Morning Minute | New Tokens Soar and The Flight to Farcaster

TylerD's Market Summary

There's money to be made participating on Farcaster right now, and market participants are flocking to the new app. And new NFT token standards are dominating the leaderboards across ETH and Solana.

📝 NFT Weekend Recap

The weekend got off to a fast start on Friday after gmoney shocked with a $1M loan against his Ape Cryptopunk.

But that was quickly overshadowed by talks of a new social app exploding in interest, new token standards on ETH and SOL, and the rise of Puppets & Miners on Bitcoin.

ETH's New NFT Rockets

Two new NFTs have taken over ETH, at least for the weekend.

First, new mint "Nobody" tied to 2 Asian celebrities dominated market volume on Sunday, seeing over 4,200 ETH and running from a 0.195 ETH mint to 0.9.

Stephen Chow is the founder (actor, director), and the art is still unrevealed.

The other new project, more quietly dominating, is Pandora.

This new set which uses the ERC404 experimental token standard has reached a 1.5 ETH floor, and its accompanying token has reached a $30M market cap.

NFT holders can burn NFTs in exchange for tokens, and token holders can trade them in for NFTs once accumulating enough. 

The idea is to enable persistent liquidity for entering and exiting the NFTs, making them "semi-fungible."

So far the market likes it. Across chains.

SPL20s Take Over Solana Post-$JUP

Mad Lads move over - there's a new top dog on Solana.

Or top bear, to be precise.

The Bozo Hybrid collection soared this weekend to a 280 SOL floor, bringing up a series of new NFTs along with it.

But these aren't normal NFTs, they are SPL-20s.

So what is an SPL-20?

It's basically an NFT and a memecoin at the same time. Traders can mint and NFT and "sell" it for tokens, and token owners can exchange them for an NFT once they gather a certain amount.

Both the NFTs and tokens have liquidity and can be traded at any time.

And this shiny new object has stolen attention on Sol.

Some of the top movers of this weekend are all SPL-20s or use similar models and span vastly different price points:

• Bozo Hybrid (255 SOL floor)
• Deez Nuts (0.02 SOL floor)
• FOCS (1 SOL floor)

As for the rest of Solana, it feels like a wasteland post-$JUP.

No memecoins are moving (down only) and NFTs are not catching a bid.

It seems the action may have moved to another chain...

The Flight to Farcaster

DeSo (Decentralized Social) is the new SocialFi.

And many believe it has a much stronger foundation.

Farcaster has been around for a while now but has recently caught major momentum. Its DAU went parabolic over the past week, more than 10x'ing from 2k/daily to 25k.

What is it?

In short it's a decentralized protocol that enables apps to be built on top of it onchain (on Base). That's the decentralized and blockchain part.

The social part is the first major app that's gained traction, Warpcast.

It's a Twitter-like app, built on Farcaster, and is the most popular app to date.

Why is it booming?

Well this is where the speculation comes in. Certainly an aspect of the growth can be attributed to thought leaders like DCInvestor, Zeneca and others touting it as of late. And those who organically want to use the app to escape X, connect with like-minded folks and explore new things.

But more likely the hypergrowth is due to a few recent ecosystem memecoins and NFTs which have skyrocketed.

Its leading memecoins $DEGEN and $FRAME reached $150M and $9M over the weekend (now $100M and $6M respectively).

New ones are taking off by the day, and the wave of new participants wants to cash in.

Maybe some will stick around for the actual discussions.

ETH NFT Market Overview

Back to the broader market, it was largely a quiet week on ETH.

Moving on, here is a quick rundown of the notable floors (on ETH) and their 7-day price changes:

• Fidenza: 66.69 ETH (-4%)
• CryptoPunks: 59.99 ETH (-3%)
• Ringers: 25.5 ETH (even)
• BAYC: 24.5 ETH (-2%)
• Pudgy Penguins: 16 ETH (+1%)
• Gazers: 9.99 ETH (even)
• Grifters: 9.1 ETH (-1%)
• Chromie Squiggle: 7.65 ETH (-4%)
• Azuki: 6.49 ETH (-7%)
• Winds of Yawanawa: 6.4 ETH (even)
• Captainz: 4.36 ETH (-3%)
• MAYC: 4.3 ETH (-2%)
• Otherside Koda: 3.59 ETH (even)
• DeGods: 2.89 (-1%)
• Doodles: 2.5 ETH (+4)
• Milady: 2.42 ETH (-5%)

So another red week, marking 2 in a row.

