Airdrop Day Arrives for NFTs
The most important day of the year is likely here for NFTs with 2 major airdrops, plus catch up on all the weekend action.
TylerD's Market Summary
GM!
Today's top news:
ETH volume and floors fall ahead of $BLUR airdrop
Ordinals see big action, Bitcoin Frogs pop to 0.15
Mad Lads dip into 70s after PYTH snapshot
TAO and BONK both soar 100%+ in massive week
FrenPet pops 600% after Coinbase tweet
📈 NFT Weekend Recap
Christmas is set to come early this year for farmers and NFT users across blockchains.
Today 2 major airdrops are coming, with $BLUR on ETH and $PYTH on Solana.
It's set up to be a massive liquidity injection on 2 blockchains and could likely drive the next leg up.
But who will benefit?
What's Happening?
It was a fairly quiet weekend in the NFT sector as it seems most are just waiting to see what happens with $BLUR here.
With that said, it was a bloody week/weekend as some farmers began to sell off PFPs ahead of an unknown SZN3 of incentives.
Most leading PFPs ended the week down in the 5-10% range, including both BAYC and MAYC, both down 10%. Effectively, most of the gains of the last week were wiped out.
Don't tell that to Parallel enthusiasts though, because their weekend was green.
$PRIME soared 12% on Sunday to $7.60, +42% on the week. The Parallel Avatars followed suit, jumping 11% to 0.84 ETH (+87% on the week).
That rise is even more impressive given the broader red on the Blur leaderboard.
The Grapes also benefitted, jumping 17% to a 2.14 ETH floor, a new ATH ahead of their token launch.
The other main headline - we're living in a multi-chain NFT ecosystem now and ETH isn't catching all the winners.
Ordinals led volume on the week on Bitcoin (though BRC-20 data throws things off), with Bitcoin Frogs soaring to a 0.149 BTC floor.
Mad Lads led the week on Solana, grinding up to a 105 SOL floor before selling off overnight (now at 79).
And Doge Rocks even got in on the action, jumping to a 30k DOGE ($2,445) floor on a flurry of sales.
It's becoming increasingly important to follow activity across these ecosystems to catch the best opportunities.
And with airdrops flowing into both ETH and SOL today, more opportunities are likely to be there than before.
NFT Market Overview
Now for a quick look at broader price action.
Here is a quick rundown of the notable floors and their 7-day price changes:
Fidenza: 70.3 ETH (+3%)
CryptoPunks: 56.19 ETH (-6%)
Ringers: 42.07 ETH (even)
BAYC: 27.98 ETH (-10%)
Gazers: 12.89 ETH (+9%)
Chromie Squiggle: 9.4 ETH (-3%)
Grifters: 8.72 ETH (-2%)
Winds of Yawanawa: 7.57 ETH (-5%)
Azuki: 5.69 ETH (-8%)
Pudgy Penguins: 5.49 ETH (-5%)
MAYC: 5.3 ETH (-10%)
Captainz: 4.48 ETH (+5%)
PROOF: 3.55 ETH (-10%)
DeGods: 3 (-10%)
Otherside Koda: 2.88 ETH (+3%)
Milady: 2.22 ETH (-14%)
So a very red week with several projects down 5-10%, effectively giving back most recent gains.
Fidenzas are standing out in the art sector, up 3% and at a 70 ETH floor.
And Captainz are leading in the PFP sector, up 5% as $MEME holds at $0.029 ($257M marketcap).
Flooring Protocol stepped in to save the DeGods floor overnight, buying up several and then stating that they aim to own 10-30% of every collection.
A big $BLUR airdrop + more capital injection from Flooring is a nice recipe for a Christmas rally - put your Santa hats on...
👥 Friend Tech Trend Tracker
Have we seen the end of Friend Tech? The ecosystem is balancing on a razor's edge after a bloody weekend.
Here are some of the core Friend Tech metrics for 11/19 and their day-over-day change:
Return users: 2,686 -> 2,682 (even)
Daily Buy volume: $0.66M -> $0.486M (-27%)
Total Volume: $4.91M -> $6.05M (+23%)
TVL: $42.2M -> $33.89M (-20%)
Highest key: Murphy_wife at 4.06 (even)
*TVL in ETH terms 21,600 -> 16,766 ETH (-22%)
Volume spiked majorly, but not the good kind. The weekend saw $9.8M in sell volume vs just ~$1M in buy volume driving keys significantly lower.
Worse, TVL fell 20% as many users left the ecosystem.
The driver? Unhappy farmers who didn't get enough points this week.
The team delivered a global feed last week which was broadly well received, but while the team identified 600k+ sybil accounts, they didn't nerf their points.
This led many of the top farmers to complain and begin to take action, and a massive sell cascade ensued.
Many have called on Racer and team to respond to the community requests for more transparency and action - if a response doesn't come this week, expect more blood.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
Trading volume fell to $8.9M on Sunday, the lowest levels in nearly a month; the leaderboard was mostly red
Nouns led top movers, moving 69% to a 40 ETH floor; Parallel Avatars and The Grapes also led notable movers
Snowfro's /// soared 50% to 0.6 ETH on Sunday; Deep Black jumped to 1.4 ETH on a weekend of solid volume
Two Bitcoin Rocks sold for 6.9 BTC combined, driving the floor to 4.6 BTC
Jack Butcher released Opepen Set 28 "Stepepen" on Friday, now 3,200% subscribed and set to reveal today at 12 pm ET
RTFKT opened forging for Nike Dunk Ghosts for a 24-hour window yesterday morning
PROOF announced a Foundry popup at Miami Art Basel week, in partnership with Operator and Sakazuki
Cool Cats partnered with Macy's for a "Color Me Cool" contest
Rumble Kong League released its Player Input Alpha on Friday
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
The crypto market notched up over the weekend; BTC +1.8% at $37,150; ETH +3.5% at $2,020; SOL +1% at $60
TAO soared over the weekend as the OpenAI situation played out, hitting $290 this morning (+100% on the week)
$BLUR held steady at $0.33 over the weekend ahead of the airdrop coming at 6 pm ET today
BONK jumped 60% on the day to $268M marketcap (+140% on the week) as the leading SOL memecoin continues to rally
FrenPet saw its FP token soar more than 6x over the weekend, after the game was shared by the Coinbase Wallet account on X on Friday
🚀 NFT Total Volume
DeGods (481 ETH, 3 ETH Floor)
MAYC (450 ETH, 5.3 ETH)
Azuki (333 ETH, 5.69 ETH)
BAYC (275 ETH, 27.98 ETH Floor)
Pudgy Penguins (242 ETH, 5.31 ETH)
📈 NFT Floor Price Increase
Nouns (69%, 40 ETH Floor)
DigiDaigaku Heroes (64%, 0.7 ETH)
8liens (58%, 0.08 ETH)
Velocity Series (24%, 0.46 ETH)
DigiDaigaku (13%, 4.55 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a somewhat busy day of drops to kickstart a short holiday week in the U.S.
The highlight of the day (perhaps month, and year) is the $BLUR airdrop coming tonight at 6 pm ET. Expect all attention around that and it's fallout.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Memes by 6529 (11:00 a.m. ET)
RTFKT x Nike Dunk Pre-sale (11:00 a.m. ET)
Andreas Rau x Verse (12:00 p.m. ET)
chainvirus - Data Drifts (1:00 p.m. ET)
deadcode - Weavings of Time and Memory (1:00 p.m. ET)
Blur airdrop (6:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.