Morning Minute | Bullish Tail 'Winds'
TylerD's Market Summary
Don't look now but NFTs are seeing major green again. Is this just another bull trap, or start of a larger trend?
📝 NFT Weekend Recap: Bullish Tail 'Winds'
Things can change quickly in the NFT space.
Just last week the market was looking as bearish as ever.
Many of the leading PFPs fell 20-30% into last Monday, with the art sector (Fidenzas) feeling the pain too.
Well those same PFPs rebounded 10-30% this past week, and Sam's Spratt's success with The Monument Game seems to have rejuvenated the entire art sector.
Now the question becomes - is this a real rally, or just a bull trap?
The major events from this past weekend in the NFT market include:
- PFPs stage comeback rally
- Winds of Yawanawa soars
- Sam Spratt's momentum continues with Player tickets
A few thoughts here on each of these.
PFPs Stage Comeback Rally
The Mutant party in Miami this past weekend seems to have reignited the PFP sector.
Bored Apes and Mutants both ran hard into the weekend, with BAYC back over 26 ETH (+12%) and the Mutants back into the 5's (+15%).
And the Yuga ecosystem wasn't alone.
Azuki surged 35%, erasing the prior week's losses and propelling them back to the 4th spot in the PFP floor price rankings.
DeGods jumped 30% back over 4 ETH as well.
So is this "probably something?"
I think we need to see more. Nothing goes straight up or down, and we have had plenty of weeklong and weekend rallies over the past 7 months - but the trend is still down only.
With that said, it's fun to see some genuine excitement back on the timeline. The Mutant party definitely has shown that parties spike prices even in the short term.
And the Azuki eco seems to be feeling lighter and more fun as well after a long, rough stretch.
But none of the PFPs have had the week that a few major artists have had...
Winds of Yawanawa Soars
The art sector may have a new darling project.
Refik Anadol's "Winds of Yawanawa" has been blowing past the competition over the past few weeks, running from a ~2 ETH floor on Aug 10 to a 9.4 ETH floor (before pullibg back to 7 ETH).
That's a 350% gain in 2 weeks - almost unheard of in this NFT market. Especially at this price range (this wasn't a 0.1 to 0.4 ETH rally).
So what's going on here?
Before diving in, some quick background.
The Winds of Yawanawa is a co-creation between the Brazilian Indigenous Yawanawa community and Refik Anadol.
Refik uses weather data from the tribe's village in the Amazon rainforest as an input and uses it to create 1,000 unique "data paintings" that mix various colors, shapes and forms inspired by the tribe.
Now on to the price action.
A few factors are contributing here.
- First, news is spreading about how incredible Refik's display at the MOMA has been. I've heard first-hand accounts of folks who just sat their for hours, lost in the art.
- Second, with PFPs mostly dead (until this recent rally), investors are looking to make picks in the art market. And Refik's latest project seems as 'safe' of a bet as any.
- And last, we got more confirmation on the mechanics of the project. The reveal is coming on September 30, each comes with a signed print, and we got the final details on how the remaining 350 NFTs will be minted.
Expect continued demand on this set as more previews are released ahead of the major Sept 30 reveal event.
The Summer of Sam
Sam Spratt's success with The Monument Game has been well documented here, but is hard to overstate.
His 420.69 ETH sale on the 1/1 tied to the game opened some eyes - and the market has been responding.
After Sam was announced as the next SuperRare Rarepass artist, those passes rocketed 80% to a 14 ETH floor.
Then on Saturday, a Skull of Luci sold for 90 ETH, even with 3 more Skulls ready to hit the market on Aug 31 (prizes for the top 3 observations from the game).
The Player editions that are tied to those observations have been surging as well.
Their floor opened at 3.7 ETH after secondary trading started on Thursday and then rallied to a 6.8 ETH floor (currently at 5 ETH).
Perhaps some who want a shot at winning the skull.
But the real driver is speculation on what Sam may do with this collection of editions after the game. Some believe Sam may be creating a new collection - the "Masks of Luci".
There is a section of the 1/1 which has a tablet with code on it, which says "Masks of Luci" when decoded. This has been more than enough for the art sleuths to begin guessing what it could mean.
