Morning Minute | NFTs Rally During VeeCon
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Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints:
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TylerD's Market Summary
The NFT market is rebounding, led by a few key collections. Find out which ones, along with takeaways from VeeCon 2023.
📈 NFT Rally Begins
The recent theme in the NFT market is that we dump during conferences.
It happened this year during NFT NYC and Consensys, and has happened in prior years as well.
Well, VeeCon didn't get the memo.
The NFT market is seeing green, with a few key sets starting to build some serious momentum.
What's Been Happening?
Here are some of the most important headlines I'm watching, in no particular order:
- Pudgy Toys see major success on launch as Luca goes on media tour; floor prices respond, with Pudgys +30% to 5.83 ETH (lil Pudgy's +36% to 0.5 ETH and Rogs +44% to 0.48 ETH)
- Jack Butcher's Opepens see multiple ATH sales for his s001 series, which reaches 19 ETH floor; unrevealed floor up 200% on the week to 0.52 ETH
- 3AC Grails begin auctions at Sotheby's and beat expectations, led by Fidenza #725 selling for $1.016M
- Bitcoin NFTs seem to gain notable traction, taking 3 of the top 5 spots on the weekly volume board (Cryptoslam) and seeing buyers surge 180% to 30,747
- Unique daily traders rebound to the 8,000-9,000/day level, up 100% from local bottom around 4,000/day
- Blur farmers dump 350 Doodles and 190 Mutant Apes over the weekend, without tanking the market (Doodles -4% on week at 2.19 ETH; MAYC -3% at 9.54 ETH)
While each of those 6 headlines are important, I think the last one is the one I'm most excited about (putting the Bitcoin NFT narrative aside for now, I will revisit this week).
Sentiment has been that the end of Blur farming is like a ticking time bomb, as farmers who have accumulated big bags of PFP collections they don't want will eventually sell.
Well, we saw a major selloff event this weekend - and it didn't tank the market.
Overall, 12 of the top 20 collections by volume on the 7-day finished the week in the green. A solid 60%. We will take it.
While I don't think every collection has seen its bottom, some certainly have.
Real momentum is building, and people are buying NFTs again, because they want them (not just for points).
And all while half of the active NFT market was at VeeCon.
Speaking of...
🎬 Takeaways from VeeCon 2023
I've just completed the conference tour, hitting NFT NYC, Consensys and VeeCon in a whirlwind 6-week window.
And I think VeeCon is the best NFT conference of them all.
Looking at these 3 specifically:
- NFT NYC is about networking events and partying with fellow project holders; the conference is barely attended
- Consensys is an amazing conference but very crypto heavy; NFTs are ~10% of the focus
- VeeCon is on par with Consensys in production value and level of speakers, but NFTs are much more heavily featured (50%)
Gary Vee throws a hell of a conference, which is a combination of business, tech, culture and media, all a central underlying theme of VeeFriends and web3.
My primary takeaways from this year's event:
- The "Web3 State of the Union" panel hosted by Farokh, Richerd, Jessie Pollack* and Fonz had a huge turnout of probably 300-400, the most attended NFT-focused panel I've seen; people still care about web3
- Luca Netz is at the top of his game right now, blowing it away at his "Building Stronger Communities" panel; don't fade Luca
- The core group of people in web3 who attend these events (and it is a lot of the same people) are getting tighter and tighter and care deeply about this space; this group may be small, but it's getting closer, stronger and I think it will be leaders of the next rally
*A sub-takeaway from this panel was Jessie touting "OnChain" as the term to replace "NFTs" and "Web3" - "OnChain" is the new "online". I can get behind this.
Overall, I left the event as motivated as ever, and I definitely recommend VeeCon for those who haven't attended.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
- Trading volume was jumped over 16k ETH on Sunday, driven by some Blur farmer dumps
- Art Blocks is launching Prohibition on Arbitrum, as a new open generative art platform powered by the Art Blocks engine
- Blur is adding multiple new collections to its Blend and BNPL program today
- Beeple memorialized Pudgy Penguins in a Saturday night Everyday, capping off a big week for the project after its Toys launch
- Punk6529 admitted a fraudulent artist in 3PeaceArt snuck in to the Memes program for card #100, but will be replaced by 6529er
- Bitcoin NFTs take 3 of the top 5 spots on the 7-day Cryptoslam volume board, led by Space Pepes, Ordinals and Bitcoin Frogs
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market chopped over the weekend; BTC -0.4% at $26,800; ETH even at $1,810; $PEPE holding steady at $666M
- President Biden says he won't accept a debt ceiling deal that "protects wealthy tax cheats and crypto traders" as the politicization of crypto gets deeper
🚀 NFT Total Volume
- MAYC (6,379 ETH, 9.57 ETH Floor)
- Milady (2,123 ETH; 4.14 ETH)
- Wrapped Cryptopunks (1,552 ETH, 48.99 ETH)
- Azuki (1,136 ETH, 14.46 ETH)
- BAYC (740 ETH, 45.6 ETH)
📈 NFT Floor Price Increase
- Fluf World (34%, 1.09 ETH Floor)
- Opepen (31%, 0.52 ETH)
- Kanpai Pandas (24%, 1.37 ETH)
- OnChainMonkey (23%, 1.95 ETH)
- Pudgy Rogs (12%, 0.48 ETH)
🗓 Upcoming NFT Mints and Reveals
The most interesting drop of the day is likely the Hot Wheels drop coming on the Mattel Virtual Marketplace (powered by Rarible) later today.
The packs follow the "Fast & Furious" theme and cost $20.
Other than that, it will be an interesting week for the Meme cards with Jack Butcher dropping a card on Friday. The season 3 set may see an uptick in demand ahead of that one.
- Memes by 6529 (11:00 a.m. ET); 0.06529 ETH
- Hot Wheels - Fast & Furious (12:00 p.m. ET); $20
- FishBallerz (1:00 p.m. ET); 0.0444 ETH
- Meta Masks by David Rees (TBD); 0.12 ETH
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's Project Schedule page.
