Lucky Trader NFT Power Rankings Review | September 23
Last week we unveiled the Lucky Trader Power Rankings, a data-driven approach to ranking the top NFT collections across a handful of different categories.
Using a set of weighted attributes we've curated a full set of numbered rankings for NFT projects across blockchains.*
As each week concludes, we'll 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.
You can read through last week's rankings check and introduction to the Rankings here.
*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...
The Top 30 rankings pull in NFT projects from each category and multiple blockchains. For example, near the back of the Top 30 rankings, you'll find Solana's DeGods (20) and Flow's NBA Top Shot (24).
This week's top ten though completely consists of Art and PFP projects from the Ethereum blockchain.
And...that means no change from last week.
However, there was still notable movement within the top ten. Below is a look at the top ten last week, compared to this week.
Yuga Labs maintains the top two spots, with no change to the rankings for Bored Ape Yacht Club and CryptoPunks.
I think it's improbable that either of those two spots will experience a fresh face anytime soon. And while Fidenza did not move from the third spot in this week's rankings, I want to add a note of validation for the ranking.
While notable art sets are typically illiquid, Fidenza saw a major volume boost this week (949 ETH traded according to our rankings) and a floor price increase to 100 ETH at the time of the snapshot. The floor has fallen 1 ETH to 99 ETH at the time of writing.
The only other notable movement inside the top ten came from Azuki.
Rumors have been swirling in the NFT ecosystem that Azuki is close to completing a major fundraising round and for a long time. Coincidentally, the community has anticipated an Azuki announcement would come today(!), Sept. 23 based on an Azuki image floated around social media with a checkmark on today's date.
The rumor and speculative value of the calendar approaching Sept. 23 led to a major uptick in volume (518% increase week-over-week), and an increase in the floor price as well (38% boost, 10.50 ETH floor).
Don't want to wait around for the announcement? Download the Lucky Trader app and we'll send you the news right to your phone. Psst...If you do it before 5:00 p.m. ET today, you'll be entered to win 1,000 USDC.
Then you can check back here next week and see if Azuki moved up or dropped down in our Power Rankings.
Much like Azuki, Cool Cats made a notable jump seven spots to number 16 in the top 30. The project announced a new CEO earlier this week and picked up a ton of volume in the process.
The floor price has already started to dip from the announcement's height, so it will be interesting to see just how long a formerly beloved project can stay quite this high.
DigiDaigaku is up nine spots to number 26, making its top 30 debut. Though no official news has been shared, the project leader Gabriel Leydon teased a potential airdrop and more announcements in the near future.
The project is definitely hindered a bit thanks to our ranking system giving some credence to the longevity of projects. However, if it maintains relevancy and continues to amass hefty trading volumes, it should only improve.
While the projects inside the PFP top ten remain the same, Azuki made a major charge upwards (on account of the aforementioned info). Though this is only the second week of our rankings breakdowns, it will be interesting to note the potential all-time highs that certain collections generate.
It's expected that Bored Apes and CryptoPunks will lock down the top two spots (perhaps for years to come), but the most important shakeout may be in identifying those projects that can cement themselves in the 3-5 spots.
Today that is Mutant Ape Yacht Club, Clone X, and Azuki.
Next week? We'll see.
Last week I introduced a completely new statistic - Art Blocks Dominance.
Here's what I said:
Those familiar with the cryptocurrency markets might know the "Bitcoin Dominance" statistic, a number that showcases the percentage of crypto's total market cap that belongs to Bitcoin. For example, if the overall cryptocurrency market cap is $1T, and Bitcoin's market cap is $400B, Bitcoin's dominance is 40%.
For our sake - I'm creating the Art Blocks Dominance, the percentage of projects inside the top 30 of the Lucky Trader Art Power Rankings, that was dropped on Art Blocks.
The first week of rankings gave us an Art Blocks Dominance of 50 percent.
This week? The Art Blocks Dominance is 50 percent. That means, 15 of the top 30 projects in our Art Power Rankings were dropped on the Art Blocks Platform.
Inside those rankings, really nothing stands out. Nevertheless, I'll add a few bullets.
- Matt Furie's Pegz collection jumped up one spot. The Pepe creator dropped a second collection that we've identified is being added by sharp wallets.
- FEWOCiOUS was active on social media, teasing some artwork for FewoWorld. That sent Paint Drops up in both volume and floor price, coinciding with a 42 place jump in our rankings.
- Early art project, Hashmasks, has been overshadowed by most of the early-2021 NFT projects that dropped around it...but this week it jumped five spots in our rankings on the back of some floor price gains.
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.
Much like the move upwards for the genesis DigiDaigaku NFTs, the companion Spirits moved up 11 spots in our companion rankings to number 17 overall. This collection is similarly affected by recency and a lack of volume having just been dropped a few weeks ago. If the collection maintains trading volumes and improves on the floor price, it should continue to track up the ranks.
Nouns have been on my brain this morning, particularly as Tessera (formerly Fractional) set live its Nounlets platform.
As for the rankings, Nouns feel awfully low on the CC0 list at number seven, but it's a difficult project to rank given its unique drop mechanics and its slowly building supply.
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!