NFT Morning Minute | Reddit's Rise
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
Monday was officially Reddit day, as all of NFT Twitter was a buzz with and chasing after the various avatars from the Reddit NFT collections. Several top accounts were touting their buys, with some top-end sales of 18 ETH and 30 ETH for the rarest avatars. This led to OpenSea Polygon (where the Reddit NFTs are traded) having its best day in months with $2.98M in volume. For comparison, OS Polygon did just ~$200k on Oct. 17, just one week ago. The focus on Polygon crushed ETH trading volume though, with the day tallying just 5,600 ETH ($7.7M) in OpenSea trading.
The volume leader on ETH for the day was CryptoPunks, with 530 ETH traded though the floor fell 3 percent to 65 ETH. Bored Ape Yacht Club was in second on the day with 460 ETH volume, perhaps supported by the news that the new Prime Minister of the UK prefers Apes to Punks. Art Blocks Curated had a solid day, with Ringers, Squiggles, Elevated Deconstructions, and Fontana taking four of the top eleven spots on the volume board and notching the three top gainers on the day with glitch crystal monsters, phase, and RASTER.
Some recent winners appear to be on the decline now, with Street Machine down more than 100% from local highs pre-reveal, now just 0.18 ETH. Anthony Hopkin's recent winner The Eternals is also down 100 percent from its local highs, now just 0.4 ETH. Genuine Undead has also given up much of its recent gains, sitting down at 0.54 ETH. It seems the shift in volume to Polygon and Reddit NFTs is taking its toll, and those recent winners are getting hit the hardest.
Other top news stories that got out shadowed by Reddit included Twitter announcing it's developing a crypto wallet, Apple updating its ios guidelines to prevent NFT token-gating, and notable Yuga co-founder Wylie Aronow calling on Adidas to sever their ties with Kanye West over his recent anti-Jewish rhetoric.
NFT Total Volume*
- CryptoPunks (532 ETH, 65 ETH Floor Price)
- Bored Ape Yacht Club (460 ETH, 74.2 ETH Floor Price)
- Otherdeed for Otherside (197 ETH, 1.34 ETH Floor Price)
- Ethereum Name Service (155 ETH, 0.0 ETH Floor Price)
- Ringers by Dmitri Cherniak (150 ETH, 89 ETH Floor Price)
NFT Floor Price Increase*
- glitch crystal monsters (57%, 0.65 ETH Floor Price)
- phase by Loren Bednar (55%, 2.25 ETH Floor Price)
- RASTER by itsgalo (24%, 0.87 ETH Floor Price)
- FewoWorld Paint Drops (23%, 0.49 ETH Floor Price)
- OnChainMonkey (20%, 0.83 ETH Floor Price)
NFT Floor Price Decrease*
- Street Machine (-41%, 0.18 ETH Floor Price)
- Consortium Key (-21%, 4.99 ETH Floor Price)
- Genuine Undead (-16%, 0.54 ETH Floor Price)
- Alfa Pass (-14%, 0.38 ETH Floor Price)
- Anthony Hopkins - The Eternal (-13%, 0.4 ETH Floor Price)
Upcoming NFT Mints
- R Planet (9:00 a.m. ET)
- New York Forever (4:00 p.m. ET)
Today is a slower day of drops with just a few on the schedule. The main question for today is if the Reddit NFT hype can remain and keep Polygon in the forefront. If so, expect more slow bleeding for ETH NFTs. Otherwise, whichever set(s) can capture the market's attention today should have some room to run.
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.