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OpenSea Embraces Creators
The new Creator Studio is coming - find out what it means for artists and founders, plus catch up on the latest controversial new feature in Friend Tech.
TylerD's Market Summary
Today's top news includes:
OpenSea launches Creator Studio
Yuga shares beta date for LOTM
Machi AIP at 57% 'yes' ahead of vote close tonight
DraftKings Reignmakers boosts prize pool by 200%
FriendTech embraces trading with new feature
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⛵️ OpenSea Launches Creator Studio
Royalties may be optional now, but OpenSea is still trying to help its creators.
Yesterday, the 2nd leading marketplace announced its new Creator Studio, providing tools to help creators launch more expansive projects on its platform.
Here's the TLDR:
Creator Studio is a new hub housing tools for creating, managing and analyzing projects
It's launching "in a couple weeks" with no-code tools for launching drops and minting items directly to wallets
New image, video, roadmap and FAQ layouts will be provided allowing for more creating storytelling
Vinnie Hager's "Diary" drop page uses the studio tools and is a pilot example of what can be created with the suite
OpenSea is sunsetting its lazy-mintable tool as of October 3rd which will no longer be supported
Quick reaction - this is a win for creators.
The "Diary" project page is cool, and the integration of video, photos and more overview content allowed Vinnie to tell the story of the project right there on the project page.
In the past, interested potential buyers would have to navigate out to X or a project website for that type of content.
Now it's all in one place.
Well done OpenSea.
👥 Friend Tech Trend Tracker
It was another interesting day in the Friend Tech market with new user signups exploding, volume dipping and a somewhat controversial new feature launched.
Let's start with the numbers.
Here are some of the core Friend Tech metrics for 9/19 and their day-over-day change:
New user signups: 8,365 -> 16,994 (+103%)
Return users: 10,949 -> 10,806 (-1%)
Daily Buy volume: $6.5M -> $5.32M (-18%)
Total Volume: $11.7M -> $9.78M (-16%)
TVL: $37.56M -> $37.28M* (-1%)
Highest key: Racer 7.14 -> 7.056 (-1%)
*13.6% of TVL is from self-buyers per Slice Analytics' new dashboard.
Total users are now over 220,000 and total transaction volume is up to $240M.
A whopping $5M of TVL is now solely attributed to self-buyers, as the optimal farming strategy continues to grow (Vombatus also up to #2 on leaderboard at 6.2 ETH holding 296 of his own keys).
Buyers only outpaced sellers by < $1M yesterday leading to a lot of chop on the day.
A few interesting new data points have surfaced, courtesy of Neptune:
36% of users have bought more than their own key (~71,000)
4.7% have spent > 1 ETH in app
0.2% have spent > 25 ETH
My quick takeaways from those stats:
Vast majority of people are just signing up and exploring without trading
“Whale” status still very attainable
71k+ people have bought at least 1 other key - that’s a big number
Some are immediately pointing to farming for the 64% of buyers who aren't buying other keys. That's over-generalized.
Neptune dug into the data and here are the numbers of self-buyers at different thresholds:
1 key: 31% (62,650 users)
2 keys: 31% (62,650)
3-9 keys: 2.6% (5,293)
10-19 keys: 0.21% (420)
20+ keys: 0.06% (123)
So only ~543 users are doing what I'd consider "heavy farming."
The question now becomes - what are all of these new users actually doing on the app? Hoping to dig in to that more.
A few other trends and developments we saw:
A new feature rolled out - percent changes; this new colored stat shows up below users' key prices and shows if they're up or down on the day (seemingly adding weight to the trading aspect of the app vs chatting and connection)
In new tools and tricks:
A few notable new/recent joiners:
BattleFly DAO was trending yesterday ahead of their 2nd tournament (where key holders can win prizes split with their key holders) with Ansem as a surprise guest
Dirwin E-bikes, the first brand with a physical product that I've seen launch on FT, giving value to keyholders via exclusive discounts
If you like this content, catch our morning Friend Tech show at 10 am ET.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Trading volume was up slightly to $7.3M (4,500 ETH) on Tuesday, while the leaderboard saw a mix of red and green
Nakamigos dipped 15% on the day to 0.22 ETH after the snapshot for the CLOAKS mint completed last night
Yuga announced that the Legends of the Mara beta will open on Sept 26; Yuga also debuted the 3rd Moon Puzzle tied to its BTC series (0.125 BTC prize)
Major votes from The Sandbox and JRNY CLUB have helped push Machi's AIP-304 closer to approval (now at 57% yes), with voting ending at 9:00 p.m. ET tonight
DraftKings is boosting its Week 3 ELITE Reignmakers NFL top prize to $50,000, marking a whopping 200% increase from Week 2's biggest prize
Grapes, an Animoca Brands-backed project, is hosting a PREMINT raffle for access to presale slots of its upcoming $GrapeCoin token drop
Defaced's "Lost In The Supermarket" 1/1 got off to a fast start on Tuesday, with Sam Spratt and DeeKay Motion bidding the piece up to 23 ETH with 3 days to go
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
The crypto market was down slightly on the day; BTC -0.5% at $27,110; ETH -1% at $1,630; SOL -0.7% at $20
The UK passed an online safety bill applying to the metaverse, requiring companies to determine if children may find harmful content in virtual worlds and provide safeguards
Mercedes-Benz announced its restart mint date of Sept. 26 after a cloud provider's connectivity issue forced the pause of its initial mint
🚀 NFT Total Volume
BAYC (818 ETH, 24.88 ETH Floor)
MAYC (743 ETH, 4.89 ETH)
DeGods (361 ETH, 3.56 ETH)
Milady (237 ETH, 2.57 ETH)
Sugartown Oras (215 ETH, 0.34 ETH)
📈 NFT Floor Price Increase
MegaForce Sentinels (240%, 0.06 ETH Floor)
Moonbears (130%, 0.55 ETH)
DeFi Apes (66%, 0.24 ETH)
Seedworld Vanguards (22%, 0.07 ETH)
BYOPills (16%, 0.05 ETH)
🗓 Upcoming NFT Mints and Reveals
It's a huge day for art drops today with mints and events happening with ripcache, the Velocity Series, Floor ICONS, memes and more.
Dig into those drops and see the full list of today's drops from Swizzy's daily mint monitor.
ripcache x Avant Arte - Security (9:00 a.m. ET)
Velocity x Per Kristian Stoveland (10:00 a.m. ET)
Memes by 6529 (11:00 a.m. ET)
Floor x Gabe Weis (12:00 p.m. ET)
Jan Robert Leegte - Web (12:00 p.m. ET)
bee - PEPEHEADS (1:00 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 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 NFT Calendar page.