NFT Weekly | NFT Market Slumps, BattleFly Mints, Clone X Snapshot
That's the current market sentiment in NFT land, as NFT liquidity is at its lowest levels in months and most projects are down 10-20% in the past week. But there is still a lot to look forward to this week, both from a few exciting new drops as well as big events from existing teams.
Here is the information you need to start your week:
- Macro Trends
- New Drops
- Notable Project Events
Let's get into it.
We just closed the lowest OpenSea revenue week in months, punctuated by Sunday's lowest volume day in the past quarter of only $50.8MM. The trend is very clear at this point - money is simply not flowing in to NFTs right now.
The weekly numbers floor changes reflect this liquidity drain. Of the top 25 PFP projects by floor price, only 3 were up on the week and the rest were down, mostly in the negative 10-20% range. The three lone winners on the week were VeeFriends, Invisible Friends, and Meebits (it looks like we all needs friends in these times, and stablecoins).
The most notable losers on the week were at the top end of the board. The leading projects in both the PFP and metaverse "sectors", BAYC and NFT Worlds, are hurting the most, as BAYC is down 17% to 71 ETH floor and NFT Worlds is down 33% on the week to 8.9 ETH. Watching the performance of the top end projects is important, as they have been leading indicators of how similar, lower end projects in the same grouping will perform.
Overall it's difficult to see this downward trend reversing in the near future with out a major trigger event (i.e. $APE), and thus it seems most will likely go lower in the near term.
This macro is definitely not a great one to launch new projects in - but some teams are still finding success. The most notable winner from last week was CyberBrokers from Josie Bellini. The project surged from a mint price of 0.35 ETH to see a floor over 2 ETH on Sunday, now settling in the mid-1s - a much needed win for owners.
Will other drops be able to succeed this week? Let's take a look at a few.
New Drops to Watch
While it does appear to be a relatively thin week for new project launches, there are a few that stand out. These include:
This Treasure DAO ecosystem project, described as "a DeFi strategy game powered by $magic" is having its public "sale" starting this evening. Sale is in quotes here because BattleFly is following the Treasure ethos and thus making the drop a free mint. This highly anticipated project has already seen 24,000+ mints from its WL ahead of the public sale, and thus the remaining supply of ~6,000 is expected to go quickly. From there, owners will await the release of the project whitepaper and then start of a 4-week genesis phase of season one. Batch 1 of the public sale begins tonight at midnight EST, and learn more at battefly.game.
This latest CCO drop is a building block on top of the Loot project, and its vision is to bring together several different CCO projects in an expanding open source "hyper verse". The idea behind the project is to be a Layer-2 visualization on top of the IP from Loot, and minters will receive items based on the HyperLoot bag chosen at mint. From the concept and fan art already created, it appears that players will eventually interact in the HyperVerse with their existing NFTs (including Nouns, Toadz, and Chain Runners) in real time strategy games. The presale begins March 8 at 11:00am ET.
Beyond these two projects, we have a few launches in the Anime sector (Karuti and Muri), gaming and P2E (Impostors, Mythical Creatures) and animated motion PFPs (Imaginary Ones) coming this week.
Notable Project Events
There are several important existing project snapshots, reveals and releases to be aware of this week which will likely impact the market. Some key ones include:
Snapshots and Claims:
- CloneX - Murakami Flowers snapshot on 3/7 (all Murakami Drip CloneX holders will be granted WL)
- Pixel Vault - snapshot for Mintpass 2 on 3/8 (free to claim for all owners of Planet Tokens, Metahero Generative Identities and Core Identities)
- BYOPills - BYOCraft claiming 3/11 (based on a snapshot of Pill and Vape owners as of 2/18)
It is common for projects to dip post-snapshot, especially if a run up has occurred in the preceding days, so be mindful of that. But as these 3 are some of the strongest brands in the NFT space right now, this should not be a cause of concern for long term holders.
- Ethereal Art on 3/8
- Brian NFTs on 3/11
Treasure DAO is set to re-open its marketplace following last week's exploit, pending a community vote to begin on 3/7. The community will get to decide to either re-open before an audit is fully completed, or to open with a disclaimer. More information can be found in the project discord.
Have a great week!
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