NFT Morning Minute | CPI and More Turmoil
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
Wednesday saw the crypto markets tumble further, though a slight recovery has formed overnight. BTC is at $16,500 this morning (-7.6%), ETH is at $1,195 (-2.7%), and SOL is at $14.63 (-27.5%). SOL has seemingly survived a massive token unlock that happened this morning, which many predicted would send the coin to single digits. But of course, it's too soon to celebrate as we likely have another very volatile day ahead of us with the CPI print and the latest inflation news coming today.
The NFT markets started reacting to the crypto crash yesterday, in what can only be described as a major capitulation event. The ratio of WETH offer acceptance to market buys reached ATH at over 50 percent yesterday, a sign of owners willing to take any liquidity they could get to exit fast.
Most floors are down 5-15 percent on the day, in one of the ugliest scenes in recent memory. BAYC is sitting at 56 ETH on Blur (61 ETH on OpenSea), down 15 percent on the day and at risk of setting off a large series of auctions on BendDAO. The mid-tier PFPs all were hit hard, with CloneX at 6.85 ETH (-13%), Azuki at 9.2 ETH (-12%), Moonbirds at 6.69 ETH (-9%), and Doodles at 5.9 (-7.5%). Punks held the strongest, down 3.5 percent at 62 ETH (and firmly ahead of BAYC).
Otherdeeds are sitting below 1 ETH at 0.97 ETH floor, now behind both Decentraland and The Sandbox in the metaverse sector. KPR is at 0.55 ETH, down 7 percent on the day but up from local lows, giving holders some hope ahead of today's big reveal. Friendship Bracelets held steady at 0.16 ETH, with very few new mints due to raging gas all day. Squiggles were hit in this dip as well, down 9 percent to 14 ETH floor.
The most notable NFT news yesterday was from OpenSea, which updated its previous stance on royalty enforcement and clarified that it will continue to enforce royalties on all existing collections. Instagram NFTs are having a solid debut, with Drifter Shoot's drop from Tuesday night selling out and doing a 3x on secondary, and Wednesday's drops from Sara Baumann and Amber Vittoria each selling out as well. MetaMask is testing a new bridge feature, accepting transfers of up to $10,000 across 4 networks (ETH, Avalance, Binance, and Polygon). And NBA Top Shot announced a major burn event, as 2.5M moments from its vault will be permanently removed from the supply.
NFT Total Volume*
- Bored Ape Yacht Club (1,283 ETH, 56 ETH Floor Price)
- CryptoPunks (925 ETH, 62 ETH Floor Price)
- Mutant Ape Yacht Club (697 ETH, 10.6 ETH Floor Price)
- Otherdeeds for Otherside (553 ETH, 0.97 ETH Floor Price)
- KPR (422 ETH, 0.55 ETH Floor Price)
NFT Floor Price Increase*
- Fontana by Harvey Rayner (19%, 4.15 ETH Floor Price)
- Wolf Game - Land (14%, 0.39 ETH Floor Price)
- Castaways - The Islands (13%, 3.3 ETH Floor Price)
- Quirkies (10%, 1.25 ETH Floor Price)
- Damien Hirst - The Currency (1.3%, 4.85 ETH Floor Price)
NFT Floor Price Decrease*
- DigiDaigaku Genesis (-23%, 9.69 ETH Floor Price)
- Doodles Genesis Box (-19%, 0.18 ETH Floor Price)
- Memeland Potatoz (-18%, 1.3 ETH Floor Price)
- QQL Mint Pass (-17%, 10 ETH Floor Price)
- Bored Ape Yacht Club (-15%, 56 ETH Floor Price)
Upcoming NFT Mints and Reveals
- Abstract Nouveau (11:00 a.m. ET)
- KPR - Reveal (12:00 p.m. ET)
Today will be another volatile day in the crypto markets and equity markets, with the CPI data coming out this morning. The NFT market does not historically respond well in volatile times, and the most likely scenario is another red day. KPR will be an important test if a new project can pull off a successful reveal event in this market. Its recent recovery is a good sign, but holders are going to have to really like the art on these for this floor to hold. I also think the chances of a large rarity lotto are diminished now in this market, and thus holding through reveal is less +EV than it may have been a few days ago. Still, this is the day's major event to watch, and with little else to trade (other than being exit liquidity), it will likely be the top liquidity draw of the day.
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.
