Morning Minute | Trump Makes $4.6M Selling More NFTs
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
Donald Trump is back for more in NFTs, with the Trump Digital Trading Cards Series 2. How did the market take it? Plus prepare for today's Starbucks mint.
🤯 Trump Cards Season 2
Apparently the first $4.4M was not enough.
The Trump NFT team came back for more on Tuesday, launching another 47,000 NFTs into this bear market at a $100 a pop.
And in a matter of hours, even with the Trump Series 1 cards plummeting in value (-60% on the day), the Series 2 set of NFTs sold out.
It was another $4.6M raise for the team.
Trump wins again.
And so did minters, as the cards immediately jumped 50% on secondary to ~$150 (0.075 ETH) before setting at 0.061 overnight ($120).
For a quick rundown:
- Series 2 (S2) featured 47,000 new NFTs, 46,000 for public sale for $100 each (with 1,000 held by the team)
- The S2 cards are similar to S1, featuring the ex-president in different poses with various backgrounds and props (i.e. cowboy hats, holding golden suitcases, etc.)
- Minters were incentivized with prizes like a Gala Dinner with Trump in Florida (for those who bought 47) and guaranteed 1/1s for those buying 100
- The team accepted both crypto and credit card (though there were ongoing issues with the CC payments), and the NFTs are housed on the Polygon blockchain
Those heavy incentives for mass minting, along with the barriers to entry, were enough for degens and Trump fans alike to rally around this one and confirm the sell out.
It looked bleak at first, because as soon as the news of the S2 set came out, the S1 cards immediately took a cliff dive from 0.4 ETH to 0.15 ETH (-63%).
The S1 cards even briefly went sub-0.1 ETH before rebounding.
So how did S2 mint out while the S1 cards were plummeting?
Those mass minting to get the guaranteed 1/1s and access to the Trump Dinner certainly helped, evidenced by a 16% unique ownership on the set and 6.3 cards per wallet.
But the rationale I saw from minters was tied more to the barriers of entry.
The minting process required some basic KYC, and minted NFTs were sent to new Tor wallets for those who didn't connect with their existing wallets.
Traders speculated that 1)there would be buyers who did not want to KYC and 2)the difficulty of moving/listing the NFTs from the Tor wallets (especially for new users) would reduce sell pressure).
It appears they were correct, at least based on early market reaction, as savvy minters were able to exit with up to 50% profits.
S1 card holders were hurt the most with this launch, seeing their card values fall off a cliff with a long path to recovery.
But rest assured, there will likely be a Series 3 drop around the corner...
☕️Starbucks Drops "First Store" NFT
The Starbucks Odyssey program is expanding today with "The First Store Collection," the second NFT collection from the coffee giant.
The collection of 5,000 limited-edition Stamp NFTs represent a nod to the inaugural Starbucks location at 1912 Pike Place in Seattle, and each will feature unique art.
This is the second Starbucks collection to launch in a beta or public sale, following the Siren Collection.
All of the other NFTs have been available only to Odyssey program beta members who have earned them.
Here's What You Need to Know:
- What: "First Store Collection NFTs" described as a “multimedia collage of photos, in-store textures, and prominent icons” from the first store
- How much: $100
- When: April 19 at noon ET (early access); 3 p.m. ET for general
- Where: Nifty Gateway
- How to get early access: collect 2 or more unique Journey stamps
By the Numbers
Is the $100 price tag worth it?
Let's look at some data.
- Total Starbucks NFT Collections: 6
- Total NFT supply: 72,000
- Total trading volume: $1,046,000 (on Nifty)
- Highest floor: $1,064 for the genesis Holiday Cheer Edition 1 Stamp (5k supply)
- Lowest floor: $68.59 for the Signature Showdown Journey Stamp (25k supply)
- Floor of prior open mint: $494 for the Siren Collection (2k supply)
The most important stat here is the floor on the Siren Collection, as the best comp for today's drop, as it also minted for $100 and now sits at a 5x.
