Morning Minute | NBA Top Shot Launches First-Ever 1/1

Morning Minute | NBA Top Shot Launches First-Ever 1/1

TylerD's Market Summary

Today's Morning Minute is brought to you by MetaStreet, THE best new way to earn yield in NFTfi.

Interested in earning yield via NFT lending? Like points farming, or gaining exposure to Blast? MetaStreet is for you.

MetaStreet solves 3 issues in the current NFT lending market by:

  • not depending on oracles

  • offering dynamic interest rates, and 

  • operating permissionlessly via its Automated Tranche Maker (ATM). 

Recently they launched their Pudgy Ascend Tower, allowing those interested in lending against Pudgy Penguins to do so with up to 26.7% yield (and major points).

And just yesterday they announced a new open edition mint with Metaverse HQ to celebrate the Blast launch!

New things are happening almost daily with MetaStreet right now, and users are winning.

So deposit now and start earning!

๐ŸŽ NBA Top Shot Makes Sports Collectible History

Victor Wembanyama has been a phenom already in his early NBA career.

He's the front runner for Rookie of the Year.

And he's made a huge splash on NBA Top Shot, with his Rookie Moments commanding prices that rival legends like Lebron.

Now, he's got a shot to set the all-time NBA Top Shot sales record and make history.

What Happened?

Yesterday NBA Top Shot announced its blockbuster auction for a Victor Wembanyama 1/1.

Here are the key details:

  • What: The "Ultimate" Moment features 2 minutes of highlights from his first game and will be included in a pack with 5 other Legendary rookie Moments
  • How: A blind auction with $75k min bid
  • When: First round started yesterday and goes through April 12
  • Where: https://auction.nbatopshot.com/
  • Why: To make sports collectible history

After the first round, bidders will verify and show proof of funds.

From there, top bidders will submit $75k collateral, be informed of the top bid numbers, and then have an option to place a new bid.

Get ready for some fireworks!

Price Predictions

This could very well be the biggest sale in NBA Top Shot history.

The Top Sales in NBA Top Shot history for reference:

  • $230,023 for Lebron 2020 NBA Finals Legendary (serial 23) - Aug 21
  • $210,000 for Lebron From the Top Legendary (serial 12) - Mar 21
  • $208,000 for Lebron Cosmic Legendary (serial 29) - Feb 21
  • $179,000 for Lebron From the Top Legendary (serial 17) - Mar 21

For direct comps, a Victor Wembanyama Sorare 1/1 card sold for 61.18 ETH ($110,333) back in December 2023.

That 61 ETH number actually seems like a decent comp. Of course, ETH has gone up quite a bit.

At current prices, a 61 ETH bid would be ~$213,000.

I'll give Wemby a bit of a bump for his recent playing, setting my over/under at $250,000.

Why It Matters

The fact that it's Wemby makes this a very interesting auction.

He's arguably the most exciting rookie in a very long time. And he has his entire future in front of him.

Most of the top sales in NBA Top Shot history have been on established players in their prime, so we've never really had a premium rookie market. 

Top Shot will almost certainly land a splashy sale with this auction, driving momentum into the NBA Playoffs and everything they've got planned.

And that builds on the momentum of the past few months, which have recorded some of the highest sales since 2021 (on Lebron and Wemby moments).

Hype is back, and a big 1/1 sale could take it to the next level.

Get your popcorn ready.

๐Ÿšš What else is happening in NFTs?

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

  • Bitcoin led NFT trading volume with $18.9M on the day (-3%); ETH was next with $9.2M (-9%) and then Solana with $7.5M (-29%)
  • Runestone led the BTC NFT board and notched up to 0.083 BTC; Rune Punks were next up reaching 0.012 andthen Blob up to 0.049 (from free mint)
  • NodeMonkes fell slightly to 0.51 BTC, Puppets held at 0.395 and Quantum Cats jumped to 0.37
  • ETH NFT leaders were mostly green with Pudgy +5% to 12.33, Milady +8% to 4.79 and MAYC +7% to 2.11
  • Ceden Keystone Beavers were a notable winner, jumping 30% to 0.22 ETH floor
  • Solana NFTs were mixed on the day; Mad Lads +6% 128 SOL, Tensorians -8% at 18, SMB Gen 2 -10% to 38
  • Bored Apes announced ApeFest 2024 for Lisbon, Portugal, coming in October (Apes held at 12.25 ETH but MAYC jumped 7% on the news)
  • Forgotten Runes teased that they'll be rewarding NFT holders over the coming months in a variety of ways

๐Ÿ’ฐ Token, Airdrop & Points Tracker

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

  • $SAGA launched its token on Binance yesterday and reached an FDV near $8B at peak before settling at $5.8B ($527M mc) 
  • Kreatorhood released its tokenomics for today's $KHOOD token claim, showing multiple seasons and a claim process requiring NFT listing
  • Zeta announced its tokenomics with 10% of its $Z token going to the community
  • The $NODE BRC-20 jumped over 200% to $0.68 and a $14M mc after the team took a snapshot of NodeMonke holders
  • Kanpai Pandas founder Icebagz is launching a token on Friday with a share of tokens going to NFT holders, 2.5% for the team and rest for public sale
  • Cryptoslam introduced SlamNet as "the definitive platform for all of web3's enriched information," powered by $SLAM
  • Blast introduced 2 new protocols including Duo Exchange (interest rate swap protocol) and Zap, which allows users to launch and invest in projects

๐ŸŒŽ Around Crypto and Web3

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

  • Crypto majors are red this morning ahead of the CPI print; BTC -2.5% at $69,090; ETH -3% at $3,530; SOL -3.3% at $170
  • Memecoin majors were mostly red again with the market uncertainty; DOGE -4%, WIF -12%, PEPE -5%, BODEN -5%
  • Monad announced a $225M raise led by Paradigm and several marqee investors, to accelerate the development of its parallelized EVM
  • Eigenlayer announced its Eigen DA mainnet launch, with new functionality including restaker delegation, operator registration to AVSs, and more along with $13B in TVL
  • Worldcoin rolled out a new unverify option to allow users more control over their data

๐Ÿš€ Memecoin Movers (new section!)

  • $BLUE (+725%, $21M market cap, Base)
  • $NODE (+330%, $14M market cap, Bitcoin)
  • $ANDY (+85%, $27M market cap, Base)
  • $FRENPET (+33%, $95M market cap, Base)
  • $HOBBES (+34%, $48M mc, Solana)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • Shrapnel Operators (73%, 0.13 ETH Floor)
  • Ninja Squad (37%, 0.34 ETH)
  • CEDEN Keystone Beavers (29%, 0.22 ETH)
  • Opepen (12%, 0.21 ETH)
  • Bit Bears (12%, 5.05 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a busy day of drop spanning several chains.

The highlight is likely the $KHOOD airdrop from Kreatorhood, rewarding early users of their platform and high volume NFT traders.

There are several art mints on the list as well, including one from Bryan Brinkman on ClickCreate.

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

  • Shards (8:00 a.m. ET)
  • Rune Mania Miner (10:00 a.m. ET)
  • Memes by 6529 (11:00 a.m. ET)
  • $KHOOD (12:00 p.m. ET)
  • Ordinals Nerd (3:00 p.m. ET)
  • ClickCreate x Louis Dazy x Bryan Brinkman (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 to tyler.warner@luckytrader.com.

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.