Morning Minute | The Next NFT Airdrop

TylerD's Market Summary

🎁 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).

🚚 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

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

🌎 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

🚀 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)

📈 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)

🗓 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.