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NFT Market Updates: Market Metrics and 7 Interesting Plays to Watch
Sandra Leow
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Introduction

This week's NFT recap spans across different metrics such as 7D top collections (via. highest trading volumes), 7D smart buys and sells, Opensea vs. LooksRare marketplace, 7 potentially smart plays, upcoming mints, and takeaways.

Our weekly recap aims to provide a more comprehensive overview of the NFT market and general sentiment of top-performing collections.

7D NFT Market Overview

This week’s highlights

The 7D NFT Market Overview covers an outlook of market activity over the past 7-days. In the chart below, there are collections ranging from newer ones to more historic collections that were deployed 200+ days ago.

In Top 5, we have these projects on the list:

  • Karafuru
  • CryptoPunks
  • Azuki
  • BAYC
  • Cool Pets

Last week when we covered our NFT Weekly Recap #2, the Top 5 collections in the 7D Market Overview were HAPE PRIME, Karafuru, HypeBears, Clone X, and Azuki, respectively. This week, Karafuru and Azuki remain in the Top 5, while more renowned collections like BAYC and CryptoPunks reclaimed their position in the Top 5 in terms of total volume traded. Interestingly, the Cool Pets collection climbed up the tier, placing the collection in the Top 5.

In Karafuru’s collection, we suggested that Karafuru had “a steady price movement even days after mint”, and looking further at the smart money buys and sells on a 7D interval, it was clear that Karafuru’s collection was a strong hodl at the time of writing (9 February 2022). The team announced that the launch date was scheduled on February 10, hence this could’ve been a viable explanation for the strong hodl indicator and minimal price movement for the collection. The average price moved from 3.81 ETH to 5.81 ETH on February 11, 2022, which was one day after the reveal. Since then, the average price & volume has seen a significant decline from the peak during the reveal.

Azuki is another top contender, where we highlighted the project on our first, second, and third NFT weekly recap report. During our first NFT weekly recap report, Azuki’s floor price was ranging between 4-4.5 ETH in their average floor price, in the second report, Azuki was ranging in between 11-13 ETH, and the current average floor price of 18 ETH (4.5x increase from first report). Forbes Magazine recently wrote a piece on Azuki with the title “How Azukis Suddenly Became The World’s Best Selling NFT Collection”. In the past four weeks, Azukis notched $300mm in transactions, even beating out BAYC.

Daily Active Users on OpenSea vs. LooksRare

Key terms:

New users = users making a transaction on OpenSea for the first time Retained users = returning addresses who have previously made at least 1 transaction

The daily active users on OpenSea remain relatively healthy but have encountered a gradual decline over the past few days. At the time of writing, the number of retained users stands at 46,733 and the number of new users is at 5450. In contrast, the daily active users on Looksrare is comparatively volatile and has no direct trend.

Trading Volume on Opensea vs. LooksRare

The chart above compares the trading volume between OpenSea & LooksRare (17 Jan-16 Feb 2022). We can observe that the trading volume in LooksRare appears much more volatile compared to Opensea’s. The volatility in volume traded on LooksRare can be due to two possible reasons: 1) LooksRare is still a new platform and the user base is yet to stabilize, and 2) the trading reward schedule (24-hour interval) may have influenced users’ behavior around how they time their trades. Comparatively, Opensea’s trading volume appears to be relatively healthy and far more realistic.

Smart Buys vs. Smart Sells Breakdown

Nansen Smart Money Labels

There are four types of NFT smart money labels on Nansen:

  • Smart NFT Trader
    • top addresses in realized NFT profits + top addresses based on our internal trader score metric.
  • Smart NFT hodler
    • hodlers are the strongest of hands who can hold on to winning NFTs despite going through turbulence of possible massive losses.
  • Smart NFT early adopters
    • top addresses that have invested in selected blue-chip projects before a specific date and are still holding.
  • Smart NFT minters
    • top addresses that have minted and realized significant profits across multiple collections in the last 60 days.

If you are curious to know more, visit our Wallet Label Guide!

Note that 7D smart buy and smart sell breakdown is stacked by label types (smart NFT early adopter, smart NFT hodler, smart NFT trader, and smart NFT minter). Also worth noting is that in some cases, 1 wallet may overlap 2 labels.

