“Blue Tassel” Azuki #8467

New here? Read up on our past NFT issues to get the most from this post.

CONTENTS:

  • Our analysis of the NFT market for the year & for the week
  • All you need to know about any current drops (but only Insiders get to read Our View 😉)
  • A heads up on any cool projects we think are worth checking out
  • Industry news update

Let’s go!

NFTs in 2022

Our weekly index shows that NFTs on the fractional marketplace are returning 36% from the initial offerings. Not much has changed in the fractional market since the beginning of 2022.

Price data taken from the fractional platforms Rally and Otis

The weekly sales volume shows a spike in activity two weeks before the Otherside mint. The rise in demand for Bored Apes lifted its floor price and continued into last week before coming down to previous levels.

NFT Weekly Sales Volume (30 days). Courtesy of Theblockcrypto.com

The spike in the Art and Collectibles space just before The Otherside release shows the outsized influence that Yuga Labs and its partners have in the current NFT marketplace.

NFTs Last Week

NFTs on Fractional Marketplaces

Can anyone guess why NFT Avatars were in the green last week?

The Bored Apes floor price has gone down following The Otherside mint. It was as high as 159 ETH on April 30th, and then it immediately plunged on May 1st. The floor price is currently 118 ETH ($337k).

Some of the values:

NFT Art plummeted, with the largest decrease coming from the FEWOCious i miss your voice call back soon okay on Otis.

The asset traded for $0.74/sh last week and is now down to $0.48. Active “asks” are currently sitting at $0.73/sh.

NFTs on OpenSea

Otherdeed for Otherside takes the top spot in sales volume on OpenSea this week. No surprise there, given the magnitude of the collection. Deeds had a floor price just above 8 ETH just after the mint was completed, and have steadily declined, now sitting at about 3.7 ETH.

The Weekly OpenSea Top 12 – Otherdeed for Otherside for the win.

Not all Deeds are created equal, with one deed selling for $982k, while some land is trading in the lower range of 3 ETH. Bored Apes and Mutant Apes follow behind, with Yuga Labs sweeping the top three positions.

This Otherdeed sold for $982k. Now this is tokenizing real estate.

In fourth position is a curious collection because Solana NFTs are not typically high-volume sellers on OpenSea.

If the Okay Bears strike a very similar resemblance to the Bored Apes, it’s because, well… they’re pretty much knock-offs:

Bullish on the Bored Okay Bears?

OkayBears are being touted as the Bored Apes of Solana. Not sure if that’s totally accurate or if the Bear creators can replicate what Yuga Labs has done. But they did make $18 million on their mint a couple of weeks ago, so there’s that.

Is this one of those “Spot the difference” games?

Besides the art style, the chest hair, the facial hair, the shoulders and arms, the pose, the collarbones, and the general vibe they give off… They’re completely different.

NFTs This Week

Fractional Marketplaces

“Blue Tassel” Azuki #8467

  • When: May 6 @ 12 PM ET
  • Platform: Rally
  • Market Cap: $75k
  • Retained Equity: $0
  • Inferred Value: $81k
  • Our View: [INSIDERS ONLY]

Note the blue tassel.

Projects Minting

Memeland

Minting Date: TBD
Price: TBD

  • Memeland is created by 9GAG, an online platform with more than 200 million followers. 9GAG allows users to upload content to share with the community – specializing in memes.
  • Advisors for this project include Gary Vaynerchuk, Kevin Rose, Tim Ferris, and Wilson Lee, whose the littles project we highlighted last week.
  • The collection is made up of 9,999 unique NFTs
  • Unlocks private club membership, access to creator NFT marketplace, and in-real-life events
  • Tokenomics will center around the $MEME coin for governance.
  • Here is the link to their Discord channel

Is it just me or does Memeland look kind of terrifying…

Autograph – Sabrina Ionescu

Mint Date: May 10 @ 3 pm ET (Pro Status), May 12 @ 3 pm ET (All-time and Origins)
Price: $60 – $500

  • Autograph has been making headway among sports NFT collectors
  • Autograph’s main selling points include scarcity and access
  • This is the beginning of a five-athlete NFT showcase that includes Devin Booker, Coco Gauff, Justin Herbert, and Collin Morikawa. The first athlete in the series is the WNBA’s Sabrina Ionescu.
  • All NFTs come with a virtual Q&A session with Ionescu and an opportunity to decide what she will wear to an upcoming event
  • Challenges can unlock signed prints and $150 in StubHub credit to watch Ionescu play. NFTs will be made available on the DraftKings marketplace.

Autograph is kicking off an NFT collection this week with Sabrina Ionescu.

5050skateverse

Mint Date: TBD
Price: TBD

  • A project by TwiloStudios that links skateboard culture to the metaverse
  • They have a Discord channel and are on Twitter
  • It’s early so there’s still plenty of time to get whitelisted for this project
  • The artists behind this project have a strong presence and history in the NFT space: gogoporen, Royes, crackthetoy
  • 5050skateverse’s initial strength will be its appeal as a skateboarding lifestyle brand.

Industry News

Last week, there was one thing on everyones’ mind – The Otherside mint.

People have some very polarizing opinions about it.

In case you live under a rock, here is a quick recap of the whole thing:

  • Yuga Labs was making a public sale for land to its metaverse, The Otherside.
  • This was a huge deal. Buyers had to KYC their wallets and then get pre-approved for minting.
  • The demand was so large that potential buyers were priced out as a result of astronomical gas fees!
  • Twitter went crazy, with many pointing the fingers at Yuga’s poorly written contract as the culprit for such high gas fees, others defending them, and some literally spiralling after spending their children’s college money on this.
  • Yuga issued an “apology” and threw out the idea of moving to a different blockchain.

That’s all for today. I hope you’ve enjoyed this week’s post, and thanks so much for all the great feedback so far.

Last but not least, check out our Podcast too, we’ve spoken with a ton of interesting people.

Thanks,

Horacio

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Author

Horacio Ruiz

Horacio Ruiz

Horacio is a veteran math teacher of the New York City public school system. Prior to teaching, he lived in New Orleans where he worked in sales for the New Orleans Hornets before joining The Institute for Sport and Social Justice to rebuild homes in the Lower Ninth Ward and neighboring St. Bernard Parish. He currently lives in Staten Island with his wife, Alicia, his three sons; Oliver, Henry, and Jacob, and their pitt-mi,x Tipitina. In 2019, Horacio published a biography, The White Knight: Calvin Patterson and the Integration of Florida State University Football.

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