Is the NFT bull run coming?

Welcome to The Metadata, the only NFT newsletter that you’ll ever need. We summarize our research findings on the latest trends in NFTs & Gaming into a quick, visual read every Wed/Fri. Thanks for being one of our 1,000+ readers each week!

Today we cover:

• 📈 Are we on the cusp of the next NFT bull run? We look at the data

• 🎙️The daily NFT show alpha, summarized in 30 seconds

• 👜 Louis Vuitton gets into NFTs, launches a luxury collection

• 👾 Illuvium x Gamestop Illuvatars’ upcoming mint on 12 June

Market Update: Is a Bull Run Coming?

You might have noticed a slight uptick in the NFT market recently, and it's got us all wondering: are we on the brink of another NFT bull run? Well, let's see what the numbers have to say.

The most important metric: Number of weekly active traders. This is our pulse on the NFT community, showing us how many folks are actively participating in the NFT space. Remember the bull run from July 2021 to February 2022? That's when we saw the number of weekly active traders climbing higher and higher each week.

Right now, we’re at about 72,000 weekly active traders. Compared to the dizzying heights of over 250,000 in 2022, it seems we've taken quite a tumble, dropping more than 50% since January this year.

Next: Weekly marketplace volumes. While this might seem like an important metric, we don't put too much weight on it. Why, you ask? Well, it's mostly because of Blur rewards farming, which tends to skew the volume. Most of the trading volume is currently tied up in Blur, and we're not seeing any uptick in volume that would suggest a bull market is on the horizon.

One final metric to look at before we draw a conclusion: the Google search interest on the term “NFTs” over time. NFTs are retail-driven and this is a great way to gauge what's on people's minds. Unfortunately, it seems like NFTs aren't the hot topic they once were.

So, what's the takeaway from all this?

1. The number of weekly traders is on a downward trend

2. Trading volumes are either flat or decreasing

3. Interest in NFTs, as shown by Google searches, is dwindling

Until we see these indicators start to swing back up, it doesn't look like we're in for an NFT bull run anytime soon. Patience is the name of the game. Every downturn is just setting the stage for the next upswing.

(h/t to @hildobby for the Dune charts)

The Daily Show, In 20 Seconds

We summarize all the alpha in PROOF’s daily NFT countdown for you:

• The NFT market volume has been relatively flat, with Blur maintaining a 71% market share. There has been a slight increase in the number of loans on Blend, which could lead to increased volatility. The mid-cap index was mostly flat, with some strength in Forgotten Runes Wizards Cult and Killabears.

• Jack Butcher has launched set 005 of his NFT series, deviating from the usual geometry of his designs. This launch seems to be a nod to the evolution of AR glasses. The launch was oversubscribed by around 4000-5000%.

• Notable Sales: An Ether Rock (#80) sold for 130 ETH, and a piece called "Centerfold" by Brendan North sold for 6 ETH on SuperRare.

Are there other shows you’d like us to summarize? Reply and let us know!

Today's News & Coolest Tweets

News

• Louis Vuitton to sell $40,000 “Treasure Trunks” NFTs, which will act as an access pass to other products. Only a few hundred will be sold. Mint date is unknown yet.

• Adidas announces Chapter 2 of its NFT series (ALTS) will begin at the end of June. What will happen next?

• Frank DeGods announced a decentralised identity project that allows y00ts and DeGods NFT holders to follow one another easily.

• Tensor & Metaplex ink a partnership for a powerful creator launchpad on Solana.

🐥 A wild ride into the world of NFT degeneracy, losing 1000 ETH in a month on Bored Apes

🐥 The must-read gaming thread of this week

🐥 Beautiful Fidenza #545 sells for $1.15M

Upcoming Mints

🍿 HOT: Illuvium x GameStop limited-edition Illuvatars minting on 12 June (20,000 supply at $50 each)

🍿 NFTperp’s Mafia Nuts Free Mint on June 8

🍿 Own the Doge for $10, minting open now

That's it for today folks, see you tomorrow. If you want more, follow us on Twitter (@the_metadata). If you found this newsletter helpful, imagine how much your friends will love you if you forwarded it to them. 🥹 

Disclaimer: This newsletter is for educational purposes only. None of this is financial or investment advice. It is not a solicitation to buy or sell any assets. Minting and buying NFTs is risky. Please do your own research