Top News
- Gary Vee launches his own NFT consulting arm, according to a May 25 trademark filing
- The company will also offer advertising, marketing, and promotion services
- Prada releases its own NFT collection on Ethereum
- Anticipated collection size of 100 NFTs to be released this Thursday
- Ayoken, an NFT marketplace for creatives, raises $1.4m in pre-seed funding
- Alfa Romeo F1 Team on the verge to set a new NFT record
- STEPN operator announces that users in China will be blocked from the app starting July 15
- Cool Cats release 2022 roadmap and introduces new characters
- Web3 platform mirror.xyz introduces writing NFTs
- They are now live on Optimism
- YouTube CEO hints at plans to integrate NFTs onto their platform
- NFL partners with Mythical Games to launch a blockchain game
- The game, called NFT Rivals, is a ‘play-and-own’ game, and will feature players as NFTs
NFT Market Overview
Volume per week
Main observations:
- Weekly volume measured in ETH continues its downward trend and has hit new lows for the year
- While aggregate weekly volume measured in ETH has been down, the number of transactions have spiked up. This could be attributed to a lower risk appetite and subsequent demand for Solana-based projects and cheaper mints/secondary purchases
- The Blue Chip index is in a steady decline and is only up 1.63% YTD in USD terms. Though the floor price for BAYC, Punks, MAYC, WoW, and - NFT worlds has seen modest increases ranging from +1.91% to 6.57% suggesting that ETH price dropping was the culprit
OpenSea vs. LooksRare
Daily active users on both OpenSea and LooksRare have seen a slight increase in the past week. Trading volume measured in ETH trends down for both marketplaces while a clear uptick can be seen in OpenSea’s volume measured in # of transactions. LooksRare is relatively flat over the week and no drastic drops in users or trading volume can be seen with the cutting of LOOKS reward emissions.
This Week's Highlights
Goblintown
Goblintown took the NFT space by a storm. Initially started as a free mint, with the current floor price of 8.2 ETH. The floor price has increased by 638% in the last 7 days. The volume traded (ETH) for Goblintown exceeded notable blue-chip collections like BAYC, Otherdeed for Otherside, and MAYC. We flagged the smart money movements on our recent Twitter post.
Other highlights
- Admit One
- Created by Crypto Twitter influencer and Ape CryptoPunk owner, gmoney.eth, Admit One was an entirely free mint
- Similar to Moonbirds, Admit One is an exclusive group of 1,000 web3 enthusiasts, builders, and thought leaders. It also serves as an entry into the gmoney ecosystem
- There were two allow lists to mint this collection:
- The first group of eligible minters is those who will bring insights and value to this community and is hand-picked by gmoney
- The second group is those who hold POAPs from some of the events that gmoney has attended, including the most recent VeeCon event
- The membership is valid for 3 years starting from the mint date
- The floor price has exploded to 15.5 ETH, potentially signifying an emerging trend in utility-based exclusive groups, started by Moonbirds, that gives access to insights and a community of pioneers in the space
- Rektguy
- Created by OSF, a prominent artist in the NFT space
- Their art style is comparable to that of XCOPY’s
- Not much information is known about the utility and road map of the project other than that it is just art, PFP, and CC0
- This project was also a free mint
- The vibe of the project and its community is humor aimed towards the bear trend in the crypto market
- Similar to goblintown, which could potentially be the new meta for the short term (relatable memetic bear market humor)
Smart Money Movements
On-chain data tracking smart money movements gives quantitative insight into the hype around this week's most notable projects. Goblintown, Admit One, and Rektguy are all in this week's top 10 most unique smart buys. Moreover, these three projects are the top 3 smart buys when sorted by volume, contributing to the surge in their respective floor prices this past week. Other collections with significant smart money buyers include AIMoonbirds and Rareland.
Upcoming Projects Highlights
Illuvium
(Twitter)
Illuvium land plots contain resources that can be used to extract fuel, which assists in catching and upgrading Illuvials or sold on their native DEX. Players can also scan their land plots to make blueprints for new skins. The land is limited and separated into 5 tiers, with tier 5 having the most fuel available to be extracted. Land plots can be purchased with ETH or sILV2.
- mint date: June 5
- category: Land/metaverse
LonelyPop
(Twitter)
LonelyPop is a cartoon-style PFP collection consisting of 10,000 avatars created by BushRobins and 0xStudio.
-mint date: TBA
- category: PFP
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/game from different creators and communities become part of a larger story that progresses in seasons.
