In celebration of the partnership with Red Bull Racing, Azuki added a racing jacket to its collector profile this morning, according to a tweet from the project.
The collector profile allows users to download and add elements to their Azuki PFP, as well as create a showcase, earn badges, and more.
The racing jacket download will add a blue and red jacket in the style of the traditional racing jackets, which were teased yesterday by Red Bull Racing, featuring the Bybit and Azuki logos.
The partnership announcement reverberated slowly at first yesterday but eventually led to a notable change in volume day over day for the Azuki collection, increasing secondary volume on OpenSea by 90 percent, while the floor price increased nearly four percent to 9.98 ETH. Not captured in that volume was the movement of multiple Spirit Azukis, one of which traded on X2Y2 for 120 ETH late last night.
In addition to the racing jacket, the collaboration with Bybit is also introducing a free NFT claim featuring Azuki character, Lei. Users who wish to claim one of the free Tezos NFTs will need to register for an account on Bybit and then preregister for the NFT claim on the upcoming project page. A snapshot will be taken at 3:00 p.m. ET on Saturday, Nov. 19 marking the eligible accounts for the claim, but the 7,700 free NFTs will be released on a first-come, first-served basis starting on Sunday, Nov. 20 at 4:00 a.m. ET.
More of the Lei character and the F1 partnership is expected to unfold throughout the 2023 racing season.
This is a developing story and will be added to by Lucky Trader as more details emerge.
The Azuki project appears to have sponsored the Oracle Red Bull Racing team, according to a tweet from early this morning.
At 2:00 a.m. ET this morning, the Red Bull Racing account teased an Azuki character wearing an Oracle Red Bull Racing jacket, with the Azuki logo appearing below the other sponsors.
The message seems to have been confirmed via the Azuki Twitter account, which RT'd the message and added their own. Their somewhat cryptic message reads "Don't want to steal anybody's thunder...but did we just see lightning?", with hashtags for AzukiF1 and AbuDhabiGP.
The Abu Dhabi Gran Prix will take place this Sunday, Nov. 20, at 8:00 a.m. ET.
The Azuki project is currently holding a 9.55 ETH floor (+0.5% on the day), unmoved by the news.
Users that entered the raffle to win new Azuki-branded apparel and accessories co-designed by luxury brand AMBUSH can check their wallets now to see which item they won, the project tweeted Saturday.
Drawing winners have been airdropped NFTs and now have until Nov. 15 at 1 p.m. ET to redeem the physical item.
Those not selected should have been refunded.
The acceptance rate of WETH offers for Ethereum-based NFTs hit a new all-time high today, according to data from NFT Statistics (@punk9059). This surge is likely tied to the macro crypto volatility in the markets today.
NFT Statistics, the Director of Research at Proof, shared the information in a tweet this morning. According to his data, the ratio of WETH offers to market buys spiked over 0.4 (40%). The previous high was just over 0.3 (30%) in early October.
Thus far today we've seen the highest percentage of WETH volume on OpenSea vs ETH volume ever.— NFTstatistics.eth (@punk9059) November 9, 2022
This means that sellers are accepting existing bids as opposed to buyers buying at sellers' offer prices. pic.twitter.com/oahbIlz9h9
Let's take a look at some specific collections, with a focus on the number of WETH offers accepted versus total sales.
- Bored Ape Yacht Club: 7 WETH offers out of 11 sales (63.6%)
- CryptoPunks*: 2 WETH offers out of 8 sales (25%)
- Azuki: 9 WETH offers out of 15 sales (60%)
- DigiDaigaku: 2 WETH offers out of 5 sales (40%)
- Moonbirds: 10 WETH offers out of 14 sales (71%)
- Squiggles: 6 WETH offers out of 12 sales (50%)
*Punk metrics based on bids accepted vs market buys.
So Moonbirds owners are "capitulating" the most, with Punk owners the least.
Another important takeaway from the high-level data is the general trend line. The WETH ratio seems to be moving steadily up as this year progresses. The rate was in the 0.05-0.1 range from January to May (bull market) but has been grinding up since. Since October, the ratio has been in the 0.2-0.3 range, indicating that 1 of every 3-4 sales is someone taking a WETH offer.
How can an NFT trader use this information?
Well, consider making WETH offers for NFTs instead of market buying. This trend will likely continue as long as the crypto volatility continues.