March 18 - 22: This week in NFTs, recapped in one letter

Finally, we see an NFT bounce! Feels like it was long overdue.

Last week's rollout of Ethereum Dencun sparked some serious buzz in the Layer 2 scene. Memecoins and creators are moving to Base en masse, and the chain saw a new TVL all-time high and a swarm of over 1 million XCOPY flies this week. 

So while Starbucks may be out, the web3 space is moving full steam ahead. We’re seeing record-breaking sales every week, new Bitcoin ATHs, and the cheapest ETH transactions ever. Thank you, Blobs 🙏

In the meantime, we’re heads down building. Here is a cool update from this week:

⛩ Rarible is the official secondary marketplace for KOKYO NFTs. Holders unlock exclusive local experiences and real-world assets across Japan—curated by Japan Airlines and Hakuhodo. Rarible members can get 5% off the mint price by pre-registering for the public sale (March 26, 12am JST).

🛸RaribleX Files: Are you interested in building next-level web3 experiences? Subscribe to our monthly newsletter about new RaribleX features and partnership alpha.

There’s a strange pattern going around in web3. Wonder what that means.

• A swarm of flies was spotted in web3. XCOPY’s Mutatio OE drop on Base saw over 1 million mints and $2.35 million in volume.

• $WIF dog owners sold the original meme photo as an NFT for $4.3 million. Treats for life!

• Probably nothing, but the SEC could classify ETH as a security.

• The flappening is back. Pudgy Penguins flipped BAYC again. Meanwhile, MAYC is still below its mint price.

CryptoPunk #7804 sold for 4,840 ETH on March 20, worth $16.4 million.

Two weeks ago we had a similar case with another alien punk sold for over 4,500 ETH - then worth $16 million. WE’RE SO BACK! AGAIN!

Good things come to those who wait.