- mint date: TBA
- category: Land/metaverse
World Overlay
(Website)
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 ecommerce elements.
- mint date: TBA
- category: Metaverse/game
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.
- mint date: TBA
- category: Metaverse/game
Solana NFTs
NFT Market Overview
Solana’s total NFT market cap has decreased from the previous week, sitting at $1.12b. Its 7D volume has decreased by almost 50%, sitting at $38.5m. This could be attributed to the continued harsh macro environment, as well as the network outage which caused SOL to tumble by 11%.
Across the board, 7D volume for each marketplace has seen a drawdown with varying degrees. Magic Eden recorded around a 25% decrease in volume while OpenSea and Coral Cube saw around 50% decreases in their 7D volume. Solanart has been removed from our analysis as its volume and users have decreased significantly such that it does not have much of an impact on marketplace statistics.
While the number of active wallets has decreased for Magic Eden and OpenSea, the number has increased for Coral Cube by about 20%. This signals a shift in user behavior which could shake up market dominance, which is worth looking out for.
Top 10 by 7D Volume
- Activity on ‘Blue Chip’ collections such as Okay Bears, DeGods, and Blocksmith Labs has decreased while we see greater activity on newer collections such as Kings of Da Street, Jikan Studios and GhostKidDAO
- Overall, the market has pretty negative sentiments and people are looking to flip instead of hold - as seen in the price action on newer projects
- Despite having high volumes, Trippin’ Ape Tribe has seen more than 50% decrease in floor price. Even with a number of sales in the 300 - 400 SOL range, the project never really took off and initial price action can largely be attributed to hype.
- GhostKidDAO was a stealth mint that launched about 3 weeks ago, minting out at the price of 0.09 SOL. At its peak, the project hit 14.5 SOL in floor price - achieving a 166x from mint.
- It has fallen almost half from its peak. Not too much development going on at the moment except for staking, which would yield the token BOO
- Jikan Studios did not do so well in the secondary market as it fell below mint price almost immediately after it was listed. Kings of Da Street followed a similar trajectory.
- Both projects seemed to have significant hype pre-mint, amassing over 200k followers on Twitter and over 50k Discord members. The struggle to garner any price action could be attributed to low liquidity across the space, as people are looking to de-risk due to macro environments.
Top 10 Sales (24H)
A variety of projects have recorded top sales this week - including new entrants such at Cets on Creck and Degenerate Ape Kindergarten. Notably, Okay Bears, Cets on Creck, and DeGods were featured in Coingecko’s article of ‘10 Most Exciting New Solana NFTs in 2022’. These collections were also ranked in the Top 3 using NFT Inspect’s community ranking, which could have drawn in greater interest from buyers that less concerned with prices but want in on stronger communities.
The Degen Egg is part of the collection under Degenerate Ape Academy. There seems to be no clear indication as to why the Degen Egg was bought for such a high price, but the collection was dropped to holders who participated in the ‘Degen Gang Bang’ activity back in February. There is no clear utility to the NFT yet but holders are believing in the work of Monoliff - the art director of Degenerate Ape Academy.
Upcoming Projects Highlights
SUTEKI
(Twitter)
SUTEKI is a collection of 6,000 anime NFTs that aims to put a spotlight on talented anime artists and writers. Its mission is to build up a platform that can facilitate connections and be a home for like-minded people to feel accepted.
- mint date: 3 June, 3:20pm UTC on ME Launchpad
- mint price: 4 SOL
- category: PFP
Duppies
(Twitter)
A second collection from the DeGods team. Duppies is a collection of 13,333 NFTs. All DeadGods holders will be guaranteed to mint 1 Duppie. The mint price will be 375 DUST.
- mint date: June
- category: PFP
Bubblegoose Ballers
(Twitter)
Bubblegoose Ballers is the second collection from WAGMI Beach. It consists of 10,000 NFTs.
- mint date: TBA
- category: PFP
Upcoming Narrative/Meta
The narrative seems to be going away from the WL meta, as seen in the price action from projects such as Jikan Studios and Kings of da Street. Rather, there seem to be many ‘stealth’ cheap mint projects popping out - such as 10th St. Terriers and Hooded Mages. The projects often create the account just before mint and start the minting process once it has gained a bit of traction but not too much. Due to low cost, people would be more inclined to mint more and the FOMO following the sellout is what normally drives initial price action.
However, both projects are currently sitting at or near mint price - suggesting that it only pays to be a minter as people do not look to hold these projects long term, despite low costs.
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
