Bitcoin Hits New ATH, NFTs Suffer
Plus ETH passes $4,000 as crypto majors boom, though NFTs are falling fast across chains.
TylerD's Market Summary
GM!
Today's top news:
BTC blasts past $71k to new ATH, ETH hits $4k
NFTs suffer across chains in big pullback
Magic Eden leads volume across chains
Wormhole $W airdrop allocations updated (increased)
Jack Butcher says Opepen v2 coming March 20
Today's Morning Minute is brought to you by nftperp, your gateway to the future of NFT derivatives trading!
Are you ready to dive into the world of NFT trading but hesitant due to high entry barriers? Look no further than nftperp.
nftperp allows traders to go long or short NFTs with the click of a few buttons. And with their shiny new v2 launch, you can expect:
True perpetual futures: Say goodbye to limitations with indefinite long or short positions
Advanced order options: Market, limit, stop-loss, and take-profit orders available at your fingertips
Incentives: Both traders and liquidity providers will earn $vNFTP on the v2 platform (the more lucrative the earlier you are)
And they officially began their Blast rollout over the weekend along with boosted trading rewards.
So start trading today (and use our ref code "LUCKYTRADER" to get WL access).
📉 NFT Market Weekend Recap
It's a beautiful morning for crypto enthusiasts.
Bitcoin has smashed through $70k to find a new ATH at $71,750.
ETH has followed suit, jumping to $4,033. And SOL is closing in on $150.
And all before this week's market open and Larry and team start buying again.
It's a beautiful setup for the crypto majors right now.
The NFTs in those ecosystems - that's a different story.
ETH NFT Market
The headline from the weekend is pain.
ETH NFTs are washed in red, as farmer games seem to be coming closer to a tipping point (or explosion).
It's a fairly bleak setup on its own, and ETH is ripping up in the background.
Let's look at the damage (weekly % change):
Punks at 50 ETH (-12%)
BAYC at 16.5 ETH (-19%)
Pudgy Penguins at 13.8 ETH (-12%)
Captainz at 5.07 ETH (-11%)
Milady at 4.73 ETH (-1%)
Azuki at 4.07 ETH (-14%)
Creepz at 2.6 ETH (-31%)
MAYC at 2.56 ETH (-26%)
Kanpai Pandas at 2.56 ETH (-13%)
Doodles at 1.86 ETH (-13%)
DeGods at 1.56 ETH (-36%)
So basically everything is down 10-20% or more.
MAYC and DeGods have been absolutely destroyed, and Creepz have fallen off a ton as well (along with most of the recent "airdrop meta" winners).
And many are calling for lower.
There was one bright spot this weekend though - Matt Furie's Peplicator.
Matt Furie's latest mint caught the NFT market by storm, minting out it's 22,000 NFTs around 0.06 ETH early Saturday AM and raising $4.3M for the artist.
They then took fire, running as high as 0.35 ETH on Sunday before settling at 0.21 (still a solid 3.5x for minters).
The driver seemed to be the narrative that this is "the Pepe creator's first generative NFT set," and with the $PEPE market cap at $4B, the NFT set seemed cheap at $8M (and still does at $19M).
We will see if it can continue outperforming against some brutal headwinds.
Bitcoin NFT Market Overview
After a massive runup, it's pullback across the board.
Bitcoin NFTs bested ETH last week in volume, but trading dropped 33% to $119M for this past week (trailing ETH's $163M volume).
And floor prices fell just as much.
Notable leaders and their weekly change:
OMB at 1.38 BTC (+19%)
NodeMonkes at 0.505 BTC (-42%)
Quantum Cats at 0.3 BTC (-21%)
Bitcoin Puppets at 0.172 (-37%)
Nat Cats at 0.13 BTC (-53%)
RSIC at 0.11 (-27%)
OMB is the clear and outright winner, jumping 20% ahead of its expansion mint with Orange Eyes coming later this week.
All of the other leaders are down 20-50% in one of the worst single-week drawdowns I can recall.
Zooming out, most of these sets are still up several multiples from a few weeks back. But that isn't much solace for recent top buyers.
We will see if this week's BTC rally rejuvenates this new eco or sends floors down even further.
Solana NFT Market
Solana remains mostly in gridlock without much action.
The lone bright spot is Mad Lads, close to regaining its 200 SOL floor (~$30,000).
