Power Rankings Review | Squiggles Slide Up
The Lucky Trader Power Rankings uses a set of weighted attributes to curate a full set of numbered rankings for NFT projects across blockchains.*
Each week we take a snapshot of the rankings (at 10:00 a.m. ET) and review the movement in rankings as a result of the latest news, trades, and more.
You can read through last week's rankings check here.
*Full details on our weighted rankings can be found at the bottom of the Power Rankings page.
Find details on this week's ranking movement below...
Clone X and Chromie Squiggle were the lone movers inside the top ten this week. Chromie Squiggle jumped up one spot to No. 7 while RTFKT's premier PFP project fell one spot to No. 8.
Below I'll jump into the headlines that may have helped play a role in the latest movement.
What's New With Clone X?
The RTFKT team has been busy with Clone X and other collaborations in recent weeks, culminating in a collaborative drop with RIMOWA yesterday.
Unfortunately, that drop did not go as planned. A looping exploit was quickly discovered, allowing users to exceed their allotted mints and hoard more than their fair share.
RTFKT CEO Samuel Cardillo quickly chimed in, only to defend the team and effort provided.
"Yes, I am aware of the issue with the loopable exploit. The reality is: this was the first raffle we've done, and also an intense collaboration with @oncyber. The entire team worked really hard, on both (ends), to ensure a very unique and new experience."
Though not directly attributable, it's ironic that the Clone X floor price dipped dramatically throughout the course of the day yesterday, at one point registering a decline of at least 17 percent to a 7.54 ETH floor price. That decline played a direct role in the drop in our rankings.
However, at this point, overnight action has pushed the floor price back up to 8.75 ETH perhaps as more caught wind of the latest celebrity collector - Odell Beckham Jr.
More is on the horizon for Clone X and RTFKT though, and a few days remain in "Clonetober."
New Chromie Squiggles Coming
Chromie Squiggles jumped up one spot this week to No. 7 overall.
Despite the propensity for art projects to remain silent post-mint, Squiggles made headlines this week thanks to an announcement from SquiggleDAO - the fourth largest Squiggle holder.
Today at noon ET, SquiggleDAO will receive ten of the remaining unminted Squiggles, directly from Snowfro the Art Blocks and Squiggles creator.
SquiggleDAO has a goal of owning 1,000 of the 10,000 available Squiggles NFTs in its quest to appropriately showcase the Squiggles "relevance in culture." After receiving the ten NFT installment, SquiggleDAO will hold 300 total Squiggles NFTs.
Given that SquiggleDAO has a long term intention of holding Squiggles, it is unlikely the additional supply will have any impact on the price, which has ticked up nearly nine percent this week to 12.93 ETH.
There was a lot of downward movement in our rankings this week, so much so that I'm providing only brief notes for a selection of notable movers.
Despite selling the most expensive skateboards (ever?!) Azuki has dropped a few spots in our rankings, largely on account of a significant volume dropoff. It was always going to be difficult to maintain the steep climb the project made up our rankings on the back of steamed volume amidst a bevy of announcements. Nevertheless, I think the project has likely solidified itself in the top ten for the foreseeable future.
Cool Cats dropped a few spots as the floor price fell again this week. After climbing back above a 3 ETH floor, the price is once more challenging 2 ETH.
On top of the floor price decline, a series of layoffs hit the company this week and some impacted employees are disputing the claims made by the new Cool Cats CEO on how the process was handled. Details are yet to shake out, but it was not the best week for the Cats.
Gutter Cat Gang
Bullish delays may be a thing of the past in the NFT world. Many had anticipated a Q3 release of the project's native utility token $GANG, but we got word this week that the drop is unlikely to happen anytime soon due to regulatory uncertainty.
Any notable project is likely to be incredibly cautious given the recent report that the SEC is probing Yuga Labs about the potential sale of unregistered securities. It is also worth noting, Gutter Cat Gang has retained the same legal help as Yuga, in the push to release its token.
On the bright side, the collection released a merch collaboration with Jeff Staple and is primed to pick up some IRL followers with its announced takeover of the Bored Ape themed Bored & Hungry Restaurant in Los Angeles.
While there is little movement in the PFP Rankings this week, OnChainMonkey made a surprising jump up 13 spots to No. 24.
The move comes on the heels of both a significant jump in volume and floor price over the course of the last week. The project registered a more than 200 percent increase in volume traded, more than 100 percent increase in unique sales, and an 82 percent increase in floor price according to our market report.
The project has been somewhat quiet on the news front, though in recent weeks it was announced that the OnChainMonkey logo and wordmark would be in use for NASCAR driver Julia Landauer's car and Ryan Carson joined the project as an advisor.
Elevated Deconstructions made a major jump up in our Art Rankings, up five spots to No. 6. The project traded seven times in the last week, notching a major volume increase given the set hadn't experienced a sale in more than a month.
With the purchases the floor price has also steamed upwards more than 50 percent to 75 ETH at the time of writing. Among the notable purchasers was Seedphrase, who recently sold a pair of CryptoPunks for millions.
Art Blocks Dominance
Art Blocks dominance is up week over week, with 18 of the top 30 projects in our Art Rankings coming from the generative art platform.
This week's Art Blocks Dominance: 60%
Last week's Art Blocks Dominance: 57%
Help Us Improve the Power Rankings!
There was very little change in the remainder of our category rankings this week. But a programming note!
We are actively reviewing our existing categories and recategorizing a variety of projects to build the best set of NFT Power Rankings around.
If you have feedback about a particular category ranking you'd like to see, or input about a project that seems out of place, please let us know by sending a direct message to @LuckyTraderHQ on Twitter!
Want to see how things shake out next week? Be sure to follow our Power Rankings and look for this column on Friday! Furthermore, be sure to download the Lucky Trader app to stay updated on all things NFTs!