Morning Minute | You Cant(o) Miss This
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
Canto NFTs were scorching hot yesterday, with multiple collections seeing 2-3x returns and notable whales making big sweeps.
Are Canto NFTs the next big thing?
🚀 Canto NFTs See Over $1M in Volume
The top 10 trending NFT collections on the Canto blockchain combined for over 2.67M Canto (~$1.2M) in volume yesterday.
That puts the Canto NFT scene in 3rd place on the day, behind just ETH and Solana.
For reference, Flow, the blockchain chosen for Doodles 2, saw just $268k volume yesterday.
But more exciting than the volume were the returns. A few anecdotal highlights:
- Canto Longnecks, the premiere NFT collection on Canto right now, jumped from a 4,000 Canto floor to 9,000 (+125%)
- CantoGraphs minted and soared to 4,650 Canto ($2,100) as the first art project on Canto
- Cantillionaires minted and ran from ~25 Canto to 450 in the course of the day (+1800%)
These are some serious gains, in a time where those are hard to find in the ETH market.
Why are Canto NFTs a thing now?
We have seen this story play out before.
Traders like to speculate on the success of new blockchains by buying the early NFTs.
So now everyone is looking for "the CryptoPunks of Canto" - an early NFT project that could potentially skyrocket in value.
This has happened before on Solana, Avax, Doge, and other blockchains as they have launched NFTs - and it usually ends poorly.
Another reason Canto NFTs soared yesterday, specifically - whale trader Dingaling made a big sweep. Then he had this to say:
"Finally got off my lazy ass and bridged to this new chain everyone's talking about
Did my usual degen ape on their illiquid NFTs
Then realised I did like 10% of their entire all time marketplace volume wtf"
Never change Dingaling.
Will these Canto NFTs still be relevant by Valentine's Day? Ding is betting yes - I'm not so sure. But it is definitely fun to watch play out.
🙈 How Many Editions Are Too Many?
Yesterday Lascaux completed minting on their latest free open edition "Veruca Salt," which the artist described as a method of onboarding new people into art and NFTs.
Across 2 days, over 1M editions were minted - 1,000,069 to be exact (for the culture).
The catch - only ~5,700 unique wallets minted, for an absurd average of 175 editions per wallet. Lascaux had left the mint uncapped for the first day until ultimately putting a 20 max limit in place (far too late).
With the massive supply, it's not a surprise that the floor is low - 0.00001 ETH at time of writing ($0.02). Gas to purchase the edition will cost more than the NFT itself.
Why It Matters: It's another brutal reminder of how few daily active users we have here in this current NFT market.
It also shows how some minters and/or traders will act only in self-interest to hoard supply, which will be increasingly important as the massively hyped DigiDaigaku Super Bowl Ad and free mint approach here in the next two weeks.
Will the Digi team be able to turn that free mint into a real onboarding event? Or will NFT natives gobble the supply?
My bet is on the latter, but we'll see soon enough.
🚚 What else is moving in NFTs?
A few notable headlines from yesterday:
- Most NFTs are in the red on the day as daily volume dips for the 6th day in a row to ~15,000 ETH
- Doodles saw another spike in volume as the Dooplicators utility launched, though the Doop floor fell 22 percent on the day to 0.62 ETH (presumably "used" Doops)
- RTFKT Space Pods fell to 0.37 ETH (-22%) after the team made a burn announcement for holders to access a "Lux Pod" requiring 20 Loot Pods and 20 Space Pods
- Chimpers will be able to access their first adventures on Feb. 2, each expected to take 2-3 weeks (Chimpers holding at 1.64 ETH)
🌎 Around Web3
A few other crypto and Web3 headlines that caught my eye in a very slow day:
- Yuga has clarified that it does indeed own the copyright to its artwork despite claims from recent lawsuits
- Rally has begun sunsetting its Ethereum sidechain, rendering all its NFTs inaccessible for holders
- Cool Cats are teasing a new chapter in their lore, to be debuted in a townhall happening later today
🚀 NFT Total Volume
- Otherdeeds (1,606 ETH, 1.68 ETH Floor)
- Doodles (1,553 ETH, 6.29 ETH)
- Sewer Pass (751 ETH, 2.35 ETH)
- BAYC (734 ETH, 68.4 ETH)
- MAYC (653 ETH, 14.75 ETH)
📈 NFT Floor Price Increase
- Digi Villains (16%, 0.5 ETH Floor)
- Porsche 911 (14%, 2.43 ETH)
- Phanta Bear (14%, 0.32 ETH)
- Checks (12%, 0.64 ETH)
- Azuki (11%, 13.95 ETH)
🗓 Upcoming NFT Mints and Reveals
Just two drops today but both could be big.
The meme card dropping today by artist 0xTjo is likely to be one of the most valued in SZN2 of the growing collection, and has the current 2nd-lowest supply at just 888.
Then Art Blocks Curated is back to hopefully spark a very quiet market. Given the lack of recent liquidity, this mint could approach reasonable prices, and if it does, it could perform well with just 315 supply. The art itself has "Apparitions" vibes, a cult classic set from the early AB era.
- Memes by 6529: 0xTjo (11:00 a.m. ET)
- Art Blocks Curated: WaVyScApE by Holger Lippmann (1:00 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.