Morning Minute | The Art Bull Market Is Here
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
While the PFP sector has mostly cooled off over the past few weeks, there is a portion of the NFT market that is experiencing a bull run right now - and it's art.
🖼 What's Happening in the Digital Art Market?
It's not 1/1s or generative art leading the way this time, it's editions.
Open editions started the run back in late December, likely led by Lascaux and their masterful burn-to-redeem mechanisms that had collectors afraid to leave their computers in order not to miss burns and new mints.
For quick background, an open edition is one where the artist lets as many people mint a copy of the single piece of art as they would like, in a limited period of time, typically at a low price. This is not a new mechanic, as XCOPY did it with this MAX PAIN piece almost one year ago - it's just becoming hot again.
So back to the present - why a bull market?
Just this week we have seen Des Lucrece's "Proceed with Caution" editions jump from a 0.1 ETH floor to 0.3 ETH in a few days.
PR Guitarman revived his Nyan Cat character with a "Nyan Balloon" edition of 21,000 supply, minting for less than 0.01 ETH and now holding a 0.07 ETH floor after some fun burn-to-redeem features.
And yesterday, Terrell Jones launched a 150-count edition "Pepecondo" which was so heavily anticipated that it minted out before the artist even published the link (botters found the contract a few minutes before), and even after some FUD it doubled to 0.55 ETH on the secondary market.
Botted mints, 3-7x returns in just a few days - smells like bull market vibes to me.
The Memes sector is art-adjacent and also scorching hot - but that is a story for another day.
🚚 What else is moving?
The NFT market volume jumped to 22,300 ETH Tuesday, with Yuga NFTs taking 5 of the top 6 spots on the board.
Sewer Passes cooled off after their rocket launch action on Monday, holding at 2.7 ETH this morning for T1 (T4 at 6.8 ETH).
BAKC was the big winner in Yuga land, jumping ~20 percent to 8.3 ETH, while BAYC and MAYC were steady at 68.6 ETH and 14.4 ETH respectively.
Toshies debuted with a 0.05 ETH mint and quickly 4x'd on the secondary market, sitting at 0.23 ETH this morning after seeing 800 ETH volume.
Shockingly, Porsche NFTs are up 50 percent to 1.3 ETH after they announced they would be ending the mint this morning and unofficially cutting supply. It looks like the supply is now 2,363 vs the planned 7,500, and the market seems to like it (so far).
The Doodles Dooplicator (+5% to 1.47 ETH) and Genesis Boxes (+23% to 0.365 ETH) are grinding up after co-founder Jordan Castro clarified that Doodles won't be given early access to Doodles 2 - only Dooplicators and Genesis Box holders.
And last but maybe some of the biggest news of the day - Sartoshi (founder of mfers) made a big utility announcement for holders of the "End of Sartoshi" NFT. That NFT will essentially turn into a mint pass for ongoing limited supply art releases, and Sartoshi also promised a free PFP mint coming soon (20k in supply).
🌎 Around Web3
Some other NFT and Web3 headlines that caught my eye:
- Crypto saw a brief cliff dive last night, with ETH falling 5 percent to $1540 with most altcoins down more, though BTC held stronger at $22.6k (-1%)
- NBA All-World, the free AR game from Niantic (creator of Pokemon Go), is now live in the App Store and Google Play
- Yesports, the world's largest web3 esports platform, has announced Convergence 2023, a large-scale digital event that is backed by Polygon
- Bright Moments is officially partnering with Art Blocks, combining IRL minting experiences with AB's mint tech and launching new projects officially under the AB umbrella
🚀 NFT Total Volume
- Sewer Pass (2,022 ETH, 2.7 ETH Floor)
- BAKC (1,738 ETH, 8.3 ETH)
- Otherdeeds (1,244 ETH, 1.4 ETH)
- MAYC (1,095 ETH, 14.4 ETH)
- BAYC (1,066 ETH, 68.6 ETH)
📈 NFT Floor Price Increase
- end of sartoshi (100%, 0.08 ETH Floor)
- Porsche (50%, 1.34 ETH Floor)
- AlphaSharks (54%, 0.27 ETH)
- KPMachines (28%, 0.36 ETH)
- BAKC (20%, 8.3 ETH)
- Dooplicator (15%, 1.47 ETH)
- Genesis Box (23%, 0.36 ETH)
🗓 Upcoming NFT Mints and Reveals
Today has a major Meme Card drop and an interesting Art Blocks drop, along with Frankynines return (on coinbase).
The Memes drop is from DirtyRobot, the Renga artist, and is likely one of the most anticipated of SZN2. Supply will likely dictate price, but yesterday's 2,000 supply card is holding at 0.9 ETH so if this is less than 1k supply, it could easily see 2 ETH plus.
The Art Blocks drop is interesting because it's a Pace collab. There are collectors building Pace set, so they have extra demand, and recent mints have done poorly - so maybe this will reach an attractive mint price. If so, it could be a nice trade.
Turntles is an avoid for me, but good luck to those who want some (it's on Coinbase, enough said).
- Memes by 6529 (11:00 a.m. ET)
- Art Blocks x Pace: New Worlds (1:00 p.m. ET)
- Turntles by frankynines (2:30 p.m. ET)
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.