Welcome to NFT Insider for March 30th 2022 – FREE Edition, brought to you weekly by Alts.
We’re rushing to get this one out today, since an exciting new NFT is IPO’ing on Rally. But just before we kick-off, a quick announcement:
We’ve launched our very first fund, ALTS 1. This is a chance to get better returns for less risk:
Table of Contents
NFTs in 2022
The NFT market has been lukewarm since October last year, and is nowhere near as heated as last summer, according to annual view of the daily sales volume chart on Nonfungible.com. There have been a few spikes, and there was a flurry of activity in January, but the past two months have reverted back to the mid-October levels.
NFTs Last Week
This week, NFT Avatars have come back up, while NFT Art Assets (which were at 85%^ last week, thanks to XCOPY’s Bottom Feeder) seem to have gone down.
NFTs on Fractional Marketplaces
A pair of Meebits opened for trading on the Rally platform this week.
“Elephant” Meebit is down nearly 50% from IPO, trading at $4.10 per share for a market cap of $60,000.
“Pig” Meebit #15511 is trading $4.95 per share, down $0.05 from IPO, at a $75k market cap.
Nearly all the NFT assets on Otis have declined in the past week. Even with the price declines, these assets are aligned with fair market value. For instance, the FEWOCious NFT is down 40% but its market cap of $28k aligns with today’s market. The Grimes NFT Collection remains at the same price as last week.
All of the Bored Apes on Rally are up compared to last week. “Leather Jacket” Ape #9159 which was trading below floor price last week, is currently trading at $8 per share for a market cap of $312k.
NFTs on OpenSea
World of Women Galaxy (WOWG) takes the top spot this week. WOWG was the biggest release last week. It is the second collection from the World of Women franchise. The collection contains 22,222 images and bridges the WOW collection into a new phase of its roadmap.
Last week we covered how $APE had a trickle-down effect on other collections. One week later, most of the collections are still benefiting from increased liquidity in the market. The one exception? World of Women slipped from a floor of 11.5 ETH to 9 ETH.
Can the drop in floor price be attributed to WOWG cannibalizing the value of its parent project? It’s possible that the increase in supply diluted the marketplace while also noting that every WOW holder was able to mint a WOWG for free. It’s also possible that the increase in floor price had the anticipation of WOWG baked into it.
NFTs This Week
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.
Mint date: TBD in April Price: TBD in April As you can see, at the moment we don’t have all the details on this one, however, rest assured that announcements with more details will be made on Twitter. All proceeds from the sale will benefit non-profit organizations. Strangers is the debut NFT Collection by acclaimed Ghanaian artist Kojo Marfo. Kojo’s unique artwork is inspired by traditional Akan sculptures, artifacts, and carvings.
We’ve seen NFTs from internationally-renowned artists do very well on the market in the past.
Two young men responsible for the “Frosties” rug pull and for scamming nearly $1.1 million are facing 20 years in prison for fraud. The implications for other “creators” who pulled off blatant rug pulls are scary. The duo reportedly was in the process of pulling off another rug pull through Embers.
NFT LA is taking place from March 28 – 30. The West Coast takes its flagship NFT event with the anticipation that some projects will be making big announcements (see below). NFT.NYC is three months away.
And lastly, Azuki has seen its floor price increase by nearly 33% in the last week. There is speculation that with the release of the Bored Ape Yacht Club’s ApeCoin, Azuki is planning an Initial Coin Offering (ICO) of its own, reportedly named $BEAN. The project developers will be making an announcement this Wednesday at the NFT LA event we mentioned above.