NFT Morning Minute | Captainz Are Coming
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
Tuesday was a bullish day in the NFT market, with several project floors pumping double digits in a big day of trading. Look for that momentum to continue today as the highly anticipated Memeland Captainz mint is finally here in what is certain to be a major liquidity event for the market.
Starting with overall volume, trading notched up for the 4th day in a row, reaching ~22,500 ETH across marketplaces. The top beneficiaries included the usual BAYC, MAYC and BAKC, which combined for ~5,600 ETH across as their floors crept up to 78 ETH, 17.4 ETH, and 9.6 ETH respectively. Azuki and Pudgy Penguins rounded out the top 5 in volume, with Pudgys reclaiming the 7 ETH level as their whole ecosystem grinds up and Azuki's Beans up another 10 percent to 1.5 ETH in a strong come back.
The notable winners on the day all seem to come from the low cap 0.5-1.5 ETH price range, which might be an indicator of where this current mini-bull run will focus. Headliners included DenDekaDen, the Japanese project which surged 90 percent to 1.6 ETH, and rektguy which surged 48 percent to 1.55 ETH after a 1/1 sold for 42.069 ETH. Sappy Seals and Kanpai Pandas each jumped another 20 and 28 percent respectively, reaching 1.5 ETH and 1.33 ETH floors, as cute meta continues.
Grant Yun was another notable winner on the day, as his Life In Japan editions reached a 4 ETH floor, while another edition of 20 called "En Route" sold for 20 ETH, and his Decals project reached a 2 ETH floor.
The Potatoz were a notable "loser" on a roller coaster day of trading. After the snapshot at 11 a.m. ET, the floor fell from 3.6 ETH to 2.5 ETH and stayed there for a bit, before rebounding to 2.88 ETH overnight. One of the biggest open questions tied to today's Captainz mint is what happens to the Potatoz after, as many have bought solely to try for the FCFS mint or for the allowlist. Other losers include recent winners This is Nouns, which fell 58 percent back to 0.07 ETH, and Savage Nation which is back to 0.22 ETH post-reveal (-9%).
In other NFT news, Art Blocks announced that it will be introducing an allowlist function more formally for artists to use in 2023, along with a new Last Price Dutch auction format. The NFT Inspect team announced they would be shutting down their widely acclaimed social metrics site, though several community members commented on trying to "save" the company. And NFT founder DNP3 published a note admitting to gambling away the funds from several crypto projects, including CluCoin, Goobers, and Gridcraft.
NFT Total Volume
- Bored Ape Yacht Club (3,180 ETH, 78 ETH Floor Price)
- Azuki (2,343 ETH, 13.64 ETH)
- Mutant Ape Yacht Club (1,391 ETH, 17.43 ETH)
- Pudgy Penguins (1,225 ETH, 6.97 ETH)
- Bored Ape Kennel Club (1,107 ETH, 9.6 ETH)
NFT Floor Price Increase
- DenDekaDen (89%, 1.58 ETH Floor Price)
- rektguy (48%,1.55 ETH)
- Kanpai Pandas (28%, 1.33 ETH)
- Sappy Seals (20%, 1.5 ETH)
- Kubz (15%, 1.14 ETH)
- LilPudgys (14%, 0.73 ETH)
NFT Floor Price Decrease
- This is Nouns (-58%, 0.07 ETH Floor Price)
- Potatoz (-20%, 2.88 ETH)
- Art Gobblers (-17%, 1.56 ETH)
- Mutant Hounds (-10%, 1.26 ETH)
- Savage Nation (-9%, 0.22 ETH)
Upcoming NFT Mints and Reveals
- Memeland Captainz (11:00 a.m. ET)
- Art Blocks Curated: Beervanger "The Field" (1:00 p.m. ET)
- Scottie Pippen SP33 - reveal (time TBD)
The Captainz mint is finally here in what is likely to be the largest liquidity event since Art Gobblers. The 1.069 ETH mint which requires 3 Potatoz as one eligibility factor for its allowlist would indicate that the floor price could effectively start at 10 ETH or higher, based on the Potatoz valuation. Speculators have called for opening floor prices anywhere from 5 ETH to 15 ETH, a huge range and one that makes it difficult to predict price action. If it somehow manages to come out on the lower end, expect some bullish price action. But if it starts in the stratosphere around 15 ETH, it's harder to see how it maintains those levels given only BAYC, Punks, and MAYC are effectively over that price point.
Buried under the Memeland hype is the first Art Blocks Curated drop of the year, from a returning Curated artist in Beervanger. The artist's OG set Hyperhash holds a solid 3.5 ETH floor, but his recent Playground sets have not performed as well. This one could be a solid trade if it gets overlooked and approaches min price, but tread carefully if it mints over 1 ETH.
Enjoy this write up? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.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.
