Morning Minute | NFT Volume Down, FriendTech Volume Up

Morning Minute | NFT Volume Down, FriendTech Volume Up

TylerD's Market Summary

NFTs and FriendTech are fighting for market liquidity right now, and one is winning. Catch up on the latest in both markets with this weekend recap!

📝NFT Weekend Recap

It was a fairly slow weekend in NFTs (the new norm), but we saw a few notable events and trends.

  • Low volume - trading volume tallied just $12M for the entire weekend as we saw a new daily low on Saturday at $5.5M (meanwhile FriendTech did $12.2M in volume just on Saturday)
  • Beef Brothko from DieWithMostLikes was a big winner, minting at 0.03 ETH and soaring past 0.4 at peak over the weekend
  • Nakamigos-CLOAKS briefly ran past 0.12 ETH before settling at 0.1, still a 2x for minters
  • Opepen revealed NFTs fell under the unrevealed on Sunday, the first time that flip had occurred (set 19 and set 14 were the culprits)
  • Nouns auctions are now settling in the teens post-fork, with the Sept 21 auction closing at 16.35 ETH (down from ~35 ETH range)
  • Nick Tomaino advertised his NFT fund (1confirmation) for the first time (though it was started a while back), explaining his recent acquisition of several Beeple "Politics Is Bullshit" pieces

Now for a quick look at price action.

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

  • Fidenza: 52 ETH (-16)
  • CryptoPunks: 45.5 ETH (-3%)
  • Ringers: 30 ETH (-7%)
  • BAYC: 23.9 ETH (-2%)
  • Gazers: 15 ETH (-3%)
  • Chromie Squiggle: 9.95 ETH (even)
  • Grifters: 8 ETH (-5%)
  • MAYC: 4.8 ETH (-2%)
  • Pudgy Penguins: 4.58 ETH (+13%)
  • PROOF: 4.2 ETH (+5%)
  • Azuki: 3.82 ETH (even)
  • DeGods: 3.32 (-7%)
  • Otherside Koda: 3.2 ETH (-3%)
  • Captainz: 3.07 ETH (-7%)
  • Milady: 2.3 ETH (-13%)

So red across the board, with Fidenzas being hit hard up top and most PFPs continuing a slow bleed.

The big winner on the board - Pudgy Penguins. They're up 13% to 4.58 in a week of all red, and approaching MAYC for the 4th spot on the PFP leaderboard.

With a Brave New World coming in Q4, the flip may be just a matter of when and not if...

👥 Friend Tech Trend Tracker

It was a green wave weekend in the Friend Tech market following Friday's airdrop, where the team punished self-buyers leading to a major pivot.

And the winner - the aligned 3,3 strategy.

Let's start with the numbers.

Here are some of the core Friend Tech metrics for 9/25 and their day-over-day change:

  • Return users*: 8,595 -> 7,472 (-13%)
  • Daily Buy volume: $7.04M -> $4.4M (-37%)
  • Total Volume: $12.2M -> $7.9M (-35%)
  • TVL: $39M -> $39.2M** (+0.5%)
  • Highest key: Vombatus 5.9 -> 7.22 (+22%)

*I've stopped tracking daily new users as the metric doesn't seem to be that meaningful

**10% of TVL is from self-buyers (down from a peak of 15%) per Slice Analytics' new dashboard.

Total users are now at 250,000 and total transaction volume is up to $283M.

Back to the airdrop, this is the TLDR of how it went down on Friday evening:

  • Points came in at ~100 per ETH in portfolio value
  • Bonuses for more unique keys and being on watchlists (we think)
  • Self-buyers got very few points relative to the average (nerfed)
  • Inactives and alt-farmers dinged as well
  • Levi #1 on the week, now with 271k points (they added a new weekly leaderboard)

So the team heard the market's concerns over self-buying and acted, severely dropping their points total.

The market reacted strongly.

Since the news, TVL tied to self-buyers is down over $1M to 10% of overall TVL, from a peak over 15%. And they rotated to 3,3.

