Morning Minute | Azuki's Kick Off NFT Summer
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
Azuki's are scorching hot headed into their June Las Vegas party. Will they carry the rest of the PFP market with them? And catch up with Frank Degod's latest de[id].
📈 Azuki Hits 1-Year High
In the depths of this NFT bear market, one PFP project is clearly standing out right now.
Azuki.
After a massive run late last week, the Azuki floor is now at 17.5 ETH, it's highest level in over a year.
In fact, if you look at the 1-year chart, it's basically been up only ever since last August's dip to 6 ETH.
What's been driving this recent run?
It seems to be two factors:
- speculation of a major announcement at their Follow The Rabbit event in Las Vegas on June 23
- Blur's Blend and BNPL program providing cheap capital via lending (at 0% APR) which savvy traders are taking advantage of
There are 544 Azuki loans right now on Blur - the highest of any collection (Milady's are next up with 418).
So there's a good amount of leverage in the system. It's driven the floor up quickly over the past week, but could have the opposite effect if the June party is a let down.
In the meantime, will this Azuki run pull up other PFPs?
We are seeing some positive signs.
By the Numbers
Here are the 7-day increases for some notable PFP collections:
- CryptoPunks at 50.3 ETH (+2%)
- BAYC at 46.86 ETH (+3%)
- Azuki at 17.58 ETH (+22%)
- MAYC at 10 ETH (+7%)
- Captainz at 9.66 ETH (+13%)
- DeGods at 9.4 ETH (+9%)
- Kodas at 7.5 ETH (+22%)
- Doodles at 2.3 ETH (+12%)
- Moonbirds at 2.14 ETH (+8%)
- 0n1 Force at 1.7 ETH (+23%)
- Beanz at 1.6 ETH (+18%)
- Opepen at 0.9 ETH (+11%)
That's some major green on the board. The only major PFPs in the red on the week were Pudgy Penguins (-7%) and CloneX (-12%).
The upper end of the market was slightly up, while the mid-tiers were up more substantially in the +10%-20% range.
Is this the start of a run? Or just a minor uptick?
There are some positive signs, with unique traders moving up sharply over the past week over the 10,000 threshold, and daily trading volume on a slight uptrend as well.
We certainly need to see more before we can call it a real trend, but it's definitely nice to see and welcome.
Now we just need more teams innovating and delivering. Speaking of...
🆔 Frank Drops de[id]
Frank DeGods had been fairly quiet in the aftermath of the DeGods and y00ts bridge event (to ETH and Polygon respectively).
Some thought maybe he was letting his friend Luca have the spotlight during the Pudgy toy launch.
Maybe he was just heads-down building.
Well, he's not quiet anymore.
On Saturday, Frank made a major announcement, detailing the latest innovation out of Dust Labs called "de[id]."
de[id] TLDR
"Imagine if someone made a web3 id profile that was based af."
That's the tagline from the cover image of the de[id] announcement, and a pretty good intro into what de[id] is - a Web3 profile.
Here are the 3 primary components:
- de[id] + wallet: wallet delegation spanning ETH, Polygon and BTC including Discord connection
- de[id] + Twitter: connect to Twitter, get instant-followed by the y00ts and DeGods account (and eventually the entire community)
- de[id] v1.0: the actual web3 profile
The piece that has garnered the most excitement so far is bullet 2 - the Twitter connection.
DeGods has 1,900 unique owners and y00ts have another 3,275.
Paying 2 ETH for a y00ts and potentially getting 2,000-3,000+ new followers is pretty enticing, especially for those trying to climb the crypto Twitter social ladder.
And these aren't bot followers.
According to nftinspect data, DeGods have the 4th highest reach and y00ts have the 5th highest reach of any NFT collection (behind just BAYC, MAYC and Azuki).
So more followers, and likely much more reach - a sexy combo.
The market appreciated the update as well, with both y00ts and DeGods jumping about 10% on the news (now XX and XX).
Sharp move by Frank and team.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
- Trading volume fell to 13k ETH on Sunday after passing 16k ETH on Saturday, which was the 3rd highest volume day in the past month
- Blur founder Pacman Blur shared that the Blur points system will be adjusted to reward those users who properly take risks, after some traders "gaming" the system were exposed
- OpenSea Pro announced a new feature on the platform in proceeds-based listings, where the platform will calculate the listing price based on the holder's desired final proceeds
- OnChainMonkey revealed the list of the 300 ordinal addresses selected for the OCM Dimensions launch
- Murakami Flowers NFT holders can register to receive a promotional card for each Murakami NFT they own (deadline June 8)
- World of Women (WoW) announced a partnership with Cloudy Bay, New Zealand's renowned premium wine estate, with an exclusive dinner, NFC exhibit and token-gated wine
- Decentraland announced an upgrade to its marketplace, enhancing navigation for better discoverability across primary and secondary markets.
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market fell on Sunday; BTC -1.7% to $26,760; ETH -1.9% to $1,868
- Crypto wallet Atomic shared reports of wallets being compromised on Saturday, with multiple victims losing 6-7 figures; the root cause is still undetermined
- Metaverse coins jumped on Sunday ahead of Apple's Monday Keynote where they're expected to debut a VR/AR product
🚀 NFT Total Volume
- BAYC (2,806 ETH, 46.9 ETH Floor)
- Azuki (2,076 ETH, 17.57 ETH)
- MAYC (1,136 ETH, 10 ETH)
- DeGods (525 ETH, 9.38 ETH)
- Beanz (403 ETH; 1.6 ETH)
📈 NFT Floor Price Increase
- Distortion Genesis (106%, 0.82 ETH Floor)
- Lo-fi Pepe (88%, 0.09 ETH)
- On the Edge of Oblivion (55%, 1.85 ETH)
- Sproto Gremlins (51%, 0.47 ETH)
- Knights of Degen (47%, 0.25 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is slow day of new drops coming off the weekend.
The main event today is likely out of Apple and their WWDC23 event coming at 1 pm ET. They are expected to debut a VR/AR product, and any mention of the metaverse could have some big impacts on the metaverse coins and/or NFTs. So be on the lookout for that.
If you want more, see the full list of today's drops from Swizzy's daily mint monitor.
- Bitcoin Fox Club (9:00 a.m. ET)
- Prime Ordinals Babies (9:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET); 0.06529 ETH
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Apple - WWDC23 Keynote (1:00 p.m. ET)
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.