When we dive into smart buys vs. smart sells breakdown on a 7D interval, this can be a good indicator to observe collections that are attracting long-term holders vs. collections that are a clear pump-and-dump scheme.

Here, in the 7D smart buys and sells breakdown chart, we can see that:

Strong hodls: Cool Pets Mid hodls: Karafuru, Fighter Weak hodls: Squishiverse Strong sells: Art Blocks, Gooniez

Let’s highlight some of the collections from “strong hodls” to “strong sells”:

Cool Pets

Cool Pets is an initiative launched by the Cool Cats team. There are 19k Cool Pets in total – 9999 for Cool Cats holders and 10k for public mint.

Cool Cats launched their native token, MILK yesterday on 15th February. Cool Cats holder are subjected to earn a base rate of 1000 MILK per day, and Cool Pets can also benefit by participating in quests in their newly launched game.

Squishiverse

Squishiverse is a collection of “cute slime, blob-like” NFTs on Ethereum. This collection was inspired by the slime references in popular media, typically in Asian culture.

Squishiverse’s average price and volume traded looks relatively abnormal - with highly volatile average price and volume levels. Currently, the collection is trading at around 60 ETH, which is comparatively much lower than other more renowned collections. In the roadmap, however, the collection aims to bring a metaverse-like world and to push out an initiative to uplift different artists in the space. It is worth noting that the floor price is nothing without the volume.

24 Hour Smart Mints

This chart is a 24-hour overview of smart mints. Smart NFT Minters are top addresses that have minted and realized significant profits across multiple collections in the last 60 days. A 24-hour smart mints segment is crucial as these projects are still relatively new, hence, there is a relatively low barrier to entry and more research can be conducted before deciding to mint or buy from secondary marketplaces.

In Top 5, we have:

  • MeemosWorld (29 smart minters)
  • CerealClub (22 smart minters)
  • KaraApe (17 smart minters)
  • Paranormies (15 smart minters)
  • 0xAzuki (14 smart minters)

7 Potentially Interesting Plays to Watch

Note that these projects are projects that are currently much hyped, and/or, projects that might be interesting plays, but only time will tell. NFTs are extremely risky and currently in a speculative bubble.

Disclaimer: Twitter followers can also be easily fabricated. It is becoming an increasingly common tactic for newer projects that are launching. However, we also consider other aspects such as community, possible narratives, etc.

AneroVerse (twitter)

AneroVerse is an anime-style PFP project, following a similar narrative to Azuki's NFT collection. The project discord is still closed at the moment, but there might be some interesting WL opportunities.

Category: PFP NFT Twitter followers: 5k

Nyoki Club(twitter)

Nyoki Club are unique, random Nyokies that have been created by the founders of Nyoki Club, which include 10,000 characters in 3D and 4K resolution.

Category: Toy collectibles Twitter followers: 29.5k

Ethereal Club(twitter)

Ethereal Art is a NFT PFP Collection focused on anime women portraits. Ethereal Art also collaborated with a well-known collection in the space called Capsule House.

Category: PFP NFT

Weather Report(twitter)

Weather Report is a collection of 10k randomly generated PFPs.

The artwork is heavily influenced by 1990s skateboarding culture. This project has a heavy focus on building a cohesive community.

It is currently a closed discord channel and is expected to launch on 24 February 2022.

Category: PFP NFT Twitter followers: 66.8k

Mono Locco(twitter)

Mono Locco is an innovative, animal styled PFP, that is inspired by Dior, Dolce & Gabbana, and Burberry Stylist.

They are launching on the 1st of March and has garnered some hype within the community.

Category: PFP NFT and Fashion NFTs Twitter followers: 81.5k

Sekira(twitter)

Sekira is hopping on the anime-style trend with their art inspired by Azuki NFT.

Category: PFP NFT Twitter followers: 62k

Never Fear Truth(twitter)

Never Fear Truth is an NFT community project by Johnny Depp.

Category: PFP NFT Twitter followers: 68.9k

Useful Tools to Track Upcoming Mints

  • Nansen’s ‘Mint Master’ Tool
  • Rarity Tools
  • ChaChang Daily NFT Tracker + Floor Tracker
  • Omelette Pool (subscription-based)
  • Ape O’ Clock
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