NFT Morning Minute | Reaching Valhalla
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
While the crypto markets feel as uncertain as ever with the potential Genesis bankruptcy looming right now, NFT traders march on. OpenSea saw 6,200 ETH volume on Monday, up 35 percent from the weekend.
The primary beneficiaries were once again the Yuga Labs projects, taking 4 of the top 5 spots on the leaderboard. Floors are trending down though, with BAYC back below 60 ETH at 58.87 (-2%), CryptoPunks at 62 ETH (-1.5%), MAYC steady at 11.5 ETH, and Otherdeeds holding at 1.2 ETH.
The new joiner to the volume board was Cel Mates, which minted out its 4,200 supply entirely via allowlist at 0.333 ETH and jumped 50 percent to 0.51 ETH on secondary. It may not have been the best timing for their drop, though, with another major drop coming today in Valhalla which will surely steal some liquidity in this low volume market.
Top winners on the day were mostly from the art market, with Fidenza catching a 295 ETH sale overnight, and the XCOPY collab project Non NFTs surging 200 percent to 1.1 ETH. SuperRare's RarePass jumped 15 percent to 25 ETH, and Justin Aversano's Quantum Key was up 41 percent to 0.55 ETH. The slow bleed in the PFP market continues to benefit the art market, which feels like it is steadily grinding up (in ETH terms).
The major headlines from Monday included Macy's announcing a virtual Thanksgiving Day Parade for the metaverse powered by OnCyber technology. Mega toy brand Mattel is opening its own digital collectibles marketplace on Flow, coming Dec. 15. Moonbirds tease a move "in chain" for their artwork, and Pudgy Penguins rallied around a $59k OTC trade of a gold, crown Pengu.
NFT Total Volume*
- Bored Ape Yacht Club (1,897 ETH, 58.87 ETH Floor Price)
- Cel Mates (612 ETH, 0.51 ETH Floor Price)
- CryptoPunks (544 ETH, 61.99 ETH Floor Price)
- Mutant Ape Yacht Club (490 ETH, 11.5 ETH Floor Price)
- Otherdeeds for Otherside (466 ETH, 1.2 ETH Floor Price)
NFT Floor Price Increase*
- Non NFTs (210%, 1.15 ETH Floor Price)
- Quantum Key (41%, 0.55 ETH Floor Price)
- Primitives (40%, 1 ETH Floor Price)
- RarePass Genesis (15%, 25.2 ETH Floor Price)
- Castaways - The Islands (15%, 3.6 ETH Floor Price)
NFT Floor Price Decrease*
- KPR (-14%, 0.24 ETH Floor Price)
- 10KTF Gucci Grail (-12%, 0.47 ETH Floor Price)
- Fontana (-12%, 5.96 ETH Floor Price)
- 10KTF Kagami (-9%, 1.25 ETH Floor Price)
- PROOF Collective (-9%, 29.99 ETH Floor Price)
Upcoming NFT Mints and Reveals
- DualPower (8:00 a.m. ET)
- Valhalla (2:00 p.m. ET)
- MekaVerse Meka-Citadel (TBD)
- Supercute World - Reveal (TBD)
Today's major mint is Valhalla, one that was a contender for the top mint of the month and even Q4 before some recent FUD related to the founder's intentions, and their 0.5 ETH mint price has hurt some market sentiment. But the reason the mint was upped to 0.5 ETH was tied to how over-subscribed their initial allowlist sign-up process was, and if that demand carries through, the project will have no issues minting out at 0.5. The question then becomes - what is the secondary target? Its 10k collection supply is high in this market, but KPR recently pulled off a run to ~1 ETH, and Valhalla seems to have more backing than KPR. But KPR did not have the same levels of FUD. Overall, this seems like a slam dunk mint for those on the allow list but riskier for those chasing on secondary - so be careful out there.
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.
