Top News
- Bored Ape Yacht Club Discord server compromised again, approximately 200E worth of NFTs stolen
- Epic Games Store will host its first web3 game this year
- Epic Games makes an entry into crypto with Grit, a battle royale game from Gala Games
- Snoop Dogg partners with Food Fighters Universe, the team behind Bored N Hungry, to open up an NFT-themed restaurant
- The restaurant, named Dr. Bombday’s Sweet Exploration, will be an “immersive retail dessert experience”
- Former OpenSea product manager, Nathaniel Chastian, charged over insider trading allegations
- Kanye West files 17 NFT Trademarks related to YEEZUS
- Kanye’s filings signal a reversal on his stance against NFTs
- Looney Tunes become the next Warner Bros. IP to get NFT treatment
- Tweety is the first character to be featured on the collection, titled Looney Tunes: What’s Up Block?
- StockX Files New Response to Nike’s Sneaker NFT Lawsuit
NFT Market Overview
Volume per week
Main observations:
- Volume measured in ETH has seen a small uptick compared to last week but still pales in comparison to earlier this year
- Transactions per week continues to rise and is nearing back to its ATH in the last 12 months
- While volume in ETH is close to its ATL, most transactions happening in the market are most likely attributed to free mints, CC0 projects, and cheaper NFTs. Most market participants are generally risk-off and going after low-hanging fruits
- The Blue Chip- 10 index has seen a steady decline over the weeks and for the first time has dropped below its Jan 1 2022 price. It is now -13% YTD in ETH terms and -57% YTD in USD terms.
- World of Women and CloneX have taken a heavy beating this past week and are down 11% and 16% respectively. Sandbox Land has been the clear leader and is up 12% while MAYC and NFT Worlds experienced modest gains; 5.75% and 4.71% respectively
OpenSea vs. LooksRare
Daily active users on both OpenSea and LooksRare have decreased in the past week but LooksRare had a slight reversal with a small end-of-week bump. New user growth continues to stay relatively flat. Trading volume measured in the number of transactions continues to grind higher on both marketplaces.
This Week's Highlights
General Observations:
- Goblintown NFT far exceeded the subsequent collections in terms of volume traded in the last 7 days, even surpassing the notable blue-chips like Bored Ape, Otherdeed for Otherside, and MAYC. Moreover, the total volume traded for Goblintown exceeded the volume traded for MAYC and BAYC combined.
- In terms of volume traded, the 7D chart was largely dominated by newer collections deployed in the past month.
Project highlights:
- We Are All Going to Die
We Are All Going to Die was another collection that took the NFT market by storm this week. The NFT trading behavior was strangely similar to Goblintown, with a clear community rallying behind the project, also coined as “WAGDIE”.
- Illuvium Land sale
Illuvium raised 72mm+ in sales this past week. The price to mint the Illuvium NFTs was a fraction of the cost users paid to mint Yuga Lab’s Otherside land sale. For the sake of comparison, Illuvium announced that users spent a total of $350k in fees to mint 20,000 plots of land, while Yuga’s Land extracted $72mm in fees from users attempting to mint. Illuvium’s land sale took place using a dutch auction, primarily for ILV holders. This allowed users to enter at any desired price.
Smart Money Movements
In continuation from last week, this week's smart money movement shows that there are generally more unique sellers than buyers. Although, the average trading volume by smart money has been higher on the buyers' side. As highlighted last week, most trading activity persists around memetic projects that express humor towards the bear market trend, as well as free-mint projects. These doom-themed collections are still the current meta for short-term flips by both retail and smart money investors, while projects with solid fundamentals continue to build during this bear market.
Most notably, We Are All Going To Die tops this week's smart money charts, showing up on both the buyers' and sellers' sides. The collection is second in overall volume, registering 9,427E behind Goblintown's 10,477E in weekly activity, and has also shown up on the 7D smart mints chart with over 72 smart minters since inception.
In general, smart money seems to focus its efforts on minting and quickly flipping free-mint, goblin derivatives, and bear market-related collections rather than buying upcoming projects on secondary. This behavior expresses the sentiment of reluctance from market participants to hold on to any low-conviction projects for long, but rather minting projects with low risk to the downside and aggressively realizing profits on the way up.
Tracking smart money using Nansen
As such, we can position ourselves to benefit from this meta/narrative in real-time by leveraging Nansen's dashboard and smart alert notification. Since smart money currently prefers minting to buying on secondary, we can monitor the Mint Masters section of NFT Paradise. The latest mints dashboard shows what market participants have been minting. To take advantage of this, we can sort by Smart Minters, used in conjunction with the First Mint column, to identify recently deployed collections that are of interest to smart money.
Moreover, matching projects with high minting volume in the past 24H with a high count of unique smart minters also assist in gauging which projects are hyped up in general, which could be identified as a potential short-term play. For example, we can see that LEGION has shown up on both the volume and most mints by smart money in the past 24H.
