NFT Morning Minute | Valhalla Wins and Loses
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
NFT trading volume was up again Tuesday, with OpenSea notching 7,400 ETH in volume. This was led by Valhalla, which dominated trading in its debut with over 2,800 ETH in volume. The project opened out of the gate at above 1 ETH, before retracing to the 0.7-0.8 ETH range for most of the evening, still a major win for minters who paid 0.5 ETH. The remaining supply comes out today and then the long slog til the reveal (in two weeks) begins.
But while Valhalla took the spotlight, the surprising winner on the day was Cel Mates, which rallied 39% to 0.77 ETH on solid volume. There was fear that Valhalla would out shadow and steal their spotlight, but some continuing FUD on Valhalla combined with its floor dropping from post-mint highs has led to some rotation back to Cel Mates. With mating and a burn function coming up, this is now the more fun new project of this recent duo.
Other winners included Justin Aversano's Quantum Key, up another 39% to 0.77 ETH, and Castaways Islands continue their grind back up, now 4.18 ETH (+16%). With rebounding SOL, the y00ts and t00bs floors look even stronger, with the t00bs back up to 197 SOL ($2,630) and y00ts holding steady at 111 SOL ($1,476).
Crypto markets dipping seem to have presented an opportunity to move on grails, as we have seen top-end purchases come through for BAYC, Punks, Doodles, and Penguins over the last few days. Is it grail season? This will be a fun trend to watch, though some tokens are rebounding fast (SOL +20% on the day, ETH +8%) so the window for cheap grails may not be open long.
Top headlines from the day were led by Moonbirds, which launched their official move "in-chain," as founder Kevin Rose touted how the move would lay the foundation for Project Highrise. Some market participants are now speculating that Proof could be building an Art Blocks or Manifold competitor. Magic Eden added support for Polygon, in another win for the major ETH L2, and Porsche has shared early plans for a "journey into Web3." Last, notable collector Vincent Van Dough announced the launch of a new digital art gallery called Art of the Millenium (AOTM), with a focus on enforcing artist royalties and already featuring several top artists.
NFT Total Volume*
- Valhalla (2,849 ETH, 0.75 ETH Floor Price)
- Bored Ape Yacht Club (1,891 ETH, 61 ETH Floor Price)
- CryptoPunks (1,271 ETH, 62.95 ETH Floor Price)
- Mutant Ape Yacht Club (447 ETH, 11.5 ETH Floor Price)
- Cel Mates (421 ETH, 0.73 ETH Floor Price)
NFT Floor Price Increase*
- Crypto Citizens (69%, 1.15 ETH Floor Price)
- Quantum Key (39%, 0.77 ETH Floor Price)
- Cel Mates (38%, 0.73 ETH Floor Price)
- Rumble Kong League (33%, 0.53 ETH Floor Price)
- Castaways - The Islands (16%, 4.18 ETH Floor Price)
NFT Floor Price Decrease*
- Non NFTs (-22%, 0.9 ETH Floor Price)
- Anthony Hopkins - The Eternal (-14%, 0.25 ETH Floor Price)
- Geometry Runners (-12%, 1.5 ETH Floor Price)
- adidas Originals: Into the Metaverse (-7%, 0.4 ETH Floor Price)
- Let's Walk (-7%, 1.39 ETH Floor Price)
Upcoming NFT Mints and Reveals
- Art Blocks Presents: Ingress (1:00 p.m. ET)
- Supercute World - reveal (2:00 p.m. ET)
- 3D Invisible Friends (3:00 p.m. ET)
- Money on the Table by Jason Martin x Diddy (3:00 p.m. ET)
Today is the busiest travel day of the year in the U.S., which begs the question if there will be enough attention on the NFT market for new projects dropping. But let's face it, most NFT degens probably aren't taking the day off. And there are some interesting drops, with a new Art Blocks project, a drop from Diddy, and a companion for Invisible Friends. The latter is likely the biggest drop of the day, with 5,000 3D Invisible Friends minting for 0.07 ETH for eligible allowlist minters. On top of that, we have the final supply of Valhalla coming out this morning.
My predictions: Valhalla leads volume again but chops or dips, Cel Mates continues its grind up, and 3D Invisible Friends is at least a 2x for minters. Good luck out there!
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.
