Top News
- Sandbox updated roadmap for landowners
- Dapper Labs announces $725m ecosystem fund
- OpenSea is adding NFT copy detection and verification features
- Spotify experiments with NFTs
- Various discord channels hacked via mee6bot
- Invisible Friends x KITH NFTs
- Chainsmokers release NFTs to 5,000 of their most devoted fans
- 1% of royalties from the latest album’s sales are distributed to the holders
- Karafuru x HYPEBEAST x atmos 3D avatars drop
- The collection has had significant trading volume, ranking at #9 on the most traded volume chart for this week, despite recently releasing
- It is worth keeping track of going into next week
- Linktree adds new NFT features in partnership with Opensea
- Dwyane Wade is partnering with Budweiser to drop Budverse Legends NFTs on May 24th
- OpenSea delists Not OkayBears after 48 hours
NFT Market Overview
Volume per week
Main observations:
- Weekly volume measured in ETH has been trending lower in recent weeks. However, the broader NFT market has been trading between 200k-300k ETH during most weeks of the year. Thus, there have not been signs of capitulation yet.
- Although the weekly volume remains within the range, there has been a significant drop in the number of weekly transactions - the lowest YTD.
- The blue-chip index continues to fall week over week and is close to erasing all of the year’s gains.
- NFT market outlook is increasingly dependent on general crypto and macroeconomic market conditions.
- The recent Terra collapse and Azuki drama from last week are likely behind the lower NFT activity this week.
- The weekly volume held up extremely well in light of ongoing bearish sentiment and capital flight to safety from many investors, which could indicate a sign of resilience from the NFT market.
- All top 10 projects except for Sandbox Land, CloneX, Azuki, and Veefriends witnessed a 1.45%-28% drawdown.
OpenSea vs. LooksRare
With the conclusion of last week’s LUNA/UST debacle, daily active users on OpenSea and LooksRare have been on an uptrend recovery. The brief spike in new users on LooksRare on May 17th might be due to OpenSea delisting NotOkayBears and the subsequent listing migration over to LooksRare.
On May 11th, LooksRare implemented phase 3 of their LOOKS emission which effectively cut rewards by 60%. Despite this, trading volume and user activity have been relatively steady and did not face drastic drops. Given how OpenSea does not offer any sort of trading rewards, a reduction in rewards is supposedly still preferred over none.
This Week's Highlights
Dooplicator
Exploring Dooplicator’s Statistics Post-Drop
- One week into the initiation of the Dooplicator minting process, we assess some key metrics behind how the collection has been performing. Dooplicators, which can be claimed by every Doodles holder starting from May 12 to June 21, is the secondary project to the Doodles collection. Currently, little about the utility and value proposition of these NFTs is known, but a demonstration and trailer will be shown during NFT NYC on June 22. An event titled “Dooplication” will commence in the Summer of this year.
- Due to the lack of information and the fact that the reveal is one month away, it is expected that the floor price will remain relatively stable after one week. The floor price has climbed 32.4% since inception, presently sitting at 3.31 ETH. It is reasonable to expect increased volatility during the coming weeks leading up to the reveal.
Speculating On Dooplicators Price Action
- Barring major shifts in the NFT and fungible token landscape, most Dooplicator holders seem to be taking a wait-and-see approach. Because Doodles is considered a blue-chip collection, Nansen’s on-chain data shows that holders are opting to wait patiently for more information or reveal. This sentiment could correlate to previous drops from similar blue-chip collections such as Bored Ape Yacht Club, where some holders sold their airdrop too early.
- Only 155 out of the 7,277 Dooplicators in circulation are listed for sale, translating to 2.13% of the supply. The low ratio supports the claim that holders are being patient on their airdrop.
Lack Of Smart Money Presence On Dooplicators?
- Looking at Smart Money activity around Dooplicators, it is interesting that there have not been many smart buys from notable flagged wallets in recent days. Recent events in the global crypto market, primarily the Terra collapse and the Azuki drama, are likely factors preventing most smart buyers from deploying capital in the short term. As mentioned in the general NFT market overview, the volume has been stifled across the board due to fear and uncertainty.
Solana NFT Derivatives Trend
Assessing the activity and sustainability of the Solana NFT derivative projects launching on Ethereum
- After the recent rise of Solana’s NFT ecosystem, many copycats and derivatives have been minted in recent days.
- Observing data on Nansen’s dashboards, we spotted several derivative projects aggregating significant volume over the past week. Most notably, NotOkayBears, Baby Okay Bears (derivatives of Okay Bears), and Ethereum Monkey Business (derivative of Solana Monkey Business).
