Yuga Labs is the top royalty earner among creators, with Nike topping the consolidated list amongst global brands in NFTs.
Ethereum-based NFT royalties have crossed the $1.8 billion market, even as the industry faces a huge debate around the royalty model, Galaxy Digital notes in its latest research insight on the sector.
But even as the sector navigates this tricky terrain amid broader crypto market malaise, data shows royalty payments, which reflect a percentage of the resale value secondary sellers pay to creators across top NFTs, have increased over the past year.
Indeed, Galaxy Digital points out in its report, the average royalty percentage creators have earned on OpenSea increased from 3% to 6%. Notably, OpenSea has overseen the most royalty payments to creators.
“OpenSea currently accounts for 80%+ of NFT marketplace volume, and their method for royalty distribution is the most common framework implemented by marketplaces today,” Galaxy Digital researchers noted.
However, not all NFT platforms facilitate royalties with the issue of royalty enforcement at marketplace level pushing some NFT marketplaces such as Solana-based DeGods to remove royalties and others like Magic Eden to declare them optional.
Yuga Labs tops royalty earning list
Galaxy Digital’s report published on Friday, 21 October, details that 27% of the royalties went to 10 creators, with these accounting for over $489 million. Only 482 NFT collections generated 80% of the total royalties paid in the past year.
The top 10 royalty-earning creators were Bored Ape Yacht Club creator Yuga Labs, Art Blocks, OpenSea Storefront Creator, Chiru Labs (Azuki), PROOF Collective, The Sandbox, Doodles, VeeFriends, NFT Worlds and World of Women.
Yuga Labs raked in $147.6 million, while Art Blocks earned $82 million and OpenSea Storefront accumulated over $76 million in royalties.
Among global brands, Nike accounted for the most NFT-based royalties in the past year with over $91 million. Adidas, with more than $4.7 million and $1.5 million, make the top three.
The cryptocurrency market has underperformed this week, with prices of most coins down by more than 1% in the last seven days.
Bitcoin, Ether, ADA, and the other leading cryptocurrencies have suffered losses this week. The total crypto market cap could drop below the $900 billion mark over the next few days.
However, here are the top losers in the crypto market in the last seven days.
Top 10 losers this week
Mdex (MDX)
MDX, the native token of the Mdex ecosystem, is the worst performer this week. It has lost more than 27% of its value in the last seven days and ends the week trading around $0.1689 per coin.
MDEX is an automated market-making (AMM) decentralised exchange (DEX) protocol.
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Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
SOLO comes second on the list after losing 22% of its value since the start of the week. At press time, the native token of Sologenic is trading at $0.302.
Sologenic is a project that focuses on tokenised securities, cryptocurrency assets, and nonfungible tokens.
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Swapzone
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
STEPN’s GMT comes third on the list and is the worst performer amongst the top 100 cryptocurrencies by market cap this week. GMT has lost 19% of its value since the start of the week and is trading at $0.4788.
STEPN is a web3 app with GameFi elements on the Solana blockchain. The app combines aspects of a play-to-earn game with a fitness app to incentivise people to move.
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Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.
Axie Infinity is another popular name on the list. AXS has lost 18% of its value this week and is now trading $9.19. Axie Infinity is one of the earliest blockchain-based trading and battling games.
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eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
LUNC, the native coin of Terra Classic, is also one of the worst performers this week. The coin lost 15% of its value over the last seven days and is now trading at $0.0002406.
Terra is a blockchain protocol that leverages fiat-pegged stablecoins to power price-stable global payment systems. Its sister coin is the LUNA, and the ecosystem also has the USTC stablecoin.
Where to buy Terra Classic now
Ethereum Name Service (ENS)
The next coin on the list is Ethereum Name Service (ENS). ENS lost more than 14% of its value this week and is now trading at $16.97. Ethereum Name Service is a distributed, open, and extensible naming system located on the Ethereum network.
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eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
SSV joins the others on the list after losing more than 14% of its value over the last seven days. It is now trading at $9.49 as the week comes to an end.
ssv.network is a decentralised staking platform that enables the distributed operation of Ethereum validators.
Where to buy SSV Network now
Immutable X (IMX)
Immutable X might be one of the leading web3 networks, but it didn’t perform well this week. IMX lost 13.5% of its value this week and is now trading at $0.5558 per coin. Immutable X is known as a layer-two scaling solution for NFTs and web3 on the Ethereum blockchain.
