Morning Minute | New Solana NFT Mint Sees $9M in Action

TylerD's Market Summary

The Crypto Undeads lived up to the hype on day 1, albeit amidst some major FUD. And Cobie weighed in on Blast - find out what he said, plus all the news, below.

📝 Crypto Undeads Sell Out & See Big Volume

If you have been on Crypto / NFT X (Twitter) over the past few days, you have probably seen mentions of the Crypto Undeads.

This mysterious project has generated more hype than any in recent memory, and expectations were sky high for mint day.

And so far, those expectations have been met.

What Happened?

Yesterday the Crypto Undeads completed their primary sale, selling roughly half the collection in a presale at 2.5 SOL and then an allowlist/public sale for the remaining 5,000 NFTs.

Though we don't have exact figures, estimates are this was a 27,500 SOL raise (give or take) and thus $2.75M.

The floor immediately opened around 20 SOL (early bids were as high as 24 SOL before they were trading), then sold off throughout the evening as FUD surfaced.

They seem to have bottomed around 11 and are back up near 14 SOL this morning in early trading, with over 62,000 SOL ($6.2M) in secondary volume in just over 12 hours.

The FUD which has surfaced revolved around:

• a few sales well over floor on unrevealed NFTs (29 SOL, 80 SOL), indicating metadata had leaked
• the team failing to send NFTs to everyone who paid on the presale list
• general lack of information about the project, glimpses of the art, etc.

The team, to their credit, has addressed points 1 and 2. They explained that the metadata couldn't have been leaked as they haven't even generated the final 10k set of art yet.

And they used their treasury and market bought 608 NFTs to send to those who didn't receive from the presale.

But what they haven't done - share any glimpses or previews of the art.

That's the primary mystery with this collection.

My prediction - if the art is good, this set levels up and probably 2x's or more. If it's bad, it prob falls to 5 SOL with haste.

We will see how this plays out.

🖥 Blast Launches Testnet

The Blur team shocked the NFT world with their November announcement that they were launching an L2 called Blast.

And they designed some incredible tokenomics (cough, ponzinomics) to encourage folks to one-way bridge ETH into their Blast holding wallet before the L2 testnet was even ready.

To the tune of $1.3B in TVL and 100,000 users - before they had a testnet.

Well not the testnet has finally arrived and came with a few more surprises.

What Happened?

On Tuesday, Blast officially launched its testnet along with a "Big Bang Competition" for dApps.

The competition allows Dapp builders to connect with investors and earn a large portion of the Blast Airdrop (50% earmarked for builders vs farmers). Winners will be prominently featured to Blast's 100k users on the Mainnet launch scheduled for February.

The other surprise - Cobie weighed in on Blast. And gave it some praise.

He shared some stream of conscious thoughts on the farming meta, why people backed Blast to begin with (Pacman's success with Blur) and said he understood the backing.

He went further to state they would've had very little FUD has they launched differently (i.e. with some form of a working testnet), that he understands the FUD as well, but at this point he views it as "over-fudded."

With Cobie's stamp of approval, a live testnet, and mainnet expected in February (along with a working two-way bridge) - expect the Blast chatter to ramp up.

Oh, and $BLUR will likely continue to benefit (+42% in the past week).

This will be a major storyline to watch across Q1-Q2 2024.

🚚 What else is happening in NFTs?

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

• ETH trading volume fell to $21.5M on Tuesday with focus on Solana; leaders were mixed
• Honey Combs led top movers on ETH, popping 70% to 0.45 ETH as BeraChain farming and expectations heat up
• NodeMonkes led action on BTC with 11 BTC in trading volume, with the floor holding at 0.19 BTC; Puppets jumped 20% to 0.024
• Solana NFTs were dominated by Crypto Undeads, with Saga Monkes also jumping 7%, little swag world jumping 100% and Mad Lads and Tensorians even at 171 and 97
• Yuga Labs announced that "Dookey Dash Unclogged" is coming Q1 2024 in collab with Faraway, with the major twist that this time anyone can play
• Punks OTC auctioned off a Beanie Punk, ultimately selling for 134.12 ETH ($347,000)
• Solana Mobile announced the Saga 2, expected to ship in 2025; the "phone" can be pre-ordered with a non-refundable deposit of $450
• The Taproot Wizards team held a Spaces on Tuesday providing details on how to land WL spots for Quantum Cats
• Wasabi opened up its perps trading for Lil Pudgy's, allowing users to go long (or short) without buying the NFTs

🌎 Around Crypto and Web3

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

• Crypto majors are mixed this morning; BTC -0.7% at $42,600; ETH even at $2,540; SOL +4.6% at $101.30
• WIF rallied overnight to $375M and nearing highs, as Solana memecoin season rages on
• ETF Analyst says BTC ETFs are seeing "insane" volume, outperforming the entire class of '23 ETFs daily
• Animoca Brands is partnering with Chess.com and Magnus Carlsen for Anichess, a free-to-play chess strategy game blending classic gameplay with magical elements
• The Vegas Golden Knights are partnering with Theta Labs to launch an exclusive set of NFTs that unlock access to game tickets, memorabilia, VIP experiences, and a private viewing lounge

🚀 NFT Total Volume (ETH)

• Azuki (1,849 ETH, 6.77 ETH Floor)
• MAYC (1,227 ETH, 4.37 ETH)
• Pudgy Penguins (1,145 ETH, 14.3 ETH)
• BAYC (1,033 ETH, 23.9 ETH)
• DeGods (703 ETH, 3.02 ETH)

📈 NFT Floor Price Increase (ETH)

• Honey Comb (73%, 0.45 ETH Floor)
• HV-MTL (40%, 0.25 ETH)
• Rug Radio Genesis (25%, 0.16 ETH)
• Farm Land (18%, 1.94 ETH)
• loomlock (14%, 0.74 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a stacked day of new mints, mostly focused in the art sector.

Jake Fried is doing a drop with Avant Arte this morning, Rafael Rozendaal is doing Twist and ThankYouX is doing his first Ordinals drop on Bitcoin later today.

Nakamigos are launching their Crypto Trading Cards, and Nifty Island begins its play-to-airdrop campaign.

Things are picking up quickly.

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

• Jake Fried x Avant Arte - Open Eyes (9:00 a.m. ET)
• Hayden Clay - Strange Clouds (10:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Rafael Rozendaal - Twist (1:00 p.m. ET)
• Nakamigos - Crypto Trading Cards (1:00 p.m. ET)
• Nifty Island - Play-to-Airdrop (2:00 p.m. ET)
• ThankYouX - Terrains (6:00 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 tyler.warner@luckytrader.com.