# Perp’s Pause? Pixels Pump 📈 *Author: William M. Peaster* *Published: Jul 7, 2023* *Source: https://www.bankless.com/perps* --- --- Dear Bankless Nation, The floor prices of most NFT collections were shellacked over the past month, but over the last day many floors sharply rebounded up. What gives? Some are pointing fingers at nftperp, an NFT derivatives exchange that yesterday [paused](https://twitter.com/nftperp/status/1677113298402066435) its V1 system’s smart contracts. The perpetuals platform’s done major volume so far, so with all that shorting action instantly dried up, it seems a decent amount of downward pressure has been lifted off of collections’ floors for now. Is that pressure coming back when V2 launches, *if *V2 launches? We’ll have to wait and see. In the meantime thanks for reading everyone, and have a great weekend ✌️ -WMP --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2fd2332d94-a776-41cd-ad12-45fbdcfe6823_1215x308.png) ### **📊 The big picture** > Over the past week, the floor-based market cap of the NFT space dropped from 7.91 million ETH to [7.43 million ETH](https://app.nftvaluations.com/) for a 6% decline. ### **🔝 7D top collections by volume** ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2fa5160787-b51d-411e-803b-23f49ef81bd4_1334x818.png)*via [degenz.finance](https://www.degenz.finance/)* --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f4f2b4438-b64b-4e09-bdd8-a0ec116be081_1216x308.png) ### **📰 General news** - **mint.fun **is getting ready to [unveil L2 support](https://twitter.com/mintdotfun/status/1675976930829684736?s=20). - **Nouns DAO **is about to vote on a [collab with Pudgy Penguins](https://nouns.wtf/vote/325), and its V3 system is currently undergoing an [audit on Code4rena](https://twitter.com/code4rena/status/1675957642798276608). - **OpenSea** just added support for the [Zora Network L2](https://twitter.com/opensea/status/1677357615008083968). - **Seed Club**, an onchain accelerator network, announced the [10 members of its 6th Cohort](https://twitter.com/seedclubhq/status/1676604572293296130), including [Fini](https://twitter.com/seedclubhq/status/1676604734487113730) and [Pods](https://twitter.com/seedclubhq/status/1676605056374693888). ### **🏆 Digital collectibles** - **Azuki **is conducting its community vote on whether or not to [update the Elementals backgrounds](https://twitter.com/Azuki/status/1677075844559421441) today. - **Cool Cats **kicks off its [new Journeys experience](https://journeys.coolcatsnft.com/) on July 10th. - **Kevin Rose **published a [State of the Moonbirds primer](https://twitter.com/kevinrose/status/1676092268963598336). - **Opepen **Set 008 [revealed](https://opepen.art/sets/008). ### **🎨 Cryptoart & music** - **Folia **is launching [Viper](https://twitter.com/foliafoliafolia/status/1677338734180614145), the successor of its cult classic [Kudzu virus NFT](https://www.folia.app/works/kudzu/). - **Sound.xyz **unveiled new post-release [editing functionalities](https://twitter.com/soundxyz_/status/1675897325368008704) and axed its [percentage-based fee on mints](https://twitter.com/soundxyz_/status/1676622317487632387). ### **🎮 Decentralized gaming** - **Gods Unchained **rolled out a new game mode, [Chaos Constructed](https://blog.godsunchained.com/2023/07/06/new-game-mode-chaos-constructed/). - **Guild of Guardians **launched [NFT staking](https://twitter.com/GuildOfGuardian/status/1677166606810775552) for Season 2 of its Guild’s Treasure campaign. - **Realms **migrated its LORDS token [from Ethereum to Starknet](https://twitter.com/LootRealms/status/1677011367319183360), the first token to do so. ### **🌐 Virtual worlds** - **Decentraland Foundation **published its [Q2 Report](https://decentraland.org/blog/announcements/decentraland-foundation-quarterly-update-q2-2023). - **Webaverse **just released an open beta of its [AI assistant-themed moemate app](https://twitter.com/webaverse/status/1676642503032967168). ### **🪙 NFTfi** - **Arcade **is seeing a rise in loans [backed by generative art and 1/1 cryptoart](https://twitter.com/Arcade_xyz/status/1677399997006880784). - **Blur **rolled out its [V2 system](https://twitter.com/blur_io/status/1676634662339477504), while its loan originations [have recently dropped](https://twitter.com/LuckyTraderHQ/status/1676288513564717056). - **nftperp **conducted a [surprise pause](https://twitter.com/nftperp/status/1677104115531259904) of its V1 private beta. --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f1b19ed3f-ff0f-4589-a36a-7b95bef55f84_1214x309.png) #### **🎆 Mint spotlight: **[**mint.fun !teams**](https://twitter.com/mintdotfun/status/1677021629300494336) > [mint.fun](https://mint.fun/) just introduced !teams, a group minting competition. Minters are randomly assigned to teams (*I got Team Purple💜*), and each member’s points contribute to their team’s total score. The contest offers a chance to win from a growing ETH prize pool, bonus !fun rewards on mint.fun, and other prizes. Learn more by visiting the [!teams FAQ](http://mint.fun/teams-faq). Keep in mind that one mint is 0.0025 ETH, and the contest concludes on July 28th! ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2fa7d2dd50-2e78-42c7-b436-1ac87a2a0b9b_1273x790.png) --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2fc8cd395b-79db-468d-b154-9df4a2d94efc_1214x308.png) #### **🙇 New insightful reads to level up your web3 knowledge!** > 1. **apix **on their latest [onchain gaming report](https://twitter.com/apixtwts/status/1675892914109530113) 🎮2. **foobar **on [why vAMMs are doomed to fail](https://twitter.com/0xfoobar/status/1677343454760775683) 💀 3. **jalil.eth **on the [design decisions behind Opepen Set 009](https://twitter.com/jalil_eth/status/1677304578633789444) 🔥 --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f3a4b5b9b-c004-4625-bd62-40f8e46f9d1c_1214x309.png) #### **✨ My NFT tool of the week: **[**Optimism on Gallery**](https://twitter.com/GALLERY/status/1677369562709344256) > [Gallery](https://gallery.so/trending), a web3 curation platform, just added support for NFTs minted on Optimism, meaning you can now organize and share your Optimism NFTs however you’d like. For example, publishing platform Mirror mints its NFTs on Optimism, so if you’ve previously collected any Mirror posts you can start organizing them as you wish on Gallery 🖼 ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2fc6f1f296-2a39-4c37-8fd9-f00d15a9760a_1600x900-jpeg.jpg) --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f23c5e6d2-acb9-4655-a4ff-eeba24455efc_1216x308.png) #### **😜 Sorry Zuck, I’m more of a Farcaster or Lens guy myself…** ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f37667ace-294d-4496-8185-5049ae752758_1600x1292-jpeg.jpg)*via [Alan Carroll](https://twitter.com/alancarroII/status/1677310957230366720)*