NFT Morning Minute | Bugatti, Ronaldo, and a Trippy Ape
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
What do Bugatti, Cristiano Ronaldo, and a Trippy Bored Ape all have in common? They are each trying to prove this NFT market isn't dead.
An otherwise boring day in the NFT market was interrupted by a mega-BAYC sale, with a Trippy Fur Ape (No. 8633) selling for 613 WETH ($738,000). This is the highest sale seen across any NFT collection in weeks and a welcome sign of strength for this leading PFP collection. This top-end sale did not help the floor price though, which held steady at 61.7 ETH.
Total trading volume on OpenSea came in at 7,883 ETH, the 2nd highest total in 2 weeks. It is a bit unclear where all that liquidity was used because, after BAYC with 1,400 ETH volume, no other set eclipsed 500 ETH. The top 5 on the volume board were the usual suspects (BAYC, MAYC, Otherdeeds, and CryptoPunks), all chopping on the day. CloneX jumped into the 5th spot, passing Azuki which is still riding high off the F1 Red Bull Racing sponsorship and its new racing jacket release, and a whopping 4 Spirit Azuki sales from 2 days ago.
The most notable winner on the day was Invisible Friends, up 20 percent to 3.2 ETH as holders will be allowlisted to mint the Invisible Friends 3D coming on Nov. 23. The 10KTF Kagami project rallied on low volume, jumping to 1.2 ETH (+35%) as another Otherside teaser came through last night. A few Art Blocks Curated projects and DigiDaigaku rounded out a few notable losers on the day, and Art Blocks founder Snowfro minted 15 new Squiggles in a surprise move, leaving just 301 left to be minted (Squiggles -4% to 12.9 ETH on the day).
In a slow news day, the top story was likely Uniswap upgrading its smart contracts to allow ERC20 token and NFT swapping. MetaMask rolled out a new NFT portfolio estimate feature (not now MetaMask!), and Magic Eden added another new mint format allowing minting from its site or the project site simultaneously.
NFT Total Volume*
- Bored Ape Yacht Club (1,461 ETH, 61.7 ETH Floor Price)
- Mutant Ape Yacht Club (447 ETH, 11.6 ETH Floor Price)
- CryptoPunks (424 ETH, 62.95 ETH Floor Price)
- Otherdeeds for Otherside (468 ETH, 1.04 ETH Floor Price)
- Clone X (351 ETH, 7.8 ETH Floor Price)
NFT Floor Price Increase*
- 10KTF Kagami (35%, 1.2 ETH Floor Price)
- Adam Bomb Squad (29%, 0.23 ETH Floor Price)
- Invisible Friends (20%, 3.25 ETH Floor Price)
- Chimpers (8%, 1.24 ETH Floor Price)
- Genuine Undead (7%, 0.32 ETH Floor Price)
NFT Floor Price Decrease*
- Fake It Til You Make It (-20%, 0.8 ETH Floor Price)
- DigiDaigaku (-15%, 8 ETH Floor Price)
- ORI by James Merrill (-12%, 1.59 ETH Floor Price)
- Wolf Game - Land (-9%, 0.41 ETH Floor Price)
- OnChainMonkey (-9%, 0.74 ETH Floor Price)
Upcoming NFT Mints and Reveals
- Bugatti Group Genesis NFT (11:30 a.m. ET)
- NFL All Day: Premium Series 2 (12:00 p.m. ET)
- Art Blocks Presents "VOXEL" (1:00 p.m. ET)
- broadside - Reveal (1:00 p.m. ET)
- Machina (1:00 p.m. ET)
- Satoshi Mystery (1:30 p.m. ET)
- LILY (2:00 p.m. ET)
- Fight Back Apes (3:00 p.m. ET)
- Cristiano Ronaldo NFT Collection (TBD)
Today has the longest list of new mints in recent memory, which is very surprising given market conditions and low liquidity. This presents a very risky environment for anyone trying to flip these projects quickly, as the market volume will likely be spread thin.
Of these projects, Bugatti will probably catch some action based on the brand name, though its supply at 7,780 is pretty high for luggage NFTs. At $185, there may be some brief upside as the last luggage collection, RTFKT x RIMOWA, reached 0.4 ETH or higher though is back to 0.2 ETH.
The Art Blocks drop has a 0.2 ETH resting price, also high for a Presents set, though, with just 250 supply, it likely has some of the best odds for success today (even though Art Blocks tailwinds have died down considerably). And the LILY drop on Solana will catch some attention, in a reinvigorated Solana NFT ecosystem led by the recent y00ts recovery.
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.