A few market outcomes:

  • Some major self-buyers liquidated their own keys and rotated into the leaders and notable 3,3 accounts, leading to a 15-20% surge across the board Friday night into Saturday afternoon
  • Levi was a big winner, seeing his keys soar to 4.9 ETH after he led the week in points; Bread (the spokesman for 3,3) also saw a big spike in his keys over 2 ETH
  • Blur farmer CBB saw his keys drop to a low near 2.3 ETH before he adjusted his strategy, starting to 3,3 with his holders, which sent him rocketing back over 4 ETH and into 6th place overall
  • Volumes surged on Saturday +83% to over $12M before falling back to recent levels on Sunday

So aligned 3,3 looks to be the top strategy, at least for the near future.

Vombatus doesn't care though, buying up 33 of his own keys last night to flip Racer and become #1 on the leaderboard at 7.22 ETH (Racer at 7.14).

A few other trends and developments we saw:

  • New feature: The team added 3 new buttons to chat: "share", "star" & "alert" allowing sharing of rooms, add/remove Watchlist and notifications respectively
  • A new potential whale joined in FundPublic, who is rumored to be tied to a16z per a note shared on Debank; their keys shot as high as 1.85 ETH before settling at 1.68
  • There are now 6 keys over 4 ETH in value and 12 over 3 ETH
  • Other notable winners on the day included:
    • Von Doom +63% to 0.495 after re-activating
    • Spvce up 16% to 0.58 and grinding up
    • Dingaling up 7% to 3.48 ETH (now 10th on leaderboard)
    • Pranksy up 10% to 2.02

Now we see what twists and turns may be in store for this week.

If you like this content, catch our morning Friend Tech show at 10 am ET.

🚚 What else is happening in NFTs?

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

  • Trading volume came in at $6.5M (4,100 ETH) on Sunday, while the leaderboard again saw a mix of red and green (most moving in a +/- 3% range)
  • It was a big weekend for art, with beef brothko (+128%), Velocity Series (+75%) and Winds of Yawanawa (+13%) leading notable top movers
  • Matt Kane's first rounds of Anons auctions ended, with 24 pieces selling for 169 ETH in total, including high-sales of 30 ETH
  • DraftKings Reignmakers ended the week in the #1 spot on CryptoSlam for NFT volume with $7.02M, up 38% on the week
  • OpenSea is coming to Twitch, and the platform will announce its first gaming partner, guests, and dates/times this week
  • Yuga Labs introduced "Odas" on Friday, along with how they'll interact with Kodas and Kodamaras

🌎 Around Crypto and Web3

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

  • The crypto market fell over the weekend; BTC -2% at $26,050; ETH -1.5% at $1,570; SOL -0.5% at $19.55
  • Rollbit is sunsetting its "Degen Exchange" due to regulatory uncertainty and low adoption.
  • CSGO Skins have seen $32M in trading volume on the Mythos blockchain, the #1 NFT collection on the month in volume and enough to put Mythos in 2nd behind just ETH in volume by blockchain

🚀 NFT Total Volume

  • BAYC (2,001 ETH, 23.89 ETH Floor)
  • MAYC (471 ETH, 4.8 ETH)
  • Azuki (460 ETH, 3.82 ETH)
  • DeGods (326 ETH, 3.32 ETH)
  • Pudgy Penguins (209 ETH, 4.58 ETH)

📈 NFT Floor Price Increase

  • The Orbs (185%, 0.27 ETH Floor)
  • Beef Brothko (128%, 0.36 ETH)
  • An Important Memory... (89%, 0.24 ETH)
  • World of Women Galaxy (78%, 0.11 ETH)
  • Velocity Series (75%, 0.1.64 ETH)

🗓 Upcoming NFT Mints and Reveals

It's a slower day of drops coming out of the weekend, with a few new art mints to look at.

The major event today - Legends of the Mara set to kick off Season 1 over in Yuga land.

For those who want to dive in, see the full list and more details from Swizzy's daily mint monitor

  • Memes by 6529 (11:00 a.m. ET)
  • Christopher Fryant x Mirage Gallery (12:30 p.m. ET)
  • Yuga - Legends of the Mara Season 1 (5:00 p.m. ET)
  • Roger Kilimanjaro - Synthesize (5:30 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.