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:
Skip to
Elon rockets an NFT project once again. Find out which one and the surprising winner. Plus, Tether has a record-breaking quarter and ACK raises over $1.3M.
There are certain truths in NFTs.
Anticipation of delivery is better than actual results. Prices go down after art is revealed.
And if Elon tweets about a project, it instantly rockets.
The Miladys project experienced that Elon pump yesterday, when the Twitter boss tweeted a Miladys meme with the text "There is no meme. I love you."
Market Impact
Elon's impact was swift and fierce.
The Miladys floor jumped from 3.8 ETH to over 7 ETH briefly at peak, an 80%+ spike in about an hour.
The pump was also fueled by Blur's new BNPL program, which allowed traders to capitalize on the momentum by buying up Milady's for a fraction of their price.
But the second part of the new "Elon NFT Pump" rule - what goes up fast, comes down just as fast.
After peaking at just over 7 ETH, the floor retraced to the 5 ETH level within an hour or so.
It's now at 4.6 ETH this morning, up 23% on the day. Still solid for this market, but leaving a lot of top buyers disappointed.
There was one other market impact here - on new NFT futures platform nftperp.xyz.
NFTperp's Big Day
nftperp.xyz is a "perpetual futures DEX for NFTs" allowing traders to go long or short certain NFTs.
The Elon pump effectively crashed their site, which set records for volume.
Here are some of their numbers from yesterday, according to one of their devs 0x_aster:
All of those are new ATHs for the site.
For some comparison, OpenSea only did 4,700 ETH in volume yesterday ($8.65M). So nftperp did about as much volume as OpenSea.
Anecdotally, I did hear that the site was down during some crucial time after the Elon tweet, though that's not a huge surprise given the protocol is still in beta.
Regardless, nftperp might have been the biggest winner of the day.
These types of hyper-volatile events are some of the best times to use a futures platform like nftperp (if you know what you're doing).
The financialization of NFTs deepens.
Crypto trading has been down significantly in 2023, but that hasn't stopped Tether from outperforming.
Stablecoin giant Tether has reported a staggering $1.5 billion net profit for Q1 2023.
That profit doubled their previous quarter's earnings.
Tether also revealed its Bitcoin and Gold allocations for the first time in the spirit of more transparency, related to the incident with USDC and Circle earlier in the year.
How Tether Makes Money
As I understand it, Tether the company makes money similar to how a bank would.
They generate revenue via:
Notable Figures
Tether looks to be the stablecoin king, at least for now. And kudos to them for the increased transparency.
For those looking for a deeper dive on how Tether works, check this guide from Worldcoin.
Here is the list of other notable headlines from the day in NFTs:
A few other Crypto and Web3 headlines that caught my eye:
Today is a slower day, once again.
The highlight is the Krasis drop by Summer Wagner on Escher. The 100 editions are priced at 0.1 ETH.
Notably, ACK (fresh off his Broken Keys success) called Summer Wagner one of his favorite rising artists in an interview earlier this week.
Do with that what you will.
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.
