Morning Minute | Solana NFTs Soar on Major Inflows
TylerD's Market Summary
Inflows are headed to Solana, the token is up, and so are its native tokens. Catch up on what's been happening.
📈 The Solana NFT Rotation
It's starting to feel like the beginning of a bull market on Solana.
SOL is up 73% this month to $60.80, and it's up nearly 300% in just 7 weeks.
Its memecoin ecosystem is starting to take off, with coins like GROK reaching $250M marketcap (if not higher) at peak.
And now, Solana NFTs are having their run.
What's Happening?
There is an NFT explosion happening on Solana.
Yesterday was a massive leg up for some of the leaders.
Just look at the numbers (24 hour change, 7-day change):
- Mad Lads at 155 SOL (+19 SOL, 66%)
- SMB Gen3 at 104 (+20, 110%)
- Tensorians at 57.4 (+10.4, 74%)
- SMB Gen3 at 104 (+20, 110%)
- Claynosaurz at 45.6 (+5.6, 38%)
- Solcasino at 40 (+3.5, 93%)
- Okay Bears at 27.5 (+4.7, 106%)
- Famous Fox Federation at 26.8 (+5.5, 32%)
- Photo Finish at 23 (-1, 26%)
- Bodoggos at 6.7 (+1.3, 60%)
Those are some pretty massive 1-week change numbers.
And they're even bigger if you zoom out to a monthly view. Many are up serious multiples from 2x-5x+.
So why is it happening?
The SOL Gold Rush
The primary driver? Inflows.
Net token inflows aside (and crypto is seeing broadly the most inflows in months), ETH money is coming over.
The Mayan Finance bridge saw over $1M in inflows from ETH yesterday, and over $4M in the past week.
Phantom Wallet reported over $1M bridged to SOL through it's new cross-chain swapper since it launched on Nov 20.
Money is pouring in.
And when it comes, holders find uses for it.
That's why memecoins are popping, farming is happening across protocols (Marginfi) and marketplaces (Tensor), and NFTs are catching bids.
Why It Matters
Crypto, and NFTs specifically, are largely an attention game.
Right now, attention is on Solana. And money is flowing that way.
It's likely going to be difficult for top ETH NFTs to see the same types of returns of SOL NFTs in the near future if this trend continues.
Savvy ETH-natives need to be aware of where the hot ball of money is flowing.
Until net new traders are entering this space in droves, one has to know where the current group are focusing.
And right now, that answer is increasingly on Solana.
A few resources to help get started:
- Bridge: Mayan.Finance
- Marketplaces: Magic Eden, Tensor
- Best NFT prices: Sniper.xyz
Good luck out there!
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
- ETH Trading volume came in at $22.9M on Wednesday, though the leaderboard was mostly red down 1%-5%
- Pudgy Penguins led notable top movers, up 10% to 6.97 ETH and a new USD ATH; lil Pudgys's +9% to 0.56 and Pudgy Rogs +15% to 0.44
- OnChainMonkey will open its portal to claim OCM Genesis on Bitcoin later today, marking the next chapter in the project's long journey
- DeGods and y00ts holders will be able to help prioritize products and features, provide feedback, pitch ideas and more with the latest de[xyz] feature
- Parallel is preparing for its Season 5, introducing significant game play adjustments and new features
- Moonbirds $TALONS rewards have hit user profiles, based on time held; those points will be usable for limited edition physicals, exclusive experiences, and digital goods
- Zora is now allowing users to get started with just an email address, no longer requiring a crypto wallet, in an effort for easier onboarding
- Kreatorhood announced its new dark mode, along with reminding users that there are just 4 weeks left in Season 1 of rewards
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market was down slightly on the day; BTC -0.9% at $37,870; ETH -0.7% at $2,045; SOL -0.2% at $60.80
- Illuvium partnered with Team Liquid for playtesting and brand expansion
- Hytopia introduced a new tokenomics update leveraging $TOPIA and USDC to transform the player experience (TOPIA +60% this week to $0.53)
- Mocaverse increased its ApeCoin delegation position from 3.5M to 6M $APE, giving it even more voting power
🚀 NFT Total Volume (ETH)
- BAYC (4,312 ETH, 29 ETH Floor)
- DeGods (1,281 ETH, 3.23 ETH)
- Azuki (935 ETH, 5.91 ETH)
- Moonbirds (900 ETH, 1.94 ETH)
- MAYC (875 ETH, 5.53 ETH)
📈 NFT Floor Price Increase (ETH)
- Mich3lin Explorers (95%, 0.31 ETH Floor)
- Defimons Monsters (90%, 0.06 ETH)
- Defimons Apartments (87%, 0.21 ETH)
- byteGANs (80%, 0.74 ETH)
- Sharpnel Operators (33%, 0.24 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a busy day to end the month, spanning PFPs, tokens, art and Pokemon.
The GrapeCoin Presale is the highlight of the day, with that token's price action likely impacting the broader web3 gaming sector in the near term.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- GrapeCoin Presale (7:00 a.m. ET)
- YON x Prohibition Art (11:00 a.m. ET)
- Bodoggos x Courtyard - Pokemon Packs (12:00 p.m. ET)
- Seneca - Perils of Sese (1:00 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.
