Morning Minute | The Institutions Are Coming
GM!
Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints:
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TylerD's Market Summary
Major players in Amazon, Fidelity, and Nike are all making major moves in crypto and Web3.
Does this mean mainstream adoption is around the corner? Let's dive in.
📝 Amazon, Fidelity, and Nike's Big Plans for Web3
Let's start with the giant - Amazon.
Amazon is planning to launch a “digital assets enterprise” in the next few months, according to an anonymous source.
The Amazon digital asses focus will center on blockchain-based gaming that rewards players with NFTs. And while not formally shared, the rumor mill is speculating that Polygon will be their blockchain of choice ($MATIC spiked 8% yesterday).
What do Amazon NFTs actually mean?
- Credibility for one, along with mass outreach.
- While not many specifics are yet known on what Amazon is doing, the initiative alone gives credence to the space.
- And given Amazon's universal approval rating, their program could be the fastest path to mainstream adoption.
Fidelity had arguably bigger news yesterday, with their Bitcoin and Ethereum early access list going live.
Fidelity is an absolute mammoth in the investment space with $9.9T in assets under management (as of Oct. 2022).
What does Fidelity entering retail crypto mean?
- With trust in exchanges at all-time lows, and hacks happening weekly, there will be a returned focus on crypto (and eventually NFT) custody services.
- And now trusted giants like Fidelity are here to help solve those security concerns.
- This also unlocks easier crypto trading for millions of people who already use Fidelity.
Then there's Nike.
Nike's Web3 program ".SWOOSH" is not new but seems to be picking up steam.
Nike is executing a grass-roots, community-building strategy revolving around design contests for first-gen Nike digital shoes in their "YourForce1" challenge.
It's a brilliant way to engage their fans and get them involved in the technology and building process, versus simply selling to their customers.
Some likely fallout? It's bad for RTFKT and its NFTs. The primary bull case for RTFKT, CloneX, and that ecosystem over the past year has been "It's Nike." Well, Nike has their own programs now and seems to be much more focused there than on repping RTFKT.
🙈 What else is happening in NFTs?
I'll keep it brief today, as the NFT market was fairly slow yesterday.
- DigiDaigaku launched the free claim for the Villains, their newest 10k PFP collection. Digi Genesis and Hero holders, along with allowlist members, are eligible to mint. The NFTs opened at a 0.45 ETH floor.
- Doodles shared new utility for the Dooplicators and how they'll create wearables for Doodles 2, but the market did not care as the Doops fell 6 percent to 1.15 ETH (Doodles -3% to 6.8 ETH).
- Sewer Passes led volume with over 2,000 ETH traded and reached a 3 ETH floor. $APE is also surging, up 5 percent to $6.35.
- Porsche fell from grace, down to 2 ETH (-26%).
- And yesterday's Meme card by Dirty Robot (Renga artist) holds a 2 ETH floor after its debut, though most Meme cards are in full re-trace mode after last weekend's run-up.
🌎 Around Web3
A few other crypto and Web3 headlines that caught my eye:
- Crypto stalled Thursday with ETH at $1,580 (-1.6%), BTC at $23k (even), though $MATIC was a winner up to $1.08 (+9%)
- Cool Cats are traveling to a new dimension, according to a cryptic new teaser
- The next Art Blocks Curated project has been shared, "WaVyScApE" from Holger Lippman which will be just 315 supply
- Starbucks NFTs are selling for over $1,000 on Nifty Gateway as more traders speculate on the value of their genesis holiday collection
🚀 NFT Total Volume
- Sewer Pass (2,099 ETH, 3.04 ETH Floor)
- MAYC (1,250 ETH, 14.5 ETH)
- Otherdeeds (872 ETH, 1.59 ETH)
- Doodles (762 ETH, 6.79 ETH)
- BAYC (748 ETH, 69.5 ETH)
📈 NFT Floor Price Increase
- 0n1 Force (17%, 0.84 ETH Floor)
- Cool Cats (15%, 2.3 ETH)
- Sewer Passes (14%, 3.04 ETH)
- Digi Super Villain Potion (14%, 1.96 ETH)
- Grails III (7%, 3.2 ETH Floor)
🗓 Upcoming NFT Mints and Reveals
There are several major events today.
The Meme card will be a highlight of the morning, with Tryone's 1,420 supply card likely opening in the 0.8-1 ETH range.
PROOF is doing its reveal event for the Grails III, which always leads to some scrambling and early volume once the big-named artists are shared.
Then Josh Brobowsky's membership passes Skybrook launch, which seems to be highly anticipated.
Whichever project can catch attention and momentum should have some room to run this weekend.
- Memes by 6529 (11:00 a.m. ET)
- Art Blocks Presents: Such A Lovely Time by petitsapin (1:00 p.m. ET)
- PROOF Grails III reveal (TBD)
- Skybrook (TBD)
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.
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.
