Morning Minute | NFT Weekend Recap: Project Overpass & Farmer Games

TylerD's Market Summary

A major announcement from the Pudgy Penguins team wasn't enough to stop farmer games over the weekend. Find out what happened plus the latest on BTC and Solana.

📝 NFT Weekend Recap

We have been expecting the next major Pudgy Penguins announcement for months now.

This weekend we got it, and by most accounts it was a great update - but not the market reaction some had hoped for.

Which may simply reflect on the current state of the market for ETH NFTs.

Pudgy's Launch Project OverPass 

Luca and the Pudgy team have been touting Project Overpass as their next major IP play for months.

And now we have some new details.

On Friday evening, the Project Overpass website went live in a soft launch. 

The product is named "Overpass IP" & has the tagline: "NFT Licensing Made Easy."

How Overpass IP works:

• Holders can submit their NFTs for licensing opps
• Collections can opt in to Overpass to allow for brand growth through licensing
• Brands can post licensing opportunities for NFT collections and/or specific NFTs

It looks like Pudgy Penguins, Lil Pudgy's and Bored Apes will be first up for the platform.

While broad sentiment seemed overwhelmingly positive and dozens of holders have already signed up on the site - the market didn't like the news.

Pudgy's sold off to 15.8 ETH, down 12% on the week and about 20% off local highs near 20. Lil Pudgy's were also down 12% to 1.64, and trading almost exactly at 1:10 these days.

Pudgy Rogs fell 26% on the week to 0.62 ETH, as details on their use as a multiplier on royalty contracts wasn't enough to sustain their floor.

My read: farmers and speculators send the Pudgy floor a bit too high on hopes of a near-term token announcement, and anything but a token would have sent the floor down.

Project Overpass is a great update and should only be looked at as bullish for holders.

Expect more coverage to come as we get more details on this significant new IP program.

$WEN $JUP Steals Attention, Solana NFTs Chop

The Jupiter memecoin $WEN (also a fractionalized NFT) stole all the attention on Solana since it's Friday launch.

It saw over $100M in volume on Friday and has run to a $190M market cap in just a few days. 

The token which was airdropped to 1M wallets has provided a solid $100 stimmy to holders, though as of yesterday only 54% had even claimed.

Other Solana memecoins suffered in the process, and it also led to a boring NFT market.

The notable Solana leaders mostly chopped on the week:

• Mad Lads at 184 SOL
• Tensorians at 83
• Claynos at 39
• Rubber at 14 (new art project favorite)
• Crypto Undeads at 9
• Frogana at 8.88

Now all attention will shift to Wednesday's $JUP launch, widely expected to open up at a $4B-$6B FDV and provide a giant stimulus to the Solana ecosystem.

The question though - where will that liquidity flow? Memecoins, NFTs, or elsewhere?

We will find out soon.

BTC NFTs Rally Then Cool Ahead of Quantum Cats Mint

Last week the story on BTC was low volume and liquidity and fears of what the 300 BTC Quantum Cats mint would do to this still-fragile NFT ecosystem.

Well, this past week saw a welcome surprise.

The RSIC Metaprotocol airdrop provided a stimulus which spiked trading on Bitcoin.

RSIC alone saw 224 BTC volume on the week and has held a 0.034 BTC floor (nearly 0.06 at peak).

Bitcoin Puppets, who were one of the few PFPs which received the airdrop, were a primary beneficiary of the extra volume, rallying almost 100% to 0.042 BTC (0.055 at peak).

NodeMonkes also seemed to benefit, briefly touching 0.19 before settling at 0.17.

But Sunday saw a bit of a selloff ahead of today's highly anticipated Quantum Cats mint.

Quantum Cats TLDR:

• Supply: 3,333 (3,000 available)
• Price: 0.1 BTC
• Time: 12:00 p.m. ET for WL, 3:00 p.m. ET for public
• Who: Questers, WL winners from other BTC communities and a public sale
• Where: https://mint.quantumcats.xyz/  
• Reveal: Jan 30 (time TBD)

So this won't be an instant reveal, and minters won't receive their NFTs until tomorrow - so we'll have to wait to see market impact.

As for the public mint today - good luck. It's going to be a wild gas war.

ETH NFT Market Overview

Farmers giveth, and farmers taketh away.

