Morning Minute | GambleFI Takes Over Crypto
Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints.
TylerD's Market Summary
NFT interest has been down while interest in gambling-related coins reaches new highs. Find out more in today's weekend recap.
📝 NFT Weekend Recap
While it was a quiet weekend from a news perspective, some new trends are emerging and old ones are cementing.
And they are likely going to shape the NFT market for the weeks to come.
The 3 major news and trends that took shape this past weekend:
- "GambleFI" takes over Crypto Twitter (CT) with Unibot, Rollbit and a new racing meta taking over the timeline
- Machi dumped his entire Azuki bag (110 NFTs), briefly dropping the floor below 4.6 ETH
- Pudgy Penguins sell "thousands of toys" at Comic Con as its brand reach grows (and floor price jumps 11% on the week)
GambleFI Takes Over
NFTs saw a brutal period in late April / early May when the first "shitcoin" season emerged, led by Pepe and a series of derivatives.
At that point in time, gas surged and most traders opted to play the coins over NFTs.
It seems that season may be repeating itself, but with a new meta: Gambling related coins or "GambleFI."
Rollbit likely started this trend, taking over CT by partnering with (i.e. handing over boat loads of cash) several top influencers. Its token RLB soared, reaching a peak around $330M marketcap early last week (before falling about 50% from local top over this past weekend).
Unibot stole most of its recent shine, with the token related to the Telegram "snipe" bot (allowing traders easier access to token drops). Unibot's token is up 220% on the month, though that was closer to 500% at peak yesterday (the coin hit $160+ yesterday and is at just $111 now).
Then there was hamster racing, the most degenerate activity of last week. It came on late last week as degens decided gambling on hamster racing was the fun activity of the day, and the token soared over 600% at peak (above $3) before falling hard and fast over the weekend (now $0.57).
Each of these have seen competitor and derivative tokens launch, giving those deep in the altcoin streets plenty of options to gamble on. And with all of these options, and many 5x-10x'ing or more on a daily basis - these folks have no incentives to trade on (relatively slow moving) NFTs.
That's not the only reason NFTs aren't being traded though.
Machi Dumps 110 Azuki In Bleak Farming Reminder
I checked in on top PFP prices early afternoon and almost did a spit take when I saw the Azuki floor at 4.69 ETH.
I looked further and about 110 Azukis had been dumped into Blur bids in the past hour.
Ultimately it became clear that Machi was driving the action and had exited his entire Azuki position, moving the floor down 10% in the process (it recovered to 4.84 ETH) and down 20% on the week.
Some applauded Machi's exit as a rallying cry, that not the floor could organically rebound. Sadly that's likely not realistic, as those Azuki's were dumped on other farmers and not organic buyers.
This event served as another reminder of the impact of Blur farming - as long as huge chunks of PFP collections are held by farmers, buyers are not coming in.
It's happening in every major farmed collections (BAYC, MAYC, Azuki, etc.).
Expect the downtrend to continue, unless these projects come up with a new, strong reason to buy.
Pudgy Penguins Crush at Comic Con
One of the lone positive notes over the weekend was the seeming success of the Pudgy Penguins at Comic Con.
According to owner Luca Netz, the Pudgy crew sold thousands of toys to the Comic Con crowd, which was not NFT native.
These were people outside our bubble, buying the toys because they liked them.
And remember, these toys do come with a digital collectible that can be unlocked - potential trojan horse onboarding.
Only 3 of the top 20 projects by trading volume were in green in the past 7 days, and 2 of them were Pudgy Penguins (+11%) and Lil Pudgys (+13%). Not huge moves up, but noticeably bucking the broader down trend.
The market likes the toy sales (and a brand that doesn't rely on selling new mints to its holders for revenue).
