Deep Dives
Long-form research on one NFT story each week: marketplace economics, royalties, wash trading, financialization and regulation.
| Published | Report |
|---|---|
| 2026-10-12 | 01. NFT Sales Held Flat on 85% Fewer Buyers — the Question This Week Is the Count, Not the DollarsSales held at $39.85M while buyer addresses fell 85.33% to 30,332. The value column reconciles; the address columns print a discontinuity with a precedent — the unexplained Sep 12 anomaly — and the Oct 17 capture decides whether wallets collapsed or the counter did. |
| 2026-10-05 | 02. NFT Sales Fell 23% on 8% More Transactions — the Whale Week Was an Event, Not a LevelSales fell 23.48% to $40.88M on 8.44% more transactions from 28.79% more buyers. The $14.63M decline mirrors last week's concentration — Ethereum 90.6%, CryptoPunks 42.9% — all three whale-week event markers landed, and participation printed a new, higher level. |
| 2026-09-28 | 03. NFT Sales Rose 57% on 6% More Transactions — the Rebound Was Carried by a Handful of TradesSales jumped 57.17% to $55.51M on just 5.93% more transactions. The $17.97M weekly increase stacks five layers of concentration — Ethereum 83.5%, CryptoPunks 41.9%, five trades 15% — and the address series broke its stable-regime expectation on first test. |
| 2026-09-21 | 04. Buyer Addresses Rebounded 174% While Sales Fell 15%, and the Base Gap Closed to 5.3%Sales fell a second week to $37.54M while buyer addresses rebounded 174.04% to 114,977. The two comparison bases closed from 42% to 5.3% — 93% of last week's gap was BNB Chain's one-off week — and the ex-BNB floor broke at $34.96M. |
| 2026-09-14 | 05. The Week the Buyers Vanished: 917,549 NFT Transactions From 41,959 AddressesVolume rose 6.8% as reported while buyer addresses collapsed 84.67%. A decomposition of the starkest value-vs-participation divergence in this series — concentration, measurement change, or both. |
| 2026-09-07 | 06. One Chain, One Week: What BNB Chain's 1,042% Surge Hides in the $75.54M NFT NumberSales hit $75.54M while every blue-chip floor fell. Strip out BNB Chain's 1,042% week and the market declined on either available comparison base — a decomposition of what actually moved. |
| 2026-08-31 | 07. Three Baselines, Three Stories: What the −44.7% NFT Headline Actually ShowsThe same week produced a −44.7% crash story, a −34% decline story and a +57% growth story — all arithmetically correct. We reconstruct why, and what can honestly be concluded from $63.33M in NFT sales. |