April 29, 2022 | ± 6 minutes
CONTENTS:
- Our analysis of the NFT market for the year & for the week
- All you need to know about any current drops
- A heads up on any cool projects we think are worth checking out
- Industry news update
Let’s go!
NFTs in 2022
The 30-day daily sales volume chart on Nonfungible.com shows that daily sales on Saturday, April 23rd, reached $68 million, the second-highest total in the last three weeks.
The market shows signs of life with a consistent rise in volume as daily trading has gone above $45 million in sales every day since April 20th. By comparison, daily sales volume didn’t top $37 million from April 6 to April 17.
One reason for the increased activity could be that NFT holders are looking for liquidity for the upcoming Otherside land sale on April 30 from Bored Ape Yacht Club. Buyers had to go through a KYC (know your customer) process in order to be approved for the sale.
Our weekly index shows that NFTs on fractional marketplaces are returning 38% from the initial offerings. It’s down 6% from the previous week, but the ROI has stayed flat since mid-March.
NFTs Last Week
Both NFT Avatars and NFT Art were down last week:
NFTs on Fractional Marketplaces
A few of the values on Rally and Otis:
- Rally’s “Leather Jacket” Bored Ape #9159 ($306k market cap) is sitting at a market cap below the floor price of $420k.
- Rally’s “Astronaut” Bored Ape #7359 is also sitting below floor price at a $346k market cap.
- Rally’s Elephant Meebit #11275 is trading at a $72k market cap with the current floor price for Elephant Meebits at $92k.
NFTs on OpenSea
Moonbirds takes the top spot for the second week straight, leading in sales volume. The floor price, however, has dropped by about 4 ETH since last week.
At the same time, the Bored Ape and Mutant Ape floors have climbed since last week in anticipation of the Otherside metaverse land sale. Bored Ape floors are up by 20 ETH and Mutant Ape floors are up by 4.5 ETH.
In one week, ApeCoin has gone up by 33%, from a low of $14 and now nearing $21. There is a lot of speculation on how much the public land sale will go for. It’ll be made available via dutch auction on Saturday, April 30 @ 12 PM ET. Estimates are that parcels will cost between 300 – 600 $APE, equivalent to $6.3k – $12.6k.
All buyers had to go through a KYC (know your customer) process that left some a bit upset that they either had to go through it or that they didn’t do it. Now there’s a market for KYC’ed wallets:
NFTs This Week
Fractional Marketplaces
There are no drops this week, but lots going on eleswhere.
Projects Minting
This week, we have a pair of friendly, “good vibes” collections to look at. One has already minted, but we think it’s worth checking out as its creator is getting more and more well-known.
Local Weather
Date: May 2022
Price: TBD
Why it could moon:
- Local Weather blends real-world utility with the launch of the NFT.
- The project and community are being built by NFL quarterback Russell Wilson, NFT creator AJ Vaynerchuk, and H+S Labs. (H+S is the sports performance company leading the formulation of the performance drink.)
- Genesis NFT holders will be first to try the new drinks.
- The NFT also offers experiences with Wilson + an opportunity to buy physical collectibles.
Ugly People
Minted: 22nd March
Price: 0.06 ETH Floor Price on OpenSea
Why it could moon:
- From rising Urban Artist Jorge Torrealba.
- The floor price has dropped considerably since the public mint, but at 0.06 ETH, there’s an opportunity to buy a unique piece.
- Torrealba is rising in the NYC art scene. A documentary about his life won two Suncoast Emmy Awards in 2020.
- Holders will have access to Torrealba merchandise through the Ugly Alpha Program and a portion of sales will fund the project’s philanthropic initiatives.
Industry News
Some tidbits from the industry:
- The Bored Ape Yacht Club’s Otherside metaverse project will officially launch later this week. The mint will start on April 30, and ApeCoin is the official payment method. All the details on that can be found in this handy little article by DappRadar.
Alpha leak: these projects will be auto whitelisted to mint Otherside land.
— Willy ₿ullish 🍌 (@WillyTheDegen) April 18, 2022
BAYC – airdrop (center land)
MAYC – airdrop (mid land)
CryptoPunks – WL (outer rim)
Meebits – WL (outer rim)
Cool Cats – WL (outer rim)
Nouns – WL (outer rim)
WoW – WL (outer rim)
Toadz – WL (outer rim) pic.twitter.com/gZ5ldAdoQM
- Also, the Bored Ape Yacht Club Discord and Instagram accounts were hacked, leading to a loss of ~ $3 million in NFTs, including 4 BAYC and 7 MAYC.
Damn the BAYC Instagram hacker stole 4 BAYC, 7 MAYC, 3 BAKC, 1 CloneX, & more ( 91 NFTs in total)
— zachxbt (@zachxbt) April 25, 2022
Hacker Address:https://t.co/0ngJ4SKV4G pic.twitter.com/9U2OGPKMmP
- Moonbirds COO Ryan Carson left the PROOF Collective after one of the most successful NFT launches ever. His departure created speculation around a rift with co-founder Kevin Rose and Carson’s purchases of rare Moonbirds after the drop. Carson took to Twitter to address the situation.
gm everyone!
— Ryan Carson (🪹,🦉) (@ryancarson) April 27, 2022
There have been a few questions about me stepping back from @proof_xyz and @moonbirds so I wanted to clarify all the facts.
Quick thread …
- NFL Star Laremy Tunsil created an NFT of a leaked video of him smoking with a gas mask. Tunsil was widely viewed as a Top 5 prospect but when the video was leaked the night before Draft Day, his draft position tumbled. Tunsil was drafted 13th overall and has since made 2 Pro Bowls. A portion of the proceeds from the video will be going to the Last Prisoner Project.
That’s all for today.
Oh… one more thing:
Thanks, Horacio
