Morning Minute | MoMA NFTs Are Coming

TylerD's Market Summary

The Museum of Modern Art is gearing up for a marquee NFT project and experience - here's what you need to know. Plus catch up on some Friend Tech FUD and a red day.

🖼 The MoMA Enters Web3

NFTs may be down in value this bear market, but interest is up only. Especially in the NFT art sector.

The latest major newcomer to the scene - The Museum of Modern Art (MoMA).

Today the MoMA is officially launching the MoMA Postcard "First 15", a project that's more of a co-creation experience on the blockchain.

And with some big name artists already signed up.

What is it?

Here's the TLDR:

• What: A Postcard with 15 blank stamps, designed collaboratively and adjusted as it moves from one destination to the next
• Who: Notable web3 artists Grant Yun, Dmitri Cherniak, Casey Reas, Operator and others are participating
• How: Postcards are "passed" from one user to another, with stamps added to the design at each step
• Where: the MoMA project website
• When: Today (time TBD)

MoMA is kicking things off with First 15, a collection of 15 cards designed collaboratively by 15 artists (some named above).

The co-creation aspect of this one makes it tougher to project value from a trading perspective, but with major artists and a major art institution in the MoMA behind it, it's worth paying attention.

Why It Matters

More and more major institutions and museums in the traditional art space are getting involved in NFTs and/or at least experimenting.

From the project site: "The MoMA Postcard Project is an experiment in collective creativity on blockchain, inviting anyone to learn, experiment, collaborate, and create value together with the emerging technology of web3."

It's great exposure for the medium and it's becoming more normalized by the week.

And if the experiments go well, expect more and more to come...

👥 Friend Tech Trend Tracker

Friend Tech saw its first red day in over a week, as Sim Swap fud and 3,3 defection took over the timeline, overshadowing the rise of a new Blur farmer.

Let's start with the numbers.

Here are some of the core Friend Tech metrics for 10/3 and their day-over-day change:

• Return users: 8,906-> 9,189 (+3%)
• Daily Buy volume: $6.6M -> $5.9M (-10%) 
• Total Volume: $11.8M -> $11.6M (-2%)
• TVL: $52.4M -> $50.06M (-4.5%)
• Highest key: Vombatus 8.15 -> 8.19 (+1%)

*4.3% of TVL is from self-buyers (down from a peak of 15%) per Slice Analytics' new dashboard.

**TVL in ETH terms at 30,220 ETH, down <1%

On the surface it looks like TVL is down $2.4M - but that's almost entirely related to the drop in ETH price yesterday. The TVL in ETH terms dropped ~20 ETH on the day - basically even.

Let's start with the "good" news - leading Blur farmer Hanwe announced yesterday that he would be sharing 100% of his airdrop points with key holders.

That immediately sent his keys up to the 3.5 ETH level, up 35% on the day.

But then this morning he started deploying ETH and his keys rallied past 3.9 ETH. He's bought 28 keys at the time of writing, spending 59 ETH in total and accruing a portfolio value of 428 ETH (he's earned 32 ETH in fees already).

Now for the "bad" news. There were several anecdotal stories yesterday of accounts taking profits out of the app and/or breaking their 3,3 ties (i.e. defecting).

And even worse, there were more first-hand accounts of Sim Swaps and losing entire Friend Tech balances. This has led some with large portfolios (rawrcapital) to seemingly sell off everything to re-launch with more secure accounts. 

While there is no perfect solution against sim swaps, one course of action is to contact one's mobile provider and require in person with ID for any sim changes.

A few other trends and developments we saw:

• New financial tool: aevo.xyz where users can go long the FT TVL vs buying individual keys
• New analysis tool: Bread's User Behavior dashboard, which shows impact of defections, key price ratios and portfolio balance requirements to change levels
• New farming technique: CBB announced the Cartel Farming Program, where holders can earn APY on their $CBB tokens (with bonuses for holding all 5)
• Notable new joiners included:
  • punksOTC (notorious Punks market maker) rallied to 1.5 ETH (now 1.07)
  • FehrSam (paradigm co-founder) rallied to 1 ETH (now 0.7)
• Notable winners on the day included:
  • The CBB cartel which rallied another ~10% to the 1.5-1.7 ETH range
  • Miso Hero Mafia +30% to 0.96 ETH
  • Nate Alex +21% to 0.61 ETH after seemingly reactivating after a 4-day lull

Security is now squarely in focus for this app. We will see how the team responds this week...

🚚 What else is happening in NFTs?

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

• Trading volume jumped 15% to $7.8M (4,700 ETH) on Monday, while the leaderboard saw a mix of red and green
• Fewocious Fewos revealed on Monday, though the floor fell 44% to 0.07 ETH in secondary trading
• Red Bull Racing Velocity Series shared new details on the upcoming Snowfro drop, which will hold 2,000 pieces, half of which will be minted for free by Velocity Pass holders, and another half available via public Dutch auction and IRL activation (the floor briefly rallied to 2 ETH, now 1.7)
• NBA Top Shot launched its long-awaited Packs Marketplace, sharing that the first Packs that'll be available for purchase in the Packs Marketplace are Series 1 Legendary and Rare Packs
• Forgotten Runes dropped a trailer for its upcoming Goblin Town game with some instructions on game play
• Boss Beauties acquired BFF, aiding their mission to educate, connect and empower women in Web3 and create a massive community of friends learning together online and IRL

🌎 Around Crypto and Web3

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

• The crypto market reversed on Monday, giving back recent gains; BTC 2.4% at $27,600; ETH -4.2% at $1,660; SOL even at $24
• Grayscale filed to convert its Ethereum Trust into a Spot ETH ETF on Monday, one of the largest ETH investment products out there with $5B in AUM
• Mastercard CMO Raja Rajamannar told Adweek that its web3 investments "have positioned Mastercard as a technologically advanced company that has led to a positive revenue impact," and that it will continue to experiment with NFTs

🚀 NFT Total Volume

• BAYC (598 ETH, 26.08 ETH Floor)
• MAYC (427 ETH, 5.04 ETH)
• BAKC (163 ETH, 1.61 ETH)
• DeGods (137 ETH, 3.28 ETH)
• Pudgy Penguins (103 ETH, 4.84 ETH)

📈 NFT Floor Price Increase

• BYOLand (85%, 0.12 ETH Floor)
• Valeria Games Genesis Land (75%, 0.42 ETH)
• Cult (66%, 0.29 ETH)
• JRNY NFT Club (30%, 0.39 ETH)
• Lil Pudgy's (10%, 0.42 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a major day in the NFT art sector, with drops across AOTM, money clicc, MoMA, SuperRare and more.

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

• AOTM - Ephemeral Visions (10:00 a.m. ET)
• money clicc x neurocolor - Tyger Bubblegum (11:00 a.m. ET)
• Bozo Collective (11:00 a.m. ET)
• MoMA Postcard (5:00 p.m. ET)
• Matt Kane x RarePass - airdrop (TBD)

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 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 NFT Calendar page.