Morning Minute | Fantasy Top Pays Out $1M+ In First Week

TylerD's Market Summary

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💸 Fantasy Top Comes for Twitter Users

There's a hot new game slash SocialFi app taking command on the timeline.

Fantasy Top.

And unless you've been living under a rock, or avoiding most of the CT influencers, you've been seeing it everywhere.

Well, given early results from their first main tournament - you can expect to see a whole lot more.

What Happened?

Yesterday Fantasy Top officially launched its first Main Tournament with a major prize pool including 222,222 Blast Gold ($2.6M), 50 ETH and more.

This was enough to entice nearly 18,000 players to set teams and vie for the top prizes.

If that wasn't enough, they also announced their first payout to Heroes (those who have cards in the game) - to the tune of $1.25M.

Leading Heroes saw 6+ ETH with many receiving 3-4 ETH or more.

A massive win.

But the Heroes aren't the only ones winning.

By The Numbers

The stats from their first week on mainnet are staggering:

• 7,800 ETH in trading volume ($24.2M)
• 3,400 ETH in treasury ($10.5M)
• $1.25M paid to Heroes
• 234 ETH in MP fees ($725k)
• 33,055 users

That's some pretty serious demand.

And it's showing in the Heroes Marketplace, where the overall floor has risen to 0.008 ETH (~$25) and new Packs have risen to 0.38 ETH (~$1,200).

The natural comparison here is to the early days of NBA Top Shot, where Moment prices seemingly went up every day for weeks until the initial bubble popped.

So is the same pop coming for Fantasy Top?

What's Next?

A few major upcoming factors to watch which will drive the near-term future of Fantasy Top:

• Results of this first Main Tournament (and if any major players get nerfed)
• Additional rules changes (the team did change scoring yesterday)
• The introduction of the 2nd class of Heroes

The biggest risk to Fantasy Top here is a big player like Ansem or Jenn getting their X account suspended due to botting or some other outside cause.

Another risk is continuing to change the rules of the game on the fly after whales have put thousands of dollars into decks.

Arguably the biggest risk to near-term price action is when the next class of Heroes will be introduced and how many will be there.

Dilution will lead to season 1 heroes dipping most likely. But, many are already getting priced out of making "good" decks - so an influx of new Heroes could bring even more users into the game.

Plus the new wave of Heroes will be incentivized to market themselves and Fantasy Top to get their revenue share.

It's a good flywheel.

My read? 

We will reach a point where cards are too expensive and the "bubble pops" - but we aren't there yet, or even that close.

Game on.

🚚 What else is happening in NFTs?

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

• ETH led NFT trading volume with $7.2M on the day (+28%); BTC was next with $6.1M (-32%) and then Solana with $4.8M (+59%)
• ETH NFT leaders were mostly green gaining 3-5% again on the day; BAYC +4% to 16 ETH; MAYC +3% to 3.06; Pudgy +5% to 12.5; Azuki +3% to 5.32
• CryptoPhunks and EthLizards led top movers, jumping 42% and 34%
• Blob led BTC trading volume with just 9 BTC volume (0.065 BTC floor) as most Ordinals leaders dipped on the lower volume
• OMB -5% to 0.44 BTC; Quantum Cats even at 0.397, NodeMonkes -10% at 0.31 and Puppets -2% to 0.259
• Solana NFTs were mostly red on the day; Mad Lads -2% to 82 SOL, Tensorians -8% to 12; DeGods -7% to 48, and y00ts -4% to 12.5
• Blast NFTs saw green again with many sets up 10-20%, led by Blastopians (+3% to 0.38), Blast Penguins (+14% to 0.16) and Goldmilio (+21% to 0.47)
• A farmer dumped 380 Plutocats on Monday for a 250 ETH gain and then victory lapped the sell in the project discord (Plutocats -10% to 2.14 ETH)
• NFT Stats' "GM Photography" NFT collection on Blastr revealed, with rarity for the 1-of-1 photos based on Camera Type, Location and "Photographer's Choice" (floor is 0.6)

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the weekend:

🌎 Around Crypto and Web3

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

• Crypto majors are mixed this morning; BTC even at $64,090; ETH -1% at $3,100, SOL +2% at $157
• Memecoin majors were red with DOGE -2%, WIF -6% PEPE -4%; MICHI, NUB, HALFIN outperform
• The SEC issued a Wells Notice to Robinhood on Monday related to its U.S. crypto business
• GBTC had BTC inflows again Monday marking the 2nd straight day after 80 days of outflows; $217M in total inflows across ETFs
  
• Jupiter announced its Clone Protocol, which enables trading of non-Solana assets on Solana - so you can trade DOGE, ARB, etc. natively on Solana without bridging (i.e. clDOGE, clARB)

🚀 Memecoin Movers 

• $CRODIE (+59%, $30M market cap, Solana)
• $KEYCAT (+47%, $44M market cap, Base)
• $TN100x (+42%, $51M market cap, Base)
• $PEANIE (+36%, $17M market cap, Solana)
• $HAMMY (+34%, $71M market cap, Solana)

📈 NFT Floor Price Increase (ETH)

• CryptoPhunks (49%, 0.24 ETH Floor)
• Ethlizards (42%, 0.59 ETH)
• Anata NFT (35%, 1.17 ETH)
• Imaginary Ones (14%, 1.19 ETH)
• Lasogette (12%, 0.5 ETH)

🗓 Upcoming NFT Mints and Reveals

Today has another solid slate of mints spanning Base, Blast and Bitcoin.

MetaStreet's Apollo mint is likely the highlight, with its NFTs minting for 0.05 ETH on Blast starting with WL only then public tonight at 9 pm ET.

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

• Legend of Arcadia (11:00 a.m. ET)
• Scrips (12:00 p.m. ET)
• MetaStreet Apollo (12:00 p.m. ET)
• Sofamon (1:00 p.m. ET)
• Whisps (1:00 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 to tyler.warner@luckytrader.com.