Farmer games once again seem to be the primary story on ETH.

NFT Stats has been reporting on the NFT lending market, with some shocking details.

First, total outstanding loans are hitting highs across Degods (770), Penguins (566) and BAYC (339).

Then he goes further to show how 2 farmers have done over 55% of the NFT lending on Blend, accounting for over $230M.

They control the market, at least on a short-term time scale.

And when they pull those loan offers (what happened to Pudgy on Sunday), floor can fall fast.

If you are playing in this ecosystem - just make sure you know who you are playing with.

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

• Fidenza: 69.42 ETH (even)
• CryptoPunks: 61.99 ETH (-3%)
• Ringers: 25.5 ETH (-20%)
• BAYC: 25 ETH (-1%)
• Pudgy Penguins: 15.8 ETH (-13%)
• Gazers: 9.99 ETH (-2%)
• Grifters: 9.2 ETH (+15%)
• Chromie Squiggle: 8 ETH (-8%)
• Azuki: 6.8 ETH (-6%)
• Winds of Yawanawa: 6.44 ETH (-17%)
• Captainz: 4.49 ETH (-2%)
• MAYC: 4.4 ETH (-1%)
• Otherside Koda: 3.55 ETH (-3%)
• DeGods: 2.92 (-5%)
• Milady: 2.5 ETH (+3%)
• PROOF: 1.94 ETH (even)

So just about everything is red, following a green week.

Punks are back at 62, BAYC is steady at 25 but Pengus were a notable loser down 13% to 15.8.

Leading art NFTs continue to disappoint, with Squiggles back at 8, Winds at 6.44 and Ringers at 25.

It looks like ongoing chop with local pumps and local dumps is what's on the agenda for the near term until a new catalyst comes in.

Perhaps the Blast unlock in February will be that catalyst.

🚚 What else is happening in NFTs?

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

• ETH trading volume came in at $18.3M & $21.7M over the weekend in the lowest trading volume in the past 10 days;n Sunday after a weekend around $30M/day; leaders NFTs were very red, down 3-10%
• Berachain Bears NFTs led notable top movers on ETH, with Baby Bears +17% to 16.6 ETH and Boo Bears +19% to 33
• A new "degamingxyz" account popped up on X over the weekend, followed by Frank DeGods, leading to rumors of the next potential move being gaming for DeGods
• NodeMonkes led action on BTC with just 6.5 BTC in trading volume (0.169 BTC floor), as the top 12 combined for just ~26 BTC volume on the day; RSIC at 0.034 floor and Puppets at 0.042
• Solana NFTs mostly chopped over the weekend with Froganas leading volume at 8.88 SOL, Mad Lads +2% to 183, Tensorians even at 83 and Crypto Undeads +7% at 9

🌎 Around Crypto and Web3

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

• Crypto majors are slightly red this morning ahead of trading; BTC -0.3% at $42,250; ETH -0.5% at $2,270; SOL -0.75% at $97.30
• Leading memecoins took a hit with the focus on $WEN; BONK -6% to 737M market cap, WIF at $316M
• Jupiter saw more DEX volume on Saturday than ETH rival Uniswap, a promising sign ahead of this week's highly anticipated $JUP airdrop

🚀 NFT Total Volume (ETH)

• Pudgy Penguins (1,419 ETH, 15.83 ETH Floor)
• Azuki (843 ETH, 6.8 ETH)
• MAYC (669 ETH, 4.38 ETH Floor)
• Lil Pudgy (592 ETH, 1.64 ETH)
• Matrix Kuku (542 ETH, 2.33 ETH)

📈 NFT Floor Price Increase (ETH)

• 1337 Skulls (48%, 0.09 ETH Floor)
• CyberKongz Genkai (29%, 0.09 ETH)
• Lazy Lions (28%, 0.3 ETH)
• Boo Bears (19%, 33 ETH)
• Baby Bears (17%, 16.6 ETH)

🗓 Upcoming NFT Mints and Reveals

It's a slow day of new mints but with arguable the biggest BTC mint of the year with Quantum Cats.

Full details above, but with the NFTs not coming until tomorrow, BTC will likely see a quiet day until the Cats NFTs start trading. Fireworks tomorrow then.

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

• Dark Frontiers (9:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Taproot Wizards - Quantum Cats (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