Morning Minute | DeGods Go to DeBig Leagues
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
It's a huge day for the DeGods project as they move from the #1 project on Solana to a mid-tier on ETH. Will this major move work out?
🌉 Frank's Big Week
Frank DeGod has had a busy week.
He launched a successful bridge of the y00ts collection from Solana to Polygon on Monday.
On Wednesday he went on an ETH NFT buying spree, picking up PFPs and access passes from several prominent NFT collections.
Yesterday they announced the details for the major bridge of DeGods to Ethereum (from Solana) ahead of tomorrow's marquee migration.
And apparently still found time to read all of the feedback and FUD about him and the team.
It's hard to deny the effort he puts in - but will it be enough for a successful DeGods move?
DeGods on ETH - The Details
The migration to ETH will take place sometime today (probably late PST).
Here's what we know:
- Gas fees waived: Those who migrate in 1st 24 hours will have gas covered
- Raffle: Day 1 migraters will have a chance to win a BTC DeGod
- Low royalty: Eth royalties are reduced to just 0.33% on all marketplaces
- Option to speed up: The default migration may take a few hours, but holders can speed it up (though they will have to cover gas)
- Blur is the official partner: Frank will co-host a Spaces on Saturday with Pacman Blur to talk about the move
It's a fairly similar set of incentives as y00ts had, and one would expect a pretty similar migration rate (y00ts had 85% on day 1).
The Blur partnership is the wild card here. I've been a vocal fan of Blur in many ways, but it can't be denied that sentiment is near all-time-lows for Blur right now.
On the opposite side of the MP spectrum, Magic Eden seems to be gaining some real momentum and a partnership with them, fresh off their ETH launch, would have been my bet.
Alas, the "preferred" MP should not matter too much for price action.
Speaking of...
Market Expectations
The DeGods have been on a tear over the last day, up 20% to 790 SOL, which is 9 ETH.
That firmly places DeGods behind just the Yuga eco and Azuki in the PFP rankings by price.
And some are speculating DeGods could easily flip Azuki this weekend.
DeGods holder and notable NFT whale Sighduck posted a thread calling for an initial run to 15 ETH in the first few hours post-bridge, followed by top-end sales which push the floor to 20 ETH.
Whew, that's some big speculation.
The bull case for DeGods post-bridge: easier access for ETH whales, tons of momentum, and not much else going on in the major PFP space right now
The bear case: whales are sharp enough to buy on SOL if they want and that narrative is trash, this is a "sell the news" event, and Blur farmers chop this thing up into a slow decline
I think the bear case is more logical here, but Frank has continued to defy most logic.
I'm leaning bull here.
Either way, get your popcorn ready for what will be the main event of the weekend.
🖼 Escher Debut
Andy8052, Deeze, and the Escher team have officially launched their new art-edition NFT marketplace.
The primary goal/vision for Escher is to organize and present all of artists' bodies of work in one central place.
This solves the major problem of artists' editions being scattered across marketplaces, making it very difficult to see how works (and prices) compare across pieces.
And some early feedback shows that they are accomplishing that goal.
Escher Details:
- Marketplace: Escher offers a "curated selection of the world’s most sought-after editions" from digital artists, with their bodies of work in one central place
- Royalties: 100% artist royalties are enforced
- Product: Escher Exclusives, seasonal collections of editions from hand-picked artists
- Features: Search, sort by price, make/accept offers (all coming soon)
Artists like Guido are already encouraging their collectors to buy and sell on Escher based on the royalty enforcement - a strong sign of support on day 1.
Market Action:
The Day 1 debut also came with the launch of Escher Exclusives, featuring editions from 3 major artists:
- BURN SZN by Pop Wonder (0.23 ETH floor, edition of 100)
- Big Election Day by Toads Wiback (0.9 ETH floor, edition of 20)
- Midnight Cruise by Post Wook (0.115 ETH floor, edition of 100)
Overall Escher is solving a major problem in the digital art space and the move has been widely applauded.
It will be fun to see how they may transform the art editions market in the near future.
🚚 What else is happening in NFTs?
Here is the list of the major headlines from a very busy day in NFTs:
- Trading volume came in at 21k ETH on Thursday, down 10% from Wednesday
- PROOF and Moonbirds will be hosting an exclusive Beeple Live Everyday event at NFT NYC on April 13
- Doodles seeks to transform its Doodlebank via a new council, removing its $100k license cap, improving communication, and a focus on community empowerment and rewards
- DigiDaigaku Dragons have begun their transformation, as the infamous Super Bowl airdrop collection hatches from eggs into Baby Dragons via a questing process on the Digi site
- Leading web3 AI generative artist Pindar Van Arman laid out future plans, including details on a Bright Moments drop, byteGANs future, and his "most anticipated" qubitGANs
- Cool Cats held a Town Hall Thursday unveiling notable updates including a new product line hitting Macy's and new exclusive collectibles
- DraftKings announced its Reignmakers PGA TOUR "Approach Set" will drop on April 4, along with a new partnership with the Cryptoon Goonz for an exclusive web3 drop featuring UFC cards
- Magic Eden introduced Diamonds as a new "currency" to incentive use on its platform, starting with Solana; Diamonds are earned through listing, bidding and completing profiles
- gmoney and 9dcc also launched a new rewards program using "Network Points", designed to reward its most loyal members
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market fell overnight: BTC -2.7% at $27,900; ETH -1% at $1,790
- Donald Trump was indicted on Thursday, sending the Trump Digital Trading cards up 10% to 0.57 ETH (a rare NFT set that goes up on both good and bad news)
- Ledger is nearing completion on a $109M raise valuing the crypto wallet manufacturer at $1.4B
- Unstoppable Domains added a new feature allowing users to create and mint custom AI avatars as NFT PFPs
🚀 NFT Total Volume
- Otherdeed (3,432 ETH, 1.8 ETH Floor)
- Wrapped CryptoPunks (2,736 ETH, 64.2 ETH)
- BAYC (1,917 ETH, 61.3 ETH)
- HV-MTL (1,515 ETH, 2 ETH)
- Azuki (1,333 ETH, 13.25 ETH)
📈 NFT Floor Price Increase
- goblintown (31%, 0.54 ETH Floor)
- Opepens (29%, 0.55 ETH)
- Checks - VV Originals (18%, 0.51 ETH)
- Checks - VV Edition (17%, 0.99 ETH)
- NFT Worlds (11%, 1.56 ETH)
🗓 Upcoming NFT Mints and Reveals
Today has several drops and events in what is the marquee day of the week.
The Memes card drop is the final one of SZN2 and from Pop Wonder, making it likely to see some increased demand because of that before next week's break (though interest is as low as ever in the Memes).
The wild cards are the Genesis Box reveals (low expectations but will see some demand) and the DeGods migration (covered above).
Expect DeGods, Nakamigos and the Jack Butcher eco to be the talk of the weekend unless a new surprise hyped mint debuts.
- 8LEMENTS (10:00 a.m. ET); price TBD
- Memes by 6529 (11:00 a.m. ET); 0.06529 ETH
- Folding and Unfolding by Amber Vittoria (12:30 p.m. ET); 0.25 ETH
- Monster Wheels (1:00 p.m. ET); 0.03 ETH
- Doodles - Genesis Box reveal (TBD)
- DeGods - migration (TBD)
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.
