Morning Minute | NFT Market Rally Continues

Morning Minute | NFT Market Rally Continues

TylerD's Market Summary

Crypto is pumping and so are NFTs in a welcome rally. Find out the latest drivers for the market action and how widespread the rally goes in today's post.

๐Ÿ“ˆ NFT Weekend Rally

It was another bullish weekend in the NFT market, and now momentum is seriously building.

Token drops, IRL events, new programs, a major new collab and whale sweeps seem to be the drivers over the past few days, leading to some major green on the board.

And with the Blur airdrop now just 3 weeks out, farmers are back in full swing.

It's a recipe for more near-term green.

What Happened

Here is a rundown of some of the biggest headlines from the weekend:

  • Captainz surged to a 6 ETH floor after news that its $MEME token will officially be listed on Binance with a launchpad, and the token drop expected soon
  • Yuga NFTs rally on big volume as ApeFest Hong Kong is set to begin (BAYC +14% on the week to 29.88 ETH, MAYC +11% to 5.62)
  • Flooring Protocol added Captainz, Milady, Potatoz, Meebits and Otherdeed to its protocol early Monday morning, leading to extra demand in those sets (especially Captainz)
  • Mocaverse debuted a Realm Points program, leading to a massive 77% spike in its floor on the week (now 1.2 ETH)
  • Notorious SocialFI whale Vombatus executed a major sweep on Terraforms, driving its floor up to 1.7 ETH
  • Jack Butcher's Opepen set 25 debuted as "Snowpepen" in collaboration with Snowfro; the unrevealed floor jumped ~20% to 0.48 ETH on the news, and the set is already 10,900% subscribed

It was another eventful weekend.

The biggest drivers of market action seem to be the combination of Flooring Protocol adding new collections (and having to sweep those collections to help seed the protocol) and an increase in Blur farming (Blur volume up ~100% per day compared to 2 weeks ago).

And now 2 token drops ($MEME and $BLUR) are on a near-term time horizon and will provide major liquidity events for the space.

The question of course - where will that liquidity flow?

NFT Market Overview

Now for a quick look at broader price action.

Here is a quick rundown of the notable floors and their 7-day price changes:

  • Fidenza: 60 ETH (+20%)
  • CryptoPunks: 45.75 ETH (+7%)
  • Ringers: 28.5 ETH (+3%)
  • BAYC: 29.88 ETH (+13%)
  • Gazers: 13.5 ETH (-3%)
  • Grifters: 9.66 ETH (even)
  • Chromie Squiggle: 9.5 ETH (-6%)
  • Winds of Yawanawa: 6.89 ETH (-23%)
  • Captainz: 5.9 ETH (+41%)
  • MAYC: 5.62 ETH (+11%)
  • Azuki: 5.1 ETH (-4%)
  • Pudgy Penguins: 5.04 ETH (-2%)
  • PROOF: 3.55 ETH (-4%)
  • DeGods: 3.13 (-10%)
  • Otherside Koda: 3.1 ETH (even)
  • Milady: 2.4 ETH (+28%)

So a bit of a split when you look at the broader picture.

The top of the leaderboard was up nicely, but the mid-range was a mix of red and green. The winners definitely outpaced the losers though, with 5 double-digit gainers on the board.

The big PFP highlights were called out above, but the Captainz surge has catapulted them into 3rd place in the PFP rankings now, and the Pudgy Penguins find themselves in 6th after a big shakeup.

In the art market, Winds of Yawanawa had a rough week after some farmer capitulation, showing that the pump to 13 ETH was much more speculator-driven than collector-driven. Squiggles continue a downtrend as well, now at 8.5 ETH.

Arguably the best part of this mini-run for NFTs?

ETH is up 8% on the week and crypto is rallying. Typically NFTs stall during crypto rallies, but apparently not this time.

Excitement is back.

๐Ÿ‘ฅ Friend Tech Trend Tracker

The Friend Tech market had a quiet weekend post-points drop as trading volume finds new local lows. And Stars Arena sees capitulation from the top.

