Morning Minute | The Next NFT Airdrop
TylerD's Market Summary
๐ Magic Eden Announces $ME Airdrop Details
It feels like airdrop SZN is long behind us.
Spring was great, with free money raining down seemingly every week.
Then it dried up.
Well, a major new airdrop may be around the corner.
What Happened?
Yesterday, the Magic Eden Foundation formally announced its $ME token, with a vision of "powering the #1 cross chain dApps ecosystem."
The $ME claim will happen within the Magic Eden wallet, now available on IOS and Android (similar to the Blast playbook).
And future $ME incentives will reside in the wallet.
Clearly Magic Eden is directing people to its cross-chain wallet, which enables trading of NFTs and tokens across all the major chains fairly seamlessly.
What They're Saying
Notably, this was a change from their prior plans of launching an $NFT token, so a branding change has taken place. Possibly because they have bigger plans than just NFTs?
Magic Eden Foundation Director Matt Szenics said as much to Decrypt:
"We want this to represent something greater than just NFTs, especially if down the line, we adopt protocols that represent fungible token standards."
"That doesn’t mean we’re not bullish on [NFTs]."
Makes sense (and nice clarification Matt).
Why It Matters
Magic Eden has been the dominant NFT marketplace this year.
They have a sizable lead on the 3-month and 6-month over rival Blur and all other competitors.
For comparison, Blur trades at a $550M FDV ($330M mc). And it traded over $1B at peak.
It's not crazy to think Magic Eden's token could open at Blur's current MC or higher.
And in that scenario - NFT traders likely have a sizable airdrop coming.
Interested farmers can prepare now, by downloading the ME wallet, and starting to bid and trade NFTs on Magic Eden (on any chain of your choosing).
๐ What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- ETH led NFT trading volume with $4.2M on the day (-32%); Solana was next with $3.1M, and then BTC with $1.9M
- ETH NFT leaders were mixed; Pudgy +1% at 10.48 ETH, BAYC +1% at 12.9 ETH, Azuki -1% at 4.6, Milady -4% at 3.9; Punks held at 27.5
- CyberBrokers (+50%) and Checks (+33%) were other notable top movers
- BTC NFT leaders were very green after the Magic Eden announcement; NodeMonkes +13% at 0.139 BTC, Puppets +9% at 0.09 BTC, OMB +8% at 0.166, Quantum Cats +3% at 0.276
- The Runes leaders were red again; DOG -1% at $297M mc, RSIC -5% at $72M mc, PUPS -9% to $38M
- Solana NFTs were mostly green; Mad Lads +3% at 56 SOL, SMB Gen 2 +3% at 24, DeGods -4% at 35
๐ฐ Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
- pump.fun introduced "stages", allowing multiple parties to live stream, stage participants to screen share, use voice chat, and more
- Phantom expanded its onboarding options. allowing users to utilize Apple Pay, credit cards and more with live quotes
- Arch Lending announced a $75M raise to build out crypto-backed lending, with backing from Morgan Creek, Galaxy, BitGo and more
- Arcade announced its first gamified "Paradice" mint is going live on August 27
- Sony is launching an ETH L2 called Soneium, planning to deliver web3 apps across entertainment, gaming and finance
๐ Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors mostly chopped on the day; BTC -1% at $60,800; ETH +1% at $2,660, SOL even at $144
- Bitcoin fees briefly surged over $100 as Babylon Labs launched its Native Staking protocol
- Memecoin majors also chopped with DOGE even, PEPE even, WIF -2%, BONK -1%, MOG -1%
- Tron stablecoin USDD is no longer backed by BTC reserves after Tron DAO removed $750M worth, now mostly backed by Tron (TRX)
- Donald Trump endorsed his sons' crypto project "DeFiant Ones" on Truth Social, though details and launch dates are still TBD
- Binance founder CZ has been released from prison to a halfway house, with full release slated for September
- Avax had a big day, as Grayscale announced a new Avalanche Trust and Franklin Templeton announced its US Government Money Fund FOBXX is now available on Avalance
- The US Dept of Justice charged former congressional candidate Michelle Bond (FTX exec Ryan Salame's partner) with violating campaign finance laws tied to a sham consulting arrangement for $400,000 from FTX
๐ Memecoin Movers
- $GINNAN (+59%, $26M market cap, SOL)
- $FWOG (+54%, $22M market cap, SOL)
- $SCF (+36%, $56M market cap, SOL)
- $DADDY (+26%, $45M market cap, SOL)
- $POPCAT (+16%, $575M market cap, SOL)
๐ NFT Floor Price Increase (ETH)
- Ultiverse (56%, 0.39 ETH Floor)
- CyberBrokers (53%, 0.14 ETH)
- Checks - Edition (33%, 0.3 ETH)
- Heurist Imaginaries (24%, 1.3 ETH)
- The Currency (23%, 0.8 ETH)
๐ Upcoming Mints and Events
Today is another slower day of mints to end the week.
A few PFP drops on Bitcoin, Ram Dezin as the meme card artist, and a Real Agency drop from Jonah Blake coming on Polygon.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Ordi Gotchis (10:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- Jonah - Real Agecy (12:00 p.m. ET)
- Schizordies (12:00 p.m. ET)
- Scerbo x Nguyen Wahed x Verse (1:00 p.m. ET)
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 to tyler.warner@luckytrader.com.