Welcome to NFT Insider for February 17th, 2022 – FREE edition, brought to you weekly by Alts.
Each week, we give you our analysis of the NFT market in general, as well as any current IPOs. We also give you the heads up on cool projects we think are worth checking out.
In today’s issue, we give you tips on how to evaluate a minting project, plus our view of the Doodle NFT IPO’ing today on Rally.
NFTs in 2022
NFTs on the fractional marketplace have stayed steady for the better part of two months. Returns for NFTs are up 186% since we started tracking.
NFT sales have remained relatively steady in the past week, ranging from a high of $75 million last Thursday to a low of about $49 million on Monday, Valentine’s Day.
NFTs last week
NFTs on Fractional Marketplaces
NFTs were down 2.4% this week vs. last, no doubt skewed by losses on the 2 NFT Art assets.
In terms of NFT Avatars, “Leather Jacket” Bored Ape #9159 on Rally was down about 20% from the previous week. However, it is still up 32% from the IPO price at $6.60 per share for a market cap of $258k.
Rally debuted “Astronaut” Bored Ape #7359 for live trading last week and was up as much as 90% from the IPO, but it is now trading at $14 per share – for a market cap of $266k.
The floor price for Apes is at 98 ETH ($310k).
The VR Cryptopunk #8103 on Rally has fallen below its IPO price of $9.33 and is trading at $7.55 for a -19% return on the initial investment. This is the only NFT asset on Rally with a negative return.
NFTs on OpenSea
Karafuru takes the top spot for the second straight week on OpenSea:
The project is centered around 12 characters created by Indonesian artist WEDE. This is a 2D project, with plans in the roadmap for a future release of 3D characters with compatibility in a metaverse land. The floor price is currently at 3 ETH, down from 3.7 ETH a week ago.
Azuki now has the 5th highest sales volume among Profile Picture Project in OpenSea history. The project has seen quite a rise in value, up from a floor price of 10.9 ETH last week to above 14 ETH this week.
Bored Ape floor prices are also up by 7 ETH from the previous week, sitting at 98 ETH at time of writing.
NFTs this week
- When: Feb 17th @ 12 PM ET
- Platform: Rally
- Market Cap: $44k
- Retained Equity: 25%
- Inferred Value: $42k – $43k
- Our view: [INSIDERS ONLY]
When we highlight minting projects, we are not endorsing the project but highlighting a few reasons why the project has the potential to be successful.
How do we define success?
We define a successful project as one that you can mint and sell for a profit, or one where you hold and benefit from its utility.
We want to give you the resources on how to do this stuff. It isn’t very clear when beginning your NFT journey. With that in mind, here’s a guide on the basics of buying NFTs that we think you’ll find helpful.
Here’s another article we think will be helpful with buying NFTs during public mints. After reading through, you may want to check out these projects minting soon:
Public Minting beginning February 22nd
- The Greedy Gramps has partnered with an impressive lineup of brands ranging from the fashion to music industries.
- Partners include: Accent Clothing, Karma Sanctum SOHO Hotel, and WRSTBHVR
- The utility will include exclusive access to products, special deals, and real-life “airdrops”
- A partnership with Creative Medical Technology Holdings will see Greedy Gramps in social media campaigns promoting their patented CaverStem procedure for erectile dysfunction… Amusing? Yes. But talk about utility!
- NFT holders will access Crypto projects at the Seed and Angel investment stage
Pre-sale begins February 28th
- Make sure to join their Discord to get more details on mint dates and whitelist information. There are currently more than 21k members in the Discord community.
- The collection is capitalizing on Pixel Art nostalgia and the success of other major pixelated projects such as CryptoPunks, CyberKongz, and Kaiju Kingz
- The founding members of the project include more than 250 members of the Bored Ape Yacht Club, CryptoSkulls, and Nanopass
- Plans include staking features (here’s an explanation), breeding programs (what the heck is breeding?), and land purchases on Decentraland and The Sandbox (metaverse primer)
Today we’re going to run through a few interesting stories in the NFT space that are worth exploring:
- V.Cent.co, known for selling NFTs of popular Tweets, suspended most of its NFT-selling platform to address the number of plagiarized and fraudulent items on sale. The part of the site that sells Tweets didn’t shut down, but its other site, beta.cent.co, was shut down to address authenticity issues.
- About a month ago, OpenSea reported that nearly 80% of all NFTs minted for free on its platform were “plagiarized works, fake collections, and spam.” The forgeries caused OpenSea to limit creators to a cap of 50 free mints. The resulting uproar by artists caused the giant NFT platform to backtrack with an explanation.
- The National Football League allowed every Super Bowl XLI attendee to claim a commemorative Super Bowl NFT as a digital keepsake. The NFL has been giving free NFTs to complement physical tickets since early November 2021.
- A rare alien CryptoPunk sold for $23.7 million – making it the most expensive Punk ever sold and crushing the previous all-time high sale of a Punk by nearly $12 million.
- Less than three months ago, JPMorgan Chase CEO and Bitcoin hater Jamie Dimon stated, “Cryptocurrency has no intrinsic value. You are basically buying a token.” On Tuesday, JPMorgan bought virtual real estate in Decentraland, intending to open a lounge. I can only imagine Dimon buying virtual land with MANA transacted from his digital wallet. If I catch you in Decentraland, drinks are on you, Jamie — besides, it’ll only cost a few worthless tokens.