🥩 ApeCoin staking launches with some of the best yield in all of Crypto 🥩
Yuga holders can currently rake in over 300% APY via ApeCoin staking!
Art Basel and a few exciting developments relating to some of the top projects in the space left us with lots to look forward to. Momentum and sentiment have shifted for NFTs in the short term, and the space as a whole felt rejuvenated for the first time in ages this week.
This week we'll be covering:
- Blue chip NFTs see highest level of volume in over two months
- Apecoin staking begins, offering juicy APY to Yuga holders
- Blur releases Airdrop 2 and continues to capture market share
Blue Chips Thrive as NFT Market Continues to Heat Up
Just closed the highest day of volume for blue chip NFTs in the last two months.
7,700 ETH of volume spread across 10 collections in 24 hours.
— jumpman (@jumpmanft)
Dec 7, 2022
In last week's edition we noted that volume on some of the most prominent collections was beginning to take off. That trend continued this week as Tuesday marked the highest volume day in two months for the top 10 collections. A lot of the Yuga volume can be attributed to the launch of $APE staking and speculation on "The Trial of Jimmy the Monkey", with Azukis and CloneX also seeing a notable bump in sales (albeit for different reasons).
The top-tier collections weren't the only ones saw a bump in sales recently. Pudgy Penguins, Sappy Seals, and Valhalla lead the list of lower-priced NFT's that are have had strong recoveries since the FTX debacle took a toll on the entire market.
It's been refreshing to see a couple of weeks of healthy volume after what seemed to be an eternity of bleeding volume and the best part is is that there are a few things to look forward too to keep the momentum going. Some things were keeping a close eye on this week:
- Cockpunch by Tim Ferris mint on Dec 7th. 0.3E mint that has had whitelisted wallets sell for as much as 1E
- $APE staking developments
- Valhalla reveal - Will surely present tons of sniping opportunities for trait flippers
And as always, a quick recap of the biggest winners of the week
Things that worked:
- Minting Faebl - Free mint that peaked at .09e and has settled at .07e (All Wumbo Pass holders got two free mints!)
- Buying Pudgy Penguins - After one of the best events at Art Basel confidence in founder Luca Netz continues to grow. Floor price has gone from 2.5E to 4.3E in two short weeks
- Buying Mutants - The cheapest entry into NFT paired $APE staking has risen from as low as 12.2E to 14.3E this week
- Buying Killabears - Ripped through all-time highs for a second week in a row, going from 2.5E to as high as 4E
Apecoin Staking Launches With Mouthwatering APRs...and One Big Flaw
After an announcement last week about the primary staking platform, ApeStake.io, being unavailable for use in the U.S. due to regulatory concerns, many were put off and took to twitter to share their negative views of the ApeCoin council's recent communication. Since ApeCoin staking launched a few days ago, those concerns have mostly faded, and many have resorted to VPNs and other front-ends to work around the ApeStake geo-blocking.
But geo-blocking isn't the biggest issue when it comes to $APE staking. With the way the contract is set up, the NFT's act as a key to the staked ApeCoin. That means that if a staked BAYC or MAYC is listed, the buyer will take the ApeCoin on top of the NFT itself. There have already been a few cases of people getting burned, and I'd strongly advise that you pay close attention to your listing activity if you are participating in staking.
You don't need a BAYC or an MAYC to stake, but the APRs heavily favor those in possession of one of the NFTs. There are four different pools for $APE staking:
- BAYC Pool: 47,105,000 first year emissions - Current projected APY 365%
- MAYC Pool: 30,000,000 tokens first year emissions - Current projected APY 501%
- BAYC/MAYC + BAKC Paired Pool: 19,060,000 first year emissions - Current projected APY 360%
- $APE-only Pool: 3,835,000 tokens first year emissions - Current projected APY 36%
APY projections are based on current number of apes staked, and will surely dramatically decrease over the next few days as more holders jump in to take advantage of the lucrative rates.
For those that want stake into the BAYC and MAYC pools but don't have either of the NFTs, BendDAO has built a solution that pairs NFT-less $APE holders with those that own a mutant or an ape. If you plan on staking $APE but don't own a Yuga asset, we highly suggest you try to track down a paired listing here as you'll more than likely beat the APY you would get staking in the $APE pool.
Blur Releases Second Airdrop and Provides Information on a Third One
The fastest-growing NFT Marketplace booked another big week after dropping its second airdrop of the last couple of months. The airdrop was accompanied with the launch of Blur's bidding functionality, which has a good chance of moving a decent amount of the buy-side liquidity from Opensea to the platform.
Blur bids are made through a "bidding pool" where users deposit funds before making bids. This allows for users to place and cancel bids without paying gas fees, and also comes with stolen asset protection, protecting users from getting a bid accepted on a marked asset.
Blur has done an incredible job of using this set of airdrops to incentivize users to come onto the platform and try its new features. With NFT volume on a constant decline over the last half-year, Blur has been on an incredible run with the rate of its growth given the circumstances.
The team also stated that their third and final airdrop would reward users who place bids on their platform and is slated to come sometime in January. I'd suggest getting your hands dirty and trying out the features; your wallet may thank you in a month or so!
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