Morning Minute | NFT Long Weekend Recap
TylerD's Market Summary
Catch up on everything that happened over the last 4 days with this recap edition of the Morning Minute!
📝 NFT Weekend Recap
If you took the long weekend off (or even the whole week), you didn't miss too much.
The PFP and art leaderboard mostly chopped.
Winds of Yawanawa is arguably still the top headline, jumping another 20% over 9 ETH after the latest news that Refik's "Machine Hallucinations" will be featured on The Sphere in Las Vegas (Winds has since retraced to 8.2 ETH). Refik's Machine Hallucinations collection surged 32% on the week to a 1.75 ETH floor (several of his collections have seen similar rallies).
And Sam Spratt's The Monument Game ended after a solid two-week stretch of leading daily news headlines. Sam has since told players to "vault" their Player NFTs, a call many have responded to, and the Player floor has rallied 33% on the week to a 6.25 ETH floor.
So what are we going to talk about now?
Low volume, perhaps?
This past weekend saw 2 of the lowest 4 days of the entire year in terms of trading volume, with Saturday and Sunday notching just $7.7M and $8.1M respectively.
Weekly traders fell below 50,000 for the 3rd time this year (previously happened in May 1 and July 24 weeks).
Volume down, prices down, interest down. The holy triumvirate.
We briefly caught a spark this weekend when headlines circulated that Mr Beast was promoting NFTs via Creator League and their Feastables.
But even that hype was short-lived, as it quickly came out that one of the partners was leaving the project due to his seeming hatred of NFTs and blockchain (he claims he didn't know NFTs and blockchain were involved when he gave the green light).
Not great.
Yet we persist. And there are still signs of hope (and green).
Market Action
On to the rest of the NFT market.
Here is a quick rundown of the notable floors and their 7-day price changes:
- Fidenza: 62 ETH (-5%)
- CryptoPunks: 47.99 ETH (+1%)
- Ringers: 35 ETH (+3%)
- BAYC: 26.6 ETH (+1%)
- Gazers: 16 ETH (+45%)
- Grifters: 9.75 ETH (+22%)
- Chromie Squiggle: 9.5 ETH (even)
- MAYC: 5.25 ETH (+5%)
- PROOF: 4.79 ETH (-2%)
- DeGods: 4.3 (even)
- Pudgy Penguins: 4.09 ETH (-2%)
- Azuki: 3.95 ETH (-13%)
- Otherside Koda: 3.9 ETH (+7%)
- Captainz: 3.8 ETH (-6%)
- Milady: 3.45 ETH (-11%)
A much more boring week of price action than last week.
It was mostly chop, with the majority of sets trading within a +/- 5% window.
Gazers was the standout winner, soaring 45% to a 16 ETH floor after an extended lull. They have jumped Archetypes and Elevated Deconstructions to be the clear #3 Art Blocks Curated project by floor price.
Grifters had a solid week as well, rebounding 22% to 9.75 ETH.
In PFPs, Miladies continue their downtrend as the altcoin market cools off, and Azuki fell back below DeGods and Pudgys.
The X factor to watch is Captainz and $MEME, but with most of the $MEME details out now besides the launch date, it's hard to still be hopeful for a big Captainz pump. Especially after seeing Captainz actually fall 6% this week.
We will see what this week brings, but with many project leaders over in Asia for Korea's Blockchain Week, it might be a little quiet.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
- Trading volume came in around 5,100k ETH on Monday; NFTs saw a lot of red with most leaders down 1-5% but with Nakamigos & Beeple's Genesis collection leading the way in green
- Memeland will do a $15M pre-sale valued at $69M FDV ahead of its $MEME airdrop
- A DeGods holder won the Tesla grand prize from Points Parlor on Friday, leading Frank to promise more big prizes to come; Floor App announced as latest Points Parlor sponsor
- Notable farmer and NFT collector Machi Big Brother went on a M3 MAYC buying spree over the weekend, spending 750 ETH to acquire 2 of the rarest NFTS in the BAYC ecosystem
- Beeple's "Politics is Bullshit" piece sold for 59 ETH on Monday, raising the floor to 88.69 ETH
- DraftKings Reignmakers sold out their NFL Rush Set pack drop on Friday, with the packs more than doubling on secondary from $49.99 to $105
- CryptoDickButts officially have a new owner, as the project transitions to its next phase (the S4 floor held steady at 0.035 ETH)
- The Museum of Mahomes announced all of its digital collectibles will come with physicals
- NFT lending platform Arcade.xyz facilitated a $1.1M loan against Supreme clothing collateral in the latest RWA mega-loan
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market fell slightly over the weekend; BTC -1% at $25,750; ETH even at $1,630; SOL -1% at $19.50
- A new Discord exploit has been circulating where malicious links can be disguised within normal link text leading to potential harm
- Friend Tech TVL jumped over 40% in the past week, now back at $7.2M and less than 5% off ATH
- Betting platform Stake was exploited on Monday with over $41M lost, following what has been labeled a "private key leak"
- Two co-founders of Gala Games filed lawsuits against each other, with one alleging corporate waste and the other $130M in theft
🚀 NFT Total Volume
- BAYC (1,156 ETH, 26.4 ETH Floor)
- MAYC (635 ETH, 5.08 ETH)
- DeGods (356 ETH, 4.3 ETH)
- Milady (435 ETH, 3.45 ETH)
- Azuki (224 ETH, 3.95 ETH)
📈 NFT Floor Price Increase
- An Important Memory for Humanity (77%, 0.2 ETH Floor)
- Mutant Hound Collars (50%, 0.45 ETH)
- Themes and Variations (43%, 3.45 ETH)
- Quirklings (41%, 0.2 ETH)
- Skulls of Pepe (38%, 2 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a lighter day of drops coming out of the holiday weekend.
The highlight is likely Mercedes-Benz coming back for its 2nd NFT drop with NXT Icons. The collection of 2,694 NFTs is themed around Mercedes' different vehicles and will mint in a Dutch auction format. The resting price is 0.1 ETH though, a bit high with their genesis collection Maschine at a 0.13 ETH floor.
Regardless, this will be a good test of the community and fandom Mercedes-Benz NXT has been able to build so far in web3.
If you want more, see the full list of today's drops from Swizzy's daily mint monitor.
- Ethernity x Illuvium - Booster Packs (11:00 a.m. ET)
- Mercedes-Benz NXT Icons (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 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.