Upcoming Projects Highlights
Memeland
(Twitter) Memeland is 9GAG’s first NFT collection.
9GAG has a global audience of 200 million, across our website, apps, Instagram, Facebook, Twitter, and TikTok.
9GAG is backed by First Round Capital, Freestyle Capital, Greycroft Partners, True Ventures, Y Combinator, 500 Startups, and more.
- mint date: TBA
Possessed
(Twitter)
Possessed is a collection of animated PFPs.
“The PSSSSD lab is dedicated to enhancing your creativity. We'll be releasing a roadmap of future experiments in the coming weeks and months.”
- mint date: The mint will take place between April and June of 2022 - no specific date is set yet.
LonelyPop
(Twitter)
LonelyPop is a cartoon-style PFP collection consisting of 10,000 avatars created by BushRobins and 0xStudio.
- mint date: June 14
NFTSensei
(Twitter)
NFT Sensei is an all-in-one toolkit to give yourself an unfair edge in the market. Their product is stacked with the necessary custom bots, analytics and integrations you’ll need to DYOR and implement a superior trading/investing strategy.
- mint date: June 12, 7am SGT
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.
- mint date: TBA
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
Solana NFTs
NFT Market Overview
Solana’s total NFT market cap has increased from the previous week, sitting at $1.35b. Its 7D volume has decreased slightly, sitting at $37.9m. The increase in market cap could possibly be attributed to the launch of several hyped mints such as Great Goats, Just Ape and SUTEKI. Volume remains low as the macro environment continues to look pessimistic, and people may prefer to stay on the sidelines for now.
Interestingly, 7D volume for Magic Eden and OpenSea has seen a drawdown while Coral Cube saw an almost 50% increase. Despite a decrease in volume for Magic Eden, the number of active wallets has actually risen. The number of active wallets has also risen for Coral Cube, while there was a 40% decrease for OpenSea.
This is the third week in a row whereby the number of active wallets has increased on Coral Cube while the number has decreased for OpenSea. This could signify that these OpenSea users may be hopping over to Coral Cube due to better functionalities or UX etc.
Top 10 by 7D Volume
- Volume for this week has been concentrated in newer mints, as ‘Blue Chip’ collections such as Blocksmith Labs have fallen out of the Top 10 projects
- Half of the projects in this ranking only launched this week - Great Goats, Just Ape, Vandal City, SUTEKI and Ghostface Gen 2
- Most of these newer projects end up being a ‘pump and dump’ as price shoots up post mint due to FOMO from the WL meta and subsequently drops as people are just looking to flip as soon as possible
- Out of all the newer projects that launched within the past few weeks, GhostKidDAO has been slowly climbing and retaining its floor value extremely well even in this downturn
- Besides staking and its $BOO token, the project has not really introduced other utilities
- The community is rather strong on Twitter, coupled with tweets from influencers such as Alexis Ren which probably contributed to its rise
- Ghostface Gen 2 is a project by wgmidiot who built Gen 1 and gained a following from the success of that project. The roadmap for Ghostface has yet to be finalized but holders are betting on the founder to deliver
Top 10 Sales (24H)
Interest for DeGods (specifically, DeadGods) is picking up once again. This could be attributed to the upcoming Duppies mint using $DUST, as well as the $DUST halvening which happened a few days ago. DeGods will now earn 5 $DUST a day while DeadGods will earn 15 $DUST a day. Purchases of these DeadGods could be attributed to users looking at earning more $DUST as they believe in the future of the project.
It is also interesting to see an Okay Bear sale at 500 SOL, almost 5 times more than the current floor price. The recent announcement on project updates possibly generated a bit of hype as it includes upcoming collaborations with art brands and Web3 companies to further establish the Okay Bears brand.
Upcoming Projects Highlights
Wobblebug
(Twitter)
Wobblebug is the first tokenized musician in history that allows holders to participate in a piece of a DJs career. Holding a MegaWob NFT will earn $WOB which can be used to participate in community proposals. Wobblebug was created by Grammy-nominated DJ and Producer Wuki along with a team of music industry veterans and NFT/blockchain professionals.
- mint date: 9 June; 5pm UTC for WL, 5.30pm UTC for Public
- mint price: 3 SOL
Bubblegoose Ballers
(Twitter)
Bubblegoose Ballers is the second collection from WAGMI Beach. It consists of 10,000 NFTs. The utility of holding the NFT includes
- mint date: 13 June, 10am - 1.30pm PST
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
Pacer
(Twitter)
Pacer is a wellness-to-earn app that rewards users for sleeping, practicing mindfulness or exercising consistently. The project is backed by notable investors such as FTX Ventures and QCP Capital. Giveaways and access to discord can be won through Pacy NFT’s Twitter
- mint date: TBA
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
