Morning Minute | ETH Soars After BlackRock ETH ETF Confirmed

Morning Minute | ETH Soars After BlackRock ETH ETF Confirmed

TylerD's Market Summary

ETH soared on the day after some welcome news from BlackRock, and NFT volume has reached a massive new local high. Read on for more.

๐Ÿ“ˆ BlackRock ETH ETF Confirmed

Unless you're living under a rock (a black rock?), you saw ETH pumping yesterday.

It soared nearly 10% on the day to $2,090 and back at levels only seen briefly in April 2023, and before that - May 2022.

The driver?

BlackRock has filed to list an Ethereum ETF on Nasdaq.

They're following the same path as executed with the BTC ETF, now widely expected to be approved within the next 4-6 weeks.

A few details on the filing:

  • As per the Nasdaq filing, the ETF is currently awaiting regulatory approval
  • BlackRock has partnered with Coinbase, a leading U.S.-based crypto exchange, to act as the custodian for the ether held by the product.
  • BlackRock has established a market-surveillance pact with Coinbase, aiming to address potential regulatory concerns, especially from the U.S. Securities and Exchange Commission (SEC)

The market certainly liked the news, sending ETH to new local highs. The BTC:ETH ratio fell from a local high near 20:1 to 17.7:1 in a welcome move for ETH maxis.

Now looking ahead - the BTC halvening, BTC and ETH ETFs coming - the set up for 2024 looks brighter and brighter by the day...

๐Ÿ› Manifold Introduces Digital Pop-Up Shops

One of the biggest trends of 2023 in the NFT market has been the mixing of physical with digital.

Now Manifold is looking to push that trend further.

On Nov 8, they introduced GET-PHYSICAL - a digital pop-up shops for physical goods.

With this platform, they are looking to redefine the bridge between digital assets and physical goods.

The Details

The core idea - users can create a product page with any easy checkout flow to exchange physicals for digitals (NFTs or crypto or fiat).

Some of the perks include:

  • Exclusive Merchandise: Access to physical goods only through select digital tokens.
  • Flexible Payments: Options include NFT burning, crypto, holding an NFT, or fiat.
  • Seamless Integration: Easy product page setup for creators with images, descriptions, and pricing
  • Proven Success: Manifold Merch Bridge's track record of millions in creator earnings

Creators can now set up a product sales page complete with all the trimmings: images, descriptions, pricing, shipping details, and supported geographies.

Payment options are diverse, including new options like NFT burning or traditional (crypto, fiat).

Why It Matters

NFTs are turning into a currency with this model, and more use cases are being unlocked.

Artists can provide physicals exclusively for their digital art NFT holders.

Founders can provide toys for holders of certain PFPs, perhaps even on a trait level.

And those who are crypto native, but not product-native, have an easier path to setting up a store front.

It's a nice innovation for the space, from one of the leaders in Manifold who continues to push web3 forward.

๐Ÿ‘ฅ Friend Tech Trend Tracker

It was a quiet day in Friend Tech land ahead of today's points drop, but TVL keeps grinding up.

Here are some of the core Friend Tech metrics for 11/9 and their day-over-day change:

  • Return users: 3,284 -> 3,175 (-3%)
  • Daily Buy volume:  $1.33M -> $0.64M (-48%) 
  • Total Volume:  $2.32M -> $1.275M (-45%)
  • TVL: $43.72M -> $47.79M (+9%)
  • Highest key: CBB 6.2 -> 6.2 (even)

*TVL in ETH terms 22,837 -> 22,919 ETH (even)

With ETH grinding up, FT TVL is once again approaching $50M. 

The main event today - the points drop, and if they'll come in line with the new "formula" that the community figured out.

My gut - they'll change it. But we'll see.

In other news:

  • Stars Arena announced its airdrop program will restart on Monday, Nov 20th with recurring weekly drops
  • Stars Arena TVL has fallen another 15%, now at $550k
  • New Bitcoin City TVL is holding steady at $2.6M as NBC maintains current 2nd standing in SoFi TVL rankings
  • There are now over 35 different SocialFI apps on the scene - keep track of them all with Bread's handy tracker

๐Ÿšš What else is happening in NFTs?

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

  • Trading volume jumped to $25.7M on Thursday, a new 3-month high and 5x the daily volume from mid-October; the leaderboard was mostly red though on the day
  • CryptoPunks rallied another 8% to a 57.89 ETH floor ($120k) after a 500 ETH whale sweep
  • Leading PFPs fell 5-10% on the day following the ETH move, with BAYC back at 29.3 ETH, Azuki back at 6.05 and Captainz at 3.99
  • Yuga co-founder Gordon Goner continued his NFT buying spree, picking up a Mocaverse, World of Women, CloneX and Applied Primate, while also picking up a Fidenza and a Squiggle
  • Courtyard is partnering with Privy and Chimpers on "Web3 Week of Thanks," which includes a week of free Pokémon drops from Nov 13-17
  • RTFKT canceled "The Offering" shortly after opening it, citing community feedback against the experiment
  • Claynosaurz opened its genesis plushie mint at noon ET yesterday, available for 72 hours and priced at 1 SOL

๐ŸŒŽ Around Crypto and Web3

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

  • The crypto market saw pockets soar on Thursday on the BlackRock ETH ETF news; BTC +0.5% to $37,085; ETH +9% t0 $2,090; SOL +8% at $51.33
  • $BLUR held steady at $0.38 now 10 days away from the SZN2 airdrop, as did $MEME at $0.02
  • Animoca Brands subsidiary, GAMEE, will launch its "Arc8 GameFest" next week with approximately $120,000 in prizes to web3 mobile gamers; a GameFest Pass is required for entry
  • Immutable is partnering with Ubisoft's Strategic Innovation Lab to push web3 gaming forward and deliver digital ownership to players
  • Polygon Labs will relaunch Polygon Village with a 110M MATIC ($89M) grant to propel web3 innovation, supporting founders with mentoring, resources and assistance; the program is open to projects at any development stage

๐Ÿš€ NFT Total Volume

  • BAYC (4,515 ETH, 29.45 ETH Floor)
  • CryptoPunks (3,195 ETH, 57.89 ETH)
  • MAYC (1,596 ETH, 5.84 ETH)
  • Azuki (612 ETH, 6.2 ETH)
  • DeGods (446 ETH, 3.27 ETH)

๐Ÿ“ˆ NFT Floor Price Increase

  • Pixelmon Trainers (83%, 0.25 ETH Floor)
  • Gruffters (34%, 0.16 ETH)
  • PX Quest (30%, 0.2 ETH)
  • Terraforms (29%, 1.89 ETH)
  • Winds of Yawanawa (11%, 7.86 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a slow day of drops to round out the week.

Luis Ponce's edition drop on Avant Arte is probably the highlight, along with Jonathan Nash's Meme card drop.

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

  • Memes by 6529 (11:00 a.m. ET)
  • Luis Ponce x Avant Arte - And the Absurd Was Born (11:00 a.m. ET)
  • Notable Pepe Cards (4:20 p.m. ET)
  • ClickCreate x Cath Simard - At Night (3:00 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

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.