Morning Minute | Bugatti Bets Big on Bitcoin
Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints:
TylerD's Market Summary
Mega brand Bugatti is launching a new luxury NFT line on Bitcoin, and Yuga has launched another 100,000 NFTs with Vessels. Here's what you need to know.
🏎 Bugatti and Asprey Launch Luxury NFTs on Bitcoin
Bugatti is throwing their hat in the NFT ring, but they are not launching digital cars.
Instead, they are going the "digital Faberge egg" route.
On Tuesday, Bugatti x Asprey announced a new limited edition collection of "objet" eggs, available as physicals and as generative NFT artwork.
The kicker - it's going to be on Bitcoin.
They apparently drew inspiration for the collection from Carlo Bugatti, who once said:
"The purest perfect shape of nature is the egg.”
We will take his word for it.
- What: The Asprey Bugatti Egg Collection, described as "precious objet physical eggs links to generative art on Bitcoin"
- Mint date: Around May 4 (not final)
- Price: ranging from $20,000-$50,000, with a set of 10 high-end editions starting at $200,000
- Supply: 111 NFTs, available as physicals as well
- Who: A collab between the two luxury brands in Asprey and Bugatti
So Bugatti and Asprey are effectively launching luxury "phygitals" (I know, I know, we hate that term), with buyers able to receive both the physical objet egg and the NFT.
Why does it matter?
This is a huge test for the demand for NFTs on Bitcoin, and it might help set the theme of what type of NFTs launch on Bitcoin.
The common gripe with Ordinals during the past 1-2 month craze is the lack of quality collections, with Yuga's TwelveFold and Frank's DeGods being the only real "legit" collections to drop to date.
Now we have a major brand in Bugatti launching a legitimate, high-end art collection on Bitcoin. If they see success, it will be a big win for Bitcoin NFT maxis and will provide a new real option for brands selecting blockchain for NFTs.
Given the present barriers to transacting on Bitcoin, lower supply collections that tend to turn over less frequently (i.e. high-end digital art) make more sense.
TwelveFold helped kickstart this trend, and now Bugatti might cement it.
Want to learn more? Check out their full description on the project website.
🙈Yuga Launches Another 100,000 NFTs
There is a lot going on in the Yuga ecosystem right now.
In the past 4 weeks, we've seen the Sewer Passes turning into the new evolving HV-MTL collection, The Otherside 2nd Trip, the introduction of the new Legends of the Mara game, and the Gucci collab.
Somewhat lost in all of this major news and production - Yuga is launching a new 100,000 NFT collection with the Otherdeed decoupling and Vessel claim.
What you need to know
Here are the basics:
- All Otherdeed NFTs are eligible to claim Vessels, and Otherdeeds with Kodas can have their Kodas "decoupled" into new, distinct NFTs
- The Koda Decoupling and Vessel Claim is open at lotm.otherside.xyz/expanded and will remain open indefinitely
- Claiming either the Koda or the Vessel requires burning the original Otherdeed, and new NFTs on new smart contracts are launched at time of the burn
- Token IDs will remain the same through the burning process
Assuming a full burn and decoupling (we won't see 100%, but 80%+ is probably likely), the new Otherside NFT landscape will include:
- 10,000 Otherside Kodas
- 100,000 Otherdeed Expanded NFTs
- 100,000 Otherside Vessels
So they have actually added 110,000 NFTs, if everyone burns and decouples.
That's a lot of new NFTs, on top of the 26,000 HV-MTL NFTs introduced through Sewer Passes.
In typical post-airdrop action, the combined floors of the new NFTs have dipped compared to the original.
- Otherdeeds are now at 1.55 ETH, -12% on the day from ~1.75 ETH
- Vessels are at 0.34 ETH, and Otherdeed Expanded are at 1.13 ETH (1.57 ETH total.
- 19,000 Vessels have been claimed so far
- 2,500 Otherside Kodas have been decoupled
- The Otherside Koda floor is 11.35 ETH (12 ETH for still coupled Kodas), down about 10% as well
Is this just a "sell the news" event playing out, or the typical outcome of expansion via new NFTs?
I'm leaning the latter.
Sure, Vessels are now the lowest price entry for Yuga exposure at 0.34 ETH, and even assuming they become PFPs at some point, they are effectively the 5th tier NFT now (behind BAYC, MAYC, Kodas, and HV-MTL).
Will that be a big enough draw in this current bear?
We will find out.
🚚 What else is happening in NFTs?
Here is the list of the headlines from the day in NFTs:
- Trading volume came in around 21k ETH on Wednesday (-30%), with OpenSea Pro seeing 1,540 ETH (7% share and +120% on the day); Blur share dips to 60%
- The NFT board is once again in the red, with most dipping 2%-5% even as ETH gives back recent gains
- Soulja Boy launched a 3d NFT collection which sold out at 0.01 ETH, and immediately ran to 0.12 ETH on secondary before getting briefly delisted from OpenSea (now back live and at 0.064 ETH)
- A Luka Doncic 1/1 Sorare card sold for $77,000, as Sorare sees over $3.5M in secondary volume on the week
- Two Fidenzas sold for 58 ETH and 51 ETH, well below recent floors in the 70-80 ETH range
- Claynosourz partners with Octo Gaming to launch a mobile game "Clayscape" already available in both Google and Apple Play stores
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market was green yesterday; BTC +1% at $28,550; ETH +2.7% at $1,910; ARB +5% to $1.27
- Nike released new details for its upcoming Our Force 1 NFT collection, including previews of the digital shoes and their new digital OF1 Boxes
- Fortune Magazine launches its second NFT drop as magazine covers featuring generative artist Itzel Yard (Ix Shells) coming on April 9
🚀 NFT Total Volume
- Wrapped CryptoPunks (2,939 ETH, 57.4 ETH Floor)
- Otherdeed (2,550 ETH, 1.6 ETH)
- Nakamigos (1,665 ETH, 0.54 ETH)
- BAYC (1,335 ETH, 60.1 ETH)
- Gemesis (856 ETH; 0.04 ETH)
📈 NFT Floor Price Increase
- Seizon (44%, 0.13 ETH Floor)
- Nakamigos (28%, 0.54 ETH)
- Kanpai Pandas (21%, 1.88 ETH)
- Renga (11%, 0.77 ETH)
- Ordinal Kubz (19%, 0.17 ETH)
🗓 Upcoming NFT Mints and Reveals
Today has several drops, most of which are lower supply art collections.
The main event is from Braindrops artist Roope Rainisto and Fellowship AI, as their Post Photographic Perspectives AI-art collection goes live.
It won't be cheap, with a final resting price of 2 ETH. But with Roope's "Life in West America" still holding a 5.25 ETH floor (it hit 12 at peak), this will see some big demand and may go higher than 2.
The Koda Pendants are a big event today from Yuga, and will likely sell out quickly, though I do not expect much secondary action.
- 76ers Heritage - Heart of Philly (9:00 a.m. ET)
DC Comics: All-Star Superman #1 (8:00 p.m. ET); 0.25 ETH
- Post Photographic Perspectives (Day 1) (1:00 p.m. ET); Dutch auction
- Parts (1:00 p.m. ET); 0.005 open edition
- The Nature of Memory by M. J. Lindow (1:00 p.m. ET); $100
- Long Neckie Vibes on the Go by Nyla Hayes (1:30 p.m. ET); 0.019 ETH
- Degen Arcade Power Pass (6:00 p.m. ET); 0.069 ETH
- Gucci x Yuga Labs - Koda Pendants (TBD); 450 $APE
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email firstname.lastname@example.org.
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.