Morning Minute | Doodles 2 Coming to Flow
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
Doodles made the blockbuster announcement yesterday that their hyped Doodles 2 collection will be released on Flow.
Does this mean our NBA TopShot bags are saved? Let's dive in.
🌈 Doodles 2 on Flow: Why Flow and What happens next?
The Doodles account and founder Poopie shared some rationale behind the decision to move to Flow yesterday.
It seems to center around:
- ease of onboarding
- on-chain scalabality
- gas-less transactions enabling endless customization
It's hard to argue against those 3 main points as drivers behind using Flow.
The naysayers weighing in so far have primarily focused on Flow being a "walled garden" and blocking interoperability (the ability to use NFTs across ecosystems and metaverses), along with the fact that this might not be good for Doodles price action (number not go up).
What happened to the Doodles NFTs?
It's not great, Bob.
Doodles fell to 6.88 ETH after the news (-14%).
Likely even worse, Dooplicators and Genesis Boxes each fell to 1.24 ETH (-11%) and 0.26 ETH (-28%) respectively; which is notable, because those 2 NFTs are the access point to Doodles 2.
The overall Doodles ecosystem seemed to have some strong momentum across collections, but that momentum now seems ded in its tracks.
What does this mean for Flow?
It seems like a major win for Flow, no matter how you look at it.
Doodles is a top 5 PFP brand in the NFT space right now, with deep pockets and a strong community.
The Doodles team has always stated they want to be the first to onboard millions into their project, and they view Flow as the easiest path to doing so. It's not hard to imagine that other projects may follow Doodles to Flow in the wake of this move.
Will this be enough to save my NBA TopShot bags?
Probably not, but if Doodles can really bring millions of new users into the Flow NFT ecosystem, TopShot probably benefits as well.
🚚 What else is moving?
The NFT market volume dipped to just under 20,000 ETH Wednesday, shockingly led by Porsche NFTs.
Porsche made what may be the biggest comeback in NFT history after cutting its mint from 7,500 to 2,363, as the floor doubled yesterday from 1.3 ETH to 2.67 ETH (touching 3.2 at peak).
Other notable movers:
- The new Meme card by Renga artist Dirty Robot debuts at 3.1 ETH in early trading ahead of today's full mint, and Sergito's Nakameebto popped to 3.2 ETH after he announced the first artist for his new Memes ecosystem as Jack Kaido
- Checks jumped 42% to 0.47 ETH on big volume, cementing the project as a force
- Proceed with Caution by Des Lucrece had a huge day, reaching a 0.58 ETH floor, as collectors raced to collect full sets of all 8 colors
- Yuga NFTs were up slightly on the day, with BAYC at 69 ETH, MAYC at 15, Deeds at 1.47, and Sewer Passes at 2.65
- The DigiDaigaku ecosystem lost some steam, with Digis dropping 9 percent to 10.5 ETH and Heroes down 24% to 2.96
Overall, art and Memes are the meta right now - deal with it.
🌎 Around Web3
It was a big day for headlines yesterday across NFTs and Web3. Starting with some major NFT news:
- PROOF founder and notable collector Kevin Rose fell for a phishing scam yesterday losing dozens of high-value NFTs
- Memeland teased that its Treasure Mapz will be tied to its upcoming $MEME token
- Lil Pudgy's are going cross-chain, with owners able to travel to Arbitrum, Polygon, and BNB Chain currently
In crypto and Web3 headlines:
- Crypto rallied Wednesday with ETH up to $1,600 (+3%), BTC at $23k, and $APE at $6.05 (+7%)
- Marshawn Lynch filed trademarks for "Beast Mode" NFTs and digital collectibles
- Gemba, a virtual reality corporate training platform, secured $18 million in Series A funding
🚀 NFT Total Volume
- Porsche 911 (2,025 ETH, 2.67 ETH Floor)
- Doodles (1,775 ETH, 6.88 ETH)
- MAYC (1,226 ETH, 15 ETH)
- Sewer Pass (1,211 ETH, 2.65 ETH)
- BAYC (844 ETH, 69 ETH)
📈 NFT Floor Price Increase
- Porsche 911 (100%, 2.67 ETH Floor)
- Proceed With Caution (83%, 0.58 ETH)
- Checks (43%, 0.47 ETH)
- Wonky Stonks (43%, 0.39 ETH)
- NFT Worlds (29%, 1.9 ETH)
🗓 Upcoming NFT Mints and Reveals
Today's Meme card drop is the major highlight of the day.
The team did a limited airdrop yesterday ahead of today's mint, and the card is holding a 3.1 ETH floor with several sales in that range.
Expect big volume on this one, with the potential to rotate to other Memes.
With little else minting, most volume is likely going to be with recent movers on secondary, but after some major leg-ups yesterday, today could be a cool-off day. Tread carefully.
- Memes by 6529 (11:00 a.m. ET)
- Metropolis World Ethereals: The Dark Egg (3:00 p.m. ET)
- NBA Top Shot: Premium Pack (Series 4, Release 1) (5:00 p.m. ET)
- Avium Origins (5:00 p.m. ET)
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.
