Daily NFT News | Projects, Drops, and Reveals to Watch Today

Daily NFT News | Projects, Drops, and Reveals to Watch Today

Lucky Trader covers the latest NFT news for Wednesday, July 6. Top stories include The Otherside load test today, a Murakami snapshot, and today's top mints WAGMI United and Art Blocks.

Top NFT Projects to Watch Today, July 6

July is off to an incredibly quiet start for NFTs, with just $78M in OpenSea volume across the first five days of the month. It does not seem like folks came back from the long holiday weekend ready to spend, as yesterday tallied just $14.7mm in revenue. How long will the 4th of July hangover last? Or is this just our new normal for daily volume? 

Today is one of the more exciting days of the week in terms of new projects dropping, with new options across sports, art, and PFPs.

Let's get into it.

Top NFT Mints and Reveals Today, July 6

Here are the two primary drops on the radar for today, along with a list of the known free mints:

  • Art Blocks Factory: Fermented Fruit
  • WAGMI United
  • Free mints for today 

Art Blocks Factory: Fermented Fruit

Art Blocks continues to have bullish tailwinds, as last Wednesday's Curated drop Sudfah was a smashing success, last Friday's fun Factory project "Woah La Coaster" minted out and saw solid secondary, and other Factory sets which have sat open for months on the Art Blocks site have slowly minted out (Photon's Dream, Click).

It is a great market for generative artist Cyberia to launch their new project "Fermented Fruit" which alludes to how microorganisms transform food during the process of fermentation. From the project page, "The project features the simulated lifeforms of cellular automata that evolve and shape-shift down an asymmetrical grid" and the final piece combines a number of these cellular automata patterns together to bring together a singular image.

There are interesting mechanics on this one, with a supply of just 140 mints but a flat price point of 0.2 ETH. The pros here are a very low supply, some strong early feedback from artists like Alexis Andrea "There's something refreshing here, not exactly sure what or why, but it looks 'fresh'", and a generally healthy Art Blocks market. The major con here is the price tag, which is nearly two times the typical Factory sell-out price.

If this one's price tag was 0.1-0.15 it likely sells out within ten minutes, but at 0.2 that outcome is much less certain. Removing the dutch auction also removes some of the FOMO factors from the mint, which will also be a detriment. Of course with just 140 supply if this catches any steam it will be gone fast, but at this price point, expect it to be open longer than most of the latest drops.

This mint starts today at 12 p.m. ET at the project site.

WAGMI United

In yesterday's weekly preview I broke down WAGMI United and called it the mint of the week - well that may have changed after new information was released yesterday.

Now we have the supply and mint price, coming in at 12,000 NFT supply at a 0.35 ETH price point. Feedback was fast and swift calling this one a cash grab at these price levels, and general sentiment seems to have swung from positive to negative.

Not much else has changed with what we know about the NFT and its perks - it will offer governance of the DAO "managing" the Crawley Town FC English Football League 2 club, both physical and digital merch including the hyped Squiggles jersey, and access to events. 

The market right now is an interesting backdrop for paid mints in the 0.35 ETH range. Doodles Genesis Box has fallen flat, minting out at 0.5 but falling to 0.4 ETH on secondary in the first week of trading, with no uptrend in sight. Yet the hot paid mint of last week, The Possessed, did a 0.35 ETH public sale and secondary loved it, soaring to 0.8 ETH at peak and sitting now in the 0.6 ETH range. 

The bull case for WAGMI today primarily relies on the team of influencers behind it - if they tout it hard and unlock the power of their networks, this one could run and run far. And given the mint has the potential to be whitelist only, that created secondary demand off the bat.

The bear case is that the price point is too high, all the collectors get is a few pieces of merch for a low-level soccer club, and the ties to Pixel Vault hurt its chances (Gfunk is an investor and Preston Johnson was heavily involved in Punks Comic in the early days) and it fails to mint out today (or worse, it mints out but immediately falls well below mint on secondary). 

This one is a toss-up, but certainly, one to watch today during a very quiet overall week. 

Free Mints

There are a few free mints on the radar for today now, with the list growing by the hour. The current set is as follows:

Yesterday saw one new mint, Good Minds, see some limited success, running from 0.03 ETH mint to 0.09 at peak, but that lasted just an hour or less and that floor is now back to 0.05 ETH. With four new free mints today, the risk is they cannibalize each other and none really make it to "exit velocity" (past the price threshold where mainstream traders start to move in and FOMO induces).

Of these four drops, Uncultured has the biggest following with over 75k followers on Twitter, with Wizards next at 50k. The Wizards have the cute factor going for them though, and with the second-lowest supply, they are my pick to do the best today.

Overall free mints still have some of the best risk/reward spots in NFTs though, so they are worth monitoring for those showing up every day. Just know the shelf lives are growing shorter and shorter for new launches, as the overall supply grows.