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Huobi
Start Your Cryptocurrency Journey Today. Huobi Global has a variety of features that make it an ideal place to buy and sell digital asset.
LUNA, the native coin of Terra, is also one of the worst performers this week. The coin lost 13% of its value over the last seven days and is now trading at $2.35.
Terra (LUNA) is a public blockchain protocol that was created from Terra Classic. Its sister coin is the LUNC, and the ecosystem also has the USTC stablecoin.
Where to buy Terra now
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
The Kusama token didn’t fare well this week, as it lost 12.9% of its value over the last few days. KSM is now trading at $34.76 per coin.
Described as Polkadot’s cousin, Kusama is an experimental blockchain platform designed to provide developers with a massively interoperable and scalable framework.
Where to buy Kusama now
Capital.com
Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Monero’s price remains above $140, but XMR could find it hard to maintain this position as the broader cryptocurrency continues to underperform.
XMR, the native coin of the Monero ecosystem, is down by less than 1% over the last 24 hours and is currently trading at $140.66 per coin.
The recent poor performance has erased the gains recorded earlier this week. XMR is down by roughly 1% in the last seven days and could find it hard to maintain its position above $140.
What is driving Monero’s price lower today?
There is no apparent catalyst behind Monero’s poor performance today. Its performance coincides with that of the broader cryptocurrency market, which is down by more than 1% in the last 24 hours.
The total cryptocurrency market cap could drop below $900 billion for the first time in a month if the current bearish momentum persists.
Bitcoin has lost more than 1% of its value today and is now trading below $19k. Meanwhile, Ether is also down by more than 1% and is currently trading around $1,280 per coin.
What’s the outlook for the Monero price?
Despite holding its position at $140, Monero would most likely drop lower over the coming hours. Its performance would depend on how the broader crypto market performs, as there is no major news coming out from the Monero ecosystem at the moment.
Failure to maintain its price above $140 could see XMR drop toward the $125 level over the next few days.
Monero technical analysis
The XMR/USDT 4-hour chart has turned bearish as Monero has been underperforming over the last few days.
The MACD line dropped into the negative zone yesterday, indicating that the bears have taken control of the Monero market.
The 14-day relative strength index has also declined and currently stands at 43. If the bearish momentum grows stronger, it could enter the oversold region over the weekend.
If the bearish trend continues, XMR could drop toward the $133 support level for the first time since July. However, the second major support level at $121 could hold over the coming days.
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Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Aptos launched its blockchain on Monday, with its native coin going live on several cryptocurrency exchanges later in the week.
Aptos is now live
Aptos Labs blockchain went live on Monday, in the process, became the first of the Facebook spin-off networks to launch. After raising millions of dollars in VC funding, blockchain developers now have a chance to see how it performs compared to the other popular networks like Solana, Cardano, and Ethereum
The native APT coin also went live on numerous cryptocurrency exchanges, including Binance, FTX, Coinbase, KuCoin, and Houbi Global. The APT coin went live after the team airdropped 20 million tokens to its early testnet users.
Binance receives a licence to operate
Leading cryptocurrency exchange Binance is on a streak. The exchange gained regulatory approval to offer its services in Cyprus, making it the third country it has achieved this feat within the space of one month.
Binance gained similar licences in Kazakhstan and New Zealand a few weeks ago. In Cyprus, Binance was granted Class 3 registration as a Crypto Asset Services Provider (CASP) by Cyprus Securities and Exchange Commision (CySEC).
Digital bank N26 launches cryptocurrency trading services
The cryptocurrency market continues to grow despite the ongoing bear market. Earlier this week, N26, Europe’s first regulated mobile bank, announced that it would launch its cryptocurrency trading services in Austria.
N26 Crypto will go live over the next few weeks, offering users access to 100 cryptocurrencies. The team said it would add more tokens on its platform once it launches.
N26’s entry into the cryptocurrency space will see it compete with other leading fintech companies, including Robinhood, PayPal, and Revolut.
Telegram to auction off usernames via the TON blockchain
Leading messaging platform Telegram announced earlier this week that it would launch a username auction platform.
Telegram revealed that it would launch the platform on the Open Network (TON) blockchain. With a user base of over 700 million users, Telegram said it anticipates massive growth for its upcoming platform.
