NFT Morning Minute | What Happened Over Christmas Break?
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
If you tuned out of the NFT market for the holidays, you missed some major gains in the low cap, mid-tier PFP, and new projects sectors, while the more established blue chips mostly chopped on a lack of substantial news.
Total volume reached 30,000 ETH twice over the week, with an average right around 24,000 ETH per day. Blur market share dropped from 55%-60% early in the week to ~40% over the past few days as bid volume fell slightly. The Blur team did announce some changes to royalty enforcement and the addition of an airdrop for creators while extending the farming window for Airdrop 3 through the end of January.
With that much volume, several projects experienced a mini-bull run in a surprisingly green week. Twelve notable projects experienced jumps of 20 percent or more, led by Kitaro World (+98%) and the Memeland ecosystem. Ahead of the Memeland Captainz mint coming on Jan. 4, the Potatoz have reached a 3.2 ETH floor (+78%) and the MVPs have reached a 42.69 ETH floor.
Other winners of the week come from a few different sectors. Yuga-adjacent projects saw some great gains, led by Mutant Hounds reaching 1.35 ETH (+35%), Applied Primates at 0.9 ETH (+32%), and Bored & Dangerous at 0.25 ETH (+100%). Mid-tier PFPs saw two major winners in Pudgy Penguins, which hit a 7.3 ETH high before settling at 6.3 ETH (+20%), and the Killabears which have reached a 3.8 ETH floor (+42%). In generative art, Squiggles are now at 16.75 ETH (+24%) and Friendship Bracelets have reached 0.41 ETH (+32%) with their supply reaching nearly 30,000 NFTs. Notable community member 0xTechno also launched a new project yesterday called Toys, which has seen over 300 ETH volume and has hit a 2 ETH floor (from a 0.09 ETH mint).
Arguably the most anticipated news of the week was the latest teaser for the Trial of Jimmy the Monkey from Yuga. The cryptic teaser laced with clues led to more questions than answers, ahead of the next stage of mint preparation coming Jan. 11. The Yuga assets mostly chopped on the week after seeing a large run up ahead of Christmas, with BAYC at 74 ETH, MAYC at 16.4 ETH, BAKC at 8.3 ETH and Otherdeeds at 1.27 ETH. ApeCoin had a solid week, up 8 percent to $3.88 as the rest of crypto mostly chopped on the week.
The other huge news from the week came from Frank DeGods, who announced that DeGods will bridge to ETH and y00ts to Polygon in a total exodus from the Solana ecosystem. The announcement led to some volatile price action, with floors dumping on the news and then rising in the following days as more ETH-native traders begin to speculate on price action post-bridge.
Here's a quick round-up of the other major NFT and Web3 headlines from the week:
- The Memes by 6529 kicked off SZN2 with a Cath Simard meme card on Jan. 1
- Animoca introduced details for its "Mocalist" ahead of its pending launch of the Mocaverse
- PROOF unveiled the web page for Grails III along with some new mint mechanics
- Several artists launched free-to-claim open editions and/or burn-to-redeem in a major new trend in the digital art space
- Chimpers Dojo Homes launched on Dec. 30
- Marketplace X2Y2 teased a "Pro" experience for traders meeting certain criteria
- A China national NFT marketplace called "China Digital Asset Trading Platform" is launching this week in a major move for international adoption
Overall it seemed like most project teams took the week off. Now we'll see if we have a fast start to the new year with some major announcements this week, or if teams ease into 2023.
NFT Total Volume (7-day)*
- Bored Ape Yacht Club (15,439 ETH, 74 ETH Floor Price)
- Mutant Ape Yacht Club (14,181 ETH, 16.4 ETH Floor Price)
- Otherdeeds (13,683 ETH, 1.29 ETH Floor Price)
- Azuki (11,769 ETH, 12.5 ETH Floor Price)
- Bored Ape Kennel Club (7,911 ETH, 8.37 ETH Floor Price)
NFT Floor Price Increase (7-day)*
- Kitaro World (99%, 0.21 ETH Floor Price)
- Potatoz (78%, 3.2 ETH Floor Price)
- Savage Nation (69%, 0.3 ETH Floor)
- Killabears (42%, 3.83 ETH)
- Anata (39%, 1.18 ETH)
- Mutant Hounds (38%, 1.35 ETH)
- Renga (36%, 1.38 ETH)
- Friendship Bracelets (32%, 0.41 ETH Floor Price)
- You The Real MVP (30%, 42.69 ETH)
- Wolf Game (26%, 0.86 ETH)
- Chromie Squiggles (24%, 16.75 ETH)
- Pudgy Penguins (20%, 6.2 ETH Floor Price)
NFT Floor Price Decrease (7-day)*
- Valhalla (-15%, 0.81 ETH Floor Price)
- Otherdeed (-13%, 1.279 ETH Floor Price)
- Juuni (-11%, 0.25 ETH Floor Price)
- Doodles (-9%, 6.16 ETH Floor Price)
- Clone X (-7%, 5.41 ETH Floor Price)
Upcoming NFT Mints and Reveals
- Metaverse HQ 2023 Membership - Today (time TBD)
- Kjetil Golid "Expanse" - Jan. 3 (time TBD)
- Beervanger "The Field" - Jan. 4 (1:00 p.m. ET)
- Memeland Captainz - Jan. 4 (time TBD)
This is shaping up to be a major week of new mints, and the market feels liquid and ready for them. The success of 0xTechno's "Toys" mint last night sets the stage for a great week for new generative art drops, with Art Blocks coming back this week.
But the major drop of the week, and maybe the month, is Memeland Captainz. It essentially costs 10 ETH to guarantee a mint spot right now, so the market is pricing a strong premium on these forthcoming PFPs. It's likely going to be the highest volume new mint since Art Gobblers, and it won't be cheap, so get your ETH ready if you are planning to participate.
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.
*data retrieved at 8:00 a.m. ET. Volume and percentages are typically based on the last 24 hours. Notable projects are included, typically with a 0.25 ETH minimum on the projects listed in this roundup.
