Latest 8liens News
8liens, a recent free mint PFP project, announced the establishment of the "8rtist Collective" on Monday evening.
The project, which blossomed quickly to more than 0.5 ETH after the mint, has since fallen dramatically to less than 0.10 ETH at the time of writing.
With the "8rtist Collective," 8liens holders will gain access to upcoming free drops from experienced and up-and-coming NFT artists simply for holding an 8liens NFT and a yet-to-be-created 88C token.
How Does It Work?
In order to gain access to the 8rtist Collective, users will need to hold an 8lien NFT as well as a handful of 88C tokens, an ERC-1155 which will have a max supply of 888 NFTs.
While the 88C NFTs do not yet exist, they will soon be able to be mined by select 8lien NFT holders.
Holders of one of the 585 8liens NFTs with the Fire trait will be able to burn another 8lien NFT in their collection in exchange for an 88C token. The burn period will be open pending a snapshot of all the Fire trait holders, but that snapshot date and time have yet to be announced.
Fire trait holders can also designate select 8lien NFTs with a flames body or fire head to stand in as the "burned 8lien." In this instance, a user holding a Fire 8lien, and a flame body or fire head 8lien will not need to sacrifice or burn their 8lien NFT for an 88C token.
Any unmined 88C tokens will go to the project treasury and a 6.9 percent royalty will exist on the collection.
The diagram below indicates the steps necessary as outlined by the Medium article.
What About the Art?
The art available as part of the 8rtist Collective will vary in both editions and requirements for 88C token holders.
For example, select pieces may require the 88C token holder to have at least five tokens, whereas others could require 15 88C tokens.
Artists joining the collective will also benefit from the sale of their work.
The first five artists to join will receive 20 88C tokens as well as one 8lien NFT from the project's treasury. In addition to those benefits, the artist will receive 10 percent royalties on the sale of their works on the secondary market.
At present time, the 8rtist Collective curation board is being built to help establish artists and eligibility requirements.
For more information, refer to the original Medium article.
Since the announcement, 8liens have made a strong bump in volume traded on the secondary market. The floor price is up to 0.10 ETH at the time of writing, with Fire! 8liens now priced at 0.40 ETH.
Profitable wallets are exiting several projects that have sold out in the last week including 8liens, Moodies and Webaverse.
The following is a list of projects which have seen the highest reduction in sharp wallet ownership over the past 24 hours (profitable wallets are those that have made more than 50 ETH trading):
- 8liens (-62 sharp wallets, 0.177 ETH floor price)
- Moodies by Hanuka (-41 wallets, 0.06 ETH floor price)
- Webaverse Genesis Pass (-29 sharp wallets, 0.387 ETH floor price)
All projects sold out in the last week and have seen significant floor price movement. 8liens has seen the most volume of the group (4,536 ETH in past week) and is still owned by 10.85 percent sharp wallets and more than 1,204 of those wallets bought the project in the past seven days.
8liens announced that the art for its collection will begin revealing at 12:00 p.m. ET today in a recent tweet.
The project has done the third most sales volume this week with 2,945 in ETH traded which is behind only CryptoPunks and Rare Apepe YC according to the Lucky Trader Project Rankings.
8liens was released on August 8, 2022, for free plus gas and is a CC0 project created by the likes of Bharat Krymo, Debussy, Scalynelson, and others.
The current floor price of an 8liens NFT currently sits at 0.535 ETH.
Lucky Trader covers the latest NFT news for Friday, August 12. Top stories include rising NFT trading volume, Pudgy Penguins marching back to relevancy, and 8liens set to reveal today.
Top NFT Projects to Watch Today, August 12
Volume continues to rise, with Wednesday closing the highest trading day in two months with over $25.5M in OpenSea revenue and multiple projects trading over 1K ETH on the day. Thursday slowed to $20.3M in volume, but the past three days are still the highest 3-day period since early June for OpensSea revenue.
ETH has been surging along with the equity markets since the Wednesday CPI news came in below expectations (bullish) and it is seemingly clear skies until mid-September when the next FOMC meeting and now scheduled ETH emerge event.
It is a relatively quiet day and weekend for new drops, but we do have a major reveal event with 8liens coming later which may set the stage for a weekend run of secondary action.
Let's get into it.
Top NFT Mints and Reveals Today, August 12
Here are the two primary drops on the radar for today:
- Art Blocks Factory "Balletic"
- 8lien Reveal
Art Blocks Factory: Balletic
Art Blocks momentum has clearly slowed, with Wednesday's Curated drop Fake It... minting out at 0.33 ETH (lowest in months) and then falling to 0.18 ETH on secondary.
Well, Motus Art will look to buck that downtrend today with his drop Balletic, coming at 1:00 p.m. ET. This generative animated set features rotating blocks, moving in a "choreographed dance to reveal hidden patterns, shapes, and flowing figures." Reviewing some of the sample outputs draws similarities to other animated sets from artist Loren Bednar, like Parade and Phase, which have seen some success in the Art Blocks market.
