasses and a knitted cap — which Gary Vee (VeeFriends) picked up for a cool 1,600 ETH (around $3.7M). This was then overshadowed by another Ape #5217 purchase with a knitted cap, this time with a gold chain, for 2,250ETH ($5.4M).
The Glyph floor has also been driving upwards with four Glyphs selling within a day between 254 — 280ETH.
These high-end sales weren’t even the biggest news this week either. An unknown outfit put through two transactions to sweep the floor of Crypto Punks, nabbing 88 in one TX and another 12 in another TX.
This kind of buying action would usually be picked up by the eagle-eyed Punk community who usually see these buying signals as an opportunity to relist their punks at a higher value.
On this occasion, the buyer used a 5ETH bribe to ensure that Minting_Dao put through all 88 transactions in a single block leaving the community wide jawed in amazement.
As a result of all this action, we’ve seen the floor price on the Punk vault hit 34.95ETH this week and is currently hovering just about 30ETH.
Stoner Cats Drop
This was a huge drop that featured Vitalik Buterin in the marketing run in as a casual visitor in Ashton Kutcher & Milla Kunis’ home.
Stoner Cats minted at 0.35ETH, but prior to the drop they had problem after problem with the launch and reported that Metamask blocked them due to what seemed like a Denial of Service attack.
24 hours later they had everything under control, but after a few people snuck through on 37GWEI along with the enabling mint transaction the GAS wars were on and pushed the price to 1600GWEI at certain points.
The Stoner Cats floor is looking strong around the 0.5ETH mark.
If it wasn’t hard enough on GAS to have Stoner Cats drop, the Vogus drop also occurred a few hours later and suffered from similar issues. Although Vogus opened up their minting they closed it not long after due to issues with the drop and opening up 24 hours later, straight after the second attempt for Stoner Cats.
There were around 1,000 initially minted on the first run and they completed the rest of the mint the next night while sending GAS prices through the roof again.
Avastar Minting Complete
After five series and more than a year, the Avastars.io project has complete the minting of their primes. Since the completion, there has been a small rush on buying up the floor and seeing the price rise from 0.07 — 0.16 in just a couple of days before finishing on 0.13ETH.
The next stage of the project will be the creation of replicants where you can use traits from an existing Avastar to build up another custom Avastar using the $ART token.
We are finalising the migration of the last 200+ Avastars over from V1 -> V2 as we combine the Rank-30 and Basic vaults into a single Avastar vault. The V1 vaults are packed with early mints
The 7d price for NFTX is up by 122.4%, sitting at $170.05 mark as of Monday afternoon.
That's all for this week. If you have any questions, come and join in on the Discord channel.