NFT Morning Minute | The Flight To Valhalla
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
Monday was a fast start to the week in NFTs, led by ApeCoin staking rewards going live, more Blur farming for the top-end Yuga sets, and big spikes in the Valhalla and rektguy projects.
At last night's tally, there was nearly $300M of $APE staked across the various pools, earning APYs ranging from 180% (APE-pool) to 284% (MAYC pool). The first emissions of rewards appear to have led to some sell pressure though, as $APE fell to $4.11 (-6.5%) while other crypto tokens like BTC and ETH were up 3 and 3.5 percent. The stability of $APE against this incoming daily sell pressure is one of the main trades/storylines to watch in the coming weeks.
Blur farming is continuing, as the top 5 sets on the board combined for almost 10k ETH on the day. BAYC, MAYC, and Otherdeeds took the top 3 spots, mostly chopping on the day as BAYC is at 66 ETH (-1%), MAYC at 14.13 (+1%), and Otherdeeds at 1.21 (-5%). Azuki took the 5th spot with its floor at 11.95 ETH (-2%).
But the main story was Valhalla, which surged 30 percent to a 1.05 ETH floor on 1100 ETH volume. There were several top-end sales, including a new ATH of 27 ETH on an Eternal, along with several mid-tier sales above the floor (the Mechs have been hot). The price action is very similar to Renga's before Renga made its big jump from 1 ETH to 3 ETH. Other winners on the day include rektguy, which finally hit 1 ETH floor and triggered founder OSF to finally get that tattoo. The gmDAO art pass is up near 6 ETH, and Tim Ferriss's COCKPUNCH bounced back after he announced 4 podcasts coming this week along with some surprises.
In Web3 news, major game studio Illuvium has released a new game "Illuvium: Overworld" in private beta as it aims to deliver the first AAA blockchain game to the ImmutableX blockchain. Tessera announced a new ApeCoin staking vault plus the launch of a Chromie Squiggle auction. Cool Cats co-founder Evan Luza announced that he is stepping back into an advisory role. And Playboy announced it will be celebrating its 69th birthday in the Sandbox metaverse.
NFT Total Volume*
- Bored Ape Yacht Club (4,720 ETH, 66.03 ETH Floor Price)
- Mutant Ape Yacht Club (2,820 ETH, 14.13 ETH Floor Price)
- Otherdeed (1,223 ETH, 1.21 ETH Floor Price)
- Valhalla (1,213 ETH, 1.05 ETH Floor Price)
- Azuki (914 ETH, 11.95 ETH Floor Price)
NFT Floor Price Increase*
- Juuni (45%, 0.36 ETH Floor Price)
- Valhalla (30%, 1.05 ETH Floor Price)
- gmDAO Pass (28%, 5.88 ETH)
- DigiDaigaku Heroes (21%, 2.09 ETH)
- COCKPUNCH (17%, 0.72 ETH Floor Price)
NFT Floor Price Decrease*
- Wolf Game - Land (-12%, 0.3 ETH Floor Price)
- Invisible Friends (-11%, 1.82 ETH Floor Price)
- Kanpai Pandas (-11%, 0.63 ETH Floor Price)
- end of sartoshi (-9%, 0.05 ETH Floor Price)
- Art Gobblers (-5%, 3.4 ETH Floor Price)
Upcoming NFT Mints and Reveals
- Ledger - Stax (12 p.m. ET)
- HTMKER (3:00 p.m. ET)
- DraftKings Reignmakers - Pixel Vault Packs (6:00 p.m. ET)
It is a slower day for new drops in the NFT market today. Ledger Stax is interesting at 0.22 ETH, because buyers get the Stax physical plus an art pass redeemable in March 2023. The price at 0.22 lines up with the Stax though, so the art is a bonus, and may lead to trading over floor.
Beyond that, expect continued attention on the secondary market for collections that can maintain attention (i.e. Valhalla). It will be interesting to see how rektguy holds up after hitting such a major milestone. The CPI data comes out today as well, in macro news, which could definitely impact the NFT market if it spikes crypto too much in either direction.
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.
