Morning Minute | $2.2M in 69 Minutes
Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints:
TylerD's Market Summary
Artist Ness Graphics ran an open edition on Saturday afternoon and sold $2.2M worth of art in just 1 hour and 9 minutes.
Is this a top sign for the open edition bull market?
🔥 Open Edition SZN Heats Up
The trend in the digital art market since Christmas has been open editions, which started as free gifts for collectors and have gradually seen their prices increase over the past few weeks as bigger name artists throw their hat in the mix.
Saturday may have been the culmination, as huge artists in Ness Graphics, Dan Giuz and Terrell Jones all launched open editions (at 0.069 ETH to 0.15 ETH price points).
Ness was likely the most hyped of them all and did not disappoint. The 3D animation artist pushed the "live" button at 4:20 pm ET on Saturday (for the culture) and sold 20,357 editions in 69 minutes.
It netted over 1,400 ETH for the artist and $2.2M, but soon started trading below the 0.069 ETH mint price within a few hours of the mint.
That did not stop Dan Giuz fans from minting though, as Dan closed 9,152 mints on his "A Breath of Fresh Air" on Sunday morning, grossing over $1M. Dan's also traded below cost almost immediately after the mint closed but has settled at 0.07 ETH.
Terrell Jones had a bit less success at his 0.15 ETH price point, potentiallly due to market exhaustion, selling just 223 editions at 0.15 ETH on Sunday (floor now at 0.125 ETH).
With other major artists like Mad Dog Jones set to launch more open editions this week, many are calling "top" and comparing this run to the Nifty Gateway bubble in spring 2021.
Have we topped? We'll find out soon.
☑️ Major Open Edition Wins
While neither of those hyped open edition mints on Saturday turned out to be major trading wins (shocker), there were some huge success stories on the weekend.
- Japanese NFT founder and influencer Ikehaya launched a free mint Genesis pass as an open edition, cut the supply at 6,000 after a few minutes, and the pass soared to 0.3 ETH in over night trading
- Checks by Jack Butcher hit a peak floor of 0.7 ETH on Sunday, settling at 0.6 ETH but still up 160% on the week ahead of pending burns coming soon
- Des Lucrece's Proceed w/ Caution full set is up nearly 50% to 6.4 ETH after the artist shared he wants this project to be his "logo" and rumors swirl of a full set becoming a mint pass
- And Jeremy Booth's "Boots" soared 190% to 0.08 ETH on the week after Jeremy announced the Boots would be the access pass to his upcoming limited-edition work
🚚 What else is moving in NFTs?
While it was a slower weekend outside of open editions, there were a few notable stories:
- Otherdeeds led the volume board and jumped 36% to 1.82 ETH seemingly out of nowhere
- Sewer Passes consolidated at the 2.5 ETH level though a new high score has been registered over 800,000 points
- Porsche NFTs stabilized at 2.35 ETH after an incredibly volatile week
- Trump Digital Trading Cards closed the week up 26% to 0.4 ETH on continued speculation of the ex-president's pending return to social media
- Artist Grant Yun set a new primary ATH sale of 70 ETH on "Laundry"
🌎 Around Web3
A few other crypto and Web3 headlines that caught my eye:
- Crypto rallied on Sunday and seemed coiled to leg up before falling off this morning; ETH had climbed over $1,650, now at $1,590, and BTC holds at $23,200
- Yuga co-founder Gordon Goner shared that he will be taking a leave of absence from the company for health reasons after announcing he has congestive heart failure; he will be staying on in an advisory compacity on the board
- PROOF revealed the artists behind Grails III on Friday in a widely acclaimed reveal session, unveiling big names like Matt Kane, ACK, Seneca, 0xTjo and more
- The California DMV is working with Tezos to digitize car titles for California drivers, working to finalize a full replication of the state's title data on the blockchain within the next three months
🚀 NFT Total Volume
- Otherdeeds (1,692 ETH, 1.81 ETH Floor)
- Sewer Pass (991 ETH, 2.5 ETH)
- MAYC (989 ETH, 14.8 ETH)
- BAYC (958 ETH, 69.1 ETH)
- CyptoPunks (820 ETH, 66 ETH)
📈 NFT Floor Price Increase
- Carsonated Fakes (74%, 3.4 ETH Floor)
- Milady (25%, 1.45 ETH)
- Friendship Bracelets (18%, 0.39 ETH)
- Mutant Hound Collars (17%, 0.75 ETH)
- Valhalla (10%, 0.81 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is likely a slower day to start the week, especially with some uncertainty in equities and crypto with the pending FOMC meetings happening on Tuesday and Wednesday.
The Meme card will be the highlight of the morning, though that market has certaily cooled off from last week's highs.
Art Blocks is interesting at just 50 supply, but with a 0.3 ETH min price, it will not be cheap - and Art Blocks liquidity levels are abysmal right now.
And the open edition meta continues today with Mad Dog Jones, who is rumored to have several tricks up his sleeve. This is the wildcard of the day.
- Memes by 6529 (11:00 a.m. ET)
- Art Blocks Presents: Libra by Cooper Jamieson (1:00 p.m. ET)
- Mad Dog Jones open edition (4:00 p.m. ET)
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email email@example.com.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's Project Schedule page.