How to Make $2.2M in 69 Minutes
Artist Ness Graphics ran an open edition on Saturday afternoon and sold $2.2M worth of art in just 1 hour and 9 minutes. Is this a top sign for the open edition bull market?
TylerD's NFT Market Summary
Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints:
🔥 Open Edition SZN Heats Up
The trend in the digital art market since Christmas has been open editions, which started as free gifts for collectors and have gradually seen their prices increase over the past few weeks as bigger name artists throw their hat in the mix.
Saturday may have been the culmination, as huge artists in Ness Graphics, Dan Giuz and Terrell Jones all launched open editions (at 0.069 ETH to 0.15 ETH price points).
Ness was likely the most hyped of them all and did not disappoint. The 3D animation artist pushed the "live" button at 4:20 pm ET on Saturday (for the culture) and sold 20,357 editions in 69 minutes.
It netted over 1,400 ETH for the artist and $2.2M, living up to its very appropriate name "M0N3Y PR1NT3R G0 BRRRRRR."
But soon after the mint, the Money Printer started trading below the 0.069 ETH mint price, showing it would be a printer for Ness but not necessarily holders.
That did not stop Dan Giuz fans from minting though, as Dan closed 9,152 mints on his "A Breath of Fresh Air" on Sunday morning, grossing over $1M. Dan's also traded below cost almost immediately after the mint closed but has settled at 0.07 ETH.
Terrell Jones had a bit less success at his 0.15 ETH price point, potentiallly due to market exhaustion, selling just 223 editions at 0.15 ETH on Sunday (floor now at 0.125 ETH).
With other major artists like Mad Dog Jones set to launch more open editions this week, many are calling "top" and comparing this run to the Nifty Gateway bubble in spring 2021.
Have we topped? We'll find out soon.
☑️ Major Open Edition Wins
While neither of those hyped open edition mints on Saturday turned out to be major trading wins (shocker), there were some huge success stories on the weekend.
Japanese NFT founder and influencer Ikehaya launched a free mint Genesis pass as an open edition, cut the supply at 6,000 after a few minutes, and the pass soared to 0.3 ETH in over night trading
Checks by Jack Butcher hit a peak floor of 0.7 ETH on Sunday, settling at 0.6 ETH but still up 160% on the week ahead of pending burns coming soon
Des Lucrece's Proceed w/ Caution full set is up nearly 50% to 6.4 ETH after the artist shared he wants this project to be his "logo" and rumors swirl of a full set becoming a mint pass
And Jeremy Booth's Boots soared 190% to 0.08 ETH on the week after Jeremy announced the Boots would be the access pass to his upcoming limited-edition work
🚚 What else is moving in NFTs?
While it was a slower weekend outside of open editions, there were a few notable stories:
Otherdeeds led the volume board and jumped 36% to 1.82 ETH seemingly out of nowhere
Sewer Passes consolidated at the 2.5 ETH level though a new high score has been registered over 800,000 points
Porsche NFTs stabilized at 2.35 ETH after an incredibly volatile week
Trump Digital Trading Cards closed the week up 26% to 0.4 ETH on continued speculation of the ex-president's pending return to social media
A few other crypto and Web3 headlines that caught my eye:
Crypto rallied on Sunday and seemed coiled to leg up before falling off this morning; ETH had climbed over $1,650, now at $1,590, and BTC holds at $23,200
Yuga co-founder Gordon Goner shared that he will be taking a leave of absence from the company for health reasons after announcing he has congestive heart failure; he will be staying on in an advisory capacity on the board
PROOF revealed the artists behind Grails III on Friday in a widely acclaimed reveal session, unveiling big names like Matt Kane, ACK, Seneca, 0xTjo and more
The California DMV is working with Tezos to digitize car titles for California drivers, working to finalize a full replication of the state's title data on the blockchain within the next three months
🚀NFT Total Volume
Otherdeeds (1,692 ETH, 1.81 ETH Floor)
Sewer Pass (991 ETH, 2.5 ETH)
MAYC (989 ETH, 14.8 ETH)
BAYC (958 ETH, 69.1 ETH)
CyptoPunks (820 ETH, 66 ETH)
📈Floor Price Increase
Carsonated Fakes (74%, 3.4 ETH Floor)
Milady (25%, 1.45 ETH)
Friendship Bracelets (18%, 0.39 ETH)
Mutant Hound Collars (17%, 0.75 ETH)
Valhalla (10%, 0.81 ETH)
🗓Today's Mints and Reveals
Today is likely a slower day to start the week, especially with some uncertainty in equities and crypto with the pending FOMC meetings happening on Tuesday and Wednesday.
The Meme card will be the highlight of the morning, though that market has certaily cooled off from last week's highs.
Art Blocks is interesting at just 50 supply, but with a 0.3 ETH min price, it will not be cheap - and Art Blocks liquidity levels are abysmal right now.
And the open edition meta continues today with Mad Dog Jones, who is rumored to have several tricks up his sleeve. This is the wildcard of the day.
Memes by 6529 (11:00 a.m. ET)
Art Blocks Presents: Libra by Cooper Jamieson (1:00 p.m. ET)
Mad Dog Jones open edition (4:00 p.m. ET)
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email firstname.lastname@example.org.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's Project Schedule page.