gm NFTs March 1: Crypto Rally, Kevin Meme, Space Capsules Underwhelm

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February in NFTs left with a whimper, as the 2nd highest grossing month ever ($3.58B) closed with the lowest volume day of 2022. A few top stories from the day:

Crypto rally stunts NFT trading
"Kevin" meme takes NFT world by storm
Doodles Space Caps underwhelm

Crypto Rally Stunts NFT Trading

Monday closed as one of the single biggest swing days in crypto trading history, as BTC closed up nearly 15% on the day and several other cryptocurrencies followed suit. A few notable daily gains:

BTC up 15% to $44,230
ETH up 10% to $2,930
LUNA up 23% to $92.50 (and saw a new ATH)
AVAX up 15% to $87.40

Some NFT-related gaming tokens followed suit, as we saw $MAGIC pop 15% to $4 and $JEWEL up 12% to $5.75.

Want to stay tuned to the price changes of NFT related tokens? Be sure to catch our NFT Token Talk article on Thursday.

The crypto surge did have an impact on NFT trading for the day, which was relatively non-existent compared to February highs. The day closed with just $67.7M which was nearly 50% below the monthly average $127.8mm per day.

"Kevin" Meme Takes the NFT World by Storm

If you were active on NFT twitter at all yesterday, you likely saw the name Kevin all over your feed. This character from the Pixelmon reveal, deemed "so bad it's good" has become a powerful meme, and we have already seen some real impacts in the space.

First, the Kevin NFT from Pixelmon touched a 10 ETH floor at one point yesterday evening, as speculators raced to pick up the character. Then we saw numerous Kevin-related derivatives start to come out, including one for BattleFly (launching this week in the Treasure ecosystem) and Kevin-mfers (a spin on the famous Sartoshi-meme project).

We likely have not seen the end of Kevin memes, as many deem him specifically as the perfect symbol of the "cash grab" NFT project culture of early 2022.

Doodles Space Capsules Underwhelm

The highly anticipated Space Doodles Collection from Monday landed with much less excitement than anticipated.

The new NFTs for Doodle owners, which are not stand-alone NFTs but essentially wrapped versions of owners' original Doodles NFT, only traded hands 5 times in the 8 hours since release for about 45 ETH in trading volume. This included sales at 5 ETH and 7 ETH, well below the Doodles floor of 12 ETH, signaling some owners may not have realized that they were selling their Doodles as well as the Space Doodles.

More utility for the Space Doodles has been hinted at, so it will be interesting what the team has planned for these in the long term vision for the project.

Author Bio

Tyler Warner

Tyler is a high-volume NFT trader, having reached the top 100 in NFT sales revenue using NFTBank’s rankings, a Pengu maxi (in Luca we trust), and a writer for Lucky Trader. Tyler’s writing spans market analysis, news breakdowns, project ecosystem overviews, and web3 opinion pieces.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.