Overall market volume was down Tuesday, as OpenSea came in with $103mm in sales. It seems the lull may be tied to the huge anticipation of today's big drops, as 2/23 may be the single most hyped day for NFT project releases so far in 2022.
- Trippy M3 reveal
- Starcatchers shine bright
- Huge day of drops - Tubby Cats, Invisible Friends and The Doggies from Snoop
Trippy M3 Reveal
Yesterday evening @0x_b1, @Lior_ETH and @MutantCartel co-hosted a Mega Mutant Reveal via Twitter spaces and Twitch stream to celebrate the reveal of one of the three remaining M3 mutant apes.
Over 2400 attendees were in the spaces at time of reveal, and they were not disappointed. A Trippy mutant was revealed, the second rarest potential M3 that could have been pulled (with rarest being the still unrevealed Gold).
Market sentiment post-reveal has been overwhelmingly positive, and this M3 has likely just become the highest value M3 in the current set. Certainly this was a great day for its owner, 0x_b1, who paid $3.65MM for the M3 serum in late December.
Starcatchers Shine Bright
Starcatchers opened up their 48-hour WhiteList only minting on Tuesday afternoon, with strong market reaction. The set traded over 2100 ETH in the first 24 hours as the floor ran to 1 ETH before settling at 0.9 ETH. At the time of writing, the floor sits at 0.714 ETH.
One driver for the overwhelmingly positive response to this project is the founders focus on accountability. They created a unique mint revenue structure which keeps the founders from making hardly any money out of the gate. It includes:
- 60% sent to treasury (project vault)
- 35% locked in a gnosis time-locked safe for 4 years with a 1 year cliff
- 5% paid immediately to the founders
This decision seems to have paid off in the near term. We will all be watching as this project progresses, especially for the reveal on Feb. 26.
Huge Day of Drops - Tubby Cats, Invisible Friends and The Doggies from Snoop
Today 3 major projects are conducting their sales (public or WhiteList), likely making today the most anticipated drop day of 2022 so far. On the docket for today, we have:
- Tubby Cats at 12 pm EST
- Invisible Friends at 5 pm EST
- The Doggies from Snoop Dogg at 5 pm EST
Tubby Cats has taken Crypto Twitter by storm over the last two days and has become a cult favorite already amongst that cohort. From OG CT meme artist @ratwell0x, the set combines cute + memes in the latest NFT “cat” project. Nearly 14k have been minted, and the remainder will be available for the public for 0.1 ETH, which is a very attractive mint price as the floor sits at 0.7 ETH.
Invisible Friends from @motionmarkus is likely the most hyped drop of 2022. The all-allowlist sale required holding other Random Character Collective NFTs, valued around 2.5 ETH each near peak and totaling 7.5 ETH to secure a allowlist spot. As a result, there is much speculation about where the floor will be set after mint, and most think it will be quite high.
And lastly, we have Snoop Dogg’s “The Doggies” NFT in partnership with Sandbox. This will be Snoop’s first official avatar drop and the characters can be used in his upcoming Snoopverse. The presale went live yesterday, with the public sale happening today. Given Snoop’s popularity within the NFT community, this will likely be a highly watched drop.
Happy minting, and good luck!