Morning Minute | Yuga Holds Its Crown
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 NFT Market Summary
Sentiment was trending down and the stakes were as high as ever with the Dookey Dash set to begin yesterday, but Yuga knocked it out of the park and delivered one of the most fun games yet in the NFT space.
💩 Let's Talk About Dookey Dash
The Dookey Dash game debuted yesterday afternoon, and the widespread immediate reaction was pretty consistently "This is fun!"
Soon, strategy threads on how to best play the game started popping up, players were sharing their top scores, and FOMO spread as everyone seemingly wants to play the game.
And guess what - the Sewer Passes started going up.
The Tier 1 floor is holding at 2.16 ETH this morning (+21%) and Tier 4 is at 6 ETH. The Tier 1 pass is now up almost 100 percent from local lows and certainly seems to be on an upward trajectory heading into the weekend.
The bigger takeaway for me - execution risk was at its highest for Yuga with the delivery of this game, and they knocked it out of the park. They're the best team in NFTs and continue to show it.
Their NFTs showed it yesterday too, with Mutants rebounding to 14.4 ETH (+7%) and BAKC rebounding all the way to 7.4 ETH (+15%).
Though there is a chance that price action was tied to this other tweet from BAYC yesterday, showing the first glimpses of the Mecha Apes and/or Mecha Dogs from Gary the Dog Prophet.
They're clearly planting the seeds for what's to come next after this game.
🚚 What else is moving?
The NFT market volume jumped to 31,600 ETH Thursday after the Sewer Pass stimulus started rotating around the larger ecosystem.
While Yuga was the primary beneficiary, taking the top 6 spots on the volume board, there were other winners.
DigiDaigaku Heroes were the big winner of the day, jumping 25 percent to 4.45 ETH after Gabe Leydon announced a new allowlist contest coming next week for the upcoming Dragons mint.
A KID called BEAST and Checks keep holding strong in the new movers / low cap space, at 0.5 ETH and 0.24 ETH respectively. Though it was Hasbulla who stole the show yesterday, seeing over 800 ETH volume and reaching a 0.13 ETH floor.
We saw two major trades yesterday too, a BAYC-for-Wolf Game C0 Structure trade, and then the first-ever Punk-for-full Memes set trade in the Memes by 6529 ecosystem.
And the recent Art Blocks Curated sensation "The Harvest" cooled off a bit, dipping 6 percent to 5.1 ETH after volume fell off considerably from the 1,200 ETH it saw in the first day of trading.
🌎 Around Web3
Some other NFT and Web3 headlines that caught my eye:
- Blur has pushed the date for Airdrop 3 to Feb. 14, now a Valentine's Day stimmy
- World of Women announces a new community-based committee to drive more involvement in future project decisions
- Moonpay acquired the Web3 creative studio Nightshift in an effort to provide more end-to-end support for onboarding new companies into Web3
- A former lead at the Gagosian Gallery is opening a generative art gallery called Tonic.xyz to help traditional artists bridge the gap into the digital art space
🚀 NFT Total Volume
- Sewer Pass (6,785 ETH, 2.16 ETH Floor)
- Bored Ape Kennel Club (2,247 ETH, 7.5 ETH)
- Mutant Ape Yacht Club (2,046 ETH, 14.5 ETH)
- Bored Ape Yacht Club (1,876 ETH, 66.7 ETH)
- CryptoPunks (1,045 ETH, 67 ETH)
📈 NFT Floor Price Increase
- DigiDaigaku Heroes (25%, 4.45 ETH Floor)
- Sewer Pass (21%, 2.16 ETH)
- Creepz (21%, 1.82 ETH)
- Kubz (15%, 1.4 ETH)
- AKCB (15%, 0.51 ETH)
🗓 Upcoming NFT Mints and Reveals
Today has the standard Memes and Art Blocks drops but not much else.
The Memes drop will likely continue to do well, as all of the SZN2 drops have to date (the whole SZN2 floor is 0.9 ETH now).
Overall expect the Sewer Passes to continue to dominate as more holders have time to play the game this weekend. And notably, once good scores are locked, those Pass holders will not have incentive to sell their passes. What could that lead to, hmmm?
- Yeye NFT (9:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- Art Blocks Presents: Race Condition (1:00 p.m. ET)
- Free JoJo (4:00 p.m. ET)
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email email@example.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.