NFT Morning Minute | Big Volume, Big Let Down

NFT Morning Minute | Big Volume, Big Let Down
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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 NFT market saw its biggest weekend of trading volume since May, with over 30,000 ETH traded on Saturday alone. So some project floors saw major gains, right? Right?

Sadly not, as most of the weekend volume turned out to be Blur bid farming. After all the trading smoke had cleared, most projects are neutral or slightly down from Friday. Here are a few roundtrip examples to highlight the price action:

  • Azuki: 12 ETH (Fri) -> 14 ETH (peak) -> 11.9 ETH (now)
  • Pudgy Penguins: 4 ETH (Fri) -> 4.94 ETH (peak) -> 3.96 ETH (now)

It was a similar story for Clone X, MAYC, and BAYC, although the Yuga sets were not quite as volatile. The BAYC and MAYC price action were a little disappointing, especially as ApeCoin staking rewards go live today. BAYC is at 66.88 ETH on Blur, with MAYC at 14.29 ETH, both basically even on the week. $APE did have a solid weekend, now at $4.39 (+5.5%), as traders jostle to find the best pools with the highest APYs.

The big winner on the weekend was Valhalla, which caught major steam across NFT Twitter and saw its floor jump from as low as 0.4 ETH in post-reveal trading to 0.88 ETH this morning. The action has included top-end and mid-tier sales (versus solely floor trading), which is a solid indicator of true interest in the collection. This price action is opposed to Tim Ferriss's COCKPUNCH, which is in a slow decline and is now at just 0.58 ETH (-10%).

A slower weekend of Web3 news was headlined by sartoshi announcing his return on Jan. 1, 2023, spiking interest in his open edition "end of sartoshi" (+400% to 0.08 ETH) as traders speculate on what his return means. The mfers project saw a brief run to 1.69 ETH (+30%), but since has given back all of those gains. The Ether project shared mint details, including a 1 ETH mint price. Scottie Pippen is set to launch a virtual sneakers collection this month. And digital collectibles firm Forum3 raised $10M to accelerate its effort to bring NFTs to branded loyalty programs.

NFT Total Volume*

  • Bored Ape Yacht Club (3,504 ETH, 66.88 ETH Floor Price)
  • Mutant Ape Yacht Club (2,937 ETH, 14.3 ETH Floor Price)
  • Valhalla (1,542 ETH, 0.88 ETH Floor Price)
  • Azuki (1,010 ETH, 11.9 ETH Floor Price)
  • Otherdeed (780 ETH, 1.27 ETH Floor Price)

NFT Floor Price Increase*

  • Valhalla (60%, 0.88 ETH)
  • The Art Pass (38%, 0.5 ETH Floor Price)
  • PartyBear (26%, 0.53 ETH Floor Price)
  • Dori Samurai (24%, 0.43 ETH Floor Price)
  • Humankind Lunchboxes (28%, 0.18 ETH)

NFT Floor Price Decrease*

  • Kanpai Pandas (-13%, 0.34 ETH Floor Price)
  • JRNY Club (-12%, 0.61 ETH Floor Price)
  • RTFKT MNLTH X (-12%, 0.53 ETH Floor Price)
  • rektguy (-10%, 0.86 ETH Floor Price)
  • COCKPUNCH (-10%, 0.58 ETH Floor Price)

Upcoming NFT Mints and Reveals

  • The Memes by 6529 - Tommy Wilson card (11:00 a.m. ET)
  • Asteroids by Shantell Martin (11:00 a.m. ET)
  • Art Blocks Presents: Miragem (1:00 p.m. ET)

Today should be an interesting day in the markets, as those who missed the weekend action catch up on this high volume and $APE staking rewards begin. The Meme card action has been disappointing as of late, but still a guaranteed 3-4x for anyone who mints. The Art Blocks project Miragem is likely the most interesting trade of the day, as the past few AB drops have been big winners.

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.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.
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