Morning Minute | A $275M Valentine's Day Stimulus
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:
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TylerD's Market Summary
The market's $BLUR prayers were answered, with $275M airdropped to the community.
How has it already impacted the market and what happens now?
💸 Money Printer Goes Blurrrrrrrr
The day was off to a rocky start, with the Blur team announcing a 90-minute delay for the airdrop.
Great. After weeks of delay, they still were not ready.
Then the claim opened, and the gas wars began - but there was one catch.
U.S. citizens could not claim. To receive the airdrop, participants would have to certify they were not in the U.S.
Enter the FUD machine, right?
Well, it looks like the desire for free money outweighed the need for compliance, as traders raced to VPN to claim their airdrop and celebrate their wins on Twitter.
By the Numbers:
Let's take a quick look at some key stats:
- Airdropped $BLUR tokens: 360,000,000
- Total tokens: 3B (so 12% airdropped)
- Airdrop recipients: 77,720
- $BLUR price: $0.77
- % claimed: 87.5%
That 87% claimed figure seems shockingly high, given the inability to claim in the US. I guess the VPN sites went blurrrr yesterday too.
So currently, $BLUR holds a $277M token market cap, and a current FDV (fully diluted value) of $2.3B.
For some perspective from some other NFT-related coins:
- $APE has a $1.95B market cap and a $5.3B FDV
- $MAGIC has a $373M market cap and $620M FDV
- $LOOKS has a $156M market cap and $287M FDV
Most would point to $LOOKS as the best comp, but the main difference is - Blur has commanded real market share (46%) before their airdrop.
Dig Deeper - What is $BLUR?
It is a governance token, and the team seems to be following a lot of the same steps as the Uniswap protocol.
From the team's docs:
"BLUR is an ERC-20 token that governs key parameters of the Blur protocol. These parameters control the protocol's value accrual and distribution. Voting is proportional to the amount of BLUR tokens a user owns or is delegated."
The Blur foundation will lead and facilitate this governance process, encouraging and rewarding contributions.
Their tokenomics are in alignment with a community focus, with the majority of tokens allocated to community members.
- 51% to Blur community members 1,530,000,000 BLUR
- 29% to past and future core contributors with 4-year vesting 867,601,888 BLUR
- 19% to investors with 4-year vesting 565,633,826 BLUR
- 1% to advisors with 4 to 5-year vesting 36,764,286 BLUR
So how has this airdrop impacted the NFT market?
🚀The NFT Market Is Feeling Blurrish
Perhaps the most important factor of the airdrop messaging was the introduction for Season 2.
More tokens are coming, and rewards for bidding and listing will be doubled for the next 30 days.
NFT traders saw this and instantly went to work - and the market has already ignited.
Blur Airdrop Day 1 Winners:
Almost the entire Blur leaderboard is awash in green.
The percent changes don't even do the gains justice, as several collections are weighed down by flagged listings.
Here are some top winners:
- Beanz: 1.67 ETH, +35%
- Clone X: 5.5 ETH, +22%
- Doodles: 5.7 ETH, +23%
- Otherdeeds: 1.83 ETH, +19%
- Moonbirds: 6.5 ETH, +16%
- Pudgy Penguins: 5.8 ETH, +15%
- Azuki: 14.8 ETH, +10%
The list could go on and on.
The clear winners were those PFP projects which got hit the hardest over the past week, as those bid walls went away (and now return).
The question now becomes - where do we go from here?
Using previous airdrop cycles as examples, the NFT market should see a solid 20%-30% spike in volume across this whole week.
If that plays out, the numbers should keep going up.
🚚 What else is happening in NFTs?
A few other headlines from a day that was very Blur-focused:
- The NFT market trading volume came in at 17k ETH, down from yesterday, but likely impacted by hours of high gas related to $BLUR claims
- A Lebron 1/1 Sorare card sold for $69k in an auction that closed yesterday morning, the 3rd highest ever NBA card sale
- OnChainMonkeys have announced that using a Genesis or Karma NFT as PFP will result in a Banana multiplier
- Vince Van Dough will be the artist behind the next Meme card in the Memes by 6529 ecosystem, dropping today; Pepe Checks holders are eligible for raffle entry to allowlist
- a KID called BEAST continues its rampage, jumping another 35% to 2.3 ETH
- The Braindrops floor doubled overnight to 0.34 ETH, and Claire Silver's Genesis surged another 30% to 14.4 ETH
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market rebounded strongly after yesterday's CPI print came in just over expectations, BTC up 4% to $22.500 and ETH up 5% to $1,580
- USDC underwent a barrage of FUD after false headlines circulated around the SEC coming for Circle
- Pharrell has been designated as Louis Vuitton's next Men's Designer, following Virgil Abloh
🚀 NFT Total Volume
- Otherdeeds (2,600 ETH, 1.8 ETH Floor)
- MAYC (1,650 ETH, 15.6 ETH)
- Azuki (1,298 ETH, 14.5 ETH)
- Beanz (1,166 ETH, 1.67 ETH)
- Clone X (940 ETH, 5.5 ETH)
📈 NFT Floor Price Increase
- Braindrops (108%, 0.34 ETH Floor)
- Alpha Sharks (54%, 0.43 ETH)
- Chungos (41%, 0.17 ETH)
- Beanz (35%, 1.67 ETH)
- a KID called BEAST (35%, 2.3 ETH)
🗓 Upcoming NFT Mints and Reveals
Today now has an amazing setup with the market freshly flush with $BLUR cash.
The Memes card by VVD should see increased demand, and the Art Blocks Curated drop is likely the drop of the day.
With just 300 supply, and recent rockets in that ecosystem, it is likely to mint out fairly high (so tread carefully).
The wild card - Yuga and the Sewer Pass validation. The Sewer Passes have not yet run post-$BLUR (at 2.4 ETH), but any news and those could send.
- Memes by 6529 - VVD (11:00 a.m. ET)
- Art Blocks Curated: Cerebellum by Laya Mathikshara & Santiago (1:00 p.m. ET)
- Schrödinger Circuits (12:00 p.m. ET)
- Sewer Pass - score validation (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 Project Schedule page.
