NFT Morning Minute | Surviving The Crash
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
Yesterday saw a black swan event in the crypto markets, as FTX seemingly went insolvent and was acquired by Binance. Markets briefly rallied on the acquisition news, then fell hard in the overnight hours as holders realized bigger potential impacts of the insolvency. The FTX token FTT fell 70 percent on the day to $5, tied in with a crash in the following tokens:
- BTC at $17,800 (-9.5%)
- ETH at $1,226 (-17.2%)
- Polygon at $0.947 (-18.8%)
- Solana at $20.35 (-27.9%)
Several on Crypto Twitter are calling it the darkest day in crypto history, largely due to how quickly the event happened and the previous amount of trust in FTX.
So how did the NFT market respond?
Trading volume was down ~25 percent from Monday, with $8.8M of volume on OpenSea. Several recent movers were hurt the most, with Friendship Bracelets at 0.17 ETH (-30%), KPR at 0.6 ETH (-22%), and Art Gobblers at 3.3 ETH (-8%). Otherdeeds broke through the 1 ETH support level and sit at 0.98 ETH on Blur (-16%). Mid-tier PFPs CloneX, Doodles, and Moonbirds all fell ~5 percent to 7.9 ETH, 6.1 ETH, and 7.35 ETH floors, respectively.
BAYC and Punks held strong on the day, each seeing ~1,000 ETH trading volume and keeping 65.24 ETH and 64.25 ETH floors. Leading Art Blocks Curated projects held steady on the day as well, with:
- Fidenza at 99 ETH (+1%)
- Elevated Deconstructions at 83 ETH (-1%)
- Ringers at 65 ETH (-6%)
- Gazers at 24.5 ETH (-2%)
- Squiggles at 15.3 ETH (-4%)
In other NFT news, Yuga Labs announced a new source for official project news with a focus on security, while co-founder Wylie Aronow weighed in on the ongoing royalty debate. Notable photo artist Drifter Shoots briefly broke Instagram NFTs in his debut on the platform, before selling out in seconds. Leading Solana NFT founder Frank DeGods is considering moving his project(s) to the Ethereum blockchain, but is sourcing community feedback before any moves. His projects have fallen hard on the news, with t00bs at 73.5 SOL (-20%), y00ts at 50 SOL (-35%), and DeGods at 166 SOL (-20%+).
NFT Total Volume*
- Bored Ape Yacht Club (1,012 ETH, 65.24 ETH Floor Price)
- CryptoPunks (897 ETH, 64.25 ETH Floor Price)
- Mutant Ape Yacht Club (533 ETH, 11.29 ETH Floor Price)
- Otherdeeds for Otherside (430 ETH, 0.98 ETH Floor Price)
- KPR (346 ETH, 0.6 ETH Floor Price)
NFT Floor Price Increase*
- Grumpls (95%, 0.43 ETH Floor Price)
- Foustlings x Reddit (19%, 0.54 ETH Floor Price)
- Sappy Seals (17%, 0.62 ETH Floor Price)
- VeeFriends (10%, 5.88 ETH Floor Price)
- adidas Originals (8%, 0.42 ETH Floor Price)
NFT Floor Price Decrease*
- Mind the Gap (-25%, 1.35 ETH Floor Price)
- Theirsverse (-25%, 0.4 ETH Floor Price)
- Wabi Sabi by Kazuhiro (-22%, 0.4 ETH Floor Price)
- Wolf Game - Farmer (-21%, 0.38 ETH Floor Price)
- gmDAO token (-20%, 3.99 ETH Floor Price)
Upcoming NFT Mints and Reveals
- Cryptoys: Masters of the Universe (12:00 p.m. ET)
- STEPN x ASICS UI Collection (TBD)
Today will be a very volatile day in the crypto markets and a risky day for NFT trading. The safe move for today is to watch things unfold from the sidelines and not make any rash moves. It is definitely a bad day to release a new project, but given STEPN's user base, they have the best chance to succeed today if things can somehow stabilize.
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.