Morning Minute | Bitcoin Hits New ATH, NFTs Suffer

 Morning Minute | Bitcoin Hits New ATH, NFTs Suffer

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๐Ÿ“ˆ NFT Market Weekend Recap

It's a beautiful morning for crypto enthusiasts.

Bitcoin has smashed through $70k to find a new ATH at $71,750.

ETH has followed suit, jumping to $4,033. And SOL is closing in on $150.

And all before this week's market open and Larry and team start buying again.

It's a beautiful set up for the crypto majors right now.

The NFTs in those ecosystems - that's a different story.

ETH NFT Market

The headline from the weekend is pain.

ETH NFTs are washed in red, as farmer games seem to be coming closer to a tipping point (or explosion).

It's a fairly bleak set up on its own, and ETH is ripping up in the background.

Let's look at the damage (weekly % change):

  • Punks at 50 ETH (-12%)
  • BAYC at 16.5 ETH (-19%)
  • Pudgy Penguins at 13.8 ETH (-12%)
  • Captainz at 5.07 ETH (-11%)
  • Milady at 4.73 ETH (-1%)
  • Azuki at 4.07 ETH (-14%)
  • Creepz at 2.6 ETH (-31%)
  • MAYC at 2.56 ETH (-26%)
  • Kanpai Pandas at 2.56 ETH (-13%)
  • Doodles at 1.86 ETH (-13%)
  • DeGods at 1.56 ETH (-36%)

So basically everything is down 10-20% or more.

MAYC and DeGods have been absolutely destroyed, and Creepz have fallen off a ton as well (along with most of the recent "airdrop meta" winners).

And many are calling for lower.

There was one bright spot this weekend though - Matt Furie's Peplicator.

Matt Furie's latest mint caught the NFT market by storm, minting out it's 22,000 NFTs around 0.06 ETH early Saturday AM and raising $4.3M for the artist.

They then took fire, running as high as 0.35 ETH on Sunday before settling at 0.21 (still a solid 3.5x for minters).

The driver seemed to be the narrative that this is "the Pepe creator's first generative NFT set," and with the $PEPE market cap at $4B, the NFT set seemed cheap at $8M (and still does at $19M).

We will see if it can continue outperforming against some brutal headwinds.


Bitcoin NFT Market Overview

After a massive run up, it's pull back across the board.

Bitcoin NFTs bested ETH last week in volume, but trading dropped 33% to $119M for this past week (trailing ETH's $163M volume).

And floor prices fell just as much.

Notable leaders and their weekly change:

  • OMB at 1.38 BTC (+19%)
  • NodeMonkes at 0.505 BTC (-42%)
  • Quantum Cats at 0.3 BTC (-21%)
  • Bitcoin Puppets at 0.172 (-37%)
  • Nat Cats at 0.13 BTC (-53%)
  • RSIC at 0.11 (-27%)

OMB is the clear and outright winner, jumping 20% ahead of its expansion mint with Orange Eyes coming later this week.

All of the other leaders are down 20-50% in one of the worst single-week drawdowns I can recall.

Zooming out, most of these sets are still up several multiples from a few weeks back. But that isn't much solace for recent top buyers.

We will see if this week's BTC rally rejuvenates this new eco or sends floors down even further.

Solana NFT Market

Solana remains mostly in gridlock without much action.

The lone bright spot is Mad Lads, close to regaining its 200 SOL floor (~$30,000).

They were named as a big winner of the Wormhole airdrop with holders getting 16,000 $W tokens, and that seems to have been enough to cement their spot up top.

It's a different story for Tensorians, which held steady on the week at 54 SOL but all while Magic Eden has re-taken the lead on Solana.

Magic Eden closed the week with a whopping 62% SOL market share by volume, compared to Tensor's 33%. 

The only reason to buy a Tensorian NFT is for the Tensor airdrop, and as the promise of that airdrop dwindles, the NFT floor is also at risk.

We will see what tricks the team has up their sleeves to stop the bleeding, and how it may impact the mostly gridlocked Solan NFT ecosystem.

๐Ÿšš What else is happening in NFTs?

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

๐Ÿ’ฐ Token, Airdrop & Points Tracker

Here's a rundown of major token or airdrop news from the weekend:

๐ŸŒŽ Around Crypto and Web3

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

๐Ÿš€ NFT Total Volume

  • Peplicator ($2.8M ETH, 0.2 ETH floor)
  • BAYC ($1.9M ETH, 16.5 ETH floor)
  • Froganas ($1.8M, 5.8 SOL floor)
  • NodeMonkes ($1.5M, 0.5 BTC floor)
  • CryptoPunks ($1.5M, 50 ETH floor)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • DeFi Apes (148%, 0.57 ETH Floor)
  • PEGZ (65%, 8 ETH)
  • The Bobo Council (45%, 0.12 ETH)
  • WebbLand (38%, 0.11 ETH)
  • Candy Collective (30%, 0.46 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a busy day of drops to start the week, spanning Blast, Bitcoin and more.

Hoodinals, Apostles of Greed and Sabet are all doing mints on BTC.

Pondering is the meme card artist as they approach the final week of season 7.

And Blastards are coming to Blast.

See the full list and dive in for more details with Swizzy's daily mint monitor

  • Blastards (7:00 a.m. ET)
  • Ivy Alien (10:00 a.m. ET)
  • Brutal - Splintered (11:00 a.m. ET)
  • Memes by 6529 (11:00 a.m. ET)
  • Apostles of Greed (11:30 a.m. ET)
  • Hoodinal (1:00 p.m. ET)
  • sabet - BTC DREAMS (4:00 p.m. ET)

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Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.