Period: 1^st August 2022 – 8^th August 2022

· Except for the U.S. weekly jobless claims and nonfarm payrolls, there isn’t any more major economic data released last week. Anything that happened last week was basically overshadowed by Nancy Pelosi’s Taiwan visit.

· For the second week in a row, access pass NFT made it to the top 5 spots. Meanwhile, there was an uproar in the Moonbirds community due to the founder’s controversial and sudden decision.

Both U.S. weekly jobless claims and nonfarm payrolls have beaten analysts’ expectations, but the world is instead eyeing another matter – if China is going to take any action against Pelosi and Taiwan. Thank God besides those aggressive statements and publications, no real actions were taken that could lead to war. The S&P 500 was up 32.81 points or 0.80%, and closed slightly higher at 4,145.19; Bitcoin was down only 1% to around $23200, its price during the weekend was nearly flattened.

Despite Bitcoin’s flattened price movement, altcoins continue running their own bull market. One of the top social media platforms, Instagram, has added support for NFTs created on the Flow blockchain. Flow token (FLOW) being the native token of the Flow blockchain, has surged in price as a result.

The top NFT collections supported by Flow blockchain

Instagram is owned by Meta Platforms, previously named Facebook, and is currently the largest social media company in the world. This isn’t the first time Instagram adopted NFT features into its platform. Back in May, a new function debuted, which allowed selected creators in the US to showcase their NFTs as digital collectibles. That service is now expanded to 100 more countries in Africa, Asia-Pacific, and the Middle East. With support from one of the largest social media platforms, FLOW no doubt is picking up the market’s interest.

For the second week in a row, access pass NFT has made it to the top 5 spots. For people who don’t participate in the NFT market much, access pass NFT acts like an entry ticket that grants the holder access to certain utilities, communities, airdrops, or rewards. The moment you sell or transfer your access pass NFT, you are losing accessibility at the same time. Access pass NFT always requires a mint fee. In the case of Webaverse Genesis Pass, the mint fee is 0.2 ETH for the whitelist and raffle winners. Any unclaimed NFTs will be available for the auction for a minimum bid of 0.25 ETH. NFT holders will be able to claim a parcel of land in an upcoming multiplayer-online (MMO) game built by Webaverse. As I said in last week’s article, NFT enthusiasts are always willing to pay to mint quality NFT projects.

Screenshots of Webaverse’s gameplay

Moonbirds’ sales volume is back to the weekly top 5 but this time it was no good news, some holders are leaving the community for good. The blue-chip NFT project was once famous for its diamond hand community, so what happened here? On August 5, Moonbirds’ Founder Kevin Rose tweeted that the project is moving to the “CC0” public license. CC0, or Creative Commons Zero in full, means “no rights reserved” on intellectual property. It means anyone can use Moonbirds artwork in any way and for any purpose, including commercial purposes. Imagine the Moonbirds NFT holders losing all their rights overnight. Some even criticized Kevin for implementing such a big change without discussing it with the community, it’s an act of violation of the spirit of web3. It resulted in Moonbirds’ biggest sell-off since the NFT winter in mid-June this year.

The price chart of Moonbirds. Source: https://nftpricefloor.com/

Written by: [Coinlive] Nell