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NFT Market Updates: Omnichain NFTs, Azuki Airdrop, Pudgy Penguins
Sandra Leow
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Top News

  • Solana NFTs live on OpenSea
  • Gh0stly Gh0sts as the first Omnichain NFT collection
  • Adidas teases metaverse launch
    • Adidas will launch the world’s first personality-based AI-generated avatar creation platform
    • A landmark partnership with Ready Player Me allows each unique avatar to freely traverse the Metaverse across over 1500 apps and games
    • Link here
  • BAYC land drop teaser
    • There are rumors around the BAYC Land drop this month
  • Pudgy Penguins acquired by Luca Netz
    • Pudgy Penguins sold to Luca Netz for $2.5M
    • As April started, trading of Pudgy Penguin surged on popular NFT marketplace OpenSea as the acquisition news flew around.
    • The floor price of one Pudgy Penguin grew to 2.5 ETH. Meanwhile, the NFT traded between 0.7 and 0.14 ETH in the past weeks. At the time of writing, the floor price of a Pudgy Penguin is 2.98 ETH
  • Azuki NFT Airdrop Surprise
    • The Azuki airdrop brought a new wave of bullish sentiment as the collection saw a boost in floor price
    • Although the purpose of the airdrop is still undetermined, it is clear that the interest from Azuki’s community is extremely strong

Metaverse News

  • Investment bank Citi estimates that the metaverse economy could reach $13 trillion by 2030.
  • Emmanuel Macron launches his virtual campaign on Minecraft
  • Cryptovoxels faced a Discord scam attack that cost some of its users their parcels
  • Decentraland opened up its in-world builder to everyone, not just LAND owners
  • TeaDAO - a Metaverse Reserve Currency - Enabling GameFi 2.0 by Solving NFTs Illiquidity raised a US$4.6 Million Seed Round led by Shima Capital
  • Twitch Co-Founder’s Solana Gaming NFT Platform Fractal Raises $35M
  • Metapoly - a new decentralized metaverse land bank with asset-backed stablecoin USM - conducts IDO - Genesis NFT Mint
  • Defi Kingdoms launched on Avalanche

NFT Market Overview

Source: Nansen (as at 7 April 2022)
Source: Source: Nansen (as at 7 April 2022)
  • Overall, the NFT market is picking up. Since the start of March, we’ve seen double the volume (according to the NFT-500 Index points). The demand for NFTs is growing consistently as seen in the chart with an overall increase of 57% in 30D (USD), and a daily change of 1.19%.
  • Based on last week’s change, we are still seeing positive growth based on the chart above (with last week’s 30D change of 29%, and this week being 57%).
  • Social NFTs are still leading by daily market cap per category, with metaverse, gaming, and art.
Source: Nansen (as at 7 April 2022)
Source: Source: Nansen (as at 7 April 2022)

This Week’s Highlights

Omnichain NFTs may disrupt current NFT market dynamics:

  • Gh0stly Gh0sts (GG) launched the first Omnichain NFT collection.
  • It was a stealth launch, free mint, mint from the contract, and available on any Layer Zero-enabled chain.
  • What does omnichain mean? Let’s say the user mints on Avalanche to save gas. He/she wants to use his NFT on Twitter (currently supports Ethereum Mainnet only), so he/she uses the Layer Zero-enabled ‘traverseChain’ function on Avalanche with the destination chain set to Ethereum. Instead of getting a replica of the metadata, the result of the traversal is the official Ethereum GG NFT.
  • This opens up opportunities for “cross-chain arbitrage”, which is arguably one of the first we’ve seen in the NFT world.
Source: Nansen (as at 7 April 2022)
Source: Source: Nansen (as at 7 April 2022)

Azuki

Azuki airdropped a “pile of dirt” to their holders on April Fools. Although the point of the airdropped NFT is merely based on speculations, this has caused a wave of bullish sentiment in Azuki’s official collection. Furthermore, the airdrop is now worth around 5+ ETH each. Azuki’s surge in floor price also acted as a catalyst for anime-related collections like Everai, KIWAMI Genesis, Akuma, and many more.

Source: Nansen (as of 7 April 2022)
Source: Source: Nansen (as of 7 April 2022)

CloneX

CloneX is another leading blue-chip project, that has generated 15k ETH in trading volume in the past 7D, with the current floor price of 22 ETH, at the time of writing. The floor price has increased by 23% in the past 3D.