From the artist's preview page, we get a glimpse of the different styles (i.e. Waves, Moving Rings, Central Pulses, etc.) along with some idea of rarity, with "3 blocks" and "Largest possible grid" standing out as some of the project's most scarce designs. The pieces all seem to be in black and white, so there will not be any color palettes to choose from which may hurt interest a bit (the last black and white project Alan Ki Aankhen has performed poorly since mint).
But with a supply of just 200 and a bit of a rare lotto, this one will have some upside potential compared to some of the higher supply sets of late. It may not be enough, given the lack of volume in the overall Art Blocks market (just $1.9M total on the week, down 42% from last week). That lack of volume and success may lead to fewer batters and flippers though, and if this one reaches min price at 0.1 ETH or close, it likely has some nice return potential.
Balletic dropping this Friday 1pm(ET)/7pm(CET) on @artblocks_io https://t.co/JMzDLCaYPO #nft #digitalart pic.twitter.com/bhCJ9w32tA— Motus Art (@motus_art) August 9, 2022
Already one of the top stories of the week, the 8liens are set to reveal later today (time still TBD) in what will likely be the liquidity focus for Friday and maybe the weekend if the team can pull off a bullish reveal. These pixelated aliens have taken NFT Twitter by storm, being touted by several top accounts and being swept left and right after the public mint on Wednesday as their price mooned from 0.2 ETH to 0.8 ETH at peak Wednesday mania before setting in the 0.5-0.6 ETH range.
A big driver for this volume surge has been advisor Bharat Krymo, known as an OG and top art collector, who did a quick thread on the project and branded it as the "un-pfp". His logic here is that the team isn't driven by financial incentives compared to most typical projects. In his words, 8liens are "the "un-pfp", because the founder's incentives and the collector's incentives are aligned. There are no primary or secondary royalties and there wasn't a price to mint. This is a decentralized free market in action."
The lack of royalties certainly makes the set more attractive to trade, and thus has likely seen an influx of short-term traders and flippers. Now all eyes turn to the reveal, which will be highlighted by the rare 1/1s from top artists including ACK, Hackatao, Van Arman, and more. Some have been drawing comparisons to the CrypToadz project and early market action, and certainly, this is following a similar path here early on - though in a much different market backdrop. This market feels hungry for strong new projects though, and if the artwork is well-liked on these, the set could make a real run this weekend past the 1 ETH range, and then anything is possible.
1. CC0— Bharat Krymo (@krybharat) August 10, 2022
2. Free mint
3. No primary/secondary royalty
4. It's the "un-pfp", why? Derives inspiration from the cryptopunks, but with a public domain licensing model.
5. Sorry (not sorry) corporate brand!
6. World's kinda due for an Alien takeover, no?
NFT News and Announcements
Thursday was a surprisingly slow day of news after a big uptick on Wednesday, with just a few real newsworthy announcements.
Pudgy Penguins made headlines as they revealed the official selections for its first licensing opportunity with PMI Toys. From the Pudgy Twitter feed "This is the first of many instances where the Pudgy Penguins IP will allow web3 to meet web3. Congratulations to the Penguins who were selected." The team also left a teaser, stating "More is coming, just look..." at the end of their post, potentially alluding to a blurred-out children's book in the image. The Pudgy's have become a darling of Crypto Twitter recently, with top account Kaleo specifically making several threads, including this TA-thread from Thursday calling for $100K upside. Whether that happens or not (seems doubtful), clearly the Pengus have some momentum again.
Introducing our Pudgy Toys Lineup, licensed directly from the community.— Pudgy Penguins (@pudgypenguins) August 11, 2022
This is the first of many instances where the Pudgy Penguins IP will allow Web2 to meet Web3.
Congratulations to the Penguins who were selected. More is coming, just look… pic.twitter.com/82iblNKCa3
DraftKings announced a new free pack giveaway for its new Reignmakers platform, a new NFT fantasy sports game coming this season from the daily fantasy sports (DFS) leader. These Starter packs each contain 6 players across the different primary positions for the DFS contest, and owners can use these players to build teams to compete in weekly contests for real $$$ prizes each week this season.
Here is a quick round-up of the rest of the main headlines from Thursday:
- SupDucks completed an airdrop of Pixel Ducks this morning on a 1:1 basis for all SupDucks holders as of July 17 snapshot (they currently hold a 0.07 ETH floor with no trading volume)
- Cool Cats added a new boss quest to its Cooltopia gaming ecosystem, Angry Bloom in the Flower Forest and The Ancient Cat Spirit in the Dusty Temple
- Cyberbrokers announced an open casting call for new character and lore developments
- PREMINT will now require KYC for all project creators after some recent scam incidents
- OpenSea added new supports for the WalletConnect wallet for its Android mobile app
- Coinbase NFT added new features to its marketplace, including the ability to browse upcoming project drops, see trending collections and look for featured projects
NFT Art Market Action
It felt like things had slowed down a bit in the digital art and 1/1 world, but Thursday came in hot with two major all-time high sales for some rising star artists.
First, Alien Queen set her new top sale as "Murders and Executions" which sold for 16.9 ETH ($32k) to jabdoteth. This was a massive jump for AQ, as her prior highs sale were 10 ETH and most have been in the 7-8 ETH range. With some continued momentum, she could easily see the 20+ ETH range here soon. This is also very relevant to Degenz Access Pass owners, as AQ is designing a PFP drop for that ecosystem to be released in the near future (details still TBD).