Here are some of the core Friend Tech metrics for 10/30 and their day-over-day change:

  • Return users: 9,512 -> 16,274 (+71%)
  • Daily Buy volume: $0.67M -> $0.57M (-15%) 
  • Total Volume: $1.47M -> $0.922 (-37%)
  • TVL: $40.1M -> $40.87 (+2%)
  • Highest key: CBB 5.33 -> 5.776 (+8%)

*TVL in ETH terms 22,560 -> 22,480 ETH (-1%)

Active users spiked, apparently tied to some sybil farms exiting their positions after not being rewarded in the points drop.

Speaking of points, it seems the range once again came in between 60-100 points per ETH portfolio value (no hard data since the API was shut down). Net buying and activity were likely bonus factors, as was fees generated.

The other points outcome - self-buying was un-nerfed, leading to some users leaning hard into self-buying over the weekend.

Broadly TVL has remained steady through the low volume, and now this market awaits its next catalyst to move in one direction or the other. Perhaps that will be a new feature (i.e. Global chat, teased by Racer over the weekend), but we will see.

In other SocialFI news:

  • Floor added support for Friend Tech keys and portfolios within its app
  • StarsArena TVL fell to $315k after CEO ChillPill stepped down, as did recent advisor Locrian, resulting in major questions about the app's future
  • New Bitcoin City TVL is back at $2.55M, where it was last Monday but down ~40% from local highs
  • Tomo TVL fell a bit more to $1.06M
  • Keungz' SocialFI app GMio launched on Oct 28, along with a $GM token farm
  • TurnUp is back this week with more daily trivia, happening in the mornings EST

More capitulation and more new competition - we will see which winners emerge from this week...

๐Ÿšš What else is happening in NFTs?

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

  • Trading volume came in around $10M both weekend days, with the PFP leaders mostly seeing green
  • Yogapetz, Terraforms and Mocaverse led top movers, up 140%, 32% and 22% respectively
  • XCOPY was officially announced as the RarePass November artist
  • Sorare NBA added an In-Season Tournament as a long-format competition with $100,000 in cash prizes
  • Legacy debuted Thursday from Gala Games as a business simulation game, allowing players to build and manage both a business and its supporting town

๐ŸŒŽ Around Crypto and Web3

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

  • The crypto market was up slightly over the weekend; BTC +0.6% at $34,500; ETH +1% at $1,811; SOL +7.4% at $34.70
  • The UK published its final proposals for crypto and stablecoin regulation, in line with previously laid out plans
  • Solana Labs unveiled a Solana Incubator program to promote web3 startups within its ecosystem with an application deadline of Nov 30

๐Ÿš€ NFT Total Volume

  • BAYC (2,659 ETH, 29.88 ETH Floor)
  • MAYC (1,171 ETH, 5.62 ETH)
  • BAKC (490 ETH, 1.79 ETH)
  • Azuki (404 ETH, 5.1 ETH)
  • Captainz (364 ETH, 5.9 ETH)

๐Ÿ“ˆ NFT Floor Price Increase

  • Yogapetz (140%, 0.07 ETH Floor)
  • Weirdo Ghost Gang (42%, 0.34 ETH)
  • Terraforms (32%, 1.77 ETH)
  • Mocaverse (22%, 1.2 ETH)
  • Milady (14%, 2.49 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a busier Monday with drops spanning art, memes and major brands.

Lucrece is the meme card artist, Emily Edelman is on deck for Art Blocks and 0xdgb and Transient Labs have drops cooking as well.

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

  • Memes by 6529 (11:00 a.m. ET)
  • TENDER x Transient Labs - Reflections (11:00 a.m. ET)
  • Mercedes Benz NXT (12:00 p.m. ET)
  • Art Blocks x Emily Edelman "Twos" (1:00 p.m. ET)
  • 0xdgb - dbg and frens (2:00 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

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.

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.