Morning Minute | Pudgy Penguins Reach $50,000 Floor

TylerD's Market Summary

Plus, Super Bowl Sunday was good to Doodles lovers.

📝 NFT Weekend Recap

It's Luca Netz's world, and we're all just living in it.

At least that's how it feels in the NFT PFP market these days.

Pudgy Penguins were the talk of the timeline this weekend, and seemingly, the talk of the past quarter.

And 2 new narratives have formed to help propel their near future.

Pudgy's Reach $50,000

On Saturday, the Pudgy Penguin floor finally eclipsed 20 ETH.

And with ETH at $2,500, that meant a $50,000 floor in USD terms.

It has been a huge run-up for the project which traded near 3 ETH just a few months back and was readily available at 5 for months and months.

Now 2 narratives are propelling Pudgy forward (putting token rumors aside):

• The BAYC flippening (flappening)
• More airdrops following the smash $DYM success

As for the flappening, it's pretty straightforward. The difference between the BAYC floor and Pengus has never been tighter.

It's 22.98 ETH to 20.29 ETH right now. A single whale (or two) could make the floors even in a big sweep.

What's wild is how the 2 have compared over time. NFT Stats shared a post this AM, but at peak, 1 BAYC was equal to 100 Pudgy's. And now, almost even.

The other driver - more airdrops.

It seems a hot new trend for protocols and even blockchains is to reward NFT holders vs sybil farmers. It does make sense for a few reasons:

• NFT holders are "real" people (vs sybill farmers)
• NFT holders love to boast about their gains on social media

It's a way to reward actual users while also getting a massive marketing arm. Expect more of that to come. And Pudgy to likely benefit.

The Pudgy's weren't the only cute project to win this weekend, though.

Doodles Win The Week

Pudgy's stole all the headlines, but it was Doodles that actually gained the most over the weekend.

The Doodles floor jumped 40% to 3.49 ETH and has seemingly propelled the project back into relevancy.

The team has been busy as of late, with news of their g-shock watch collab coming out and now the team going on a full-court press tour.

And guess what? When the Doodles team talks, people actually get bullish again.

Their lack of communication has famously been one of the biggest drivers of their downfall, but if they can reconcile that (seems they are), it could be the beginning of the next big comeback story.

With Pudgy's now at 20 ETH and nearly unobtainable, many are looking for the next PFP which could run the same arc. And some are doing the math - 1 Pudgy or 7 Doodles?

Now they also have their own flippening narrative, coming up on MAYC. If they flip them, perhaps it's over to the races.

ETH NFT Market Overview

Back to the broader market, it was largely a quiet week on ETH.

Trading volume oscillated between $15M and $25M per day and has been fairly erratic.

Here is a quick rundown of the notable floors (on ETH) and their 7-day price changes:

• Fidenza: 63 ETH (-6%)
• CryptoPunks: 57.95 ETH (-3%)
• Ringers: 25 ETH (-2%)
• BAYC: 22.98 ETH (-6%)
• Pudgy Penguins: 20.28 ETH (+30%)
• Gazers: 9.8 ETH (-1%)
• Grifters: 8 ETH (-10%)
• Chromie Squiggle: 7.65 ETH (even)
• Azuki: 6.53 ETH (+1%)
• Winds of Yawanawa: 5.9 ETH (-8%)
• Captainz: 4.36 ETH (even)
• MAYC: 4.18 ETH (-2%)
• Doodles: 3.5 ETH (+40)
• Otherside Koda: 2.98 ETH (-17%)
• DeGods: 2.93 (-4%)
• Milady: 2.44 ETH (even)

So another mostly red week, marking 3 in a row.

Generative art does not look great at the moment, continuing its down-only trend as supply just grows by the day.

Punks have lost momentum as well, falling below the $150,000 mark.

Pudgy's and Doodles were the big winners (described above), and that was pretty much it.

Who will be the next project to pull a Doodles-esque rebound? Hopefully we find out soon.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the weekend in NFTs:

• ETH trading volume soared to $26.7M on Sunday after 2 slow days around $17-20M, primarily driven by Pudgy Penguins; NFT leaders were mixed
• Abasho was the top mover on ETH, jumping 100% to 0.89 ETH; FarCats were next, +44% to 0.58
• ACK was announced as the next Opepen artist for set 30 "A.C.K. When The Muse Speaks, I Listen," which briefly sent the floor to 0.4 before retracing to 0.334
• Two Ether Rocks sold for 160 ETH ($401,216) and 180 ETH ($452,600) just a few days after Sotheby's announced it would auction a rock
• Arsonic and Zeblocks' "Pebbles" reached a 3.5 ETH floor at peak over the weekend before retracing to 2.88
• MetaStreet announced its Liquid Credit Token (LCT) would be coming to Blast integrated with Thruster, along with a serious boost in points
• New ERC404 project Pandora has fallen nearly 50% from peak, now trading at the $150M mark
• OMB led action on BTC tallying 25 BTC on the day and jumping 30% to 0.68 BTC floor; RSIC held at 0.077, Quantum Cats at 0.254, Nodes at 0.178 and Puppets at 0.075
• Solana NFTs mostly chopped over the weekend with Transdimensional Fox Federation leading volume at 5.5 SOL; Mad Lads-3% 162, Tensorians +2% at 82 and Crypto Undeads -40% at 4.49
  
• NBA Top Shot saw a $30,000 sale on Victor Wembanyama's rookie debut moment (an edition of 4,000) for serial #1

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are slightly red this morning after a green weekend; BTC -1% at $47,940; ETH -1.8% at $2,485; SOL -5.3% at $104.50
• $DYM fell to 7% to $7.08 on Sunday and a $7.08B FDV ($1.03B mc)
• Wormhole's $W token has started trading on Whales Market, with orders filed in the $1-$1.30 range
• Leading memecoins on Solana have rebounded, with BONK back to $800M and WIF back to $290M, including seeing over $1B in perps volume on Binance on Saturday
• Party DAO released Party Rooms, a new rooms feature that comes with membership NFTs, chats and a wallet allowing users to bid, buy and trade together onchain

🚀 NFT Total Volume (ETH)

• DeGods (1,324 ETH, 2.91 ETH Floor)
• Lil Pudgys (1,316 ETH, 1.98 ETH Floor)
• BAYC (946 ETH, 22.97 ETH)
• Pudgy Penguins (826 ETH, 20.29 ETH)
• Doodles (683 ETH, 3.5 ETH)

📈 NFT Floor Price Increase (ETH)

• Abasho (100%, 0.89 ETH Floor)
• FarCats (44%, 0.58 ETH)
• Lazy Lions (25%, 0.29 ETH)
• CyberKongz  (22%, 1.39 ETH)
• DigiDaigaku (14%, 4.1 ETH)

🗓 Upcoming NFT Mints and Reveals

Today has several mints to kick off the week, spanning art, memes, runes and brands.

Mercedes NXT is doing a free mint called "SuperDackel" with 1,000 NFT supply.

And Jack is seemingly ready to distribute the first group of Ordinals Checks today. There were 57 single checks yesterday, so given that low supply, floor price is likely go to high for the BTC version.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Genesis Runes - Cyber Race (9:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Vikki Bardot - Lux Perpetua (11:30 a.m. ET)
• Mercedes Benz - SuperDackel (12:00 p.m. ET)
• Jack Butcher - Ordinals Checks (TBD)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com