NFT Morning Minute | A 'Legend'ary Reveal Day
Good morning!
Take a minute to catch up on the latest in the web3 space. Here are today's NFT market analysis, top movers, and upcoming mints:
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Tyler Warner's NFT Market Summary
Thursday was a bit of a hangover day in the NFT market after Wednesday's highly anticipated Legend of COCKPUNCH mint and Valhalla reveal. Both of those projects fell on the day, with Tim Ferriss's COCKPUNCH down 24 percent to 0.94 ETH this morning ahead of today's reveal and Valhalla down 12 percent to 0.5 ETH after its post-reveal dump and rebound.
OpenSea did manage $10M in volume on the day, led by Bored Ape Yacht Club on the back of a 420.69 ETH sale of a trippy ape. The BAYC floor is at 64 ETH on Blur, down ~10 percent from local highs in an interesting twist ahead of $APE staking. MAYC did 700 ETH volume on the day, with its floor holding at 14 ETH. ApeCoin jumped 4.8 percent on the day to $3.99, in line with the broader crypto markets, ahead of staking rewards going live on Dec. 12.
Some notable movers and winners on the day include CloneX, which rebounded 5 percent to 6.4 ETH after RTFKT founders ran a Twitter spaces to address recent community concerns. The RTFKT team also airdropped MNLTH 3 ("MNLTH X") to eligible participants yesterday afternoon, which saw 214 ETH trading volume and holds a 0.54 ETH floor.
Grifters by XCOPY jumped to 19 ETH (+30%) ahead of today's cryptic Grifter Bar drop. Another Art Blocks project saw a huge surge as AB x Pace collab QWERTY jumped 92 percent to 1.79 ETH on the day. Abstraction by anon continues to be a roller coaster, up 58 percent on the day to 2.22 ETH (though still down from recent local highs).
A slower day of Web3 news was headlined by Starbucks officially launching its Web3 program Oddysey in beta. FTX NFTs are "broken" as the IPFS pointers are now directing to a site showing bankruptcy proceedings instead of the appropriate images and artwork. Tessera saw its first buyout offer for its CryptoPunk vault created on launch day. Art Blocks kicked off a 24-hour Twitter spaces called "Blocktalkathon" in celebration of its 2-year anniversary. And OnChainMonkeys announced a $5M pre-seed funding round, which included Animoca Brands as an investor.
NFT Total Volume*
- Bored Ape Yacht Club (1,583 ETH, 64.09 ETH Floor Price)
- Clone X (888 ETH, 6.6 ETH Floor Price)
- Mutant Ape Yacht Club (697 ETH, 13.98 ETH Floor Price)
- COCKPUNCH (617 ETH, 0.94 ETH Floor Price)
- Valhalla (382 ETH, 0.5 ETH Floor Price)
NFT Floor Price Increase*
- QWERTY (92%, 1.79 ETH Floor Price)
- Abstraction by anon (58%, 2.22 ETH Floor Price)
- FLUF World (35%, 2.87 ETH Floor Price)
- Mutant Garden Seeder (41%, 14 ETH)
- Grifters by XCOPY (31%, 19 ETH)
- Renga (19%, 1.13 ETH Floor Price)
NFT Floor Price Decrease*
- RTFT MNLTH 2 (-32%, 0.12 ETH Floor Price)
- Cel Mates (-32%, 0.28 ETH Floor Price)
- RTFKT MNLTH 1 (-27%, 0.74 ETH Floor Price)
- COCKPUNCH (-25%, 0.94 ETH Floor Price)
- Valhalla (-12%, 0.5 ETH Floor Price)
Upcoming NFT Mints and Reveals
- The Memes by 6529 - Drifter Shoots card (11:00 a.m. ET)
- Juuni (12:00 p.m. ET)
- Art Blocks Presents: Pointers (1:30 p.m. ET)
- COCKPUNCH - reveal (TBD)
- Toys R Us NFTs (TBD)
Today should be an active day in the market, with a major Meme drop by Drifter Shoots this morning, a highly anticipated mint in Juuni, and the COCKPUNCH reveal as headliners. The COCKPUNCH reveal today is the highlight and a pivotal moment for that project, because if it follows the typical post-reveal 30-50 percent dip, it might go into a death spiral. It will be interesting to see if Tim Ferriss has any tricks up his sleeve to help stop the bleeding in price action - "the legend" depends on it.
The Art Blocks project today Pointers is interesting at just 100 supply from an established artist Steve Pikelny. It's doubtful to fly under the radar, given the 24-hour Blocktalkathon will just be ending, but if it goes near min mint price it could be a great trade. And the Toys R Us launch on Solana is a wild card and the top event to follow over on that blockchain.
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.
*data retrieved at 8:00 a.m. ET. Volume and percentages are based on the last 24 hours. Notable projects are included, typically with a 0.25 ETH minimum on the projects listed in this roundup.
