NFT Morning Minute | Trickle Up Economics

NFT Morning Minute | Trickle Up Economics

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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NFT Total Volume

NFT Floor Price Increase

NFT Floor Price Decrease

Upcoming NFT Mints

Tyler Warner's NFT Market Summary

Wednesday was a majorly bullish day in the NFT market, with mid-tier PFPs the latest sector to pump in this mini-bull market after low-caps started the run.

What's Pumping?

Azuki and Beanz led the way, surging to 16 ETH (+22%) and 1.88 ETH (+26%) respectively, while another Spirit Azuki sold for 280 ETH. The grail Spirits have now seen 6 sales in 2023 and are clearly becoming the status symbol for whales in the new year, while also driving volume to the Azuki floor and rare Beanz.

The Doodles ecosystem caught some love, with Doodles up to 7.38 ETH (+17%) and Dooplicators up to 1.35 ETH (+36%). Moonbirds even got in on the action, jumping 23 percent to 8.9 ETH.

Why are they pumping?

Each of those projects has reasons why they may be pumping, with 1)Azuki's anniversary next week and expected announcement, 2)Doodles Box and Dooplicator reveal coming in February, and 3) Moonbirds token plus Mythics coming in Q1.

But in some ways, it feels like a "trickle-up" effect from those cashing in gains from the low-cap sector pump and rotating up. Here's the list of notable low caps up in double digits in the past 24 hours:

  • Oraand (63%, 0.7 ETH Floor)
  • Rug Radio Genesis (55%, 0.5 ETH)
  • Kubz (52%, 1.67 ETH)
  • Dooplicator (36%, 1.35 ETH)
  • Kanpai Pandas (28%, 1.69 ETH)
  • Rektguy (27%, 1.98 ETH)
  • Beanz (26%,1.87 ETH)

That 0.5 ETH - 1.5 ETH range has been quite hot, with Beanz, rektguy, Kubz, and Pandas now breaking out of it. We will see how far they can head from here.

Market Summary

Not surprisingly, overall trading volume was up for the 5th day in a row to ~23,500 ETH and today appears to be continuing that trend based on huge overnight volume.

Crypto mostly chopped on the day, with BTC at $16,828 and ETH at $1,252, after the FOMC news came out that rates are unlikely to be cut in 2023.

Other notable news from NFTs and Crypto:

  • BONK continues to rip, up another 80% on the day to .0000037 ($364M FDV)
  • The Memeland Captainz minted out their FCFS allotment in seconds yesterday, though it was somewhat anticlimactic as the NFTs won't be received and tradeable til Friday
  • Potatoz fell 7 percent to 2.68 ETH and will enter new price discovery (downwards) after Captainz are airdropped
  • Magic Eden continues to have issues, after images were compromised on Tuesday and then yesterday fake NFTs were able to appear within legitimate collections, causing some fake sales
  • Yesterday's Art Blocks Curated mint "The Field" minted out at 2.3 ETH but fell to 1.58 ETH overnight

NFT Total Volume

  • Azuki (5,109 ETH, 16 ETH Floor)
  • Beanz (2,054 ETH, 1.87 ETH)
  • Mutant Ape Yacht Club (1,630 ETH, 17.2 ETH)
  • Bored Ape Kennel Club (1,584 ETH, 10.3 ETH)
  • Bored Ape Yacht Club (1,418 ETH, 77.3 ETH)

NFT Floor Price Increase

  • Oraand (63%, 0.7 ETH Floor)
  • Rug Radio Genesis (55%, 0.5 ETH)
  • Kubz (52%, 1.67 ETH)
  • Dooplicator (36%, 1.35 ETH)
  • Kanpai Pandas (28%, 1.69 ETH)
  • Rektguy (27%, 1.98 ETH)
  • Beanz (26%,1.87 ETH)
  • Moonbirds (23%, 8.9 ETH)
  • Azuki (22%, 16 ETH)
  • Doodles (17%, 7.38 ETH)

NFT Floor Price Decrease

  • Savage Nation (-32%, 0.15 ETH)
  • Toys by 0xTechno (-23%, 0.84 ETH)
  • Wolfgame - Land (-18%, 0.39 ETH Floor Price)
  • Wolfgame (-10%, 0.69 ETH)
  • Potatoz (-7%, 2.68 ETH)

Upcoming NFT Mints and Reveals

  • "Velum" by Harvey Rayner (1:00 p.m. ET)
  • Art Blocks Presents: Dean Blacc "Good, Computer" (1:00 p.m. ET)
  • Reignmakers UFC: 2023 Genesis Packs (5:00 p.m. ET)

The "Velum" drop by Harvey Rayner is the most interesting of the day. His Fontana collection in Art Blocks Curated has been a smash hit of late, reaching a 12 ETH floor at the peak before settling at 9 ETH for a 500 supply project. Velum will have just 100 NFTs, and there is a chance it mints out near the top of its Last Price Dutch auction today which starts at 10 ETH.

"Good, Computer" is also interesting today, minting at the same time and with just a 75 supply. Low supply Art Blocks have done well as of late, but the recent trend of minting out at too high of a price has hurt secondary momentum - so tread carefully. This one is more attractive if overlooked.

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.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.
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