And given how much time Sam clearly put into The Monument Game, it wouldn't be surprising at all to see a new twist after it's over.
The Summer of Sam is likely going to continue through this week.
On to the rest of the NFT market.
Here is a quick rundown of the notable floors and their 7-day price changes:
- Fidenza: 65 ETH (even)
- CryptoPunks: 47.6 ETH (even)
- Ringers: 34 ETH (-6%)
- BAYC: 26 ETH (+12%)
- Gazers: 11 ETH (-9%)
- Chromie Squiggle: 9.55 ETH (-6%)
- Grifters: 8 ETH (-13%)
- PROOF: 4.89 ETH (-2%)
- MAYC: 5.08 ETH (+14%)
- Azuki: 4.63 ETH (+31%)
- DeGods: 4.25 (+31%)
- Pudgy Penguins: 4.18 ETH (+10%)
- Milady: 4 ETH (-9%)
- Captainz: 3.69 ETH (even)
- Otherside Koda: 3.6 ETH (even)
A very interesting week of price action.
The art sector got hit, with most down 6-12% (perhaps freeing up funds for the art projects from Refik and Sam).
While the PFP sector saw a major rally, with most up 10-30%. In fact it was much more green than that before a big pullback on Sunday.
The Yuga eco certainly faces a question now of if that was just a pre-party pump (feels that way) or a trend reversal.
This week ahead will be big to see if this new green trend can continue. Let's hope it does.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
- Trading volume came in around 4,600k ETH on Sunday, a new local low; NFTs saw a lot of green over the weekend but pulled back on Sunday with many flipping red
- Jack Butcher debuted his Opepen Set 15, called "Divini Proportione" by artist GillesDC; the set has passed 3,200% subscription and will reveal later today
- Wreck League Majestic Boxes revealed on Friday, though the floor has fallen 65% on the week to a 0.05 ETH floor
- Pudgy Penguins announced their new "Igloo" clothing line is officially live, as the brand continues to find ways to grow top of funnel; the igloo-themed clothing is available at igloo.shop
- Doodles debuted their collab with Crocs, with the rainbow-colored footwear priced at $120
- NFT personality ThreadGuy had as good of a weekend as anyone, dominating Easy in their 1-on-1 basketball matchup Friday night before introducing A$AP Ferg at the Mutant party on Saturday night
- NFL All Day introduced new Dynamic Player Moments, allowing fans to collect players and watch them evolve over the course of the season
- Mercedes NXT announced new details for its Icons mint, coming Sept 5 in a Dutch auction with a 0.1 ETH resting price
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market chopped over the weekend; BTC even at $25,940; ETH even at $1,640
- A new $PEPE launched after the fud surrounding the prior $PEPE surfaced, running to a $27M marketcap
- A new tax proposal for crypto has been met with criticism and concern that it would greatly impact the currency ecosystem if passed based on how difficult compliance would be
🚀 NFT Total Volume
- MAYC (909 ETH, 5.08 ETH Floor)
- BAYC (626 ETH, 25.99 ETH)
- DeGods (313 ETH, 4.25 ETH)
- Milady (258 ETH, 4.11 ETH)
- Nouns (169 ETH, 34.8 ETH)
📈 NFT Floor Price Increase
- Real Vision (29%, 0.9 ETH Floor)
- An Important Memory for Humanity (27%, 0.13 ETH)
- The Currency (24%, 1.99 ETH)
- Super Cool World (22%, 0.56 ETH)
- Pudgy Rods (21%, 0.31 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a lighter day of drops to start the week. Memes are back, there is a Blitmap drop and then Snoop Dogg holders get an airdrop.
The main event may be Sam Spratt's Monument Game reaching its first round of deliberations and choosing the finalists. Those not chosen may see less interest on the secondary market (driving the floor down.
If you want more, see the full list of today's drops from Swizzy's daily mint monitor.
- Memes by 6529 (11:00 a.m. ET)
- "LOGOS" Blitmap (5:00 p.m. ET)
- Snoop Dogg - Passport Holders Airdrop (TBD)
- The Monument Game - Deliberations Round 1 (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 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 NFT Calendar page.