Given the First Store supply is 150% bigger at 5k (vs 2k), and it's the now second mint, its expected value will be lower.
Assuming the same market cap, the expected floor would reach $333 or so.
That feels high, but $200 seems reasonable for this one, especially if it mints out in the early access round (which it likely will).
So this feels like a probable win for minters (NFA).
Price action aside, Starbucks is clearly moving forward with its NFT program, and there are hints that they are close to launching a public rollout.
Starting next week, Starbucks Odyssey is expected to release new information on the benefits that its beta users should expect from holding the NFTs and participating in the program.
These rewards include items like:
- free coffee for 30 days
- a personalized MiiR 360 tumbler
- virtual coffee preparation classes
- ability to name a tree at the Starbucks Costa Rican coffee farm
Sign me up for the free month of coffee please.
As more information rolls out, we might see some additional price action in the market across the various collections as well.
We will be watching.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Trading volume jumped back to 20k ETH on Tuesday, up 20% from Monday; OS Pro captured 6.3% share, with Blur holding 63%
- NFTs were red on the day, most down 3%-5%; the Milady eco was the only group in the green, while Nakamigos fell 33% to 0.25 ETH
- Jack Butcher shared new details for the evolution of the Opepen PFPs, introducing the concept of free Opepen packs that will be released in 200 drops, 80 revealed at a time; only a metadata change, no new NFTs to be created
- OpenSea Pro updated the metadata for the Gemesis NFT, revealing rarity based on how early the holder bought an NFT on Gem and with special visuals for top 1% ranks
- Jeremy Booth revealed plans to launch a digital Western art initiative called Western Art Dept, which will include a burn mechanism for Boots NFT owners
- Invisible Friends is partnering with Little Atlas to enable IRL meetups for their online community, joining other groups like Chimpers and ZenAcademy
- Claynosourz announced a partnership with Solana Mobile to release an expansion pack "Call of Saga," featuring 2 new species and exclusive NFTs
- The NHL has launched its own digital collectibles product called "NHL Breakaway" now in beta
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market fell overnight; BTC -2.6% at $29,150; ETH -6% at $1,975; meme coins $PEPE and $WOJAK continue to lead, reach $111M and $16M marketcaps
- Rocket Pool reduced the ETH staking requirement from 16 ETH to 8 ETH (plus some Rocket Pool token) for node operators following the Shanghai upgrade
- Helium is leaving behind its own infrastructure and migrating to Solana, with the move starting yesterday
🚀 NFT Total Volume
- Azuki (2,679 ETH; 15.8 ETH Floor)
- MAYC (2,523 ETH, 11.8 ETH)
- Wrapped CryptoPunks (2,301 ETH, 51.3 ETH)
- Beanz (1,375 ETH, 1.57 ETH)
- BAYC (1,355 ETH, 51.99 ETH)
📈 NFT Floor Price Increase
- Imaginary Ones (20%, 0.99 ETH Floor)
- Milady (15%, 2.26 ETH)
- Redacted Remilio Babies (15%, 0.44 ETH)
- Schizoposters (9%, 0.27 ETH)
- RTFKT Animus Egg (6%, 0.55 ETH)
🗓 Upcoming NFT Mints and Reveals
The main drop for today is definitely the Starbucks drop, described at length above.
The Art Blocks drop is interesting with just 100 NFTs in the supply, but final price of 0.2 ETH is not cheap.
Then, later in the day, CyberBrokers NFT holders will be able to combine their Mech Parts and create a fully-rigged Mech.
- Three Ears Bunny (10:00 a.m. ET); 0.055 ETH
- Art Blocks Presents: (Dis)connected by Tibout Shaik (11:00 a.m. ET); Dutch auction
- Starbucks Odyssey: The First Store Collection (12:00 p.m. ET); $100
- CyberBrokers: Mech Assembly (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.