They were named as a big winner of the Wormhole airdrop with holders getting 16,000 $W tokens, and that seems to have been enough to cement their spot up top.
It's a different story for Tensorians, which held steady on the week at 54 SOL but all while Magic Eden has re-taken the lead on Solana.
Magic Eden closed the week with a whopping 62% SOL market share by volume, compared to Tensor's 33%.
The only reason to buy a Tensorian NFT is for the Tensor airdrop, and as the promise of that airdrop dwindles, the NFT floor is also at risk.
We will see what tricks the team has up their sleeves to stop the bleeding, and how it may impact the mostly gridlocked Solan NFT ecosystem.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
ETH led NFT trading volume with $18.7M on the day; Bitcoin was next with $11.7M and then Solana with $7.5M
Peplicator led volume on ETH though with its floor falling 33% to 0.2 ETH after a big rally
Jack Butcher shared that Opepen v2 is coming on March 20 at 4 a.m. UTC, with no fundamental changes to the foundation but “an iteration to the consensus mechanism”
The BTC NFT board was washed in red (prices above); NodeMonkes led volume with 22 BTC, though floor down to 0.5 BTC
Another Bitcoin NFT airdrop hit over the weekend when Rune Kingdom went live for trading, reaching 0.006 BTC floor at peak
The genesis Runestone sold for 8 BTC ($544,713) at auction on Friday ahead of the upcoming airdrop (trading at $1,500 pre-market)
Solana NFTs held steady over the weekend; Mad Lads +2.5% to 198 SOL, Tensorians -12% to 55, Parcl +6% to 14, Frogana even at 5.8
nftperp officially launched their Blast rollout, with increased rewards
Wasabi integrated real-time points tracking into their UI on Blast
MetaStreet launched its Pudgy Penguins Ascend Tower on Friday, enabling a new lending option for holders and interested lendees
Another massive NBA Top Shot sale is in the books after a $60k sale went down on Friday on Lebron's Holo MMXX Legendary dunk moment
Kevin Rose seemingly exited/listed most of his NFTs over the weekend, including a 151.2 ETH sale on his XCOPY "When Airdrop?"
💰 Token, Airdrop & Points Tracker
Here's a rundown of major token or airdrop news from the weekend:
Wormhole updated token allocations for certain NFT collections and other aspects of its airdrop campaign (check eligibility here)
NodeMonkes holders are eligible for WL for the upcoming Mutant Hounds Inscriptions
Pacmoon announced its $PAC launch on Blast will happen March 13
Portals added BONK holders to their upcoming airdrop
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are moving up this morning; BTC +2.7% at $71,750; ETH +2.2% at $4,033; SOL +2.2% at $149
Larry Fink (BlackRock CEO) said "Bitcoin is bigger than any government" in an interview on Friday, as BlackRock continues to find ways to buy for its funds
$WIF reached $2.22 ($2.2B mc) after Ansem started a campaign to put the hat on the Las Vegas Sphere with over $240,000 raised so far
A $NICK token launched and hit $10M market cap after Nifty founder @allnick went viral over the weekend along with his tagline "Choose Rich"
Farcaster's Frame transactions went live on Friday, with use cases for NFT sales, e-commerce, subs and more already been built and executed
🚀 NFT Total Volume
Peplicator ($2.8M ETH, 0.2 ETH floor)
BAYC ($1.9M ETH, 16.5 ETH floor)
Froganas ($1.8M, 5.8 SOL floor)
NodeMonkes ($1.5M, 0.5 BTC floor)
CryptoPunks ($1.5M, 50 ETH floor)
📈 NFT Floor Price Increase (ETH)
DeFi Apes (148%, 0.57 ETH Floor)
PEGZ (65%, 8 ETH)
The Bobo Council (45%, 0.12 ETH)
WebbLand (38%, 0.11 ETH)
Candy Collective (30%, 0.46 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a busy day of drops to start the week, spanning Blast, Bitcoin and more.
Hoodinals, Apostles of Greed and Sabet are all doing mints on BTC.
Pondering is the meme card artist as they approach the final week of season 7.
And Blastards are coming to Blast.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Blastards (7:00 a.m. ET)
Ivy Alien (10:00 a.m. ET)
Brutal - Splintered (11:00 a.m. ET)
Memes by 6529 (11:00 a.m. ET)
Apostles of Greed (11:30 a.m. ET)
Hoodinal (1:00 p.m. ET)
sabet - BTC DREAMS (4:00 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.