NFT Morning Minute | Super Tuesday
Good morning!
Take a minute to catch up on the latest in the web3 space. Here are today's NFT market analysis, top movers, and upcoming mints:
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Tyler Warner's NFT Market Summary
Tuesday closed one of the most bullish days of NFT market action in months, as multiple new collections pumped 30-50 percent on large volume.
The day started off on a great note with CPI coming in under expectations, sending ETH and the crypto markets up 5 percent. And luckily for NFT traders, ETH over $1330 did not halt trading - in fact, the opposite. Total trading volume for the day came in at around 25,000 ETH (of which Blur captured ~60 percent), in the 3rd highest trading day since October.
While it was the usual suspects who caught the lion's share of volume (BAYC, MAYC, Azuki, Clone X), it was new projects who were the big winners. Valhalla jumped to 1.52 ETH (+44%), KPR to 0.27 ETH (+37%), JUUNI to 0.47 ETH (+34%), and Tim Ferriss's COCKPUNCH surged to 0.93 ETH (+29%). It was a sea of green on the board, and led many to ask - why are we pumping?
Well, there are specific answers for each collection, and I don't personally think these 4 sets ran solely because of Blur bid farming. Valhalla is up because new buyers from different NFT communities have come in, bought mid-tiers and rares, and touted their buys. KPR and JUUNI are likely moving somewhat in Valhalla's wake, with KPR having fallen too far post-reveal and JUUNI falling to some mint-day FUD. And COCKPUNCH is moving because Tim is debuting 4 new podcasts this week plus the debut of clan-based Twitter accounts, actively moving the story along (and it had probably over-corrected as well). The main question now is - how long will the pump last?
While Tuesday was a big day of market action, it was a slow day of Web3 news. Moonbirds teased a cryptic XCOPY message with the data 12.15.22, while XCOPY hosted a 1-year anniversary party for his Grifter holders in the project's discord. Rektguy founder OSF announced a new plan for NFT buybacks using his art and project revenue streams. VeeFriends has partnered with Day One for a Leadership and Operations Bootcamp. And the Mutant Cartel (a MAYC DAO spin-off) is launching the Mutant Hounds NFT project today using Fair.xyz's platform.
NFT Total Volume*
- Bored Ape Yacht Club (7,291 ETH, 65.2 ETH Floor Price)
- Mutant Ape Yacht Club (3,535 ETH, 14.12 ETH Floor Price)
- Clone X (2,058 ETH, 6.54 ETH Floor Price)
- Valhalla (1,952 ETH, 1.52 ETH Floor Price)
- Azuki (1,680 ETH, 12 ETH Floor Price)
NFT Floor Price Increase*
- Valhalla (44%, 1.52 ETH Floor Price)
- KPR (37%, 0.27 ETH)
- JUUNI Grimoire (34%, 0.47 ETH Floor Price)
- COCKPUNCH (29%, 0.93 ETH Floor Price)
- Creepz (25%, 1.71 ETH)
NFT Floor Price Decrease*
- Cel Mates (-19%, 0.23 ETH Floor Price)
- Adam Bomb Squad (-18%, 0.16 ETH Floor Price)
- RTFKT Animus Egg (-10%, 0.71 ETH Floor Price)
- Art Gobblers (-8%, 3.12 ETH Floor Price)
- Humankind Lunchboxes (-7%, 0.18 ETH Floor Price)
Upcoming NFT Mints and Reveals
- Armin's All-Access (10:00 a.m. ET)
- The Memes by 6529 (11:00 a.m. ET)
- FAEBL - reveal (1:00 p.m. ET)
- Art Blocks Curated: Dipolar (1:00 p.m. ET)
- MNTGE Pass (11:59 p.m. ET)
Today is a really interesting day in the market after yesterday's bullish action. The main drop to watch is the Art Blocks Curated drop "Dipolar," which is the last Curated of this year and just 256 supply. While some of the frothiness has worn off, AB is still in a mini-bull run period. Low supply Curateds are always a draw (the recent 100 supply Pre-Process is holding a 6.2 ETH floor), and with a recent influx of flippers/botters, this one is likely to go high. It likely mints out in the 2-3 ETH range, but if it falls below those levels it becomes pretty attractive.
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.
*data retrieved at 8:00 a.m. ET. Volume and percentages are based on the last 24 hours. Notable projects are included, typically with a 0.25 ETH minimum on the projects listed in this roundup.
