NFT Morning Minute | The Trial Arrives
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
Trading volume ticked fell to 21,000 ETH on Tuesday, the lowest in over a week, in what seemed to be a "waiting day" ahead of multiple major events happening today in the market.
What's happening today?
The major event today is related to Yuga and The Trial of Jimmy the Monkey. Mint details will be announced, outlining how next week's multi-week interactive mint will work.
Those details will likely dictate how the BAYC, MAYC, BAKC, and $APE prices move over the next week. BAKC has squeezed in anticipation of its role (only 10k dogs and 30k BAYC + MAYC NFTs), now at 11 ETH, and $APE is near its local highs at $4.90 as holders speculate on its use in the mint.
Two other Yuga-adjacent projects have events today as well.
- The Mutant Hounds have their reveal today, which is highly anticipated based on its floor jumping 40 percent in the past week to 1.8 ETH (with Megas selling as high as 75 ETH).
- And Applied Primate Engineering is launching its latest puzzle, as the team slowly released more details about the project and how its Keycard will be used. The Keycards are at 1.05 ETH, down 12 percent on the day but up 13 percent on the week.
What else is moving?
It was a mixed day for most of the mid-tiers on Wednesday. Azuki and MAYC each jumped 1 ETH, now 15.5 and 19.3 ETH respectively. Pudgy Penguins pulled back, now 5.8 ETH, as did other recent movers like rektguy (1.5 ETH) and Captainz (5 ETH).
Friendship Bracelets saw a surge of volume into the end of the mint window at 1 pm ET, briefly reaching 0.65 ETH floor, but then volume dried up and the floor slowly retraced to 0.51 ETH over night.
Other notable movers:
- The Memes by 6529 saw most floors jump 30-50 percent ahead of today's now confirmed Grant Yun card drop, with the full set reaching 61 ETH (+15%).
- DigiDaigakus are now at an 11.5 ETH floor after yesterday's highly anticipated programmable royalties announcement from founder Gabe Leydon, though that has come with mixed reviews.
- Wolf Game Farmers jumped 29 percent to 0.66 ETH after news broke that Seedphrase traded a Punk for 3 rare land plots in a blockbuster Wolf Game trade.
- Game of Thrones NFTs have disappointed on its reveal, as images of poor quality artwork have spread and the floor has dipped below its 0.11 ETH mint price to 0.07 ETH.
Other notable news from NFTs and Crypto:
ETH and BTC jumped 1 percent on the day to $1,330 and $17,440 ahead of this week's FOMC meeting. Other headlines from Web3 include:
- PleasrDAO launches PleasrHouse, an innovative web3 auction house providing interactive and virtual live auctions
- Bright Moments is heading to Tokyo, bringing major artists just as Jeff Davis, Alexis Andre, and Zancan
- Gutter Cat Gang puts together focus groups to ensure community engagement ahead of Gutter 2.0
NFT Total Volume
- Mutant Ape Yacht Club (1,642 ETH, 19.3 ETH)
- Azuki (1,418 ETH, 15.5 ETH)
- Bored Ape Kennel Club (1,258 ETH, 11.1 ETH)
- Friendship Bracelets (1,236 ETH, 0.52 ETH)
- Bored Ape Yacht Club (846 ETH, 81.5 ETH Floor)
NFT Floor Price Increase
- feetpix.wtf (37%, 0.1 ETH Floor)
- Wolf Game - Farmers (29%, 0.71 ETH)
- Nouns (20%, 38.5 ETH)
- Grails III Mint Pass (18%, 2.7 ETH)
- NutsDAO Poker Players (18%, 0.23 ETH)
NFT Floor Price Decrease
- BasedHeads V2 (-43%, 0.17 ETH Floor)
- Game of Thrones - Heroes (-36%, 0.07 ETH Floor Price)
- Mutant Hounds (-11%, 1.78 ETH)
- Pudgy Rods (-10%, 0.51 ETH)
- Pudgy Penguins (-8%, 5.8 ETH)
Upcoming NFT Mints and Reveals
- Memes by 6529: Grant Yun (11:00 a.m. ET)
- Art Blocks Explorations: "Hyper Drive" (1:00 p.m. ET)
- Matriarchy Now (3:00 p.m. ET)
- Yuga Labs - Prepare for the Trial mint (TBD)
- Mutant Hound Collar - reveal (TBD)
It is a huge day of drops today and multiple have high upside. The Grant Yun card drop, even with 1,420 supply, will be one of the highest sought-after Meme cards in the collection.
Today's Art Blocks drop "Hyper Drive" has already seen sales in the 2 ETH range from the allowlist mint, so expect a high mint price and higher-than-average demand for this one.
And Rolling Stones' "Matriarchy Now" is a wild card mint today, in collab with Nadya Tolokonnikova from Pussy Riot.
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email firstname.lastname@example.org.
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.