In March 2023, three US banks collapsed, with Silicon Valley Bank’s collapse being the largest bank failure since the 2008 financial crisis. The collapse of Silicon Valley Bank contributed to a temporary dip in the NFT market, but the resilience of top-tier NFTs aided in a quick recovery.
This year, discussions about the NFT market have largely been focused on the emergence of the new marketplace, Blur, where observers have speculated that the marketplace is home to an unusual amount of wash trading. However, with the crypto market rebounding in 2022 and BTC prices hit $29,000 in March with a 30% monthly increase, the NFT market has also been seeing a recovery, despite the industry still facing long-term barriers to growth. Looking ahead to April, we are anticipating the Ethereum Shanghai upgrade, which will open up beacon chain staking ETH withdrawals, a major development for the Ethereum ecosystem.
Technical Progress
The H5 front-end development of the Borrow module in the Orderbook function is currently underway. The team anticipates completing the H5 page design for the Lend module and PC design for the Liquidate module by the end of next month.
Market Data Recap
Number of XCV(BEP-20) address: 13,537 addresses
Number of XCV(ERC-20) address: 1,050 addresses
Twitter members: 57K
Discord members: 10,183
Telegram members: 14,406
Campaign Progress
- Announced new collaboration with @plurapeclub to hold a whitelist raffle together.
2. Announced new collaboration with @Cyber8Ball to hold a whitelist raffle together.
3. Announced new collaboration with @MetaMerge_xyz to hold a whitelist raffle together.
4. Announced new collaboration with @YolofoxGame to hold a whitelist raffle together.
5. Announced new collaboration with @NFTs_Horseman to hold a whitelist raffle together.
6. Announced new collaboration with @junkyardwtf to hold a whitelist raffle together.
7. Announced new collaboration with @katanainu to hold a whitelist raffle together.
8. Announced new partnership with @KeplerHomes, stay tuned for the following collaboration.
Industry Overview
1.The NFT market reaching $2 billion trading volume in this month
The market has been on a wild ride over the past few months, with February being a pleasant addition. The surge in trading volume was nothing short of remarkable — reaching $2 billion — the highest since May 2022.
2.Sony Files for NFT Patent:
NFTs and gaming are a perfect match, and SONY is well aware of this. They have recently submitted a patent application that would enable NFTs to be exchanged across various games and consoles. This could mean that SONY is considering combining a web3 gaming experience with their PlayStation console.
Gamers could easily transfer their in-game assets between various devices such as PC, tablets, and smartphones. SONY has outlined in the patent that their system aims to be compatible with products beyond their own ecosystem, including other consoles like Xbox or other online-based games. This would make NFTs to be fully transferable and functional across multiple gaming environments.
3.DeGods migrates to Ethereum and leaves Solana, while Y00ts migrates to Polygon
DeGods has been the largest NFT collection on Solana for many months now. In December of last year, DeLabs (the company behind DeGods and Y00ts) announced their migration to Ethereum and Polygon. They began by migrating Y00ts to Polygon, which proceeded smoothly, and the migration has not yet encountered any issues. Holders also had the option to remain on Solana, but the majority of people have migrated successfully. DeGods aims to become one of the top collections on Ethereum, and time will tell if they can achieve this milestone. One of the key factors for success will be the speed at which everyone completes the migration. They offered incentives like 0% fees and a BTC DeGod raffle tickets. Those who did not proceed with the migration will eventually be penalized with a 33.3% enforced royalty.
4.Yuga Labs Announces New 2D Game
Yuga Labs revealed a new 2D game called Legend of Mara. Every Otherdeed NFT holder will have the chance to claim a free Vessel. From the Vessel, you can claim one Mara. A Mara is a creature that can farm lands, defend lands, or attack other lands. Kodas, on the other hand, will be like Maras but much stronger. Kodas will have all three abilities but can only use one at a time. This announcement excited people, leading to a 25% increase in the floor price of Otherdeeds. Currently, the lowest price for an Otherdeed is 1.9 Ethereum (about $3,400), while Otherdeeds with Kodas are priced at 14 ETH ($25.5K).
5.Otherside 2nd Trip Game Test Highlights
Yuga Labs recently launched its second demo test of The Otherside metaverse, with over 7,000 users participating. The test involved challenges, dividing players into four teams led by captains. Although the game still needs improvement, its development has shown significant progress compared to the first trip in 2022.
In this latest trip, players explored the virtual world, interacted with others, and worked on challenges. Yuga Labs’ commitment to improving the user experience is noticiable and the comunity is getting excited about the full release.
NFT Market Statistics
This month, Nikamigos surged ahead with a 110% increase in floor price amid speculation that its creators, HiFo Labs, may be connected to the original CryptoPunks team. V1 CryptoPunks experienced a 20% increase, ending the month with a 5.67 Ethereum floor price. Nouns had a strong month, striving to maintain a floor price above 30 ETH. Bored Apes faced challenges in March, dropping to 60 ETH — a 11% decrease from the previous month. Other projects suffering significant losses include Moonbirds, Doodles, Open Edition, and Checks, with a staggering 58% decline.
Marketplace Distribution
In the past month, Blur has taken the lead with a total trading volume of 875K Ethereum. However, OpenSea surpassed Blur in the number of total NFT sales in March. The ongoing competition for the top marketplace position keeps heating up, and Blur’s strategy appears to be working. This could be a sign that more marketplaces might plan to release their own token/reward systems in the future to remain competitive and incentivize trading.
About XCarnival
XCarnival is a Web3’s financial infrastructure protocol that deeply cultivates the NFTFi track, as well as the first asset liquidity protocol to incorporate P2P and P2Pool mortgage lending products. XCarnival launched in 2021. As the winner of Hackathon for Southeast Asia, we are dedicated to meeting the growing demand for asset liquidity and providing a broader range of simple and secure NFTFi ecological solutions. XCarnival is now on KuCoin, Gate.io, MEXC, and other DEXs.
To learn more about XCarnival, visit xcarnival.fi, follow @XCarnival_Lab on Twitter, join discord discord.gg/SnpRNMkZ2k, join Telegram t.me/XCarnivalCommunity.