NFT News and Announcements

Tuesday was another slow news day, likely highlighted by Yuga Labs and the Otherside reminding everyone that load testing will begin today July 6th. This is the first in a series of tests ahead of the "First Trip" tech demo set for July 16th. Testing will be available only to those with an OtherDeed in their wallet, and it will begin with 3,000 players increasing in 1,000 player increments every few minutes. With speculation that participants may be rewarded down the line (i.e. with the second round of 100k OtherDeeds plots), expect some serious participation today.

The second biggest headline from Tuesday is from Murakami Flowers, which announced a snapshot will take place on July 10th at 7:59 p.m. ET. The snapshot is likely tied to the updated roadmap that Murakami released last week, teasing "Part 2: Earthly Temptations" as next in line. The announcement provided a major influx in volume for the project, sending volume up 450% to 300 ETH on the day and the floor up 27% to 3.75 ETH.

Here is a quick round up of the rest of the main headlines from Tuesday:

  • Zed Run announced changes to its payout structure, resulting in a larger percentage of the pool being paid out for each race 
  • Chinese mobile app QQ and Tencent are testing NFT avatar, residing on the Zhixin Chain (QQ has 275mm users)
  • In Twitter news, top Solana NFT project founder FrankDeGods had his Twitter hacked on Tuesday, and then the @mcgoblinburger account (tied to the Goblins project) was suspended, with speculation that McDonald's may have been behind the takedown

Airdrop News

Two big airdrop announcements to hit today.

First, World of Women has dropped Capacitor NFTs early this morning. From the project team, these Capacitors are "devices that can store a lot of energy for BOTH WoW and WoW Galaxy" NFTs, though with a supply of just 10,000 only the WoW holders were directly rewarded. The floor price is 0.59 ETH at the time of writing, with just two sales so far at 0.25 ETH and 0.69 ETH.

Gossamer Seeds also came through with a big announcement yesterday, noting that the Gossamer Army NFTs will be available to mint on July 10th for Seed NFT owners. The number of Moths (or Seed NFTs) in each collector's wallet will determine how many they can mint. The details of a public mint for the Army NFTs have not yet been released.

NFT Market Action Data, July 6

Yesterday was one of the most boring days volume and trading-wise in recent memory and is evidenced by the top mover board. Not a single project managed over 1k ETH in volume, and there were only two double-digit increases or decreases on the day for the top 10 projects.

Yuga Labs once again dominated trading, with BAYC/Otherdeeds/MAYC combining for ~2k ETH volume and their floors up slightly to 92 ETH / 2.9 ETH / 18.18 ETH.

ENS volume was down from the long weekend mania, coming in at just 700 ETH, led by the 10k club with 200 ETH volume, 3 Letter club with 107 ETH, and 5 Letter dictionary with 100 ETH.

Top winners on the day were Murakami Flowers, up 27% on their snapshot announcement; XCOPY's Grifters up to 13.4 ETH floor on the back of some sweeps, and gmoney's Admit One up 10% to 20.5 ETH floor.

Losers on the day included God Hates NFTees, down 38% to 0.68 ETH in its continued fall from peak; Wolf Game - Farmers down 27% on their announcement yesterday; and The Goda Mint Pass, falling 10% to 8 ETH after details of Nina Chanel's first mint were released. 

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NFT Market Analysis

The crypto markets have been holding up surprisingly well, with BTC and ETH up ~3% on the day to $20,080 and $1,130 respectively, now down just one percent each on the week. A holiday weekend crash never came, and now recent chatter around falling interest rates has sent growth stocks back into the green Tuesday, with sentiment being that crypto may soon follow suit. Overall sentiment seems to be turning cautiously more bullish, with more and more predictions that the bottom may be in here very soon.

Certainly, that's all conjecture and no one knows what will happen, but there are more reasons for optimism with falling oil prices and commodity futures than there were just a few weeks ago.

The NFT market seems to be in "wait and see" mode, at least with respect to the major PFP sector. Anecdotally it feels like money is on the sidelines waiting on the next big announcement or catalyst to jump back in and level up. The problem is, it's hard to see what those catalysts are right now, with the exception of Moonbirds and their upcoming Silver Nest coming in 15 days (and which may explain their recent 30% jump).

Though ENS volume dipped Tuesday, it is still top three in volume on the day and expects this to remain at the top of the board this week, with limited other options for trading. 

Free mints continue to be a focal point of the market, and as stated above, still the best risk/reward position for day traders. With a growing list of free mints launching this week, the main problem is competition for liquidity and what it will mean for free mint carryovers from prior weeks (notably Moonrunners and WZRDS).

Good luck out there today to those minting, and make sure to follow along with all breaking NFT news with the Lucky Trader newsfeed!

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