Morning Minute | Blur Is Out for Blood
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
Blur's latest loyalty program move is a total game changer.
Is it a death blow to OpenSea?
🤯 Max Your Loyalty
300M more $BLUR tokens are coming at the end of season 2.
That's another $300M stimulus headed for Blur traders at current token prices.
But to earn the most rewards possible, traders will now face a new choice - delist everything from OpenSea or lose Blur rewards points.
Blur wants your maximum loyalty. That means 100% listings on Blur, no listings on OpenSea.
They even made it easy for traders to make it happen. They added a button, a single-click option to remove all listings on OpenSea.
It was a full declaration of war.
What Are the Details?
Here is what we know so far, based on Blur's bombshell announcement yesterday afternoon. From the Blur team:
- In Season 2, you get a 100% loyalty score if you don’t have listings anywhere else.
- Listing rewards will be as large as bidding rewards. Max listing points = listings x loyalty.
- The more you list, the more you earn. Listing blue chips helps, and listing more active collections helps.
- Relisting NFTs at unrealistic prices, sybiling, or listing dead collections won’t help. It's better to list and bid from the same wallet.
So the news here is now we know the importance of listing rewards, along with some rough mechanics of how the scoring will work.
And we know they've added the "Max Loyalty" button in bright, shiny green on their site, allowing users to delist all of their OpenSea listings in one, low gas fee transaction.
The Blur team also clarified that there will be no penalty for keeping listings on OpenSea for collections that cannot be listed on Blur (like ArtBlocks or ERC-1155s).
How has the market reacted so far?
Well, it seems too early to tell. Most major blue chips were even on the day.
Most are expecting listings to pile up now after this news, potentially hurting floor prices, so that will be the main factor to watch post-announcement.
Oh, and the million-dollar question - how will OpenSea respond?
🙊 One Wallet Sells $9.15M in BAYC NFTs
Blur's shocking loyalty announcement may not have been the most surprising news of the day.
Just a few hours later, 71 Bored Ape NFTs were sold into Blur bids.
That is 5,545 ETH in sales, done in seconds.
And the market did not flinch.
The floor was 79 ETH at the time and held there for the first few hours post-dump. It is now down about 2 ETH to 77 ETH, a 2.5% dip.
Largely thanks to Machi Big Brother.
Why does it matter?
This incredible sell-off shows the importance of Blur liquidity.
Notable BAYC and overall-whale NFT trader Cirrus note that just months ago, selling 70 apes would have resulted in the floor dipping 15-20 ETH.
With this new Blur farming incentive program, the floor barely budged.
And Blur biddors are not scared, yet at least. There are still about 8,000 ETH in bids at 74.69 ETH or above.
Another reason the sale matters - it was done by OSF and Mando.
The rektguy founders made their names largely in part due to their massive BAYC portfolio.
Selling their entire BAYC bag in a single event will likely have some fallout over the coming days, and many will wonder about their underlying motives for selling now.
Here's what they had to say:
After a lot of thinking, today we decided to utilise current NFT liquidity and take profits on our Apes + Mutants. We still own a lot of Yuga assets and continue to be bullish on what they are building. This team changed our lives. We paid full royalties. We will be back.
Mando went on to share this trading advice, just a few minutes later:
Take liquidity when it is plentiful. Deploy it when it is sparse.
Important advice. If this last bear market taught us anything, it's that the music will stop eventually, and it is best to be prepared.
Did these two sell the local top?
We will find out.
🚚 What else is happening in NFTs?
Here are the major headlines from Tuesday, another busy day for NFTs:
- Trading volume came in at 60,000 ETH on Monday, with Blur capturing 79% share
- The Lick The Toad event for Sewer Pass holders will go live today, and will function mostly as second-chance event for those who did not play in round 1
- FRiENDSiES team announces they will be pausing their project and deletes their Twitter, leading to community outrage and widespread calls of a rug
- Matt Furie's Hedz soars 60% to 3.1 ETH, seemingly after Jack Butcher tweets about his inspiration from Furie
- Kevin Abosch adds AI twist to his open edition, though floor falls 25% from local highs
- PROOF team looks for Moonbird community ambassadors in effort to fix bleeding sentiment
- Rug Radio Faces of Web3 rockets 50% in minutes after the team finally gets Blur bids enabled on their collection, though the move fully retraces
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market fell on the day, following equities; BTC at $24,200 (-2%), ETH at $1,646 (-2%), and $BLUR at $0.98 (-11%)
- DraftKings Reignmakers is rolling out a new Golf league for the PGA, with the first NFT dropping on March 1 and the 1st contests on March 9
- Mysten Labs CEO and co-founder Evan Cheng is raising $100 million for a VC fund focused on investments in web3
- Des Lucréce announced a 1-year deal with fine arts broker Sotheby's, giving the "Monsters" creator another platform to help expand their reach
- TipLink raised $6 million in a seed funding round co-led by Sequoia Capital and Multicoin Capital, furthering their mission to onboard the next 1 billion people into crypto by streamlining the distribution of crypto assets
🚀 NFT Total Volume
- BAYC (12,411 ETH, 77 ETH Floor)
- MAYC (9,605 ETH, 16.2 ETH)
- Otherdeeds (6,088 ETH, 2.02 ETH)
- Opepen Edition (5,840 ETH, 0.82 ETH)
- Azuki (4,845 ETH, 15.1 ETH)
📈 NFT Floor Price Increase
- Hedz (64%, 3.1 ETH Floor)
- Memeland Captainz (11%, 4.05 ETH)
- Meebits (9%, 3.45 ETH)
- Degen Toonz (10%, 0.55 ETH)
- KillaBears (9%, 4 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a huge day of new drops.
The morning starts fast with Super PUMA, which is much more anticipated after the recent surge in PUMA Nitro to 0.5 ETH. The 10k PFP collection is priced at 0.15 ETH, right on the upper band of "reasonable" mint prices, but given market liquidity and recent success of big brands, this could do well.
The other drop to watch is Metropolis by mpkoz. This is the first ever ArtBlocks x Bright Moments collab project, serving as the "genesis" in this new collection category.
Bright Moments have not performed well historically, but now with their official tie to AB, they likely will see much more sustained volume and more upside.
Mint price is everything with AB, but if this approaches attractive levels, it could be the mint of the day.
- Super PUMA (9:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- ArtBlocks x Bright Moments: Metropolis by mpkoz (1:00 p.m. ET)
- Fast Craft Racing (3:00 p.m. ET)
- Tribute To The World (6:22 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.
