Morning Minute | A Jack of All Trades
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 seven-letter tweet from Jack Butcher was enough to drive over $10M in trading volume and an 800% return for holders.
Is Jack the most powerful voice in NFTs right now?
🐸 Jack Comes for PFPs
That tweet, along with a metadata change, was enough to move the market to trade over 7,000 ETH ($11.8M) in volume in Jack's "Opepen Editions" project.
The floor sent an incredible 800% over the last 30 hours, from ~0.1 ETH to ~0.9 ETH this morning.
They like the opepfps, the new "PFPs" of Jack's rocketing ecosystem.
Why is this happening?
The success of Jack's cult classic project in Checks is a big driver.
Checks - VV Editions and Checks - VV Originals have seen a tremendous comeback from local lows.
Less than a week ago, the Checks were sitting well below 1 ETH and NFT influencers and talking heads were chattering about how the top was in and that it was just a fad.
Well, they were wrong. Checks Editions are back to a 2.5 ETH floor, seeing a new ATH over 2.8 ETH yesterday, and the Originals are holding at 1.5 ETH (~60% of the Editions floor).
Supply shock has hit, as the Editions are now under 8,000 in supply (from 16,031) and more and more burns take place.
Many were concerned about Jack's ability to maintain attention post go-live.
The daily metadata changes seem to be alleviating those concerns, with a timely change to the Meta logo two days ago a fun commentary on the new verification coming for Instagram, also showing how Jack will be continuing the messaging through this art project in the days and weeks to come.
So back to Opepens.
If they are going to be the PFP of the Jack Butcher ecosystem, there will be serious interest and demand.
Some speculate that the Checks "art" may not land with everyone, but a PFP may have more wide appeal.
And then Jack provided even more insight into the project last night:
transparency time and some bg on opepen:
it began life as a free 60 minute open edition inspired by Batzdu's geometric pepe series which is of course inspired by the legendary Matt Furie
(both have incredible work to collect) had no intention to build on it initially and quite frankly did it on a whim next phase will be completely different, will update here
Looks like Jack has some big plans after all (that tweet sent the market up another 40%).
We will be watching.
0️⃣ OpenSea Goes to Zero
OpenSea shocked the market on Friday with a blockbuster announcement that they were switching to zero fees for the near future and moving royalties to optional.
This seemingly desperate hail mary move came after Blur spent the week dominating trading volume with market share in the 70-80% range.
The driver - OpenSea had seen its daily users and sales also decline each day post-BLUR-airdrop.
Did the move work?
Well, those daily declines in users and sales seem to have turned back around, heading back up over the past 4 days.
But it might be too little, too late though for the legacy NFT marketplace top dog. They are not gaining traction in market share.
Sunday trading volume came in at 70,000 ETH (~$118M), the highest day in 9 months.
Blur captured 83% share of that volume. OpenSea saw just 12%.
It's now hard to see what other tricks OpenSea can pull out to even the battle against Blur. Most think a token is off the table, and even if they did an airdrop at this point, I've heard several first-hand stories of traders who would simply dump it and buy more $BLUR.
The king is dead. Long live the king.
For a deeper dive into the royalty issue and the OpenSea decision, check out this thread and video from NFT Statistics.
🚚 What else is happening in NFTs?
Here is a lengthy list of the other major headlines from the long holiday weekend, a busy one for NFTs:
- Trading volume came in at 65,000 ETH on Monday, adjusted after removing a 125k ETH wash-trading sale; this is the 2nd highest day since the bull, and Sunday+Monday combined for 135,000 ETH
- A MechMindsAI NFT was sold for 125,000 ETH ($214M) using a Flash Loan in a very creative publicity stunt by the Mech team
- PROOF canceled their PROOF of Conference, much to holders dismay; Moonbirds fell 6% on the day to 6.65 ETH in the aftermath
- Pudgy Penguins are working with Retail Monster to put Pudgy Toys on retail shelves around the world
- Vince Van Dough officially launched his Notable Pepes, with the first NFT "Pepe Cheques" debuting at 0.83 ETH
- Yesterday's CryptoDickButt-themed Meme Card #69 opened at 1.69 ETH, the 2nd most expensive SZN2 card and 7th overall
- Van Arman's byteGans minted for 0.33 ETH and ran to 2 ETH+ in early secondary trading
- Kevin Abosch uses multiple burn-to-redeems for his Open Edition project, floor skyrockets 400% to 0.28 ETH over the weekend
- A Bitcoin Ordinal Punk was traded straight up for a CryptoPunk, in the second major trade following the Fidenza-for-Ordinal Punk the week before
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market was mostly even on the long weekend; BTC at $24,600 and ETH at $1,680
- China is coming for the coins, as Hong Kong looks to embrace crypto trading starting this summer
- Microsoft Bing's AI goes off the rails in interview with AP reporter, becomes increasingly hostile and compares reporter to Hitler
🚀 NFT Total Volume
- MAYC (10,700 ETH, 16.3 ETH Floor)
- Opepen Edition (6,900 ETH, 0.85 ETH)
- Moonbirds (5,631 ETH, 6.65 ETH)
- Otherdeeds (4,848 ETH, 2.02 ETH)
- BAYC (4,304 ETH, 78.3 ETH)
📈 NFT Floor Price Increase
- Merge VV (211%, 0.13 ETH)
- Kevin Abosch Open Edition (180%, 0.28 ETH)
- Opepen Edition (118%, 0.85 ETH Floor)
- Porsche 911 (23%, 2.72 ETH)
- Pudgy Rogs (20%, 0.6 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a slower day of new drops.
The Meme Labs drop will be an interesting test of the strength of the Memes ecosystem, as "Hopium" mints for 0.03264 ETH.
Artist Jessica Yatrofsky is launching her generative photo project on OpenSea today, after switching from Coinbase NFT ahead of their "pausing" their marketplace. Her 555 generative photo NFTs are priced reasonably at 0.07 ETH, and this is likely the wild card of the day.
Otherwise expect more volume and attention in the Yuga and Jack Butcher ecosystems today, pending any news.
- Meme Lab "Hopium" (11:00 a.m. ET)
- Utopia Avatars (11:00 a.m. ET)
- XX Gen by Jessica Yatrofsky (1:00 p.m. ET)
- VeeFriends - Burn Island burn #1 (TBD)
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.