Morning Minute | Bull Market Vibes?
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
Is NFT summer here? Find out what's been happening plus get prepared for the largest live generative art auction of all time.
📈 Bullish Headlines
This NFT bear market has been brutal.
But there are signs that the bottom might be behind us (perhaps highlighted by the first weekend of May in peak memecoin season when daily NFT traders fell below 4,000).
Momentum has been slowly building in select collections, and yesterday saw some of the most widespread bull action we've seen in a long time.
Here are some of the bullish headlines and market action from Wednesday:
- Daily unique traders jumped to 9,000, the highest level since Apr 28 (data from Sealaunch)
- Fewo shared FewoWorld details, the market pumped 20% and registered 6th highest all-time sale of 38 WETH
- Opepens saw a new ATH sale of 30 WETH on a R004 1/1
- Jack Butcher's ecosystem ripped 20%-40% across Checks and Opepens after the ATH Opepen sale and Seephrase completing a single check
- A whale (perhaps Orlando Ho, son of a Macau casino boss) swept 300 ETH worth of Captainz, driving their floor to 9.69 ETH
- ZkShark's BTC project OMB ran to a 1.8 BTC floor
- Spirit DAO comics minted out at 0.1 ETH and 4x'd to 0.46 ETH
- Grapes (tied to Animoca) minted out at 0.039 ETH and 3x'd to 0.12
- Bored & Dangerous was swept and jumped 40% to 0.12 ETH after news of Azurbala mechanics and PFP teasers were released
And that doesn't even cover the news out of Doodles and 0n1 Force (which was positive but didn't move the market).
Some of those are small wins in the big scheme of things, but hey, we'll take the small wins right now.
So is the bull market back?
No, absolutely not. Volume is down 60-70% from local bear market highs. So are daily traders. And the Blur farming "bomb" is still hanging over the large PFP collections.
There are pockets of bull activity. The entire market might not be back, but certain ecosystems are thriving (Jack Butcher, Memeland) and new mints are becoming profitable again.
This will pull more traders off the sidelines, especially as the easy memecoin gains seem to be over.
And given broader crypto liquidity concerns and likelihood of more crab action in the near future, NFT summer might actually happen.
So much for touching grass...
🖼 Grails 2 Details Released
Another sector of the NFT market that many are anticipating an upcoming bull run in is the generative art sector.
A primary deterrent has been the overhanging 3AC Grails auctions at Sotheby's, but now we know another huge chunk will come on the market in just 2 weeks.
Using Sotheby's words, it's time to get prepared for the "largest ever live auction of digital art."
More Grails - The Finer Details
On June 15 the next chunk of the 3AC Grails will go on sale at Sotheby's.
As a quick reminder, the Grails collection is mostly comprised of higher-end Art Blocks NFTs, with some CryptoPunks, 1/1 art, PFPs, and a few odds and ends thrown in.
The highlight of the upcoming auction is the Golden Goose Ringers, which may fetch as high as 1,000 ETH or more.
Cubic Archetype #397 is another highlight, and other generative art is featured from artists Deafbeef, Jeff Davis, Matt Deslauriers, Hideki Tsukamoto, and more.
This will not be the end, as Sotheby's will still have a laundry list of 3AC NFTs to move over the course of the year (the Sotheby's Grails wallet has 424 NFTs in it still).
To date, they have out-performed expectations and collected a whopping $6.1M in realized sales.
That number could very well double after June 15.
And each time a huge chunk of these grails gets taken off the market, expect a bit more attention to flow back to the Art Blocks secondary market.
Let the 2-week countdown begin.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Trading volume jumped over 14k ETH on Wednesday, highest levels in 10 days, as daily unique traders hit the highest levels since late April
- 0n1 Force held a 2-hour spaces yesterday making multiple announcements, including launch of BTC Ordinals, creation of a Fortnite Map with Unreal Engine partners, a nationwide comic book release, a new marketplace and more; though the floor fell 10% post-announcement to 1.58 ETH
- Fewocious formally announced that 20,000 unique PFPs called Fewos will come in August born from Paint; Paint surged 40% briefly on the news before settling at 0.55 ETH
- Doodles is teaming up with CAMP to launch an interactive retail and entertainment experience this summer, aimed at families in major cities and with special perks to Doodles collectors
- Pixelmon introduced Party Quest, a new gameplay component allowing players to form teams and go on adventures for prizes
- A Kid Called Beast launched their own marketplace with peer-to-peer trading, promising a safer environment
- FLUF World unveiled a suite of artistic tools, allowing owners to pose and customize their Goblin NFT models.
- Treeverse shared an update including new NPCs, game enhancements and refined UI
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market fell slightly on Wednesday; BTC -0.5% to $26,870; ETH -01.3% to $1,860
- The U.S. House of Representatives passed the debt ceiling bill last night, setting the stage for a deal to be in place before the deadline
- Find Satoshi Lab (FSL) has launched GNT V3, an AI tool capable of converting selfies into NFTs on the Solana blockchain
🚀 NFT Total Volume
- BAYC (3,985 ETH, 45.4 ETH Floor)
- MAYC (1,723 ETH, 9.7 ETH)
- Azuki (1,239 ETH, 15.98 ETH)
- Opepen (860 ETH, 1.13 ETH)
- Captainz (804 ETH; 9.69 ETH)
📈 NFT Floor Price Increase
- reepz (99%, 0.09 ETH Floor)
- Bored & Dangerous (41%, 0.11 ETH)
- Checks Originals (38%, 0.79 ETH)
- Opepens (26%, 1.13 ETH)
- Checks Editions (21%, 0.95 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is another slow day of new drops.
The highlight is likely the Art Blocks drop from Lisa Orth called "Speak To Me," but as a Presents collection with 290 supply, it will likely struggle to mint out.
Otherwise check for stealth mints and more action on secondary from those sets building momentum.
If you want more, see the full list of today's drops from Swizzy's daily mint monitor.
- Speak To Me by Lisa Orth (1:00 p.m. ET); 0.0444 ETH
Safari Surfers (9:00 p.m. ET); 0.06529 ETH
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email firstname.lastname@example.org.
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.