Gh0stly gh0sts could be minted for free from 7 different chains, creating a new standard for NFT cross-chain interoperability.īored Ape Yacht Club went beyond flipping punks this quarter with Yuga Labs’ acquisition of IP rights for CryptoPunks and Meebits from LarvaLabs. Shortly after launch, the LayerZero Labs team dropped gh0stly gh0sts, the first ever interoperable NFT collection. The LayerZero protocol launched in March, allowing smart contracts to communicate across Ethereum Virtual Machine (EVM)-compatible blockchains. LooksRare continued to deliver on volume with $21B in Q1, although wash trading with royalty-free collections was likely inflating this volume. A month after launch, LooksRare’s native token plunged more than 60% to $2.20 after severe community backlash from the team cashing out over $30M in WETH. Using a similar strategy to Sushiswap’s vampire attack on Uniswap, LooksRare drained liquidity from competitor OpenSea by charging 50bps lower fees and distributing them to $LOOKS holders. After months of speculation, the LooksRare platform launched in January, allowing NFT traders to claim and stake $LOOKS based on their NFT traded volume in 2021.
The NFT market broke records last quarter as total marketplace volume surpassed a whopping $35B. These growing correlations reignited the age-old debate of whether BTC is digital gold or a risk-on asset. According to data from Bloomberg, the correlation between Nasdaq100 and BTC reached new all-time highs and similarly, the 90-day correlation of BTC and S&P 500 also hit a new 17-month high in March. Notably, BTC and equity markets were highly correlated last quarter. The EO received a generally positive reception from the crypto industry, helping spur the rally seen at the end of the quarter. By March, the focus was on Biden’s long-awaited Executive Order (EO) on crypto as well as the evolving regulatory landscape in Europe such as the MiCA regulation.
By February, the market’s attention shifted focus to the growing tensions in Eastern Europe, and Russia’s invasion of Ukraine. Many speculated that record inflation rates and the Federal Reserve’s first rate hike in three years were the main narratives driving trading activity at the start of the quarter. Moreover, Ripple urges others in the industry to build trust, foster open communication and raise the bar industry-wide.Ĭrypto markets sold off in the first quarter of 2022 due to a combination of regulatory, macroeconomic, and geopolitical factors. Ripple publishes the quarterly XRP Markets Report to voluntarily provide transparency and regular updates on the company’s views on the state of crypto markets such as quarterly XRP sales, relevant XRP-related announcements, and commentary on market developments over the previous quarter.Īs an XRP holder, Ripple believes proactive communication and transparency are part of being a responsible stakeholder.
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