NFT Market Rally Heats Up
NFT Market Rally Heats Up
Punks are hot, new mints are soaring, and the NFT market is feeling good again. What's been happening?
TylerD's Market Summary
GM!
Today's top news:
Trading volume cools off after Friday's high; PFPs notch 10-20% gains on the week
Punks rally to 59.6 ETH floor, Alien sees $3M bid
Muraqqa 11x's from 0.5 ETH mint; Sofa Maker hits 0.2
$MEME soars 45% overnight to $0.031
JP Morgan calls crypto rally "overdone"
📈 NFT Weekend Recap
The NFT bulls are starting to pop their heads back out, and positive sentiment continues to grow.
While it was a quiet weekend news-wise, there was plenty of market action to keep folks busy.
Punks are rallying. New mints are rocketing. Top art projects are catching a bid again.
And volume is seeing new local highs as more money is pouring in than it has in months.
What Happened?
Here is a recap of the biggest headlines from the weekend:
Trading volume saw a massive new high Friday, coming in at $28.5M on the back of massive Punks volume
Punks reached a 59.5 ETH floor ($120k) after a huge day of sales on Friday, including a 500 ETH RLB sweep
Alien CryptoPunk 5905 received a whopping $3.1M bid on Saturday (not accepted) in a sign that the grail NFT market is thawing
New mints continued to do well, with Sofa Maker running from 0.011 ETH to 0.2 ETH at peak (19x), and Orkhan's "Muraqqa: Data Miniatures" jumping from a 0.5 ETH mint to a 5.75 ETH floor (11.5x)
$MEME rallied to $0.0285 overnight, marking a major comeback
Most leading PFPs are up 10-20% on the week, with some of the lower and mid-tiers up 40-60%
Multi-chain activity is increasing, with Solana NFTs back in favor after SOL ran to the low $60s over the weekend and BTC Ordinals seeing more bids as well
Bullish momentum is building, and with some calling for the crypto rally to stall, it could be an even better setup for NFTs to keep moving.
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:
CryptoPunks: 59.69 ETH (+22%)
Fidenza: 53 ETH (even)
Ringers: 42.07 ETH (+48%)
BAYC: 31 ETH (+9%)
Gazers: 11.79 ETH (-1%)
Chromie Squiggle: 9.86 ETH (+14%)
Grifters: 8.89 ETH (-1%)
Winds of Yawanawa: 8 ETH (+14%)
MAYC: 5.8 ETH (+10%)
Azuki: 6.22 ETH (+22%)
Pudgy Penguins: 5.26 ETH (+9%)
Captainz: 4.24 ETH (+3%)
PROOF: 3.93 ETH (+17%)
DeGods: 3.34 (+5%)
Otherside Koda: 2.8 ETH (-3%)
Milady: 2.6 ETH (-8%)
So a very green week with just 4 of the 16 projects in red, and those in green seeing 10-20% gains.
Ringers made a big jump showing how thin its floor was, and Squiggles are knocking on the door of a 10 ETH floor.
Several other Art Blocks collections not listed rallied 20-50% on the week as well.
PFPs continue to outperform though, likely tied to Flooring Protocol and Blur incentives.
And now that $BLUR airdrop is just 1 week away, coming next Monday. The token hit $0.46 briefly over the weekend, likely reinvigorating farmers to keep going up until the end.
Expect another high volume, high volatility week ahead of that major liquidity even now 7 days away.
👥 Friend Tech Trend Tracker
The Friend Tech market is as quiet as ever, even after a new feature dropped over the weekend.
Here are some of the core Friend Tech metrics for 11/12 and their day-over-day change:
Return users: 2,035 -> 1,562 (-32%)
Daily Buy volume: $0.396M -> $0.288M (-27%)
Total Volume: $1.06M -> $0.8M (-25%)
TVL: $47.79M -> $46.1M (-3%)
Highest key: CBB 6.2 -> 6.28 (+1)
*TVL in ETH terms 22,531 -> 22,487 ETH (even)
Users are at their lowest levels ever and buy volume basically is too. Not great.
The silver lining is that TVL is holding steady - no new money is flowing in, but the existing money is mostly staying pat and continuing to farm.
Points on Friday came in similar to last week but about 10% less, to some dismay.
The team then dropped a new feature on Saturday called "Trade Comments" allowing key holders to comment on key trades.
While a fairly minor addition, some are saying it signals the first step towards a global feed - a highly debated missing feature.
The rest of SocialFI had a quiet weekend as well. Stars Arena TVL did jump about 20% off local bottom, back at $649k (but AVAX has been ripping). And NBC TVL is holding at $2.61M, seemingly a stable TVL like FT.
Will any catalysts come this week? Or will it be another boring week on the farm?
We will find out...
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
Trading volume fell to $17.65M on Sunday after Friday's new local high of $28.6M; the leaderboard was mostly green
Muraqqa by Orkhan led top movers, running from a 0.5 ETH mint to a 5.75 ETH floor overnight
Pixelmon announced a new partnership with Horizen Labs Venture, the company that facilitated the ApeCoin launch (token coming soon?)
An EtherRock sold for 100 ETH on Friday, just a few hours after a BitcoinRock sold for 2.98 BTC
The Goose finally moved from Sotheby's wallet and found its home with 6529 and his fund
CryptoSlam launched a new NFT-related LLM called SlamAI, allowing users to plug into their immense web3 data pool
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
The crypto market fell Sunday after a Friday rally; BTC at $36,780; ETH at $2,045; SOL -3% at $56.76
$MEME jumped 45% overnight to $0.031, a new ATH; $BLUR fell 13% to $0.37 after hitting $0.46 over the weekend
JP Morgan calls the crypto rally "overdone," arguing against the bull theses for both ETF approval and less regulatory scrutiny
🚀 NFT Total Volume
BAYC (3,718 ETH, 31.22 ETH Floor)
MAYC (883 ETH, 5.8 ETH)
Sofa Maker (488 ETH, 0.2 ETH)
Pudgy Penguins (482 ETH, 5.26 ETH)
DeGods (341 ETH, 3.34 ETH)
📈 NFT Floor Price Increase
Back To The Future (1,300%, 0.28 ETH Floor)
Muraqqa (1,150%, 5.75 ETH)
DeFi Apes (41%, 0.55 ETH)
Sofa Maker (26%, 0.2 ETH)
OnChainMonkey (18%, 1.8 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a slower day to start the week.
The highlight is likely the Art Blocks x Pace collab "Schema," from DRIFT artists and Jeff Davis. The supply is 300 and will mint in the standard DA format.
Given the success of last week's Trichro-matic mint, expect a few more eyes on this one.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Memes by 6529 (11:00 a.m. ET)
Art Blocks x Pace "Schema" (12:00 p.m. ET)
Big Hugs (12:00 p.m. ET)
William Mapan x Verse - Intimacy (2:45 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.