Thursday was a big day of announcements and launches, headlined by the launch of Cooltopia, VeeFriends 2, and the opening of the Clone Machine for Gutter Rats.
But even with those announcements, overall NFT liquidity was down, with only $70.5M traded on OpenSea on Thursday. There was seemingly no buy pressure in the top 20 PFP sets, and 15 of the top 20 were in the red on the day.
It feels like this market is "waiting" for something - perhaps Moonbirds? Today will certainly be telling, as the Moonbirds raffle results are revealed at noon ET, potentially "unlocking" a large amount of liquidity.
Who is set to benefit from the unlock? Stay tuned.
Galverse Leads the Market
As mentioned above, the market was mostly red yesterday on lower volume traded. The biggest winner of the day was Shinsei Galverse, which traded over 2,100 ETH volume and sits at a 0.5 ETH floor, up from a 0.07 ETH mint.
The allow list was oversubscribed and this mint did not make it to the public sale, which likely drove some of the large secondary action.
☆｡･:*:･ﾟ･ Sold Out ･ﾟ･:*:･｡☆— 新星 🌠 Shinsei Galverse (@galverseNFT) April 14, 2022
... wow 😱
We didn't expect that. More news about reveal party soon.
Thank you everyone for supporting Galverse!
OFFICIAL OPENSEA LINK: https://t.co/VFLvzZ9VUO pic.twitter.com/2l3evTsAJw
The reveal is set for today at 7:00 pm ET, so expect another day of high volume ahead of that event.
The Cool Cats team announced Thursday afternoon that Cooltopia was going live, and the market instantly responded.
it’s time 🆒 🐱 🥚 pic.twitter.com/df9Uqdp6yg— Cool Cats (@coolcatsnft) April 14, 2022
Cool Pets surged over 2 ETH briefly and Cool Cats jumped up to 8.5 ETH, as this long-awaited game was finally set to go live.
But...then there were some issues with connectivity and playing the game, and the market responded accordingly.
The Cool Pets floor dipped back to 1.2 ETH overnight, down 20 percent on the day, and Cool Cats went back to 7.98 ETH floor (down four percent).
Certainly these were some surprising results just hours after a much anticipated Cooltopia launch.
VeeFriends Series 2 Starts and Stops
After a two day delay, Gary Vee announced late Thursday evening that VeeFriends Series 2 minting was set to go live for the Friends List. It did go live but only briefly before it was paused, and only about 1,000 mints were able to be processed.
This was good news for those early minters, as the secondary market still traded over 400 ETH volume and the floor moved up to 1.37 overnight (from a 0.35 ETH mint).
The mint is set to open back up today around noon ET.
Moonbirds Raffle Details Released
On Thursday more details were released about the Moonbird raffle entrants. Overall there were only 32,218 raffle entries after the team scrubbed more than 14,000 based on potential bot activity.
This means each legitimate entry has approximately a 24 percent chance of winning and being able to mint a Moonbird for 2.5 ETH on Saturday.
14,649 bots and sneaksters had entries removed from the @moonbirds_xyz draw, leaving 32,218 of you hoping for a spot in tomorrow's raffle.— Harri | divergence (@divergenceharri) April 14, 2022
gg to any bots who escaped our notice, and better luck next time to those who didn't 😉
We'll share more details soon. But now, sleep…
There were mixed reactions to the news, led by surprise at the overall low count for raffle entries in what was expected to be the most hyped drop of the year.
This has led to some questioning of the actual demand for this project and how the early secondary market could be impacted.
The raffle winners are set to be notified at noon ET today, and thus everyone who lost should have an "extra" 2.5 ETH to play with today.
Will we see an abundance of liquidity flow in to the market today after noon ET?
There are certainly some prime targets under the 2.5 ETH price tag, with the Galverse debut, VeeFriends S2 mint re-opening, and the Cooltopia relaunch.
It is going to be a very interesting weekend, to say the least. Good luck out there, and happy trading!