Morning Minute | Polygon Summer Is Coming
Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints:
TylerD's Market Summary
Frank DeGods shared some serious alpha with y00ts holders this week regarding some absolute game-changers coming for Polygon. Here's why it's such a big deal.
🤯 Frank's Big Update and the Future of Polygon
Polygon has been building major partnerships for months and seemingly stacking brand equity, but it has not yet translated to its NFT market.
Is that about to change?
Some clues from Frank DeGod's AMA with his y00ts holders make it seem like major changes are coming soon for Polygon.
For quick background, Frank DeGods is the founder of the DeGods and y00ts NFT projects.
DeGods recently bridged from Solana to ETH, and y00ts bridged from Solana to Polygon (seemingly due to a major grant provided by Polygon).
That move has since been questioned, as DeGods have thrived on ETH while y00ts volume has been relatively low.
Well those questions might be answered soon.
Wale.Swoosh, a Researcher in Residence for Azuki, had an excellent thread summarizing Frank's AMA.
Here are the takeaways:
- y00tpoints (the y00ts reward program) are being prioritized and will be useful for items beyond merch
- An art upgrade is coming
- Operation MHL (Maximizing Holder Liquidity) is launching soon, providing education and trading tips
- A solution for the Polygon bridge is coming, allowing the use of mainnet ETH without the bridging process
- Brand partnerships are coming, and there's a big pool of major brands on Polygon (Mastercard, Reddit, Nike, etc.)
Bullet 4 is the major one here.
It's no secret to anyone following the NFT market that Polygon volume is peanuts compared to ETH.
In the past month, Polygon has seen $44.9M in NFT volume, compared to $471M on ETH. So they're being dwarfed 10-1.
And it's largely because the process to bridge ETH to Polygon is cumbersome.
If those barriers are removed, things could change fast.
Polygon NFTs aren't inherently worse than ETH NFTs - they're just harder to access. Soon that may not be an issue.
Additionally, the ETH network has been basically unusable due to high gas for the past few weeks. That won't be an issue on Polygon.
This feels like perfect a perfect setup for Polygon.
Frank alluded in his AMA that these updates are coming in Q2, so in the next few months.
It might be time to start looking at some Polygon NFTs...
🖼 Sotheby's Launches NFT Marketplace
Sotheby's made a major surprise announcement this week with the launch of their new art secondary marketplace "Sotheby's Metaverse."
Branded as "the most trusted and dynamic destination to collect, buy and sell remarkable digital works," they are attempting to solve the problem of fragmentation in the 1/1 market.
Their team is curating artists and aggregating their works across all platforms.
And they're kicking off with some of the absolute top artists in the space.
The TLDR of their new marketplace:
- What: Aggregator of 1/1s from a selection of across marketplaces
- Who: A curated selection of 13 artists to start, highlighted by XCOPY, Sam Spratt, Tyler Hobbs, and Claire Silver amongst several other top artists
- How: peer-to-peer transactions will be executed on the Ethereum and Polygon blockchains.
- Where: https://metaverse.sothebys.com/
- Fees: 2.5% fee on top of fully enforced royalties
When you navigate to an artist's actual page, you'll see a brief overview of the artist on one tab and then a separate tab containing their entire set of NFTs.
Unfortunately, listing prices don't seem to have migrated from those other platforms. XCOPY for instance has 0 NFTs for sale on Sotheby's Metaverse and 24 listed on SuperRare.
Why It Matters:
Artists often have 1/1 pieces spread out across multiple marketplaces (Foundation, SuperRare, AOTM Gallery, etc.).
It can be difficult to get a grasp of artists' full portfolios because of this, and an aggregator was sorely needed.
Escher jumped in to solve this issue for the editions market for digital art, but it looks like Sotheby's is the first mover for 1/1s.
So it's a big win for collectors.
Now we just need to see NFTs actually listed there for this to work.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Trading volume was just under 10k ETH on Thursday, as unique traders fall to 5,500; NFTs see red
- Blur has seen 19.2k ETH ($36.5M) in loans since Blend opened, though there are signs that their BNPL program is slowing
- OpenSea Pro added a new data visualization feature with Bubblemaps
- 0N1 Force announced a new partnership with Horizen Labs Ventures to "deliver its community world class experiences," explore new opportunities, and drive growth
- Cryptoys debuted Star Wars collectible digital toys on May 4th
- Fuddies launched on SUI, selling out its public Dutch auction at 120 SUI (~$180) and seeing over $700,000 in secondary volume (floor at 100 SUI)
- The Solana Foundation launched an NFT pitch contest for potential founders looking to create long-term PFP projects
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market chopped on Thursday; BTC even at $29,100; ETH even at $1,905
- $PEPE soared 65% to a $1.16B MC on rumors of major exchange listings coming soon, while $TURBO rebounded over 100% to a $50M MC after Elon responded to Beeple's $TURBO Everyday
- Stripe announced the launch of its fiat-to-crypto onramp, another step towards easier crypto onboarding and use as a currency
- ERM Labs (famous for Escape Rooms) has partnered with The Sandbox to bring real-life escape room experiences into the metaverse
🚀 NFT Total Volume
- Wrapped Cryptopunks (1,924 ETH, 50.4 ETH)
- MAYC (1,902 ETH, 10.98 ETH)
- Azuki (1,684 ETH; 15.14 ETH Floor)
- BAYC (1,473 ETH, 49.98 ETH)
- DeGods (523 ETH, 8.33 ETH)
📈 NFT Floor Price Increase
- Land of Valeria (26%, 0.53 ETH Floor)
- Bored & Dangerous (20%, 0.12 ETH)
- Redacted Remilios (10%, 0.79 ETH)
- Valhalla (8%, 0.44 ETH)
- Meebits (7%, 2.45 ETH)
🗓 Upcoming NFT Mints and Reveals
It's going to be another slow day in the NFT market.
As long as the memecoins are skyrocketing every day, interest is going to be low, at least until a major new project comes out.
Until then, go touch some grass - you won't miss anything.
- Memes by 6529 (11:00 a.m. ET); 0.06529 ETH
- SOL3MATES (TBD)
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email firstname.lastname@example.org.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's Project Schedule page.