NFT Morning Minute | Markets Rally in Stunning Reversal
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 CPI print came in at 8.2 percent, lower than last month but slightly higher than market expectations. This kicked off a roller coaster day in the equity and crypto markets, with the S&P 500 and the coins instantly crashing on the news - then slowly grinding back up in a stunning reversal. ETH temporarily dipped below $1,200 before rallying all the way back to $1,330, +6.7 percent on the day. The day ended up in the green for equities as well, and it led to some general bullish sentiment that we may have seen a local bottom. It also led to a US Senator using a Pudgy Penguin meme in a serious condemnation of US monetary policy - a true sign of the times.
The NFT market responded to the reversal, rallying with the highest OpenSea volume day since Aug. 31 with 10,010 ETH traded. What's most surprising about that big spike in volume is that there were no clear liquidity drivers on the day - it was very distributed. Yuga led the board, as usual, with their floors mostly chopping, but no single set did more than 600 ETH volume on the day.
Anthony Hopkins shocked the market with his "The Eternal" minting out at 0.25 ETH in minutes after a delay and then running on secondary all the way to 0.85 ETH for a quick 240 percent gain on the day. Another big winner on the day was Chromie Squiggles, which jumped ~20 percent to 12.5 ETH on the back of a 14-Squiggle sweep by SquiggleDAO. Rounding out the big day was DigiDaigaku, with their blockbuster announcement that they will be spending $6.5mm on a Super Bowl ad, silently hinting that the ad will include a free-to-claim airdrop for viewers.
NFT Total Volume*
- Bored Ape Yacht Club (579 ETH, 76 ETH Floor Price)
- CryptoPunks (494 ETH, 66.5 ETH Floor Price)
- Chromie Squiggles (394 ETH, 12.5 ETH Floor Price)
- Mutant Ape Yacht Club (376 ETH, 13.9 ETH Floor Price)
- Anthony Hopkins - The Eternal (334 ETH, 0.85 ETH Floor Price)
NFT Floor Price Increase*
- Rektguy (54%, 0.34 ETH Floor Price)
- Fake It Til You Make It (32%, 0.43 ETH Floor Price)
- Karafuru (26%, 0.27 ETH Floor Price)
- CyberBrokers (22%, 1.15 ETH Floor Price)
- Street Machine (21%, 0.35 ETH Floor Price)
NFT Floor Price Decrease*
- Mint Pass Mexico City (-70%, 1.49 ETH Floor Price)
- QWERTY (-30%, 0.33 ETH Floor Price)
- Fontana (-14%, 2.08 ETH Floor Price)
- goblintown.wtf (-9%, 0.94 ETH Floor Price)
- Azra Games - The Hopeful (-9%, 0.26 ETH Floor Price)
Upcoming NFT Mints
- Budverse x FIFA (10 a.m. ET)
- Art Blocks Factory: Stains on a Canvas by Omar Lobato (1 p.m. ET)
- The Innovation of Influence (3 p.m. ET)
- DreamWorks Trolls - VOX Series 4 (6 p.m. ET)
Today is an interesting day of new drops, kicking off this morning with Budweiser's scoreboard NFT hyping the upcoming FIFA World Cup. Minters will be able to select a custom scoreboard based on which country they choose to root for, which will update in real time as the tournament goes on. This is an unlimited mint, so not a great trade but a cool collectible. The DreamWorks Trolls are looking too expensive at 0.888 ETH mint (seriously? in this economy?) and are doubtful to mint out. The Art Blocks mint is interesting at 0.13 ETH and probably the best shot at some quick ROI today. Otherwise, look for which sets can capture market attention on secondary and build momentum into this weekend, and hopefully, this liquidity boost can continue.
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 last 24 hours. There is a 0.25 ETH minimum on the projects listed in this roundup.