gm NFTs Feb 2: Rug Radio, Anime SZN, Market Pull Back
NFT daily sales volume seems to be on an "up only" trend, as February started with a bang. OpenSea closed with the highest daily candle of the year, coming in at $247.8mm in daily revenue, even as ETH was up 2.7% on the day.
Top NFT News Today:
- Rug Radio prepares to launch
- Anime projects set to reveal
- Market pullback
Rug Radio Prepares for Launch
Starting with the basics, Rug Radio is a decentralized media platform, meaning it will be owned by its community (Rug Radio NFT owners). The idea stemmed from the lengthy spaces that Farokh held in 2021, and he wants the community to be able to "earn" while listening in on these marathon sessions. Thus the "consume-to-earn" model was born.
How does it work? To enter the ecosystem, one needs a Rug Radio Membership NFT. From there, the Genesis NFTs are needed to earn $RUG tokens, with the ultimate utility of joining RugDAO, which is the DAO that will govern Rug Radio. There are different tiers with different tokenomics broken down inside OSF's thread.
1. THE @RugRadio MEGA THREAD. By now it's no secret how bullish I am on RugRadio. In fact I'd go as far as saying it's probably our biggest conviction trade since BAYC. I think this is potentially a >1400% return over 5 years using conservative estimates. pic.twitter.com/7NnbJA5bAE— OSF (@osf_nft) February 1, 2022
Holders of these NFTs can then join Rug Radio spaces, podcasts, etc. and also earn $RUG simply for participating. Content providers are also incentivized to join in this ecosystem, as $RUG tokens can be earned through hosting spaces, writing blog posts, and more.
The $RUG token is set to launch next week, and the NFT prices (Rug Radio Membership and Genesis NFTs) have been moving up steadily in advance of that launch.
Anime SZN Rages On
Anyone following the market closely over the last few weeks has noticed that the anime trend has hit NFTs and with real force. Several anime projects have debuted over the past few weeks and have captured serious volume.
Zipcy's SuperNormal is one of the more recent beneficiaries of this trend. This collection of 8,888 from the artist Zipcy launched last week and has seen its floor price soar to nearly 6 ETH ahead of its upcoming reveal.
Lives of Asuna is not far behind with its upcoming reveal delayed until next Monday, February 7. The artist behind Asuna is Zumi, who has a very large following. And the lead dev is Oksami, who also contributed to the Capsule House project.
Speaking of, Capsule House had big news yesterday as well, announcing that the next hatching race will be Humans. This caused a spike in sales volume for the project, as collectors reacted to the news.
Market Pullback Amidst High Volume
Although Feb 1st was the highest volume day of the last 5 months, several top projects saw their floors drop. This could be attributed to the rise in ETH price or perhaps healthy pull back after some large and quick run ups for the projects. Regardless of reason, these high end projects have seen a 10-20% drop in the past day.
Some notable floor dips include:
- Bored Ape Yacht Club: 107 ETH floor (down from 118)
- Mutant Ape Yacht Club: 21.5 ETH floor (down from 25.5)
- Azuki 13.8 ETH floor (down from 15.8)
- Doodles: 13 ETH floor (down from 16)
- Cool Cats: 11.3 ETH floor (down from 15)
In the August 2021 NFT cycle, it was common for NFT projects to run up in floor price from Thurs-Mon then dip midweek. Will we see that trend continue into the 2022 cycle? Time will tell.