Morning Minute | NFTs Are Booming

Morning Minute | NFTs Are Booming

TylerD's Market Summary

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๐Ÿ“ˆ NFT Market Long Weekend Recap

The NFT market has a juicy setup right now, across chains.

  • Blast just announced the 47 winners (and runner-ups) from the Big Bang competition on Friday.
    • Those teams will all receive their token allocations this week when mainnet launches and start distributing them to users.
    • (That mainnet launch also comes with a massive ETH unlock by the way).
  • There are several major token airdrops coming in the very near future ($W, $PORTAL, $MON, $NFTFI, $ARCD & more).
  • The Bitcoin halving will bring the launch of Runes and likely another liquidity boom

And it looks like some traders want to front-run the halving, based on this weekend's NFT action.

Bitcoin NFT Market

Bitcoin NFTs are heating up. In fact, that might be an understatement.

Bitcoin flipped ETH in NFT trading volume both days this weekend, and it feels like this is where the action is. 

Total volume for the week came in at $91M, up 108% on the week.

And that volume influx was reflected in NFT prices.

TLDR - they all soared. Just look at these floors and 7-day change:

  • Bitcoin Puppets at 0.172 (+145%)
  • NodeMonkes at 0.407 BTC (+126%)
  • Quantum Cats at 0.294 BTC (+34%)
  • RSIC at 0.102 (+45%)
  • OMB at 0.94 BTC (+20%)

And that list doesn't even include some feisty newcomers in Wizards of Ord and Nat Cats which each jumped 100% or more on the week as well.

In some ways it feels like euphoria, but the data tells a different story.

According to Cryptoslam data, only 3k-5k wallets are trading NFTs on Bitcoin on a given day. ETH typically has 10k-15k and Solana has 15k-30k.

We are still early.

ETH NFT Market

Airdrop meta is the driving force in this market right now.

Projects that have known tokens coming or founders who have teased upcoming partnerships are winning. 

And now with Blast Spring (the Big Bang winners all sharing tokens), expect more and more teams to make these announcements.

This week's notable winners (and 7-day change):

  • Mafia Nuts at 0.47 ETH (+80%)
  • Creepz at 4.9 ETH (+64%)
  • Kanpai Infinity at 11.5 ETH (+64%)
  • Sappy Seals at 1.56 ETH (+64%)
  • Kanpai Pandas at 3.8 ETH (+45%)

Each of those projects has confirmed tokens coming or heavily teased ones.

Elsewhere, BAYC and MAYC have stabilized after the Garga has re-taken control. Punks seem stable at 56 ETH ($170k), and art doesn't have much of a bid.

With a few exceptions:

  • Proscenium at 1.75 ETH (+315%)
  • Align Draw at 0.89 ETH (+196%)
  • Auntiverse at 0.58 ETH (+154%)

These 3 projects soared this week, with Align and Auntie both benefitting from the AI meta and Proscenium finally rebounding after flippers tanked the floor post-mint.

Some welcome green for art enthusiasts.

Solana NFT Market

Solana NFTs have grinded to a halt. Thanks farmers.

With the Tensor airdrop expected to be a big one, more and more ETH-natives have moved over to get token exposure.

And they found the cheat code - 0% royalty sets.

With no royalties and Tensor's built-in market-making system, these traders are trading NFTs back and forth every day with no change in price.

It's gridlock.

The team did acknowledge this issue in a positive sign that things may change, and we may have some early indications already that it's working.

From Sunday, volatility actually returned to Solana. Notable movers:

  • Mad Lads -2% to 190 SOL
  • Kanpai Pandas +25% to 113 SOL
  • Tensorians -10% to 71 SOL
  • Homeowners (Parcl) +15% to 19.5 SOL
  • Photo Finish +13% to 30 SOL
  • Sharkyfi +21% to 8 SOL

Nice to see some movement. Now we'll see how any changes impact this ecosystem, and if there are unintended consequences...

๐Ÿšš What else is happening in NFTs?

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

๐Ÿ’ฐ Token, Airdrop & Points Tracker

Introducing a brand new section, highlighting any major token or airdrop news from the day.

๐ŸŒŽ Around Crypto and Web3

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

๐Ÿš€ NFT Total Volume (ETH)

  • BAYC (825 ETH, 23.27 ETH Floor)
  • DeGods (740 ETH, 2.93 ETH)
  • Azuki (697 ETH, 5.76 ETH)
  • MAYC (649 ETH, 4.03 ETH)
  • Persona (511 ETH, 0.37 ETH)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • Auntiverse (96%, 0.58 ETH Floor)
  • Anata NFT (93%, 1.15 ETH)
  • alignDRAW (49%, 0.86 ETH)
  • Chameleon Travel Club (47%, 3.89 ETH)
  • Kanpai Pandas Infinity (40%, 11.5 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a slower day of new NFT drops to start the week.

The highlight is likely Pixelmon's $MON presale starting this morning, though the impact won't come until TGE.

Otherwise, prepare for what feels like a major week for NFTs and crypto...

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

  • $MON presale (9:00 a.m. ET)
  • Sara Baumann - Beautiful Muscle (9:00 a.m. ET)
  • Memes by 6529 (11:00 a.m. ET)
  • Mercedes Benz - Superdackel (12:00 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

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.