NFT Morning Minute | Yuga's Turn to Pump
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
Thursday was another bullish day in the NFT market, with overall trading volume reaching ~33,000 ETH traded - the second highest total of the past 3 months. The big winner of this recent liquidity merry-go-round? Yuga assets.
What's Pumping?
Mutants, Apes and BAKC took the top 3 spots on the volume board, combining for over 10,000 ETH traded across them. Their floors jumped to 19.4 ETH for MAYC (+18%), 82 ETH for BAYC (8%), and 12 ETH for BAKC (+20%) in a huge green day.
Why are they pumping?
The obvious answer is that the details for the upcoming Trial of Jimmy the Monkey will be released next week, and this is an anticipation pump, perhaps coupled with a "trickle-up" from the big runs in the low-cap and mid-tier PFP sectors.
But looking deeper, leverage is a factor here as well. New BendDAO loans for BAYC reached an ATH this month, and overall NFT lending volume is at its highest levels since this past April. So the Apes are being traded on leverage (at least partially).
What else is moving?
Micro-caps (floor < 1 ETH) were another big winner Thursday. The trio of 3Landers, goblins, and Alien Frens had their best day in months, jumping 50-100 percent each in a remarkable comeback.
- 3Landers (108%, 0.29 ETH Floor)
- goblintown (58%, 1.06 ETH)
- Alien Frens (50%, 0.64 ETH)
That 0.5 ETH - 1.5 ETH range remains quite hot, with Rug Radio Genesis also on the move in that range (+30% yesterday), though some recent movers have given up their gains (rektguy -18% yesterday).
On the losing end, Potatoz fell another 20 percent to 2.11 ETH as complaints get louder over some "bad math" on the odds of minting a Captain in the FCFS mint on Weds.
Other notable news from NFTs and Crypto:
- Three Arrows Capital founders Kyle Davies and Zhu Su subpoenaed over Twitter
- BONK dumps, down over 100% from recent highs; BTC and ETH down 0.5%-1%
- Rug puller charged by authorities, as the developer of Mutant Ape Planet NFTs was arrested and charged with defrauding investors of $2.9 million
- Shopify expanded its NFT integration, allowing access for its millions of merchants to design, mint and sell Avalanche NFTs
- Doodles announced "beta keys" as the primary early access to Doodles 2
- Fanatics cashed out of Candy Digital, citing lack of profitability in NFTs
NFT Total Volume
- Mutant Ape Yacht Club (4,098 ETH, 19.4 ETH)
- Bored Ape Yacht Club (3,821 ETH, 82 ETH)
- Bored Ape Kennel Club (2,507 ETH, 12 ETH)
- Azuki (1,503 ETH, 15.7 ETH Floor)
- CryptoPunks (1,346 ETH, 66.69 ETH)
NFT Floor Price Increase
- 3Landers (108%, 0.29 ETH Floor)
- goblintown (58%, 1.06 ETH)
- Alien Frens (50%, 0.64 ETH)
- DenDekaDen (46%, 1.97 ETH)
- Rug Radio Genesis (31%, 0.63 ETH)
- Valhalla (25%, 1.13 ETH)
- Terraforms (20%, 3.45 ETH)
NFT Floor Price Decrease
- Bored & Dangerous (-22%, 0.19 ETH)
- Potatoz (-20%, 2.11 ETH Floor Price)
- Chubbiverse Frens (-19%, 0.24 ETH)
- Rektguy (-18%, 1.62 ETH)
- Kanpai Pandas (-11%, 1.42 ETH)
Upcoming NFT Mints and Reveals
- Captainz "airdrop" (time TBD)
- Art Blocks Presents: Dean Blacc "Good, Computer" (1:00 p.m. ET)
- Reignmakers UFC: 2023 Genesis Packs (12:00 p.m. ET)
The Captainz are finally arriving today in what should be the liquidity event of the week (in a very liquid market). Some recent FUD over the true odds of minting one may have hurt the upside, but market participants will forget that quickly if the number goes up. The target price range is likely in the 5-8 ETH range, but given the reveal is 6+ weeks and requires questing, tread carefully unless you are willing to commit for the medium term.
"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.
