Morning Minute | Sewer Pass SZN
Take a minute to catch up on the latest in the web3 space. Here are today's NFT market analysis, top movers, and upcoming mints:
Tyler Warner's NFT Market Summary
The BAYC Sewer Passes are set to mint today after a delay, and if the price action on the Yuga NFTs is an early indicator, things are looking grim.
What's happening with the Sewer Passes?
As a quick reminder, the Sewer Passes are the free NFTs to claim for the BAYC and MAYC holders to play Dookey Dash over the next 3 weeks. Dookey Dash is an interactive mint, and based on the results, players will unlock higher rarity NFTs that will be "power sources."
The mint was planned for last night but delayed at the last minute, now happening today with the Dookey Dash game starting tomorrow.
Well the Yuga NFT market did not like the delay. BAYC fell to 68.8 ETH (-2%), MAYC down to 14.2 ETH (-6%), and BAKC to 7 ETH (-12%).
A dip was expected after the mint, but it was strange to see it happen before. Rumors were circulating that it was tied to some leverage trading gone wrong, which is very possible.
Now those projecting 3-5 ETH floors on the Sewer Passes will likely be revising those estimates down.
What else is moving?
The NFT market saw just over 20,000 ETH in trading volume for the second day in a row, and there were some winners on the day.
Beanz jumped over 10 percent to a 1.69 ETH floor as anticipation grows for a big announcement on Jan 23.
Proof Grails III Mint Passes jumped 14 percent on the first day of minting, with some of the Grails already minting out and community speculation of who the mystery artists could be running high.
And The Memes by 6529 just continue to surge, with the Naka card reaching a 32 ETH floor and the Sgt Pepe card now at 8.2 ETH after a big night of buys.
Recent new joiners cooled off a bit, with Checks down 25 percent to 0.28 ETH, a KID called Beast at 0.51 ETH, and the latest micro-cap pumper in Honk! at 0.07 ETH.
Some headlines that caught my eye:
- Seedphrase completed another CryptoPunk-for-Wolf Game trade yesterday, trading a nice Punk for 3 plots of land
- Nouns are launching the first Nouns Comic, which they describe as the first-ever mass-market publishing project based on a web3 venture
- Rug Radio is set to begin its listen-to-earn program today in its morning spaces
- The World Economic Forum launched its own Metaverse yesterday at their Annual Meeting 2023 in Davos, Switzerland.
NFT Total Volume
- Mutant Ape Yacht Club (2,129 ETH, 14.5 ETH Floor)
- Bored Ape Kennel Club (1,406 ETH, 7.06 ETH)
- Bored Ape Yacht Club (1,194 ETH, 68.8 ETH)
- Terraforms by Mathcastles (788 ETH, 2.97 ETH)
- Azuki (600 ETH, 14.5 ETH)
NFT Floor Price Increase
- YuGiYn (74%, 0.28 ETH Floor)
- Pingers (70%, 2.65 ETH)
- Grails III (14%, 2.72 ETH)
- Beanz (11%, 1.69 ETH)
- Creepz (15%, 1.6 ETH)
Upcoming NFT Mints and Reveals
Today is a big day for art and Memes, with another 6529 drop this morning and the first Curated of the year from Art Blocks.
"The Harvest" by Kristian Stoveland has held wide community acclaim for weeks since its announcement and early previews, and expect some major demand on the mint today. Recent mints have gone high, but Art Blocks tailwinds are cooling off enough to perhaps balance out that recent trend, allowing a decent mint price (anything sub-2 ETH is good IMO).
And of course, the wild card is the Sewer Passes. Expect thousands of ETH of trading volume once those release.
- Memes by 6529 (11:00 a.m. ET)
- Art Blocks Curated: The Harvest (1:00 p.m. ET)
- Dookey Dash: Sewer Passes (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.