Morning Minute | Parallel Brings AI & Web3 Gaming to Solana

TylerD's Market Summary

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🎮 Parallel Colony to Launch on Solana

Parallel and its $PRIME token have been widely considered the strongest best on web3 gaming in an increasingly crowded sector.

For many, $PRIME has been the index play for those who want exposure without diving in.

Well now, that index play adds AI to the mix plus a dose of Solana exposure.

What Happened?

Last night Parallel dropped its whitepaper for its upcoming Colony game.

Its tagline "AI-powered survival simulation game...set to redefine the gaming landscape" might even be an understatement, based on early reactions.

TLDR

• Parallel Colony will be released on Solana
• Introduced a new omni-chain tool called "Wayfinder" for AI onchain interaction
• Announced a new AI token launch $PROMPT
• $PRIME stakers to receive 45% of $PROMPT over 3 years

The AI component is the real highlight here, with many already calling it a massive innovation.

Jay compares what Parallel is doing with onchain AI to what Uniswap did for onchain liquidity:

Parallel has:

• "built out an AI/LLM with a game as the front-end (adding a play2earn twist to it)
• split out the AI/LLM component so *ANY* one can use it and build their own front-end (interface)
• whipped up a new token (for the AI/LLM infra) to create a synergy between the $PROMPT <> $PRIME"

Sounds like a big deal.

Market Response

The market liked the news.

• $PRIME soared 13% to $21 and a $550M market cap ($2.35B FDV).
• Parallel Avatar NFTs climbed 30% to 1.15 ETH

That upwards price action looks even better against the massive red day in the broad crypto markets yesterday (BTC and ETH both down 8%, alts down much more).

Why It Matters

Memecoins aside, AI and web3 gaming are likely 2 of the biggest trends and sectors of the crypto market expected to outperform this cycle.

Parallel combines them both.

And from what I understand, they do it very well.

If the game performs well, and the AI interaction is good/innovative - the token looks very attractive at these price levels.

Expect more and more attention on Parallel as the game launch gets closer.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the weekend in NFTs:

• ETH led NFT trading volume with $16M on the day; Solana was next with $8.4M and then Bitcoin with $8.6M
• Pudgy Penguins led volume on ETH and held steady at 11 ETH; most leaders saw slight red, down 1-3%; Captainz +3% to 4.11
• Smowls were a top mover following the success of $BOME, jumping 180% to 0.44 ETH; Parallel Avatars +35% to 1.2
• The BTC NFT board saw more red with most majors down 10-15%;  NodeMonkes at 0.49 BTC; Bitcoin Puppets at 0.15, Quantum Cats at 0.26, RSIC at 0.068
• A Taproot Wizard effectively sold at Sotheby's for $127,000 (1.8 BTC) as a Gold Cape Quantum Cat went up for auction
• New mint C.O.C.K.S. sold out at 0.00099 BTC and ran to a 0.004 BTC floor at peak (now 0.0012)
• Tensorians soared 21% to 63 SOL leading Solana NFTs; Bodoggos +10% to 10, Mad Lads -3% to 193 and Frogana -35% to 3.74
• Magic Eden, Yuga Labs, and the Creator Alliance sent commemorative NFTs created by Cool Cats founder, Cloncast, to NFT collectors
• NBA Top Shot is memorializing the best block of the season with its new The Block moment from Anthony Edwards
• The owners of Achi (the dog from dogwifhat) are auctioning off the original image as a 1/1 NFT on Foundation (opening bid at 5 ETH)

💰 Token, Airdrop & Points Tracker

Here's a rundown of major token or airdrop news from the weekend:

• The $PAC Airdrop 1 claim went live, opening at a $25 market cap; Airdrop 2 will come in 2 weeks, given to top creators based on X impressions
• Runestone began its massive BTC airdrop to 112,000 wallets on Thursday, with the floor opening at 0.012 BTC on 85 BTC trading volume
• Pike Finance will open its "S Tier" claims today, with other tiers (including NFT holders such as Mad Lads, DeGods, Tensorians, Azuki, Pudgy Penguins, Beanz, and more) announced soon
• Shuffle officially launched airdrop 1 of its $SHFL token

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are very red this morning; BTC -7.8% at $67,085; ETH -8% at $3,640; SOL -1.5% at $168
• $BOME was the dominant memecoin of the day, soaring 500% to $340M
• Crypto.com added support for $MOG, sending the token up 20% to $0.05 ($500M)
• Jupiter launched a "Value-Average" function allowing users to auto-invest based on price action
• The Avalanche foundation revealed its memecoin holdings to the public, including Coq Inu, Gecko, Kimbo, NoChill and Tech
• Pallet, the leading SEI NFT marketplace, announced a private raise of $2.5M with marquee investors such as Coinbase, MoonPay, Beanie, gmoney & more
• Parallel announced a partnership with Helika Gaming to "grow and optimize Parallel's AI Gaming ecosystem"

🚀 NFT Total Volume

• Runestones ($5.8M, 0.012 BTC floor)
• Pudgy Penguins ($2M, 11 ETH floor)
• BAYC ($$2MM, 13.7 ETH floor)
• Pandora ($1.9M, 5.49 ETH floor)
• Mad Lads ($1M, 189 SOL floor)

📈 NFT Floor Price Increase (ETH)

• Smowl (160%, 0.42 ETH Floor)
• Lasogette (60%, 0.13 ETH)
• Forgotten Runes Wizards (40%, 0.5 ETH)
• Parallel Avatars (27%, 1.13 ETH)
• Kaiju Kingz (24%, 0.19 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a slower day of drops but a huge one for Bitcoin.

OMB (I mistakenly thought was yesterday) drops its expansion set Orange Eyes this morning.

Price is 0.09 BTC for holders, 0.29 BTC for WL and 0.99 for public.

It's been a rough stretch for Ordinals, so we'll see if this hyped new drop brings energy to the market (or sends prices down even further).

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• OMB - Orange Eyes (9:00 a.m. ET)
• Ordinal Heroes (11:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Sotheby's Revolutionaries (2:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.