Morning Minute | CryptoPunks Lead NFT Surge

Morning Minute | CryptoPunks Lead NFT Surge

TylerD's Market Summary

More bullish signs are appearing for the NFT market after a big day of action. Find out what happened plus catch up on all the latest news.

๐Ÿ“ˆ CryptoPunks Jump After Yuga Founder Buys

Yuga co-founder Gordon Goner shared a message to his trusting followers on Monday morning:

"Going to grab some non-BAYC NFTs this week. Don't freak out."

Well he did just that, and he did not disappoint.

Just a few hours after that post, Gordon picked up a Zombie CryptoPunk for 600 ETH ($1.12M), shocking and exciting the market.

It was the highlight of a bullish day for CryptoPunks and the broader NFT market.

What Happened?

First, a bit more on Gordon's sale and Punks.

That Zombie for $1.12M was the highest sale in 9 months, and the Zombie floor is now $1.76M. Gordon also could've likely selected a Punk from Yuga's vault of Punk assets received in the acquisition - but he didn't.

He chose to market buy.

And the market responded.

Punks saw 30 sales yesterday totalling $4.2M, mostly in Punks within 10-20% of floor.

The floor jumped 6% from 47 ETH to 49.85 ETH ($93,390), as the $100k level now seems close.

Gordon seemingly reignited the Punks market which feels very alive.

Historically Punks have led the broader market - and we saw that yesterday as well.

NFT Market Action

Broader trading volume came in at a 3-month high of $19.4M and big green was all over the board.

Some of the biggest movers on the day:

  • Skyborne - Nexian Gems (+94%, 0.13 ETH floor)
  • goblintown (+90%, 0.29 ETH)
  • OnChainMonkey (+88%, 2.4 ETH)
  • OCM Karma (+79%, 0.29 ETH)
  • BlockGames Dice (+78%, 0.29 ETH)
  • Mintify Genesis (+74%, 0.08 ETH)
  • CyberBrokers (+67%, 0.4 ETH)
  • Kubz (+66%, 0.38 ETH)
  • Cool Cats (+66%, 1.15 ETH)
  • CrypToadz (+55%, 1.4 ETH)
  • San FranTokyo (+55%, 0.42)
  • Mocaverse (+47%, 2.01 ETH)
  • Sugartown Oras (+38%, 0.26 ETH)
  • World of Women (+38%, 0.95 ETH)
  • Yogapetz (+35%, 0.27 ETH)
  • Kanpai Pandas (+35%, 1.03 ETH)
  • V1 Punks (+33%, 4.87 ETH)
  • Doodles (+28%, 2.19 ETH)
  • Pixelmon (+28%, 0.77 ETH)
  • Rektguy (+24%, 0.56 ETH)
  • Kaijukingz (+23%, 0.1 ETH)
  • Renga (+22%, 0.29 ETH)
  • Ether Avatars (+21%, 0.14 ETH)

So 23 notable projects which saw at least 20% gains on the day, and about half this list saw 40% or more.

What also jumps out about this list - these project span many sectors.

It's not just PFPs, or projects with tokens, or web3 gaming assets that are pumping. They all are.

We haven't seen market action like this in a long, long time in the NFT space.

Why It Matters

Of course the question everyone is asking - is the bull market back?

Not yet, but excitement is brewing.

NFT Stats laid out some nice charts showing the state of the market yesterday, highlighting:

Total ETH trading volume is up, but mostly driven by Blur

Prices in the large-cap PFP index are up but recently dipping

Unique traders (i.e. wallets) have not risen

Unfortunately the last bullet is likely the most important for a real bull market indicator.

Until more traders enter in size, we're all just throwing existing liquidity back and forth at each other.

Of course, some extra liquidity from Airdrop SZN ($MEME, $BLUR in 2 weeks) will help. But probably not enough to scream full on bull market.

As for that $BLUR airdrop, expectations are growing after the token soared 23% yesterday to $0.376 (+115% on the month).

That November 20th airdrop (and liquidity injection) is looking better by the day.