Another DeFi platform losses funds to hackers
DeFi platforms have been the subject of numerous attacks since the start of the year. Earlier this week, an attacker drained 30,437 OHM tokens (roughly $300,000) from one of Olympus DAO’s smart contracts on the Ethereum network.
Security firm PeckShield reported that the attack happened because a contract failed to properly validate the attacker’s malicious fund transfer request.
Peckshield added that the smart contract lacked a validation input in the “redeem() function,” enabling the hacker to trick input values to redeem funds.
Fidelity Digital Assets will begin offering ETH to institutions soon
Fidelity Digital Assets announced earlier this week that it would start offering Ether to institutional investors before the end of the month.
The firm informed its users via an email that they would soon be able to buy, sell and transfer ether, accessing the same operational excellence, robust security, and dedicated client service model provided for bitcoin investments on its platform.
Bitcoin has been hanging around this $20,000 level – or close to it – for quite a while now.
It’s funny how things work. Trade sideways for a couple of weeks and all the traders grow impatient.
But people: be careful what you wish for. There is reason to believe that Bitcoin’s current flirtation with $20,000 may be looked back upon as the “good old days” sometime soon.
What can we tell from previous cycles?
In looking back at previous cycles, it is notable that Bitcoin rarely traces back beyond the peak of the prior bull market. In this case, the previous bull market peaked close to Christmas in 2017, when Bitcoin exploded upwards to trade at $19,345.
It is thus noticeable that we have now dipped below this level – albeit only by a small amount. In looking at the chart, you can see this represents an outlier historically.
I don’t pay a lot of attention to support and resistance – I believe that in the current environment, the ominous macro climate is all that matters. Bitcoin, alongside the stock market, merely moves on inflation readings and the words of Jerome Powell.
However, it would be remiss to overlook psychological whims entirely. They do play a factor in all market moves, and oftentimes in crypto they can be more pronounced than most.
This is why I fear that Bitcoin is one bad news event away from a catastrophic day, and a sharp red candle. The world’s biggest cryptocurrency has been in crab motion at these levels for nearly four months now. The longer it does this, the more important that level becomes.
Additionally, the fact this crabbing is occurring around the psychologically important $20,000 number adds a little bit of symbolism and poignancy. Finally, given the fact that the peak of the previous bull has been erased, it really does bring all factors into play.
Macro still calls the shots
Of course, macro is still very much the leader. And with the state of the world so precarious right now – rising interest rises, spiralling cost of living, a war in Europe, an energy crisis – the bad news is everywhere you look. It is not hard to imagine a bad news event coming down the pipeline sometime soon.
If this event does materialise, that is when I fear for Bitcoin. I would not be surprised to see the orange coin plummet to a level not many thought possible – at least, not when talk of “supercycles” was in vogue during the pandemic surge.
It is important to note that the economy is a different beast right now to anything Bitcoin has ever experienced. People forget that Bitcoin was only launched in 2009. This means that it has never before existed in a high-interest rate environment, nor a world where the stock market was not printing outrageous gains (the S&P 500 6X’d from its nadir in the GFC to its all-time high less than a year ago).
So in this context, what good is it to blindly preach that Bitcoin has drawn down similar amounts before, only to roar back?
Today, we are squarely in the midst of a wider bear market, for the first time in crypto history. The S&P 500 is off nearly 25% this year. Bonds are in the dumps. Even the king of the safe havens, gold, has lagged.
Bitcoin is also a completely different asset than previous cycles. There is strong liquidity in the markets and institutional adoption. In short, it is a mainstream financial asset. It is even legal tender in a couple of countries. Nobody in financial circles has not heard of Bitcoin at this point.
So again, what can previous cycles tell us?
When does the red candle come?
Let me be clear. I have no idea when this will come, so it’s not much good. If I did, I wouldn’t be typing away on a laptop, I’d be lying on a beach somewhere sipping from a coconut I picked with my bare hands.
I’m just articulating a hunch that I would be very afraid of Bitcoin at this point. It has been treading water at this mark for quite a while – and that mark is a significant one, both in terms of the round $20K figure and the comparison to previous cycles.
Volatility is never far away from Bitcoin. So for the traders lamenting sideways action – you might look back upon these days with envy sometime soon. It would not surprise me one bit to see a negative news event and a violent wick south of $15,000.
Then again – I’m just a boy on the Internet, what do I know?