Here is a quick rundown of the notable floors and their 7-day price changes:
- Fidenza: 85 ETH (+6%)
- CryptoPunks: 49.49 ETH (-1%)
- Ringers: 41.5 ETH (+6%)
- BAYC: 31.8 ETH (-3%)
- Gazers: 16.5 ETH (+3%)
- Grifters: 9.75 ETH (-1%)
- Chromie Squiggle: 9.75 ETH (even)
- DeGods: 8.48 (-5%)
- MAYC: 5.74 ETH (-5%)
- Captainz: 5.6 ETH (-12%)
- PROOF: 5.65 ETH (+8%)
- Azuki: 4.86 ETH (-19%)
- Pudgy Penguins: 4.17 ETH (+11%)
- Otherside Koda: 3.96 ETH (-6%)
So the trend was art in green on the week (slightly up) and PFPs in red (slightly down).
Azuki was the biggest lower, and Pudgy's were the biggest winner.
It was interesting to see art trend up with an influx of supply hitting the market last week; we will see how the top end continues to hold up while new supply accelerates onto the market.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
- Trading volume came in just below 10k ETH on Sunday in the 2nd highest day of trading in the past 9 days; most leading NFTs were red on the day with Moonbirds up 5% at 1.75 ETH
- Jack Butcher debuted the art for Opepen Set 10 named "1/0", with the opt-in window closing at 1 pm ET today
- The Simpsons' new Treehouse of Horror XXXIV poster features renowned NFT collections including Bored Ape Yacht Club, CryptoPunks, and Doodles, stirring anticipation amongst fans and the NFT community
- Goonz launched their ALTER EGO apparel collection with Dented Feels and Magic Eden on Friday
- PROOF rolled out a new website for its IRL location Foundry, shows more images of the location, a schedule of upcoming events, how to get involved & more
- Melania Trump's newly released Apollo 11 NFT collection which uses NASA imagery is facing opposition from NASA for non-compliance with their merchandising regulations
- Bollywood actress Taapsee Pannu has created an NFT platform called "taapseeclub.com," designed to distinguish true fans from anonymous trolls and offer a unique fan engagement experience
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market fell on Sunday; BTC -2% to $29,300; ETH -1.2% at $1,850
- New trending coins had a rollercoaster weekend, led by Unibot in green (+39%), HAMS (-75) and Rollbit (-13% in red)
- WorldCoin opened up for trading Monday morning, starting with a $300M marketcap but $33B FDV
- Mastercard is set to conclude its web3 music program, The Mastercard Artist Accelerator, on July 27 with a live-streamed showcase featuring AI-driven singles (created by WarpSound's AI Music Studio) from five global artists
- Americana, the tokenized collectibles platform, introduced its "concierge vaulting" service, offering blockchain solutions for storing and managing high-end physical collectibles
🚀 NFT Total Volume
- BAYC (3,477 ETH, 31.9 ETH Floor)
- Azuki (2,528 ETH, 4.84 ETH)
- MAYC (1,114 ETH, 5.74 ETH)
- DeGods (341 ETH, 8.46 ETH)
- Pudgy Penguins (307 ETH, 4.09 ETH)
📈 NFT Floor Price Increase
- 10ktf Kagami (22%, 2.45 ETH Floor)
- Rug Radio Genesis (20%, 0.25 ETH)
- Apes Together Strong (15%, 0.6 ETH)
- Full Send Metacard (16%, 0.4 ETH)
- Renga - Black Box (16%, 0.92 ETH)
🗓 Upcoming NFT Mints and Reveals
The week will be off to a fast start again today with several art drops on the radar.
Prohibition is back with 2 new art drops today, though with 3 of the last 4 projects not minted out yet, demand may be a bit slower for the new sets (though prices are lower at 0.069 ETH and 0.038 ETH respectively today).
Today's highlight is likely Shvembldr back in Art Blocks for his 7th project "Overload," as he continues to be one of the most prolific generative artists on Art Blocks.
If you want more, see the full list of today's drops from Swizzy's daily mint monitor.
- Memes by 6529 (11:00 a.m. ET)
- Art Blocks Presents "Overload" by Shvembldr (1:00 p.m. ET)
- Prohibition "Melt Into You" (1:00 p.m. ET)
- Canvas To Code (2:00 p.m. ET)
- Prohibition "The Distance In Between" (5:00 p.m. ET)
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email firstname.lastname@example.org.
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.