💎 Murders and Executions 💎— SuperRare Bot 💎 (@SuperRareBot) August 11, 2022
✨ Artwork by @AlienqueenNFT
💰 Sold to @jabdoteth for 16.9 ETH ($32,276.97)https://t.co/YzHgYelhut$RARE #CryptoArt #NFT pic.twitter.com/5hE04gqzyX
The bigger headline from Thursday was from 0xTjo, who smashed his prior ATH sale with "I hate u" selling to ProteinProsecco for 40.69 ETH ($77.7K). This was a major level up, as the artist's prior high was 16 ETH / $26K, with most of his 17 pieces selling in the 6-8 ETH range. Tjo's iconic blue and red style and patterns make his pieces easily recognizable, a key trait for top 1/1 digital art, and was also reflected in his latest edition drop on Nifty Gateway which was a major success and features a burn event this weekend.
💎 i hate u 💎— SuperRare Bot 💎 (@SuperRareBot) August 11, 2022
✨ Artwork by @0xTjo
💰 Sold to @ProteinProsecco for 40.69 ETH ($77,720.75)https://t.co/Xj7FteQ3vu$RARE #CryptoArt #NFT pic.twitter.com/W05MGMuCqR
NFT Market Action Data, August 12
Thursday was certainly slower and a bit of a hangover day from Wednesday's surge in action, with only Rare Apepes eclipsing the 500 ETH threshold as they rebounded from a local low around 0.7 and back up 20 percent to 0.86 ETH floor.
8liens were next up on the board with 400+ ETH on OpenSea (though X2Y2 is seeing tons of 8lien volume with their lower fees), with its floor mostly chopping on the day in the 0.4-0.6 ETH range ahead of today's reveal.
Punks and the Yuga trio mostly held on the day, combining for ~1,500 ETH and seeing floors of 74.7 ETH for Punks and 82 / 15.6 / 1.95 ETH for BAYC / MAYC / Otherdeeds which continue a slow decline (though they are each up significantly this month in USD terms due to the ETH surge).
A few winners on the day were led by Pudgy Penguins, which jumped 10 percent to a 2.68 ETH floor on the back of their toy announcement and Crypto Twitter backing. Goblins jumped 20 percent on the day as well, now back to a 1.75 ETH floor, along with CryptoDickButts jumping another 10 percent to 3.6 ETH. Newcomer Babby's was up 200 percent on the day to a 0.14 ETH floor in a solid rebound from the mint.
Some notable losers on the day are led by mid-tier PFPs, with CloneX, Azuki, and Doodles now at 7.7 / 7.8 / 8.5 ETH floors as their decline continues. Recent rocket Digidaigaku dropped 35 percent on reveal day, now at 1.2 ETH from local highs around the 2 ETH range. Psychedelics Anonymous was also down 16 percent on the day to 0.95 ETH floor.
NFT Market Analysis
The crypto markets dipped a bit Thursday and into Friday morning from local highs, though ETH and BTC are both still up nicely on the week at ~$1,867 for ETH (+16%) and $23,700 for BTC (+4.4%). The key BTC:ETH ratio continues to trend down to 10:1, now at 12.7:1 as attention continues to shift to ETH ahead of the upcoming merge. Now that the merge has an official date on the calendar of September 15-16th, it will become the dominant narrative in both coin trading as well as NFT trading, likely with significant impacts.
The big risk to NFTs into the merge event is if collectors and traders decide that they'd instead hold ETH to receive that potential ETHPoW airdrop versus storing their ETH in NFTs. This risk likely impacts the top-end PFP and art market the most, along with the mid-tier PFPs, but is less likely to impact new projects and the low cap sector (a.k.a. casino) that has continued to do well through this bear market.
But in the very near term, expect attention to remain on the newer projects (8liens, Rare Apepes, Potatoz) through this weekend. With a prolonged day and weekend of new projects dropping, whoever of the existing sets can steal attention will have some nice runway to move. 8liens likely has the best shot with their reveal today being the most likely liquidity focus event, but if the Memeland team makes a big staking announcement for Potatoz, they could certainly steal the spotlight.
This weekend will also be a great liquidity test, to see if the recent uptrend in volume can continue or if it was a temporary blip. If it does continue to trend up, it will bode well for these new sets in the spotlight.
As always, be careful out there to those minting, and make sure to stay up to date with the latest news with the Lucky Trader newsfeed. Have a great weekend!
Profitable wallets are buying 8liens, a 10,001-edition collection of pixelated space creatures which sold out around 12:20 p.m. ET Wednesday.
The free-to-mint project has seen a net gain of 617 profitable wallets Wednesday. Profitable, or sharp wallets, are those that have made more than 50 ETH in profit. The floor price is 0.18 ETH as of 12:45 p.m. ET. The art is set to reveal Aug. 12 at a yet-to-be-announced time. Explore the collection in Lucky Trader's Asset Explorer.
There are no royalties on the secondary market for 8liens.