NFT Morning Minute | Fall and Rise of the Apes

NFT Morning Minute | Fall and Rise of the Apes

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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NFT Total Volume

NFT Floor Price Increase

NFT Floor Price Decrease

Upcoming NFT Mints

Tyler Warner's NFT Market Summary

The Bored Ape Yacht Club was the center of attention in the NFT world on Monday, as its floor fell below 50 ETH (-12%) and over 20 BendDAO auctions were initiated. This led to market fears and panic around how low the floor could fall for the iconic PFP project from Yuga Labs. But then it rebounded, on the back of high volume (3,000 ETH traded) and is back to 57 ETH on OpenSea (54 ETH on Blur) in a remarkable come back.

This BAYC rebound seems to have stopped the bleeding in the PFP market, as most floors are back in the green after a rough stretch. Most PFP floors were up 1-10% percent on the day. CryptoPunks have remained a stable coin in this volatile market, holding 65.9 ETH floor on 9 sales, after going sale-less on Sunday.

The biggest gainers on the day were related to separate Yuga Labs news, that they would be acquiring the 10KTF parent company WENEW. Each of the 10KTF projects ran on the news, led by the primary 10KTF project up 88 percent on the day to 0.4 ETH and the 10KTF Gucci Grails up 42 percent to 0.54 ETH. Renga also rallied on this news, as participants speculated that since Renga is "powered by WENEW" they would also be included in the acquisition, though this was confirmed false.

y00ts were also major winners on the day, as their floor rallied back over 100 SOL, sitting at 102 at the time of writing. The mint t00bs are now back at 182 SOL, and DeGods are at 264 SOL. As a reminder, the y00ts reached a floor of 40 SOL at peak capitulation last week, with t00bs below 70 SOL, thus each have rebounded a solid 250 percent from local bottoms.

Other NFT news featured a major announcement from Nike, as they shared plans for their Web3 platform swoosh.nike. The platform will be focused on digital wearables, with the first launch set to go live in January. The Blur marketplace has announced that it will honor royalties for collections that opt in to OpenSea's royalty enforcement tool, in a strong change of direction. And Sony is hinting at NFT and blockchain experimentation, based on recent patent applications.

NFT Total Volume*

  • Bored Ape Yacht Club (3,004 ETH, 54 ETH Floor Price)
  • Mutant Ape Yacht Club (1,080 ETH, 10.2 ETH Floor Price)
  • Otherdeeds for Otherside (743 ETH, 0.92 ETH Floor Price)
  • CryptoPunks (738 ETH, 65.9 ETH Floor Price)
  • 10KTF (307 ETH, 0.31 ETH Floor Price)

NFT Floor Price Increase*

  • 10KTF (88%, 0.31 ETH Floor Price)
  • 10KTF Gucci Grail (42%, 0.54 ETH Floor Price)
  • HELIX Founder Pass (39%, 0.39 ETH Floor Price)
  • CyberKongz (21%, 2.05 ETH Floor Price)
  • Renga (13%, 0.94 ETH Floor Price)

NFT Floor Price Decrease*

  • KPR (-20%, 0.2 ETH Floor Price)
  • CryptoNinjaPartners (-17%, 2.69 ETH Floor Price)
  • QQL Mint Pass (-12%, 9.5 ETH Floor Price)
  • CyberKongz VX (-9%, 0.45 ETH Floor Price)
  • VeeFriends (-9%, 5.38 ETH Floor Price)

Upcoming NFT Mints and Reveals

  • Links Champions (11:00 a.m. ET)
  • DraftKings: 2022 Cup Dreams Auctions (1:00 p.m. ET)
  • Sureiya (6:00 p.m. ET)

While it was nice to see the recovery in the secondary market yesterday, it is still a very volatile time for any primary launches. With Links Champions being a free mint, it will likely be the draw of the day, but with 10k supply, strong secondary action is no guarantee. Today is likely a day to focus on the secondary market and any collections that seem to have temporarily bottomed (or of course, to just be on the sidelines).

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.

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