New here? Read up on our past NFT issues to get the most from this post.
- 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
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.
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.
NFTs Last Week
NFTs on Fractional Marketplaces
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:
- Rally’s “Leather Jacket” Bored Ape #9159 ($325k market cap) is sitting at a market cap below the floor price of $337k.
- Rally’s Elephant Meebit #11275 is trading at a $75k market cap, with the current floor price for Elephant Meebits at $96k.
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.
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.
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:
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.
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
- When: May 6 @ 12 PM ET
- Platform: Rally
- Market Cap: $75k
- Retained Equity: $0
- Inferred Value: $81k
- Our View: [INSIDERS ONLY]
Minting Date: 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
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 $150 in StubHub credit to watch Ionescu play. NFTs will be made available on the DraftKings marketplace.
Mint Date: TBD
- A project by TwiloStudios that links skateboard culture to the metaverse
- They have a Discord channel and are on Twitter
- It’s early so there’s still plenty of time to get whitelisted for this project
- The artists behind this project have a strong presence and history in the NFT space: gogoporen, Royes, crackthetoy
- 5050skateverse’s initial strength will be its appeal as a skateboarding lifestyle brand.
First official teaser video of #5050SkateVerse!!!— 5050skateverse (@5050_skateverse) April 7, 2022
Follow, spread the words and !grind on.
Any interactions will be considered for discord and/or whitelist.
Are you coming in? LFG! pic.twitter.com/dGqMeMzy7T
Last week, there was one thing on everyones’ mind – The Otherside mint.
In case you live under a rock, here is a quick recap of the whole thing:
- Yuga Labs was making a public sale for land to its metaverse, The Otherside.
- This was a huge deal. Buyers had to KYC their wallets and then get pre-approved for minting.
- The demand was so large that potential buyers were priced out as a result of astronomical gas fees!
- Twitter went crazy, with many pointing the fingers at Yuga’s poorly written contract as the culprit for such high gas fees, others defending them, and some literally spiralling after spending their children’s college money on this.
- Yuga issued an “apology” and threw out the idea of moving to a different blockchain.
The morning after:$APE off 25% now the coins can’t be used to mint land deeds anymore.— Wyatt Cavalier (@itiswyatt) May 1, 2022
Deeds on @opensea trading @ 8.4ETH with 40k ETH volume.
Around 2.5x – 3x mint price right in line with my estimates.@yugalabs gets 5% per secondary sale – a cool $6m so far. https://t.co/iYvHNGim4D pic.twitter.com/4ASmIm1Ozp
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.