Morning Minute | $3.5M Punks Trade Highlights Positive Weekend

GM!

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

A shocking CryptoPunks trade, Memeland Sweep and Opepen open edition created major positive momentum over the weekend. What happened and will it sustain?

📝 NFT Weekend Recap

If you were out touching grass and enjoying summer this weekend, you didn't miss much (and you weren't alone). 

But a few major storylines played out, each of which has had some major market impact.

What Happened?

The 3 major news event of this past weekend:

• Beanie traded 16 CryptoPunks to market maker PunksOTC for $3.5M, kicking off a weekend of rare Punk trades
• A Memeland believer swept Captainz up to 7 ETH, driving them to flip both Azuki and MAYC to become the 4th-highest PFP by floor price 
• NFT personality ThreadGuy turned down an offer to make his PFP a Set 001 Opepen, just to have Jack Butcher create a custom ThreadGuy-Opepen version and open edition

Starting with the Beanie trade, Niko and the DeepNFTValue team valued the 16-Punk package at 2,200 ETH, meaning OTC got a deal with his 1,875 pickup. And the trade definitely caught some buyer's attention.

In the two days since the trade, the Zombie Punk sold (550 ETH) and 2 Hoodie Punks sold (at 225 ETH and 160 ETH), making this a huge weekend of rare punk trading.

The Memeland ecosystem is certainly benefitting from the $MEME hype in an environment where traders seem much more likely to jump into coin trades than NFT trades.

An announcement on $MEME timing may be enough to drive Captainz past that 7 ETH level and perhaps into DeGods territory (8.88 ETH floor).

And then there was ThreadGuy and Jack.

Jack capitalized on the hubbub around ThreadGuy's "The Decision" to change his PFP or not by creating the custom Opepen around TG's MAYC.

TG made the custom Opepen his PFP, abandoning the MAYC he'd displayed for 2 years, which sparked Jack to launch an open edition of the TG Opepen at $2 to benefit TG.

As of this morning, 26,700 of the open edition NFTs have been minted, meaning a $54,000+ raise for TG. Huge for the young content creator.

Jack's Opepen ecosystem has been rewarded as well, up 30% on the day to 0.73 ETH (+40% on the week).

And oh ya, even Beeple got in on the fun, memorializing the TG Opepen in his Everyday from yesterday.

Now let's check in on the broader market.

Market Action

Trading volume came in near 3-month lows over the weekend, including Saturday's incredibly low ~6k ETH of daily volume.

Here are the notable floors and their 7-day price changes:

• Fidenza: 80 ETH (-6%)
• CryptoPunks: 49.89 ETH (+3%)
• Ringers: 39 ETH (-3%)
• BAYC: 33.1 ETH (-1%)
• Gazers: 16 ETH (-7%)
• Grifters: 10 ETH (-5%)
• Chromie Squiggle: 9.8 ETH (-4%)
• DeGods: 8.87 (even)
• Captainz: 6.6 ETH (+20%)
• MAYC: 6.24 ETH (-5%)
• Azuki: 6.07 ETH (-14%)
• PROOF: 5.35 ETH (-20%)
• Otherside Koda: 4.2 ETH (-6%)
• Pudgy Penguins: 3.76 ETH (-4%)

So the trend was slight red on the week with most sets down 3-7%.

Captainz was the outlier to the upside, jumping up 20% and passing both Azuki and MAYC (Potatoz up 33% to 1.94 ETH).

And Azuki was the outlier to the downside, falling 14% and approaching 6 ETH.

The Elementals had an even worse week, with unrevealed Beanz falling 26% to 1.3 ETH and revealed Elementals down 32% to 0.86 ETH.

A few notable winners on the week:

• Opepen (for reasons described above) - up 40% to 0.73 ETH
• Station3, the new Patron mint from Bob Loukas which comes with irl space in Manhattan and potential utility for sponsored artists and teams, jumped nearly 100% from its 0.88 ETH mint price to 1.54 ETH
• 10ktf up 78% to 0.15 ETH after teasers for Season 2 dropped to wide acclaim

The other ecosystem to watch - Ether.

After moving down-only in the days following its mint, the unrevealed Ether Capsules caught a bounce up to 0.33 ETH (+14%), with the revealed Ether Avatars up 30% from bottom at 0.2 ETH. Expect price discovery to continue this week in their first full week of secondary trading.

With rumblings of more crypto volatility in the days to come (mostly around Binance and CZ indictment FUD), it doesn't look like a great setup for an NFT rebound this week - but at least we had some positive momentum from this weekend.

The most likely outcome - similar price action as last week. A few projects will win, and likely more jostling of Captainz, while the majority see slight red. 

🚚 What else is happening in NFTs?

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

• Trading volume came in around 8k ETH on Sunday after a very low 5k ETH on Saturday; the NFT board was mostly with green from Opepen, Sproto and Ether
• OpenSea dropped a cryptic teaser video on Friday leading many to think it could be a token airdrop, before clarifying it would not be a token an hour later
• Verse teased an upcoming major product launch to help facilitate and spread the hosting of digital art in leading museums and galleries world-wide
• Pudgy Penguins announced a new solution for OTC trading called PudgySwap, allowing a secure site for holders to sell/trade with no fees

🌎 Around Crypto and Web3

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

• The crypto market fell on Sunday; BTC -1% to $30,090; ETH -1.4% at $1,904
• Rollbit's $RLB token jumped 20% on the day to 0.0997, up a whopping 355% on the month
• Binance reportedly laid off more than 1,000 people in the past week, with those jobs heavily focused in the customer service area
• Christie's 3.0 and Gucci are introducing Future Frequencies, a unique on-chain auction that combines generative art, fashion, and technology and spotlights major artists like Claire Silver, Tyler Hobbs, Botto and more

🚀 NFT Total Volume

• BAYC (3,276 ETH, 33.1 ETH Floor)
• Azuki (1,486 ETH, 6.07 ETH)
• MAYC (1,097 ETH, 6.24 ETH)
• DeGods (930 ETH, 8.88 ETH)
• Opepen (391 ETH, 0.71 ETH)

📈 NFT Floor Price Increase

• Sproto Gremlins (36%, 0.62 ETH Floor)
• Opepen (27%, 0.71 ETH)
• Cool Cats (22%, 0.85 ETH)
• Ready Player Cat (18%, 0.13 ETH)
• Checks - Originals (16%, 0.38 ETH)

🗓 Upcoming NFT Mints and Reveals

The week will be off to a fast start with a few major mints and events today.

The Memes by 6529 are back, kicking off SZN4 with artist idil dursun (@jarvinart). 

The highlight of today though is likely the Garbage Friends mint, as the team behind Invisible Friends makes it return. The 5-phase mint will have 5300 supply at 0.05 ETH with the price increasing on the 19th to 0.1 ETH for an additional 1100, spanning multiple collector types and requirements. With Invisible Friends at 0.8 ETH, this should mint out but the upside is likely capped in the 0.3-0.4 ETH range.

If you want more, see the full list of today's drops from Swizzy's daily mint monitor. 

• Garbage Friends - The Garbage (10:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Deekay Motion - "Am I Dreaming?" (11:00 a.m. ET)
• Starbucks x Aku Dreams (TBD)

Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.

For all volume and floor price data, see Lucky Trader's Project Rankings page.

For all upcoming mints, see Lucky Trader's NFT Calendar page.