Hey stop crying, prices are down but its going to be ok. Our portfolio as well as many others look like a nice cup of tomato soup. If you enjoy todays content don't forget to leave a review, subscribe and check out our giveaway at the end 👇. Enjoy!

Here's what's going on:

• 📉Bear Market Collapse Floor Prices of Popular NFTs Projects 

• 👃 RTFKT Partnering with Byredo To Launch NFT Perfumes

• 🌊 Opensea Migrates To Seaport Protocol

• 📊 Top 5 Sales Of The Day

Bear Market Collapse Floor Prices Of Popular NFTs Projects

The Bears hit the pillars hard, leaving only a few holding on for dear life.

As our friends over at Cointelegraph put it, there’s currently no respite anywhere for the crypto realm. The bears stubbornly refuse to let up, and this time, they dealt significant damage, which was felt even in the walled kingdom of NFTs.

The ruling class (Blue chips) among the NFT elites had their very floors shaken and barely survived the wrath of the latest bearish trends.

Okay, enough of the historical fiction; what exactly happened?

The bearish trend, which has been the highlight of the crypto market for the majority of this year, took a new turn on Monday as bitcoin (-14%), ethereum (-18%), and other major cryptocurrencies plunged by 10% or more. The shedding occurred because of expectations of more aggressive hikes in Federal Reserve Rates.

Unfortunately, major NFT projects got caught in the avalanche this time around (It’s crypto winter after all). Most notably, the floor prices of some of the biggest collections took serious hits. The Bored Ape Yacht Club NFTs which had an all-time high price of 153.70 ETH now sits at 83 ETH (-54%) and CryptoPunks (All-time high 123ETH) now sit at 48 ETH (-39%). (That’s some sky-diving level sh*t right there).

Other collections also suffered noteworthy plunges from their all time highs as Mutant Ape Yacht Club went down by 44%, Doodles shed 40%, and Moonbirds lost 43%.

Admittedly, NFT trade volumes haven’t been doing all that great this year, the lowest opensea volume since November and August. For most degens, 2021 was still the best year for NFTs, and the figures also support the fact. But now, the collectible market is getting saturated with projects, and the bearish trends aren’t helping matters.

Interestingly, the NFT market has seen a 54% upturn in trading volume in the last 24 hours. Obviously, some are taking advantage of the dip while others are panic selling. The BAYC leads the trading volume list with almost $6million worth of sales as the crypto market seeks to get itself together after the crash.

RTFKT Partnering With Byredo To Launch NFT Perfumes

Hands up if you got up today and expected to see NFT perfumes on the news. No hands? We didn’t expect it either, but now we’re telling you about it. You’re probably thinking; NFT perfumes? How do they even work? Can I wear them?

The answers are with RTFKT and Byredo, but we have some of the highlights.

Nike’s most recent acquisition, RTFKT, is no stranger to experimenting with ideas in the web3 space. And they took things up a nudge on their most recent collaboration with Swedish luxury fragrance brand Byredo.

RTFKT announced that the two brands are working on a “perfume of the future in Web3.”. This collaboration is being termed the ALPHAMETA collab. Well, the official website for the project is alphameta.rtfkt.com. So, no surprises there. However, the website currently only features perfume collections slated for the project and RTFKT social network links. So, there isn’t much to go by on it.

Okay, why’s RTFKT on this collab? Are they into scents now?

To start with, Byredo was looking to bring its alluring unisex scents to the metaverse. So, RTFKT, who’s pretty much an insider, said: “Okay, I can help you get in, but we’ll do some collaborations.” And Byredo was like, “Sure, cool!”

So now, the Alphameta collab is brewing wearable digital “auras,” which are basically distinct scents in the metaverse. The perfumes will be made from different combinations of 26 ingredients representing emotions from Acuity to Virtue as designed by art studio M/M.

However, these scents won’t be limited to the digital space alone. There’ll be IRL perfumes of each NFT design in NFT-connected near-field communications tagged bottles.

But the best part is customers will be able to create custom scents by mixing any of the 26 ingredients during mint. So, you can create your own unique scent in the metaverse and still get a real-life version of it from Byredo. (Smell nice virtually and physically. Sweet!)

RTFKT haven’t said much about their plans for the project going forward, but there are speculations that collectors owning RTFKT’s Clone-X NFTs will have an “Aura” airdropped in their wallets after launch. RTFKT’s expected to provide more details about the collection sometime in July. So, let’s keep our minds in July.

🤣 How About A Laugh?

Opensea Migrates To Seaport Protocol

“It’s dangerous waters out there with a lot of monsters (whales) dumping stuff, even bears (downward market) somehow make it all the way there, and we’re constantly burning gas ( fees). So it’s better if we go to the Seaport and station there…”

That’s our version of the story behind Opensea’s migration to the Seaport protocol. But it’s all fiction. So, let’s examine the real report quickly.

Opensea introduced a new web3 NFT marketplace protocol called Seaport on May 20 but delayed its full implementation as they allowed for further testing and proofing before the official launch. Now, they’re all set and moving to the new platform.

Seaport takes a unique approach to the established NFT trading model, which simply facilitated deals between sellers and buyers. The new system operates an “offer” and “consideration” structure. Sellers will agree to supply items in the ERC-20, ERC-721, or ERC-1133 format, and these items will be presented as the “offer.” The “consideration” is when the buyer receives the items. Of course, the entire process will be automated and facilitated by a decentralized smart contract.

Opensea was originally operating on the Wyvern protocol, which was doing pretty well by most standards. But the move to their newly self-built protocol is expected to cut transaction costs in the marketplace. According to the announcement posted by the company, the gas cost is expected to reduce on the new platform by 35% based on last year’s data. So, by estimates, it should save users up to $460 million next year.

In addition to reducing gas fees, the Seaport protocol will eliminate the need for users to pay a one-time initiation fee before they can start trading. That means you can pretty much get started on Opensea at zero cost. However, sellers must pay a one-time fee per collection to sell their NFTs on the marketplace.

Furthermore, the platform will also allow users to make offers on entire collections using the “Collection offer” feature. The “Trait offer” feature enables you to do the same for NFTs with specific traits.

Regarding security, the platform makes wallet signatures easier to read and understand. That increases transparency which will help to quell the rise of phishing scams in the NFT space.

Other features you can expect from the new platform include

Bulk listings that allow users to purchase multiple NFTs in a single transaction.

On-chain fees definition that allows users to set prices on a per-item basis with multiple payout addresses.

TOP 5 SALES OF THE DAY

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