Around the Blockchain | Primates Lead Solana NFTs
Is it safe to come out of hibernation yet? After a few weeks of down only, a slight reprieve has been granted over the weekend. Follow along below for more information on the latest NFT news outside of Ethereum.
This section remains, for the foreseeable future, for the strong-willed only.
Let’s start with the green, as little as it was. Thanks to some heavy momentum on Sunday, the week actually ended (all figures as of this writing and as per CoinMarketCap) with some upward momentum.
Looking back 24 hours shows notable moves upward for Solana (SOL), Avalanche (AVAX), Flow (FLOW), and Cardano (ADA).
Other previously covered NFT blockchains, like Tezos (XTZ, 15.20%), Fantom (FTM, 16.46%), and WAX (WAXP, 12.92%) saw positive gains. However, looking to the entirety of the past 7 days it is a much different story. Only Solana (7.03%) and Fantom (2.19%) of the aforementioned coins actually ended the week on a high note.
This Week in Solana NFTs
This week saw the first big win for a Solana launch since the Okay Bears.
“Primates” touts itself as a collection of 10,000 NFTs “built for the community, by the community,” intended to essentially act as a DAO, investing a community-led fund into various ventures to help spread web3 adoption.
The launch occurred on Tuesday at a shocking price of 4 SOL, which at the time equated to roughly $120 USD. Although the immediate impact was a floor below mint, the project quickly gained an incredible amount of steam and rose throughout the weekend, moving into third place overall on OpenSea on Thursday, with its over 35,000 SOL volume putting Primates behind only Bored Ape Yacht Club and CryptoPunks for total daily volume.
At that time, the Primates floor on OpenSea was 16 SOL. Although the project has since been passed in daily volume it still sits in fourth place, while the floor price has almost doubled again, up to 30 SOL.
On Magic Eden the floor is slightly lower, sitting at 27 SOL as of this writing, but either way, it’s a big win for those who bought in at 4 (or lower) and have quickly seen a 7x in SOL value and more than 8x in USD value since launch.
The number of new NFT projects dropping every day on Magic Eden’s Launchpad is truly astounding, especially given the current state of the market. This also leads to the need to be extra careful. Although Magic Eden has its own methodologies to vet teams and prevent rugs, it does not (nor should it) endorse any collection and cannot prevent cash-grab projects that are destined to fail.
However, there are still smaller victories to be had in this market. For instance, Yeah Tigers, a 10,000 NFT collection, sold out at a mint price of 1.5 SOL on Sunday, and as of this writing holds a 3.59 floor.
This Week in Flow NFTs
However, unlike the sister site NBA Top Shot, in this challenge the rewards stack. This means completing the harder level gets both rewards, not just the higher-level reward.
The challenge involves collecting three Moments from anyone who was traded this offseason. If the three eligible Moments (must include three unique players) held at the snapshot are all commons, the reward is a common Rewind pack, containing three Moments from Weeks 1-12.
If all three are higher-rarity Moments, then the second reward is a second Rewind pack, but a Rare pack with a guaranteed Rare tier (or better) Moment inside.
The snapshot is Monday, June 20 at 1:00 p.m. ET. The current floor cost to complete the challenge is $56, whereas the reward packs were originally sold for $59.
Buildspace, a venture-backed web3 company focused on education, is launching a free online course for developers to learn more about the Flow smart contract, and how to launch an NFT project on the Flow blockchain. Participation (and completion) in the 5-10 hour course will earn students exclusive NFTs, but more importantly will provide the skills necessary to help build out the Flow ecosystem.
Other Blockchain News
NFT NYC is this week, June 20-23. Last year featured several project-led parties, expected to be repeated this year with an expected record-breaking attendance.