NFT Morning Minute | OpenSea's New War
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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
It was a slow weekend of trading in most NFT sectors (besides generative art), but it was not free of drama. On Saturday, OpenSea announced a new royalty enforcement tool effectively requiring new projects to choose to blacklist royalty-optional marketplaces (i.e. Blur, X2Y2, LooksRare) or have their royalties become optional on OpenSea as well. The tool goes live tomorrow, November 8th, and will likely majorly impact these marketplaces and the NFT space overall.
NFT trading volume on OpenSea was down this weekend, with just ~10,400 ETH traded across the weekend. The top mover was KPR, which saw 500 ETH volume yesterday and ran as high as 0.9 ETH before settling at 0.85 ETH ahead of reveal. Art Gobblers have continued their decline, now at 5.69 ETH and GOO is at $35. Renga had a nice Sunday, rebounding 27 percent to 1.2 ETH floor. The y00ts and t00bs dipped a bit over the weekend, now holding 100 SOL and 71.5 SOL floors respectively.
The pretty clear winner of the weekend was the Art Blocks ecosystem. Several Curated projects jumped 20-100 percent plus on Saturday, as a big FOMO wave seems to have hit that market. This was likely partially driven by the Friendship Bracelets stimulus, which now holds a 0.13 ETH floor with its supply up to 18,300. There have already been 9 full palette sets made, and collectors seem to be going hard after this new project. The GM DAO ecosystem also benefitted, with several of its projects moving 70-100 percent or more on Sunday, led by Mind The Gap up 168 percent to 1.88 ETH.
In other news, Google Cloud announced that it is teaming up with Solana to bring its "Blockchain Node Engine" to the Solana blockchain next year. And in crypto, it seems CZ Binance is feuding with the FTX-Alameda team, leading to a dumping of $FTT, impacting the broader crypto markets and stunting Friday's rally. ETH is at $1,582 at the time of writing (-2.5%), BTC is at $20,760 (-2.4%) and Solana was hit the hardest in the wake, now $31.48 (-12%).
NFT Total Volume*
- KPR (500 ETH, 0.85 ETH Floor Price)
- Art Gobblers (364 ETH, 5.69 ETH Floor Price)
- Renga (300 ETH, 1.19 ETH Floor Price)
- Mutant Ape Yacht Club (269 ETH, 11.3 ETH Floor Price)
- Friendship Bracelets (267 ETH, 0.12 ETH Floor Price)
NFT Floor Price Increase*
- Mind the Gap (168%, 1.88 ETH Floor Price)
- Right Click Share by XCOPY (90%, 0.78 ETH)
- Catharsis (78%, 0.41 ETH Floor Price)
- Glass by EDG (71%, 0.96 ETH Floor Price)
- Plasticity (68%, 0.8 ETH Floor Price)
NFT Floor Price Decrease*
- Structures (-34%, 0.32 ETH Floor Price)
- LinksDAO (-21%, 0.3 ETH Floor Price)
- IlluminatiNFT (-11%, 0.34 ETH Floor Price)
- Impostors Genesis Aliens (-10%, 0.43 ETH Floor Price)
- Tykes (-10%, 2.2 ETH Floor Price)
Upcoming NFT Mints and Reveals
- Art Blocks Presents "Wabi Sabi" by Hevey (1:00 p.m. ET)
- Draftkings: Trolls (1:00 p.m. ET)
Today is a slower day of new drops to start the week. "Wabi Sabi" in the Art Blocks ecosystem is likely the mint of the day. The Japanese caligraphy-style project has just 205 supply and a resting price of 0.1 ETH. Collectors have been clamoring over this one a bit already, and if it reaches the mint price, it should do well on secondary. Friday's Art Blocks mint "Structures" was botted and sold out on the gun, so there may be some carryover demand from folks who missed on Friday. General Art Blocks tailwinds will also give this one an extra boost, but if it translates into a higher mint price, it becomes riskier.
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.
