Morning Minute | Blur Season 2 Is Finally Ending

TylerD's Market Summary

An end date for Blur Season 2 farming has been announced - so what happens next?

💸 Blur Announces End Date for Season 2

Pacman Blur and the Blur team broke their silence just a few weeks back, teasing that "we're close now, and will be sharing updates very soon..."

They weren't lying.

Yesterday morning we got the bombshell announcement in just 5 words -

"Blur Season 2. November 20."

The announcement image features $BLUR on tokens, hinting that this will also be the date of the airdrop.

So the question now - what does this mean for the market?

Market Response

$BLUR fell 6% on the day to $0.16, though most of that fall happened in morning hours ahead of the announcement.

The token is down 88% from its ATH around $1.31 (removing day 1 price action).

And there are still 2 vesting dates left for the team ahead November 20 (distributions have been happening on the 14th of each month). So the team and investors have 2 more shots to sell ahead of the season 2 participants.

What's been a little more interesting to watch has been Blur marketshare by volume.

Immediately after Season 2 was announced, Blur marketshare shot to 80%. It slowly trended down to 54% before Blend was announced, shot back to 73% briefly and has since been trending down again, now around 54%.

OpenSea has been the primary winner, seeing its share jump to 30% during this downtrend.

Post-Season 2 - it all seems up for grabs.

Open Questions

This date has created a lot of big questions.

• Will OpenSea take back its crown and #1 standing after November 20?
• What continued incentives will Blur rollout for Season 3?
• Will anyone care?
• What does it mean for NFTs, especially PFPs and those sets that were farmed?

More questions than answers right now, but expect a lot of disucssion and debate as November 20 grows closer.

But hey, at least now we have a date...

👥 Friend Tech Trend Tracker

The Friend Tech market has settled down after the "cycle 3" surge in volume wears off, but the team continues to deliver with a major 2FA update coming last night. 

Though the market did not immediately react - let's look at the numbers.

Here are some of the core Friend Tech metrics for 10/10 and their day-over-day change:

• Return users: 5,197 -> 5,876 (+13%)
• Daily Buy volume: $1.87M -> $1.92M (+3%) 
• Total Volume: $4M -> $3.95M (-1%)
• TVL*: $44.4M -> $44.56M (+0.4%)
• Highest key: Vombatus 8.24 -> 8.28 (+1%)

*TVL in ETH terms 27,920 -> 28,117 ETH (-1%)

So volume was basically even and seemingly finding its new range in the $4M/day zone, and TVL did not make much of a move up on the 2FA news (though it broke late).

As for that 2FA announcement, usrs can now add 2FA beyond cell/email verification though the team has shared it has no way of resetting those passwords so use at one's own risk.

Another stat that jumped out - new users over 19,000 on the day, up big over the past 3 days in a sign of major botting (or something else).

A few other headlines from the day:

• CBB announced his "Fair Launch" POC, explaining how the Whitelist would work and sharing that the first launch partner has already been lined up (and CBB holders are eligible for the whitelist)
• CBB also seems to be building out his cartel, seemingly adding a new account in @kevindurian23
• A new FT derivative called "Cipher Cores" launched on Arbitrum
• No news from the Stars Arena team on when funds may be available (app is down for maintenance)
• The Daily Loud rebounded 21% yesterday to 0.61 ETH, leading notable winners

Now we see how big of an impact the addition of 2FA security will have on this market near-term.

🚚 What else is happening in NFTs?

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

• Trading volume jumped 60% to $8M (5,000 ETH) on Monday led by BAYC, though the leaderboard saw a mix of red and green
• Gutter Cat Gang ecosystem NFTs led top movers after the bombshell announcement that a community member (@mauloadream) has taken over with the previous owners exiting (we believe the deal included a $500k injection but still tbd); Gutter Cats +63% to 0.69 ETH after briefly hitting 0.9
• Flooring Lab bought their 3rd gold Bored Ape, paying 250 ETH (~10x floor), a price significantly below recent sales on gold BAYC (last have been in 500-600 ETH range)
• A random CrypToadz sold for 1,055 WETH ($1.66M) in an apparent accidental bid
• Winds of Yawanawa's reveal event began with the first 100 revealed to wide acclaim; the floor fell 10% post-reveal though now at 6 ETH
• Yuga Labs invited Meebits into its The Otherside metaverse for the first time in its latest playtest

🌎 Around Crypto and Web3

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

• The crypto market chopped on Monday; BTC +0.2% at $27,570; ETH -0.6% at $1,585; SOL even at $22.20
• The ETH/BTC ratio has fallen to a 15-month low after the ETH ETFs fail to produce the rally many expected
• Mythical Games released Nitro Nation: World Tour, a web3 mobile racing game now available on Android and iOS which intergrates the blockchain's governance token $MYTH
• Starbucks Odyssey's PSL Collection Stamps completed their sale yesterday, selling over 5,300 stamps at $20 each

🚀 NFT Total Volume

• BAYC (1,460 ETH, 25.64 ETH Floor)
• DeGods (277 ETH, 3.26 ETH)
• Azuki (275 ETH, 4.15 ETH)
• CloneX (255 ETH, 1.07 ETH)
• Pudgy Penguins (219 ETH, 4.99 ETH)

📈 NFT Floor Price Increase

• Gutter Dogs (86%, 0.15 ETH Floor)
• Gutter Cats (63%, 0.69 ETH)
• CryptoCitizens (56%, 0.4 ETH)
• Gutter Juice (50%, 0.03 ETH)
• Gutter Pigeons (39%, 0.12 ETH)

🗓 Upcoming NFT Mints and Reveals

Drops today span Mintify, more art mints across a few platforms and the next day of reveals for Refik Anadol's Winds of Yawanawa.

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

• Mintify SZN2 (9:00 a.m. ET)
• Origins Genesis (11:00 a.m. ET)
• Satoshi's Mom - BRAINMELT (12:00 p.m. ET)
• Aleksandra Jovani - Latitudes (2:00 p.m. ET)
• Winds of Yawanawa - Reveal event (TBD)

Enjoy this write-up and/or want to sponsor the Morning Minute? 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 NFT Calendar page.