Power Rankings Review | Azuki Keeps Climbing
The Lucky Trader Power Rankings uses a set of weighted attributes to curate a full set of numbered rankings for NFT projects across blockchains.*
Each week we take a snapshot of the rankings (at 10:00 a.m. ET) and review the movement in rankings as a result of the latest news, trades, and more.
*Full details on our weighted rankings can be found at the bottom of the Power Rankings page.
Find details on this week's ranking movement below...
While there was relatively little movement up and down for projects in the top 30, it was a busy week of NFT headlines, perhaps strengthening the foothold of the projects inside.
No new project has entered the top 10, but both Chromie Squiggles and Azuki jumped up one spot, while the PROOF Collective Pass fell two spots to number ten.
Azuki Keeps Climbing
Azuki is likely the most notable mover in this group, with lots of headlines surrounding the leading anime project this week.
Firstly the project shared more details on its Proof of Skate launch, which is highlighted by an auction of eight 24-karat golden skateboards that weigh 45 pounds each. The auction will commence tonight at 9:00 p.m. ET, with the top eight bidders receiving an NFT that can ultimately be redeemed for the physical skateboard.
In addition to the Proof of Skate launch, rumors swirled earlier this week about a potential snapshot for BEANZ holders after a Twitter banner change took place on the Bobu the Bean Farmer Twitter account. The banner depicts Bobu holding a camera, while surrounded by BEANZ characters. The rumor was cannibalized by other news quite quickly, but the banner still lingers.
Azuki is up nearly nine percent on the week and has reclaimed a floor price above 10 ETH, resting at 11.15 ETH at the time of writing.
Some other movement in the top 30 is worth a mention...
VeeFriends is up two spots this week to number 12 overall. Gary V is up to his old tricks, hyping "announce of an announcement." Late last week he dropped this two-minute video that merely confirms the existence of VeeCon 2023 (which we already knew).
No details were provided on the event, nor were any additional benefits applied to VeeFriends holders. What we do know though, is that holding a Series 1 VeeFriend will provide you with free attendance to the event...wherever that is. The project's original NFT collection was up more than 10 percent this week and now sits at a floor of 7 ETH.
If you don't want to sort through the noise on Gary's timeline - you can download our app and we'll send you a notification when he does actually announce the event.
VeeFriends made a move up from nine to seven in our PFP Rankings, but the more interesting note is that the project leaped Moonbirds, which has now fallen to number nine.
The PROOF ecosystem isn't going anywhere anytime soon, but the Moonbirds collection has still not recovered from the move to CC0. The floor price has steadily declined, down another 11 percent this month despite a new set of nesting rewards and a partnership with Infinite Objects.
It seems it's going to take more than a few fanny packs and a digital display to push the project back up our rankings.
Forgotten Runes Wizard's Cult
Projects that are quietly building and not leaning into an endless hype cycle of announcements can often get buried in a speculatively driven market like NFTs. That's how I'd character Forgotten Runes Wizard's Cult, which announced a major funding round from notable players earlier this year while quietly working on the expansion of the Runiverse.
A few weeks ago the collection dropped more updates on its upcoming game and the market has quietly reacted, sending the floor price upward by nearly 14 percent in the last week
The project has moved up four spots, to number 22 overall in our PFP rankings.
Given the illiquidity of art markets, a bit of volume can really shake up the rankings. This week, you'll notice a variety of movers in the 20-30 range in our Art Rankings, typically up, thanks to small floor price movements or volume boosts.
Nothing in that range stands out to me as worthwhile enough to comment on.
However, I will comment on the two-spot jump for XCopy's Grifters collection. The project which dropped on Aysnc Art earlier this year has now found its way into the top ten Art Rankings, fitting for one of the leading figures in NFT and cryptoart. In case you missed it, earlier this year XCOPY made nearly all their work CC0.
Art Blocks Dominance
Art Blocks dominance is flat week over week, with 17 of the top 30 projects in our Art Rankings coming from the generative art platform.
This week's Art Blocks Dominance: 57%
Last week's Art Blocks Dominance: 57%
The number has been as high as 63 percent, but never lower than the 57 percent at which it stands.
A few weeks ago I talked about the Art Blocks changes perhaps impacting these rankings for future drops, but thus far we have witnessed essentially no change.
The NFT space at present time is dominated by profile pictures and art, so for the most part each week I'll look to include "the rest" in a final category, highlighting anything of note. Below I've included a few things that stood out from the news of the week.
Admit One made headlines earlier this week when a pair of its NFTs were purchased by Ryan Carson's NFT fund, 121G.
Though Carson only purchased two NFTs, the collection saw a small volume boost (5%) and a major floor price increase over the course of the last week to 5.50 ETH (+53%).
The project has jumped up three spots in our Membership Rankings and is now number three overall.
DigiDaigaku has burst on the scene in the last few months, and its companion collection DigiDaigaku Spirits moved up the Companion Rankings to number 11 overall. This is a tricky one to rank, but something I felt must be noted. Spirits, the first companion for original DigiDaigaku NFTs, can be burned to create DigiDaigaku Heroes, an evolved companion which was revealed last week.
The burn mechanic ensured that the Spirits collection was heavily deflated and at the time of writing only 391 NFTs still exist. It's not always the case in NFTs that decreased supply leads to an increased floor price, but in this instance, it has held true. Spirits are up nearly 40 percent on the week and they are still trading!! The collection also saw a boost in volume of more than 180 percent over the last seven days.
Want to see how things shake out next week? Be sure to follow our Power Rankings and look for this column on Friday! Furthermore, be sure to download the Lucky Trader app to stay updated on all things NFTs!