🚀 NFTs Are Booming
Plus ETH finally breaks $3,000 and a surprise Uniswap proposal has a massive impact on the market.
TylerD's Market Summary
GM!
Today's top news:
-Bitcoin NFT volume flips ETH, NFTs soar
-Airdrop hype drives ETH NFTs up, art rebounds
-Blast announces winners of Big Bang comp, token allo's this week
-Uniswap fee switch proposal sends UNI up 60%, Pacman Blur teases similar
-$WHALES soars as protocol takes off, $PRCL coming in April
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📈 NFT Market Weekend Recap
The NFT market has a juicy setup right now, across chains.
Blast just announced the 47 winners (and runner-ups) from the Big Bang competition on Friday.
Those teams will all receive their token allocations this week when mainnet launches and start distributing them to users.
(That mainnet launch also comes with a massive ETH unlock by the way).
There are several major token airdrops coming in the very near future ($W, $PORTAL, $MON, $NFTFI, $ARCD & more).
The Bitcoin halving will bring the launch of Runes and likely another liquidity boom
And it looks like some traders want to front-run the halving, based on this weekend's NFT action.
Bitcoin NFT Market
Bitcoin NFTs are heating up. In fact, that might be an understatement.
Bitcoin flipped ETH in NFT trading volume both days this weekend, and it feels like this is where the action is.
Total volume for the week came in at $91M, up 108% on the week.
And that volume influx was reflected in NFT prices.
TLDR - they all soared. Just look at these floors and 7-day change:
Bitcoin Puppets at 0.172 (+145%)
NodeMonkes at 0.407 BTC (+126%)
Quantum Cats at 0.294 BTC (+34%)
RSIC at 0.102 (+45%)
OMB at 0.94 BTC (+20%)
And that list doesn't even include some feisty newcomers in Wizards of Ord and Nat Cats which each jumped 100% or more on the week as well.
In some ways it feels like euphoria, but the data tells a different story.
According to Cryptoslam data, only 3k-5k wallets are trading NFTs on Bitcoin on a given day. ETH typically has 10k-15k and Solana has 15k-30k.
We are still early.
ETH NFT Market
Airdrop meta is the driving force in this market right now.
Projects that have known tokens coming or founders who have teased upcoming partnerships are winning.
And now with Blast Spring (the Big Bang winners all sharing tokens), expect more and more teams to make these announcements.
This week's notable winners (and 7-day change):
Mafia Nuts at 0.47 ETH (+80%)
Creepz at 4.9 ETH (+64%)
Kanpai Infinity at 11.5 ETH (+64%)
Sappy Seals at 1.56 ETH (+64%)
Kanpai Pandas at 3.8 ETH (+45%)
Each of those projects has confirmed tokens coming or heavily teased ones.
Elsewhere, BAYC and MAYC have stabilized after the Garga has re-taken control. Punks seem stable at 56 ETH ($170k), and art doesn't have much of a bid.
With a few exceptions:
Proscenium at 1.75 ETH (+315%)
Align Draw at 0.89 ETH (+196%)
Auntiverse at 0.58 ETH (+154%)
These 3 projects soared this week, with Align and Auntie both benefitting from the AI meta and Proscenium finally rebounding after flippers tanked the floor post-mint.
Some welcome green for art enthusiasts.
Solana NFT Market
Solana NFTs have grinded to a halt. Thanks farmers.
With the Tensor airdrop expected to be a big one, more and more ETH-natives have moved over to get token exposure.
And they found the cheat code - 0% royalty sets.
With no royalties and Tensor's built-in market-making system, these traders are trading NFTs back and forth every day with no change in price.
It's gridlock.
The team did acknowledge this issue in a positive sign that things may change, and we may have some early indications already that it's working.