- As of May 19th, NotOkayBears and Ethereum Monkey Business have been delisted from OpenSea, but are still tradable on LooksRare.
- While these projects have seen considerable trading volume, the fact that they were delisted from OpenSea after 48 hours confirms the unsustainability of this trend, similar to CryptoPunks derivatives last year.
- We will explore the Smart Money interest in these projects in the Smart Money Movements section below.
Collection | 7D Volume | Floor Price | 7D Floor Price Change |
---|---|---|---|
NotOkayBears | 3352 | 0.08 | Free mint |
Baby Okay Bears | 514 | 0.009 | Free mint |
Ethereum Monkey Business | 161 | 0.0019 | Free mint |
Smart Money movements
Main observations:
- While activity has been relatively muted compared to previous weeks, NotOkayBears, a derivative project based on the popular Solana NFT project Okay Bears, saw the most interest from the Smart Money. 38 different Smart Money wallets bought a total of 16 ETH in volume. However, the activity experienced by NotOkayBears pales in comparison to the second and third most popular projects by Smart Money buys this week.
- 27 Smart Money wallets picked up Otherdeed for Otherside, which accounted for 464 ETH in volume. Although the volume for the project has declined by over 67.5% from last week, the floor price has stayed relatively constant, which currently sits at 3.13.
- Continuing its momentum from last week, PXN: Ghost Division accumulated the most volume by smart buyers this week at 525 ETH, although the floor dropped to 1.7 ETH at the time of writing. PXN: Ghost Division and Otherdeed for Otherside are going head-to-head for the most volume on the NFT charts this week.
- With the recent trend of copycat Ethereum projects based on notable/high-volume Solana NFT collections, we witnessed NotOkayBears, Baby Okay Bears, and Ethereum Monkey Business emerging in the top 10 smart buys this week. This could be due to Smart Money following the hype and looking for quick flips since data suggests that there has been more smart selling than buying for these projects.
- Following the drama which unfolded in the Azuki community last week, the floor price quickly collapsed to 7.4 ETH on 11 May but recovered to around 14 ETH. Despite the general sentiment of uncertainty and loss of confidence in the Azuki leadership, Azuki and BEANZ Official remain of interest to Smart Money. 9 unique smart buyers accumulated 232 ETH worth of Azukis. Similarly, 6 Smart Money wallets bought 19 ETH worth of BEANZ Official. It is unclear whether the motive is short-term speculation or unphased belief in the community and the project's future.
Upcoming Projects Highlights
Invisible Friends x KITH Twitter
In collaboration with KITH, the Invisible Friends NFT collection is auctioning off 9 1:1 KITH Friends NFT, starting 18 May, 11 am EST. Clothing worn by these NFTs will be given to the holders. In addition, all existing Invisible Friends holders can mint a KITH Friends NFT for $1000 each. The special editions are available for 24 hours, starting 20 May, 3 pm EST.
- Mint date: 18-21 May, 2022
- Price: $1000 in ETH
Collider Craftworks Twitter
Collider Craftworks is a next-generation 3D avatar project built on Unreal Engine. The project offers utility in the form of customizable accessories and digital goods stored on a visual wallet. The accessories and items are tradable on a marketplace. The avatars can also connect to first and third-party applications for an immersive metaverse experience.
- Mint date: 20 May, 2022
- Price: 0.5 ETH
Akumu Dragonz Twitter
Akumu Dragonz is the second collection from their genesis collection on Solana, BoryokuDragonz.
- Mint date: May 31, 2022
LonelyPop Twitter
LonelyPop is a cartoon-style PFP collection consisting of 10,000 avatars created by BushRobins and 0xStudio.
Webaverse NFTs Twitter
Webaverse is building an open source OS for the Metaverse on the web which creators and communities can use to tell interoperable immersive stories (2D, 3D, VR): fun gameplay, interoperable, X-Platform, feature-packed (AR, VR and AI), and with native web3 integrations. They are launching with Upstreet (Season 1) which is a sci-fi experience in which stories/virtual worlds/games from different creators and communities become part of a larger story which progresses in seasons.
World Overlay Twitter
World Overlay is a community-driven web3.0 virtual worlds platform, where we seek to truly empower the creation of immersive, high-quality user-generated virtual content, filled with social, gamification and e-commerce elements.
Ultiverse Twitter
Ultiverse builds the social gaming metaverse, connecting the Web3 to an immersive, fully VR-compatible virtual world, and finally creates a unique MetaFi.
Solana NFTs
NFT Market Overview
Solana’s total NFT market cap has seen a 50% uptick from the previous week, standing at $1.28b. Its 7D volume has also risen to $72.6m, signifying interest in the Solana NFT market. For the first time, Magic Eden flipped OpenSea in terms of weekly active users, having 10x more transactions in the same timeframe.