Punks momentum seems gone as does just about everything else on ETH.

Pudgy's still look the strongest for ETH PFPs, and Doodles seem to be building some momentum.

The rest of the board - not so much.

It's hard to see the catalyst for the next leg up, but maybe a surprise airdrop (or two) will help kickstart some momentum.

Some may be in store soon...

🚚 What else is happening in NFTs?

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

• ETH trading volume soared to $24M on Sunday after 2 slow days around $15M, primarily driven by Nobody; NFT leaders were mixed
• Nobody dominated action on ETH, seeing 4200 ETH volume in its first day and jumping nearly 5x to a 0.87 ETH floor
• A Botto 1/1 called "Another Sector" sold for 41.45 ETH over the weekend, substantially higher than recent sales
• gmoney opened up a $1M loan on Gondi for his Ape Cryptopunk, the largest Punk loan ever (he'll owe $69k interest at the end of 180 days)
• New ERC404 project Pandora has reached a $30M marketcap (for its tokens) and a 1.5 ETH floor for its NFTs, in the first project exploring this new standard
• RSIC led action on BTC tallying 201 BTC in trading volume on the week (floor at 0.079 BTC), with NodeMonkes in 2nd (62 BTC volume, 0.17 floor) and Bitcoin Puppets 3rd with 49 BTC volume and 0.064 floor
• Solana NFTs mostly chopped over the weekend with Transdimensional Fox Federation leading volume at 4.36 SOL; Mad Lads even at 172, Tensorians even at 80 and Crypto Undeads +7% at 7.4
• Magic Eden opened up its Diamond claims for historical Solana users, rewarding historical activity (and promising similar rewards for traders on other chains)
• Roope Rainisto is encouraging artists to whitelist holders of his "SMILE" project on Solana, following in Pop Punk's (Rubber) footsteps; SMILE popped 60% to 1 SOL on the news
  
• NBA Top Shot is catching some major bids lately, at least on Victor Webanyama's "Freshman Gems" moment which holds a $1900 floor and boasts a $10,500 offer on serial #1

🌎 Around Crypto and Web3

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

• Crypto majors are even this morning ahead of markets opening; BTC -even at $43,100; ETH +0.5% at $2,320; SOL -0.75% at $97.50
• $JUP fell to $0.52 on Sunday though rebounded to $0.57 and a $760M market cap
• Leading memecoins on Solana have lost some steam post-$JUP; BONK -10% on the week to $645M market cap, WIF -30% to $220M
• Crypto companies raised $578M in January according to recent data, spanning 108 companies and 394 unique investors

🚀 NFT Total Volume (ETH)

• Nobody (4,088 ETH, 0.87 ETH Floor)
• MAYC (846 ETH, 4.33 ETH)
• DeGods (628 ETH, 2.95 ETH)
• Azuki (477 ETH, 6.66 ETH)
• Matrix Kuku (473 ETH, 2.27 ETH)

📈 NFT Floor Price Increase (ETH)

• Nobody (160%, 0.87 ETH Floor)
• Phanta Bear (40%, 0.14 ETH)
• Lazy Lions (20%, 0.32 ETH)
• Age of Dino (17%, 68 ETH)
• Checks - VV Edition (7%, 0.52 ETH)

🗓 Upcoming NFT Mints and Reveals

Today kicks off a HUGE week for Bitcoin NFTs.

The Quantum Cats are finally minting this afternoon after a week-long delay.

Then tomorrow a beautiful art collection in "Deus Ex Machina" drops from Vivid. And then on Friday, Jack Butcher's Ordinals Checks will start minting.

The outcomes of these new projects may very well determine the near-term fate of the Ordinals ecosystem.

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

• Alien Queen - Euphoria (9:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Taproot Wizards - Quantum Cats (12:00 p.m. ET)
• Ordinals Gang (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 tyler.warner@luckytrader.com