Some recent developments which can help explain the pump:

  • MNLTH reveal coming soon
  • Space pods burn coming soon - speculations that it might become land parcels in the RTFKT metaverse game
  • Team has stated that they will do a Gen2 collection at some point, rewarding Clone holders

Doodles

Blue-chip season is here and moving. The team made an announcement on their discord channel teasing the “biggest announcement of an announcement soon”. They also mentioned that they will be making global brand appearances this year in NFTNYC, Hong Kong, Vancouver, and Miami.

ArcadeLand

Arcade land is a collection of 10k plots of digital land. Each plot of land makes up the entire Arcade Metaverse world. The Arcade Metaverse is an adventurous world with different regions for NFT holders to explore and play games with their friends.

The project is partnered with several other profile picture (pfp) NFT projects that can be used to hangout and play games within Arcade land. According to the project's website, these include Mfers, Phanta Bear, Starcatchers and more.

Opensea and LooksRare

Source: Nansen (as at 7 April 2022)
Source: Source: Nansen (as at 7 April 2022)
  • In general, the overall number of daily active users on OpenSea and LooksRare seems to be ranging at a healthy number.
  • Since early March, the number of daily active users on Opensea is consistent, with a recent upward trend.
  • For LooksRare, there seems to be an aggressive growth upwards in terms of the number of users in their platform. Last month, Gem integrated LooksRare (users can buy and sell items on LooksRare using the Gem interface and earn rewards in the process). LooksRare also added a new LOOKS Compounder feature here.

TreasureDAO

TreasureDAO began as a derivative of the Loot project. They launched their first 10k collection in August 2021. As the project gained traction and the interests of the community grew, they launched the $MAGIC token in September.

Coming soon (Q1 - Q2 2022):

  • Partnerships
  • Expand Treasure Metaverse
  • Bridge Partner Ecosystems
  • Bridgeworld Phase 01
  • Bridgeworld Phase 02
  • Bridgeworld MVP

Alpha leak from TreasureDAO Team:

  • Questing v2 is currently under development. Three test contracts were deployed which represent the first of a series of Bridgeworld releases aimed at addressing many community concerns, and closing all of the economy loops in Bridgeworld.

Our analyst is covering a full report on TreasureDAO, stay tuned!

Let’s look at highlights from this week:

(Nansen now offers users a network of real-time dashboards centered on the NFT-related activities on Arbitrum One. Check it out here)

Source: Nansen (as at 7 April 2022)
Source: Source: Nansen (as at 7 April 2022)

Interesting Plays to Watch

  • OpenSea on Solana
    • Currently on Beta mode, but it will be interesting to see if the overall demand for Solana NFTs will increase due to its integration with OpenSea.
    • Would be curious to see the performance of the top collections in Solana NFTs and whether new projects will think of launching on Solana instead of Ethereum Mainnet and other platforms.
  • SudoSwap - NFT AMM protocol (check here)
    • “Unlike most other NFT marketplaces today, sudoAMM uses on-chain liquidity pools rather than off-chain order books. sudoAMM liquidity pools are different from those of e.g. Uniswap, and we will explain the differences in a later post. While this does add some gas overhead, we have been mindful in keeping these costs to a minimum. Deploying a new pool is around 180k gas, and your pre-existing pools can be reused when you want to buy/sell additional items.”
  • NFT Perps
    • NFT Perps is an interesting platform, however, the current limitation of floor perps would require an accurate pricing/ appraisal protocol to unlock NFT Perps’ potential.
  • The battle of the “next BAYC”
    • Personally, will be looking at the emergence of blue-chip collections. Currently, it seems like the main contenders to focus on is CloneX, Azuki, and Doodles.
  • Omnichain NFTs

Actionable Tasks

  1. Play around with Nansen’s new “floor sweep” feature
    1. Head to NFT Paradise
    2. On the top right, click “Trends” here
Source: Nansen (as at 7 April 2022)
Source: Source: Nansen (as at 7 April 2022)
  1. Once you’re in the Trends section, scroll down to find “Recent Sweeps”.

Recent Sweeps refer to the most recent NFT sweeps through market aggregators like Gem & Genie. Sweeps are defined as purchase of more than 1 NFT in a single transaction.

Source: Nansen (as at 7 April 2022)
Source: Source: Nansen (as at 7 April 2022)
  1. Usually, I would try to filter out accordingly. NFTs swept >3 and add a smart money label.
Source: Nansen (as at 7 April 2022)
Source: Source: Nansen (as at 7 April 2022)
  1. And there you go!
Source: Nansen (as of 7 April 2022)
Source: Source: Nansen (as of 7 April 2022)

Tools for further research

  • NFT aggregators
    • Gem
      • 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.
    • Genie
      • 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
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Disclosure: The authors of this content and members of Nansen may be participating or invested in some of the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Nansen does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Nansen at any time without notice. Nansen accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.