A surprisingly strong GDP report did little to ease investor concerns about inflation and the possibility of a steep recession. Market Wrap is CoinDesk’s daily newsletter diving into what happened in today’s crypto markets. Author: James Rubin, Glenn Williams, Jocelyn Yang

The self-proclaimed “pro” NFT marketplace did 1,160 ETH ($2.5 million) in trading on Wednesday, according to Dune Analytics, placing it just behind OpenSea. Author: Rosie Perper

Cryptocurrency predictions site Polymarket is giving an overall 64% chance to Republicans for taking control of Congress indicating Democrats could be in for a rude shock. Author: Amitoj Singh

Some of the tokens have soared in recent days, although they are not licensed or have an affiliation with World Cup teams. An analyst says they “have little to no intrinsic value.” Author: James Rubin, Shaurya Malwa

Meta’s revenues for the division came in at $285 million, down from $452 million in the second quarter. Author: Nelson Wang