It seems likely that more and more people will farm until then, with these higher token prices, which will likely keep the market stable or green for the next few weeks. The wildcard is whatever SZN3 announcement Blur will roll out.

The other wildcard for the very near term?

Gordon Goner is promising "more foolishness to come" today. What project/market is he going to ignite today?

๐Ÿ‘ฅ Friend Tech Trend Tracker

The Friend Tech buyers came out on Monday, leading to some green on the board, while the team released a small new UI update.

Here are some of the core Friend Tech metrics for 11/6 and their day-over-day change:

  • Return users: 2,319 -> 2,779 (+20%)
  • Daily Buy volume: $.56M -> $0.7M (+25%) 
  • Total Volume: $1M -> $1.16M (+16%)
  • TVL: $42.59M -> $42.19M (-1%)
  • Highest key: CBB 6.2 -> 6.2 (even)

*TVL in ETH terms 22,405 -> 22,456 ETH (even)

Buy volume and total volume up nicely on the day, but still significantly below levels from a few weeks ago. TVL holds steady.

The team did release a small UI update to the icons, now in black and white.

The other news - CBB is announcing CBB Bank today, with the official debut tomorrow. Pending the details, that could be the next big driver of action.

In other news:

  • Stars Arena TVL briefly passed $800k before retracing to $768k on Monday
  • New Bitcoin City TVL is holding steady at $2.68M

Not a whole lot of chatter on the other new apps spinning up - we will see which emerge.

๐Ÿšš What else is happening in NFTs?

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

  • Trading volume jumped to $19.4M on Monday, the highest daily total in at least 3 months; after 3 straight days over $15M; the leaderboard was mostly green
  • OnChainMonkey assets led top movers after the team announced that the move to Bitcoin would happen this month
  • A Spiral Fidenza sold for 100 WETH, below bull market prices but perhaps a sign of increased interest in grail gen art
  • Doodles co-founder Burnt Toast said the project is about to take "some of the biggest swings it's made to date," driving the floor up to 2.19 ETH
  • Sorare released a new "Instant Buy" feature allowing users to buy Limited Cards at a fixed price on its website and iOS app
  • Bored Ape Yacht Club provided a statement regarding reports of eye-related issues at ApeFest, as several major news providers (Bloomberg, Verg) ran the story

๐ŸŒŽ Around Crypto and Web3

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

  • The crypto market fell slightly on Monday; BTC -1.35% to $34,750; ETH -1.4% t0 $1,880; SOL +2.6% at $41.50
  • The number of wallets holding at least $1,000 worth of BTC has hit a new record of 8M
  • Verse announced its new initiative "HERE" aimed at bringing a new audience to digital art, featuring 13 artists at 8 different galleries including Jan Robert Leegte, AA Murakami, John Gerrard, Kevin Abosch, Roope Rainisto and more

๐Ÿš€ NFT Total Volume

  • CryptoPunks (2,210 ETH, 49.85 ETH Floor)
  • BAYC (1,847 ETH, 28.28 ETH)
  • MAYC (869 ETH, 5.37 ETH)
  • Springfield Punks (559 ETH, 0.08 ETH)
  • CrypToadz (420 ETH, 1.44 ETH)

๐Ÿ“ˆ NFT Floor Price Increase

  • Skyborne - Nexian Gems (94%, 0.13 ETH Floor)
  • goblintown (90%, 0.29 ETH)
  • OnChainMonkey (88%, 2.4 ETH)
  • OCM Karma (79%, 0.29 ETH)
  • BlockGames Dice (78%, 0.29 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a busier day full of art drops.

A few that stand out - Eric Andwer dropping "Constraint" on Verse; Jake Fried's "North Star" hitting the public sale today at 12 pm ET after seeing over 50 ETH in presale mints; and Slimesunday partnering with Nifty Gateway for "Triumps of the Nation State."

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

  • Verse x Eric Andwer "Constraint" (12:00 p.m. ET)
  • Jake Fried - North Star (12:00 p.m. ET)
  • Slimesunday "Triumphs of the Nation State" (5:00 p.m. ET)

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.

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.