Magic Eden continues to dominate the share of volume across all marketplaces, gathering over $68.8m in the past week. OpenSea and Solanart accumulated $5.6m and $460k in weekly volume, respectively, experiencing significant growth from the previous week. The number of active wallets has increased slightly from the past week, signalling that the increase in volume could be attributed to users transacting more instead of new users coming in.
Coral Cube is a Solana NFT marketplace and aggregator that launched in late February this year. It has been gaining traction in the past week, surpassing Solanart in 7D volume and the number of active wallets. The team aims to push out rewards for transacting on the platform, similar to what LooksRare is doing on Ethereum. There is no concrete timeline regarding the integration of the reward system, but it would be interesting to keep a lookout.
Top 10 by 7D Volume

There was a significant shift in the top 10 projects by 7D volume this week. More than half of the projects from the previous week were replaced by newer projects that were recently launched.
- Reptilian Renegade launched just 4 days ago but has seen a quick rise, rising to an ATH floor price of 45 SOL within 2 days.
- Staking was introduced for holders to earn SIGHT, as well as an airdrop of an “Eye” NFT. The utility of these would be a “deviant portal” coming in late June.
- Bored Ape Solana Club is a Solana derivative of Bored Ape Yacht Club that launched in January. It had not gained much traction until several days ago - when the floor price increased by 11x to an ATH of 33 SOL.
- The cause of this dramatic rise is unclear, although the trend with derivatives projects is that it is often a pump and dump.
- Meanwhile, projects like DeGods, Okay Bears, and Cets on Creck have seen a steady rise in their floor prices - possibly to adjust to the equivalent USD value of the NFT before the drawdown of SOL. These established projects continue to provide value to their holders through consistent building.
Top 10 Sales (24H)

Besides taking the top spot in terms of weekly volume, Okay Bears are making waves by recording 9 sales out of the Top 10 sales on Magic Eden in the past 24 hours.
The project has gone from strength to strength since minting out less than a month ago. With its iconic catchphrase - WAGBO (We’re All Gonna Be Okay), Okay Bears has cemented its brand in the NFT space. It achieved many firsts for a Solana NFT project - including topping OpenSea’s 24H ranking and hitting 1m in trade volume on Magic Eden in just 2 weeks. Notably, the project has gained the attention of many in the Ethereum NFT space, which could be a strong reason for the great success of this project.
They have managed to build a strong community on Twitter in the early stages and are working on providing more value for its holders. The latest update shows that several items are in the pipeline, including building a ‘Bear Market’ with Magic Eden, a holders’ welcome pack, as well as an outdoor brand marketing campaign.
This Week's Highlights
The Catalina Whale Mixer
The project is the first NFT collection from WAGMI Beach - a Web3 native entertainment studio developing original IP on the Solana blockchain. It launched in December last year and has seen steady price action since then. In the past week, the collection has seen an increase in floor price from 90 SOL to 140 SOL.
The announcement of holders being guaranteed a free mint for Bubblegoose Ballers is a reason for the sharp rise in floor price. Bubblegoose Ballers is the second NFT collection from WAGMI Beach and has attracted a lot of positive attention in light of its upcoming launch. The team is also providing many utilities for holders, as highlighted in the blueprint - which includes access to other WAGMI Beach projects in the future and IRL events such as beach parties.
Upcoming Projects Highlights
Trippin' Ape Tribe Twitter
Built by Valhalla Labs, Trippin' Ape Tribe is a community-first PFP project on Solana, backed by strong and ownable branding, storytelling, long-term utility, and a passionate community of psychedelic-friendly degens. The collection consists of 10,000 NFTs.
Jikan Studios Twitter
Jikan Studios is a PFP collection consisting of 10,000 NFTs powered by $TROOP
Bubblegoose Ballers Twitter
Bubblegoose Ballers is the second collection from WAGMI Beach. It consists of 10,000 NFTs.
Tools for further research
NFT aggregators
- Gem recently launched on January 20.
- Gem allows users to explore and collect NFTs across all the marketplaces on a single interface, giving you a birds-eye view of the market - ensuring you never miss out on a good deal.
- Batch buy & list NFTs across all major marketplaces in a single transaction. Save time & gas.
- Genie was technically the first NFT aggregator in the NFT space.
Due diligence for minting
- Nansen’s guide here
Wallet management + tracking
- NFTBank.ai
- This platform is a leading platform for tracking your NFT inventory
- Zapper
- Zapper is a good tool for tracking an overview of your NFT portfolio
- NFTBank.ai
NFT Marketplaces