NFT Morning Minute | WTF Happened Over Thanksgiving?
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
Well if you took the long weekend off from NFT trading thinking the markets would be quiet, you were incredibly wrong. We just wrapped up one of the more exciting weekends of announcements and trading in recent memory.
The headliner was Yuga Labs, which stealth-dropped some bad news on Wednesday evening that Ape Coin staking would be geo-blocked in the US and a few other countries. But before the market could simmer on this seemingly bad news for long, they dropped a teaser for "The Trial" on Thursday afternoon (their next roadmap item), leading to a massive market rally over the next few days. Once the weekend smoke had cleared, BAYC had reached 73.5 ETH (+23%), MAYC at 14.3 ETH (+23%), BAKC at 6.3 ETH (+33%), and Otherdeeds at 1.28 ETH (+23%). This massive surge included a re-flip of Punks (at 65.95 ETH) and has many market participants chattering about a pending NFT bull run.
So who else benefitted from the fallout of this Yuga rally? Well, all the mid-tier PFPs rallied about 5-10 percent in the wake, but nothing too newsworthy (could also be related to buying ahead of this week's Art Basel events). More notable winners on the long weekend include the Memes by 6529, which saw its floor jump over 150 percent, and the price of a total set eclipse 39 ETH (+300% or more in the past 2 weeks). Friendship Bracelets were the primary winner in the Art Blocks world, up almost 100 percent to 0.22 ETH. And artist ACK's Color Study set surged over 300 percent as well, in a big weekend for art and meme collectors.
In recent project news, Valhalla held steady at 0.55 ETH (right around the mint price), while Cel Mates remains ahead at a 0.78 ETH floor. The CryptoBirbs caught storm on Saturday, running 5x to 0.3 ETH at the peak before retracing to 0.1 ETH. Other major winners on the week included Chimpers at 1.58 ETH (+27%) and KillaBears at 2.1 ETH (+58%).
It was a relatively slow weekend of NFT and Web3 news (other than what is covered above), but there were a few notable stories. The ConsensSys founder responded to data privacy concerns involving their default RPC Infura and recent news of its IP address collection. Oncyber has launched permissionless "Space" minting, in its latest contribution to the virtual gallery and metaverse sector. And Jenkins The Valet is introducing gamified, dynamic NFTs tied to its new podcast, leading to a 57 spike in its NFT floor (now 0.4 ETH).
NFT Total Volume*
- Bored Ape Yacht Club (2,393 ETH, 73.5 ETH Floor Price)
- Mutant Ape Yacht Club (900 ETH, 14.3 ETH Floor Price)
- Clone X (486 ETH, 7.8 ETH Floor Price)
- Otherdeeds (421 ETH, 0.73 ETH Floor Price)
- Azuki (399 ETH, 10 ETH Floor Price)
NFT Floor Price Increase*
- Murakami Flowers Seed (69%, 2.99 ETH Floor Price)
- Entropy by Nahiko (58%, 0.95 ETH Floor Price)
- Jenkins The Valet (57%, 0.4 ETH Floor Price)
- The Memes by 6529 (35%, 0.19 ETH Floor Price)
- DigiDaigaku Dark Spirits (28%, 0.54 ETH Floor Price)
NFT Floor Price Decrease*
- The Doge Pound (-23%, 0.3 ETH Floor Price)
- MekaVerse (-16%, 0.43 ETH Floor Price)
- Cel Mates (-12%, 0.76 ETH Floor Price)
- Neo Tokyo Outer Identities (-11%, 0.66 ETH Floor Price)
- Letters by Vinnie Hager (-10%, 1.25 ETH Floor Price)
Upcoming NFT Mints and Reveals
- Art Blocks Presents: Imposter Syndrome (1:00 p.m. ET)
- Castaways - airdrop
Today will be a very interesting day of trading, as holders who may have been away for the weekend are coming back and seeing some higher floor prices than when they left, and we're likely going to see some increased sell pressure. For new mints, today's Art Blocks is very interesting, as the Bent artist ippsketch is back for his second project in Imposter Syndrome. With just 100 NFT supply, this one has a strong scarcity factor in its favor. Bent has a 1.5 ETH floor with 1,023 NFTs, so from a market cap perspective, Imposter Syndrome has some real room to run (a 1.5 ETH floor would be 10% of Bent's market cap). This should mint out above its resting price of 0.3 ETH, but secondary volume will likely depend on how much collector's like the outputs and how "botted" the mint is. The wild card today is the Castaway's airdrop, in that ecosystem's latest expansion. It will certainly catch some liquidity.
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.
