NFT Weekly | $RDAO, DrifterShoots and Big Reveals
The NFT bull market is back!
We just closed the biggest revenue week since early February with $817M in OpenSea volume, punctuated by yesterday's $173MM, the biggest daily candle since Feb. 13.
That put the daily average at ~$117M for the week, well above the $100M per day threshold that many consider to be the "bull market" daily number.
The week was led by Azuki, which traded 25K ETH in the main set and a staggering 15K ETH in the Beanz airdrop, which was released on March 31. This seems to have led off a game of NFT musical chairs, as the Azuki money started rotating across other PFP sets, with the latest winners being CloneX and Doodles in the mid-tier, and CyberBrokers and Quirkies on the lower end.
The market is certainly more liquid than it has been in weeks, and that's a great sign for projects launching or revealing this week. This week is headlined by the $RDAO token launching today, DrifterShoots' open edition, and three big reveals.
$RDAO Launch from Rug Radio
After weeks of build up, the $RDAO token is set to launch today.
The team has just completed its DAO council elections, where 33 members were chosen and voted on by the Rug DAO community. The council's initial focus will be on setting up a governance framework for Rug DAO.
Aiming to be the first decentralized web3 media ecosystem, RDAO is next step in the larger Rug Radio vision, allowing true decentralized ownership.
The $RDAO tokens can be "purchased" for 1800 $RUG tokens. The $RUG tokens were given on a one time basis to Rug Radio genesis NFT holders, and can be earned through the ecosystem's "Learn to Earn" model. Soon, attending Rug Radio events on Twitter will also let attendees accrue $RUG (with the ultimate goal of swapping for $RDAO).
There will be a Rug Radio Twitter Space this evening where the launch will be discussed and more details provided.
DrifterShoots Open Edition
XCOPY nearly broke the internet with his open edition "MAX PAIN" released two weeks ago, where he sold 7,469 editions for 1 ETH each in just a ten minute window.
Drift is looking to capitalize on this demand with his own open edition, First Day Out, coming on April 9 at 4:09 p.m. ET. Famous for his collection "Where My Vans Go," which holds a 50 ETH floor, Drift holds one of the highest approval ratings in the NFT space and an almost universal appeal.
This drop will create an approachable entry price for collectors and is likely to be heavily anticipated.
04/09/22— Drift (@DrifterShoots) March 25, 2022
First day out open Edition drop
A little something for everyone who has supported me with something special added https://t.co/JqDiQCcdB2
Additionally, Drift is using his own custom site for the drop and thus saving on a platform fee. He has decided to take 15 percent of proceeds to donate to the bail project in Cincinnati to help those that can't afford bond (a cause that really hits home for him).
More details are set to come this week.
This is a huge week for project reveals, which typically means lots of volatility and the market deciding if the "art" lives up to the pre-reveal hype. A project's floor price moving up post-reveal is typically a bullish indicator, though of course there are several other factors.
The highly anticipated reveals for this week include:
Impostors Genesis Aliens - Tuesday, April 5 | Time TBA
This collection from influencer EllioTrades holds a 1.87 ETH floor price and has traded 7K ETH since its mint on March 29. Impostors is a play-and-earn social deduction game, described as a "AAA social gaming metaverse that is truly player-owned and powered." This is the genesis drop and will give holders access to all upcoming events.
Akuma Origins - Wednesday, April 6 |Time TBA
Described as "the gateway bridging the digital and phsyical world together," this collection of 5,555 Yokai has been a big beneficiary of the anime pump launched by the Azuki run. The project minted on March 31, has already seen nearly 4K ETH volume and holds a 1.14 ETH floor.
The reactions to the teaser NFT images has been positive, and this could certainly be a "bullish reveal" event if that sentiment prevails.
Azuki Beanz Official - Saturday or Sunday, April 9-10?
Though a reveal date has not formally been announced, there are hints that the Beans reveal could be this weekend.
This "hint" is from the timeline for claiming for those Azuki owners who held their NFTs in a contract at time of airdrop and didn't receive them - they have until this Saturday at 10:00 a.m. ET to claim. One could deduce that this means the reveal is coming shortly thereafter, but time will tell. This reveal will likely be a huge liquidity event, and maybe biggest of the week.
Here is a quick list of other projects dropping this week which have large social media followings (as always, this is not necessarily an indicator of success but it is an important metric):
- illogics, launching April 5 - 81.7k followers
- Nyoki Club, launching April 10 - 92.4k followers
- Hikari, launching April 10 - 111k followers
For more, follow our NFT schedule page!
That rounds out the weekly preview. Overall this week has the setup to be a big week for NFTs - good luck out there!