From Sunday, volatility actually returned to Solana. Notable movers:
Mad Lads -2% to 190 SOL
Kanpai Pandas +25% to 113 SOL
Tensorians -10% to 71 SOL
Homeowners (Parcl) +15% to 19.5 SOL
Photo Finish +13% to 30 SOL
Sharkyfi +21% to 8 SOL
Nice to see some movement. Now we'll see how any changes impact this ecosystem, and if there are unintended consequences...
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
Bitcoin led NFT trading volume with $19.3M on the day; ETH was next with $18.3M and then Solana with $9.1M
Art projects led notable top movers on ETH, with Auntiverse +96%, and alignDRAW +49%
Hyped mint Persona roundtripped local gains after the team announced on Spaces on Friday that the art wouldn't reveal for a few weeks, now 0.37
Yuga Labs Gaming dropped a new teaser for Dookey Dash, including $1M+ in prizes
Memeland founder 9gag announced that NFTstats would be joining the team as their latest major hire
Sotheby's announced a new auction featuring pieces from Seedphrase and GSR's collections
Killabears debuted their KILLA KRUNCH cereal, now available for purchase
NodeMonkes and Bitcoin Puppets led action on BTC tallying 40+ BTC each on the day; Nodes reached 0.408 BTC, Puppets at 0.172, RSIC at 0.102, OMB at 0.94 and Quantum Cats at 0.294
Nat Cats saw major action on Sunday with the floor rising 100% to 0.04 BTC and a massive 1.3 BTC sale on a 1/1
Solana NFTs were volatile over the weekend; Mad Lads -2% to 190 SOL, Tensorians -10% to 71, Kanpai Pandas +25% to 113 SOL and Photo Finish +13% to 30 SOL
ESPN's "Woj" was hacked Saturday night, with the hackers sharing a drainer link tied to a fake NBA Top Shot mint
💰 Token, Airdrop & Points Tracker
Introducing a brand new section, highlighting any major token or airdrop news from the day.
The $MON presale begins today (details here); Pixelmon fell 7% to 1.48 ETH
$PRCL announced that its token would launch in April and started trading on Whales Market
$PORTAL soared on Whales pre-market, seeing trades at $2.80
$WHALES jumped 38% to a $400M marketcap after its platform sees major demand
$BLUR soared past $0.80 on Saturday after PacmanBlur praised the Uniswap fee switch decision, leading to speculation of similar for Blur
The $PAC team promised to send tokens to those impacted by the Risk on Blast rug (500 ETH taken from users)
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are mixed this morning; BTC -1% at $51,10; ETH +0.5% at $3,060; SOL -2% at $101
Uniswap soared 60% on Friday after a proposal to add a fee switch for transactions benefitting token holders was raised
WLD fell 11% on the day to $8.16 ($81.6B fdv) as the AI crypto sector cooled off
PEPE jumped 8% to a $595M market cap and WIF was up 10% to $365M as memecoins rally
🚀 NFT Total Volume (ETH)
BAYC (825 ETH, 23.27 ETH Floor)
DeGods (740 ETH, 2.93 ETH)
Azuki (697 ETH, 5.76 ETH)
MAYC (649 ETH, 4.03 ETH)
Persona (511 ETH, 0.37 ETH)
📈 NFT Floor Price Increase (ETH)
Auntiverse (96%, 0.58 ETH Floor)
Anata NFT (93%, 1.15 ETH)
alignDRAW (49%, 0.86 ETH)
Chameleon Travel Club (47%, 3.89 ETH)
Kanpai Pandas Infinity (40%, 11.5 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a slower day of new NFT drops to start the week.
The highlight is likely Pixelmon's $MON presale starting this morning, though the impact won't come until TGE.
Otherwise, prepare for what feels like a major week for NFTs and crypto...
See the full list and dive in for more details with Swizzy's daily mint monitor.
$MON presale (9:00 a.m. ET)
Sara Baumann - Beautiful Muscle (9:00 a.m. ET)
Memes by 6529 (11:00 a.m. ET)
Mercedes Benz - Superdackel (12:00 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.