NFT Morning Minute | Crypto Rally Stunts NFTs
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:
Tyler Warner's NFT Market Summary
The crypto market rally which came on Friday temporarily halted the NFT rally in its tracks, with trading volume falling below 20,000 ETH/day for Fri-Sun and most floors seeing a pullback.
Let's take a closer look at the fallout.
What was the impact of the crypto rally on NFTs?
Let's start with what happened in crypto.
Friday afternoon and evening were filled with huge green candles, with ETH running past $1,5000 and BTC past $21,000. The pair currently sit at $1,579 (+20%) and $21,233 (+24%) respectively, up big on the week.
SOL was an even bigger winner, cruising to $23.68 (+45%) and $APE re-took $5 (+8%).
This run essentially halted NFT trading, with volume falling from ~27k ETH on Thurs to ~19k ETH on Friday, then down to 17k ETH on Saturday in the lowest day in weeks.
Floors fell pretty much universally across the board. A few notable PFP floors, and their percent change on the week are below:
- BAYC at 70 ETH (-10%)
- MAYC at 15.3 ETH (-16%)
- Azuki at 14 ETH (even, but down 10% from local highs near 16)
- Pudgy Penguins at 5.3 ETH (-16%)
The bad news - most floors fell 5%-15% in line with these above.
The good news - the fallout seems to be over.
Volume has picked back up the past two days, crossing back over 20k ETH yesterday, and most floors seem to have stabilized at these new levels.
What else is moving?
The Memes by 6529 continue to rally, with a full set reaching 88 ETH yesterday after full set sweeps by notable collectors like Dingaling.
Friendship Bracelets are trending the other way, down 15 percent on the week to 0.46 ETH.
Some new joiners have also made a big impact in the low-cap sector over the past few days. A few, in particular, include "a KID called BEAST" at 0.49 ETH, Createra Genesis Land at 1 ETH, and Checks v4 at 0.38 ETH. Each has been top 5-10 in trading volume.
While it was a slow long weekend for news, there were a few notable headlines:
- Doodles hired a new head of Business Development in Austin Hurwitz
- Canon filed trademarks for an NFT marketplace, online retail stores allowing users to create NFTs, and mobile apps
- The city of Seoul launched a public metaverse for the city, allowing residents to access city services in a virtual environment
- Cryptoslam has merged with crypto news site Forkast News to create Forkast Labs
NFT Total Volume
- Mutant Ape Yacht Club (2,721 ETH, 15.3 ETH Floor)
- Bored Ape Kennel Club (2,286 ETH, 8.2 ETH)
- Bored Ape Yacht Club (1,812 ETH, 70 ETH)
- Createra Genesis Land (692 ETH, 1.02 ETH)
- a KID called BEAST (579 ETH, 0.49 ETH)
NFT Floor Price Increase
- Checks v4 (84%, 0.37 ETH Floor)
- Milady (66%, 1.83 ETH)
- Wonky Stonks (55%, 0.35 ETH)
- feetpix (50%, 0.17 ETH)
- a KID called BEAST (45%, 0.48 ETH)
NFT Floor Price Decrease
- Createra Genesis Land (-32%, 1.02 ETH Floor)
- CryptoonGoonz (-15%, 0.3 ETH)
- Mutant Hound Collars (-14%, 1.29 ETH)
- Rektguy (-13%, 1.34 ETH)
- Grails III Mint Pass (-10%, 2.33 ETH)
Upcoming NFT Mints and Reveals
- Grails III (10:00 a.m. ET)
- GM: Daybreak Around the World (12:00 p.m. ET)
- Zero Point (TBD)
- Dookey Dash: Sewer Passes (TBD)
Today is a huge day for new mints after a slow weekend. Grails III will be the draw of the morning, and the Nat Geo project "GM: Daybreak" could catch some volume (though Polygon is a barrier).
But the main drop is the Sewer Passes which mint for free today for BAYC and MAYC holders. Early projections for floor prices range anywhere from 1 ETH to 5 ETH, and wherever they come out, expect major demand ahead of the game starting tomorrow.
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email firstname.lastname@example.org.
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.