Morning Minute | What Happened This Weekend?

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.

TylerD's Market Summary

Catch up on all of the weekend NFT action with a market overview and news recap spanning Memeland, DeGods, Yuga and Punks.

📰 NFT Weekend Recap

It felt like a relatively quiet long holiday weekend, yet there was a lot of jostling on the NFT leaderboard. 

And a handful of big stories to catch up on.

Let's dive in.

Market Overview

The NFT market has been pretty mixed over the past week.

Here's a selection of notable projects, their floors and 7-day changes:

• Fidenza: 77 ETH (+3%)
• CryptoPunks: 51.8 ETH (+3%)
• BAYC: 40.6 ETH (-11%)
• Ringers: 40 ETH (-5%)
• Azuki: 16.69 ETH (-1%)
• Squiggles: 10.7 ETH (+2%)
• DeGods: 10.4 ETH (+13%)
• Captainz: 8.3 ETH (-1%)
• MAYC: 8.07 ETH (-12%)
• Kodas: 6.06 ETH (-7%)
• Pudgy Penguins: 4.46 ETH (+6%)
• CloneX: 2.18 ETH (-8%)
• Doodles: 1.88 ETH (-13%)
• Moonbirds: 1.78 ETH (-14%)
• Otherdeed: 0.87 ETH (-10%)
• Checks - VV Edition: 0.82 ETH (+19%)
• Opepen: 0.74 ETH (+10%)

Quick takeaways:

• The Art Blocks market has held firm after last week's great Sotheby's Grails outcome, but also hasn't seen any upward movement. It feels like we'll continue to chop in this range until more auctions play out.
• The Yuga eco is clearly underperforming the rest of the PFP market right now. The low-end PFPs took a hit as well, with Doodles and Moonbirds quietly hitting levels we haven't really seen before.
• Jack Butcher's ecosystem had a nice week but seems to be in a period of chop/consolidation as well.
• DeGods are quietly making a run at the #2 PFP spot behind Azuki, and there may be a scenario here with DeGods III and post-Vegas Azuki fallout where it a flippening happens.

Looking at some macro metrics, unique daily traders have been pretty steady near 10k wallets/day and on a slow uptrend. 

Daily volume is showing less of an uptrend and is in more of a sideways trend, with daily volume ranging between 8k-12k ETH on most days.

Blur TVL is at $157M, within 8% of its ATH, even with the decrease in its token price (-28% on the month to $0.34). About $30M of that total is currently locked in loans on Blend.

Now let's look at some of the individual ecosystems and their biggest news from the past few days.

NFT Project Headlines

The biggest stories from these past few days include news from Memeland, DeGods hype, Yuga FUD and a CryptoPunk burn.

Memeland TBC

Memeland is capitalizing on the Ordinals hype and launching [TBC] as an Ordinals project via a teleburn of 111 of its MVP NFTs.

The MVP floor jumped 10% on the news to 62 ETH, making this the most anticipated Ordinals drop to date.

The announcement also shared that $MEME is coming soon as is the Captainz reveal, and early indicators show that Captainz will be female.

The Rise of DeGods

Hype around the coming Degods III, y00ts 2 and De[ID] has Frank DeGods ecosystem humming.

Not only are the DeGods now well above 10 ETH at 10.4, but the luxury set BTC DeGods are at a whopping 1.7 BTC floor (~26 ETH).

This ecosystem has serious momentum right now, but soon the question becomes - what happens when the speculation and hype meets the actual delivery?

Yuga FUD

Anyone around Crypto or NFT Twitter this weekend saw the Yuga FUD. It was everywhere.

This comes as BAYC approaches sub-40 ETH levels and Mutants approach sub-8 ETH, with Mutants now out of the top 5 PFPs (by floor price).

There was concern raised by Cirrus on a whale who went long $2M BAYC using big leverage who could be liquidated below 40 ETH, along with several pending BendDAO liquidations.

Historically, when BAYC FUD reaches highs it has been the time to buy, but...this time feels a bit different. If these loans do get liquidated, we are almost certainly going lower.

Unless Franklin swoops in and saves the day...

A CryptoPunk Burned for an OMB

In perhaps the wildest headline of the weekend, CryptoPunk #8611 was burned for an OMB whitelist spot, meeting the challenge of OMB founder ZK Shark.

The story is a little less interesting when reading the details though.

The Punk was a crowdsourced buy from a group within the Bitcoin Bandits community, who raised the funds, bought the punk and immediately burned it.

So ZK Shark doesn't have any converters yet. We'll see if he gets a 2nd burn.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Trading volume came in at just 8k ETH on Monday, locking in a very low volume weekend in the NFT market
• Blur rolled out an update featuring a fully functional mobile app (with bids, sweeps, lists, blend, etc.) and the ability to browse their website without connecting a wallet
• Artist niftymonki set a new ATH with an 11 ETH sale on "Departed," a piece that had recently gone viral catching over 7M views on Twitter
• mfers flags called "Evergreen Seizenals" are officially on sale on Lowe's website
• Trevor Jones shared that his 3-day castle party will take place at Chateau de Vallery in France this year
• Okay Bears is the latest NFT project to announce a Bitcoin expansion, inscribing a limited selection of "Golden Glow" eyed Bears on Bitcoin

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• The crypto market jumped on Monday with BTC leading; BTC +1.5% to $26,800; ETH +0.3% at $1,730
• Terra founder Do Kwon was sentenced to 4 months in jail for document forgery, with Do Kwon also seeing 4 of his Passports and 2 ID documents seized as well
• JPMorgan shared that the release of the Hinman Papers related to the SEC vs. Ripple is likely good for Ether and will likely mean more moves to decentralization for other cryptocurrencies
• Etherscan rolled out a beta version of its new AI-powered Code Reader, allowing the auditing of NFT and crypto smart contracts in minutes

🚀 NFT Total Volume

• BAYC (5,826 ETH, 40.58 ETH Floor)
• MAYC (2,307 ETH, 8.07 ETH)
• Azuki (1,256 ETH, 16.69 ETH)
• DeGods (337 ETH, 10.25 ETH)
• BAKC (325 ETH, 3.39 ETH)

📈 NFT Floor Price Increase

• Banners NFT (105%, 0.45 ETH Floor)
• Pudgy Rogs (27%, 0.37 ETH)
• Mafia Nuts (25%, 0.25 ETH)
• GRIDS (22%, 0.43 ETH)
• Ordinal Kubz (21%, 0.3 ETH)

🗓 Upcoming NFT Mints and Reveals

It's another slow day of new drops coming off the long weekend.

The main event today is definitely the Nike Sneakerhunt, where we'll find out how DOT Swoosh will be interacting inside Fortnite.

Other than that it looks fairly quiet as folks return to work after the long weekend.

If you want more, see the full list of today's drops from Swizzy's daily mint monitor. And prepare for the week with our list of this week's biggest mints!

• Ordillas (4:00 p.m. ET); 0.003 BTC
• Bubbles by Santiago Grau (8:00 p.m. ET)
• LALA Drop 001: The Hustle (11:59 p.m. ET); 0.051 ETH - 0.27 ETH
• Nike's Ultimate Sneakerhunt (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 NFT Calendar page.