NFT Morning Minute | Rise of the Undead
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
If you were out of the market this weekend, you did not miss much. Sunday's OpenSea trading volume came in at just $8.2M, a touch below last Sunday's $8.4M and making it the new lowest day of 2022.
The volume leaderboard shows that lack of trading, with no set above 305 ETH and only four sets above 200 ETH. Nyolings led the board with 303 ETH traded, up 100 percent on the day to 0.11 ETH floor. Genuine Undead was the top story of the day though (and maybe the week) as it has rallied 170 percent to its current 0.85 ETH floor. Castaways Rafts were the other big mover, jumping to 28 ETH at peak ahead of today's Islands mint as the other top free-to-own project (next to DigiDaigaku) executes its first expansion. Renga was the most notable loser on the weekend, with its Black Boxes now below 3 ETH for the first time in October, and the revealed Rengas at 1.65 ETH are in a clear two-week downtrend.
While this past week's volume was incredibly low, most of the top project floors held up surprisingly well. Most PFPs were even on the week or down in slight single digits, with the biggest dip being Clone X down 10 percent to 8.5 ETH after its recent ~50 percent rally. The others were down in the 2-7 percent range, with BAYC even on the week. Several Art Blocks Curated floors were up on the week, as the generative art rally continues.
From a news perspective, the main story of the weekend was the royalty battle continuing after Magic Eden announced optional royalties, leading the NFT community to have the same argument for the hundredth time this year over what is the right model. The other sneaky headline from last night was the new bug bounty proposal for Ape Coin which will likely delay staking, much to the dismay of holders.
NFT Total Volume*
- Nyolings (308 ETH, 0.11 ETH Floor Price)
- Genuine Undead (278 ETH, 0.85 ETH Floor Price)
- Otherdeed for Otherside (256 ETH, 1.68 ETH Floor Price)
- Ethereum Name Service (212 ETH, 0 ETH Floor Price)
- Down Market Ducks (195 ETH, 0.03 ETH Floor Price)
NFT Floor Price Increase*
- Entropy (134%, 0.75 ETH Floor Price)
- Oxya Origin (52%, 0.25 ETH Floor Price)
- Genuine Undead (42%, 0.85 ETH Floor Price)
- Jenkins The Valet (33%, 0.39 ETH Floor Price)
- gmDAO (33%, 3.45 ETH Floor Price)
NFT Floor Price Decrease*
- The Art Pass (-33%, 0.7 ETH Floor Price)
- Sougen Builder Pioneer Pass (-27%, 0.28 ETH Floor Price)
- Street Machine (-14%, 0.44 ETH Floor Price)
- Renga Black Box (-13%, 2.95 ETH Floor Price)
- World of Women Galaxy (-11%, 0.25 ETH Floor Price)
Upcoming NFT Mints
- Art Blocks Playground "Sandaliya" from Melissa Wiederrecht (1 p.m. ET)
- Castaways Islands (6 p.m. ET)
The most hyped mint of the day is Castaways Islands, which saw 25,000 people compete for 250 white list spots according to founder Dayton MIlls. The mint is free but only for whitelisted members, and expect some real secondary demand based on the competition for those mint spots. The Rafts jumped to 28 ETH at peak this weekend, making them a top-15 project by floor price (though only 100 supply), so the whole ecosystem is rallying. Additionally, they are launching a partnership with DigiDaigaku today as Digi GenesisKey holders will be able to play in the Castaways event.
The other mint of the day is the Art Blocks Playground mint from the "Sudfah" artist Melissa Wiederrecht. With just 200 supply, this one could perform well as Sudfah has been very well received from the Art Blocks collector base.
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.