NFT Weekly Preview | The Otherdeeds for Otherside Are Here, What Now?
The Otherdeeds NFTs from the Otherside Metaverse are here. The drop was hyped as Super Bowl weekend for NFTs, and there were fireworks galore setting off a roller coaster, record-smashing weekend for the NFT space.
The action started Saturday night at 9:00 p.m. ET, initiating an almost three-hour gas war. Ultimately the project sold out in the first wave, gas never came back down (most paid 1-2 ETH per mint in gas), and the F.U.D. machine came out in full force. In total, more than 55,000 ETH ( ~$150M) was burned and Saturday night quickly turned dark.
Then the sun came back up, Sunday began and the money started rolling in. The pre-reveal floor moved up into the low 7 ETH range ahead of a 5:00 p.m. ET reveal...then all hell broke loose.
The first hour post-reveal included more than 20K in ETH trading volume as traders jostled to find the best plots and Kodas, the mysterious creatures attached to certain land plots. Touted as "The PFP" of the Otherside, the Kodas were an instant hit and the floor found its way to 30 ETH early on after the reveal.
Then the floor plot listings came in and found the mid-4 ETH range before bouncing back to 5 ETH briefly. At present time, the plots sit in the high 3 ETH range at time of writing while the Koda floor price has settled in around 25 ETH.
ApeCoin ($APE), the currency of the Otherside, was not spared in the hurricane of trading, as the ability to list the NFTs in APE seemed to be a non-factor in trading. The token sits at $15.50 at time of writing, down nearly 40 percent from the all time high.
Around 36 hours after mint, the Otherdeeds have traded 160K ETH and are already the ninth highest revenue NFT project of all time. It's safe to say - this was a liquidity influx never before seen in our growing NFT market.
This all transpired against a very shaky equities and crypto market background, with recession fears looming and hanging over markets in general. BTC and ETH are at $38.8k and $2820 respectively (down 2% and 3% on the week), and there are concerns that if support levels are lost, it could be down only for the near term. Then the question becomes - how will the NFT market be impacted? It is likely that Otherdeeds will remain a highly liquid NFT this week, but when sellers earn liquidity, where will that ETH rotate?
NFT Market Update
Putting the crypto market aside, for now, it is safe to say that this current NFT bull market cycle is the most liquid it has ever been. Sunday was a $475M revenue day for OpenSea alone and Monday is already on pace to surpass $200M in secondary trading.
Of the top 25 PFP projects, 17 of the 25 have seen an increase in floor prince since the Otherdeeds mint, and nearly all of the losers are from the Yuga ecosystem (BAYC, MAYC, BAKC, and Meebits). This drop though was somewhat expected as the land sale was priced previously price into their respective floor prices.
The early winners of this liquidity boon have been primarily the top end PFPs, with the most notable gains shown here:
- Moonbirds at 34.65 ETH floor (+17.5%)
- Azuki at 28.75 ETH floor (+21%) and Beanz at 6.5 ETH (+41%)
- Doodles at 22.5 ETH floor (+47%)
- CloneX at 18 ETH floor (+7%)
- Murakami Flowers at 8 ETH floor (+15%)
- CyberBrokers at 3.9 ETH floor (+53%)
Now the hot question becomes, what's next? Who will be the big winners of this week, in the most liquid NFT market ever seen? The answer is likely a combination of the top-end sets that utilize this chance for announcements and reveals and some hyped new project drops.
NFTs to Watch This Week
- Project Nanopass 2
- Phantom Network
- Wildcard Reveals and Announcements
Project NanoPass 2
The second NFT from Project NanoPass is coming this wee. The team has built one of the strongest communities in the "alpha pass" sector over the past few months. The genesis Nanopass NFTs hold a floor of 3.8 ETH floor, and thus a lower cost entry will be received well and likely met with high demand.
Need a quick summary of Nano Phase 2 ? I gotchu. This ain’t from official team so DYOR. I’m an idiot sometimes. @reicannon @Pants_shh @Yuri_ramen @NANOPASS_Kai @Pants_shh @iamabsinthe pic.twitter.com/5DyfwzlkJh— Ryan D. (@Ryan_Daryani) March 25, 2022
The most hyped drop of this week is certainly from the Project PXN team with their Phantom Network drop. This project, shrouded in mystery since inception, is finally set to launch its public sale on May 4.
// Mint details loaded— Phantom Network (@projectPXN) May 2, 2022
It is important that those who wish to participate in our public sale read this Medium post in detail.
It will only take roughly 5 minutes of your time.https://t.co/pnH3mMrwIb pic.twitter.com/ffN75c1tiC
Wildcard NFT Reveals and Announcements
Here are the projects which are already showing early momentum post-Otherdeeds and may be in a position to make big moves with the right timing on announcements or reveals.
It has been more than one month since BEANZ were airdropped to Azuki holders and there is growing sentiment that the big reveal is coming and coming soon.
Clearly, the founders wanted to let the Yuga dust settle, and that bet seems to have been the right one, as both the Azuki and Beanz floors are moving up as funds begin to rotate.
A bullish reveal event could launch this set to the next tier given this market liquidity. A reveal event this week seems more likely than not - certainly one to watch.
The Doodles floor ripped over 40 percent on Sunday as anticipation grows regarding a big project announcement, hinted by the founders.
This widely-regarded set has been a bit of a sleeper in the past few months since the Space Doodles debuted. Yet, given their near-universal appeal and very low listing volume (5.8 percent) a positive announcement, like a companion project, could certainly see this set make a big move up.
Yuga seems to do everything behind the scenes in mystery and leaves the market guessing what's next.
Kevin Rose and the Moonbirds team are taking the opposite approach, and doing everything in the open and with frequent communication. Given their shockingly low listing supply (1.8 percent), any big news could send this set to the stratosphere.
It is very early, and a big announcement is probably not too likely, but no one knows these markets better than KRO, and taking advantage of this liquid market would certainly be a sharp move.
The hottest new drop from last week (besides Otherdeeds) was the Ragnarok project, which traded over 10K ETH on secondary markets since Wednesday.
After the project minted at 0.77 ETH, the floor has found stability over 2 ETH and is settled at 2.77 ETH at the time of writing. Hailed as the "next Azuki" this metaRPG game has a roadmap with all the buzzwords (i.e. token), and people seem to vibe with the art.
A bullish reveal event in this liquid market could certainly send this project to the next tier.
Degenz and OSF's New PFP
This is a wildcard for the week, but OSF has been hinting about the Degenz and Regenz PFP drop (collaboration with Alien Queen) for weeks, and the timing certainly feels right for launch.
The floor has been steadily increasing in anticipation, and the general sentiment is that this drop could happen as soon as this week. It is expected to be a free mint for OSF art, Degenz, and Regenz holders and will likely be secondary only for outside buyers.
Expect big volatility in the Degenz and Regenz sets on any news. I expect this PFP launch to gain big attention given OSF and Mando's connections to Rug Radio and the BAYC community.
Those are some primary focus areas, but certainly, there will be plenty of winners and losers this week. These hyper-liquid bull market weeks are the opportunities to make big and potentially life-changing moves for those that are ready to capitalize. To be set up for success, follow the market movements and trends, and stay up to the second on breaking news events, follow our curated newsfeed.
And as always, happy minting and stay safe out there!