NFT Morning Minute | The End of Friendship
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
Trading volume ticked back up over 27,000 ETH on Monday in a big day of NFT trading, surprisingly led by Friendship Bracelets.
What's going on with Friendship Bracelets?
The Friendship Bracelets free mint window officially closes at 1 p.m. ET today. Apparently, hundreds of people like to procrastinate, as yesterday's mint volume was the highest since week 1 of minting.
Over 3,600 were minted yesterday, as the total supply soared from near 34k to 38k this morning. That's more bracelets than were minted in the entire month of December.
The floor understandably fell Monday from local highs of 0.7 ETH back to 0.5 ETH, but it seemed to find solid support at that level. Even with the minter going brrrr, the floor never really fell below 0.5 ETH, and this morning it's up to 0.54 ETH with 6 hours of minting to go.
Now the million dollar question becomes - what happens when the minter turns off today?
What else is moving?
Most of the top-end sets dipped or chopped on the day. BAYC fell slightly to 82.5 ETH with Mutants also down slightly to 18.2 ETH. Azuki fell more, down about 10 percent to 14.5 ETH, with Beanz at 1.88.
The Memes by 6529 were a big winner Monday, jumping 36 percent to 0.375 ETH floor, and putting the "FirstGM" aside as the largest supply card, the floor is now at 0.56 ETH.
The driver is likely tied to the latest allowlist mechanics, where 6529 is enforcing a 2-phase mint to avoid gas wars. The phase 1 allowlist requires more cards, thus eager participants have been buying up floors. Yesterday's SZN2 card debuted at 0.73 ETH, a solid 10x for minters.
Other top movers on the day include Abosho (+70%, 1.96 ETH) and the DigiDaigaku ecosystem, which say Digis and Heroes both jump 20% to 11 ETH and 3.57 ETH. Founder Gabe Leydon has teased their programmable royalty solution, coming today, and the long-awaited free Super Bowl mint is now in sight.
Other notable news from NFTs and Crypto:
- ETH and BTC hold steady on the day at $1,330 and $17,240
- CFTC files its own case against Mango Markets exploiter for his role in the platform's $100M loss, after claiming it was part of "a highly profitable trading strategy.”
- SuperRare lays off 30% of its staff, points to over-hiring
- Hackers take over the Chimpers Twitter, spamming Twitter with airdrop posts linking to a wallet drainer and then running a space from the account
- Two Yuga Labs leaders to be deposed amid the Ryder Ripps legal showdown
NFT Total Volume
- Bored Ape Yacht Club (1,583 ETH, 82.5 ETH Floor)
- Friendship Bracelets (1,414 ETH, 0.54 ETH)
- Azuki (1,281 ETH, 14.5 ETH)
- Otherdeed for Otherside (1,273 ETH, 1.38 ETH)
- Mutant Ape Yacht Club (1,217 ETH, 18.2 ETH)
NFT Floor Price Increase
- Abosho (70%, 1.96 ETH Floor)
- Impostors Genesis (45%, 0.55 ETH)
- Memes by 6529 (36%, 0.375 ETH)
- DigiDaigaku (20%, 11 ETH)
- DigiDaigaku Heroes (19%, 3.57 ETH)
- Chimpers (16%, 2.07 ETH)
- CyberKongz (12%, 2.39 ETH)
NFT Floor Price Decrease
- 0n1 Force (-11%, 0.79 ETH)
- Friendship Bracelets (-10%, 0.54 ETH)
- Azuki (-10%, 14.5 ETH Floor Price)
- Captainz (-7%, 5.1 ETH)
- Kubz (-10%, 1.52 ETH)
Upcoming NFT Mints and Reveals
- Game of Thrones: Build Your Realm (11:00 a.m. ET)
Winter is here, as Game of Thrones NFTs officially launch on Nifty's today. The Hero Box NFTs will mint for 0.11 ETH, with a 5k total supply for this Series.
Hype has been fairly low for this one, though picked up a bit last night. With no other big drops today, this has the chance to steal market attention (until tomorrow). And given about 75 percent of the supply is for allowlist, there may be additional secondary demand early.
The determining factor will likely be how the market responds to the Avatars artwork within the Hero Boxes. If it's liked, or tolerated, these likely 2x from mint. Otherwise, it could spell pain.
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.
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.
