NFT Insider – Oct 18

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Wyatt’s Note: Rally and Otis have caught up with demand for blue chip NFTs, and they’re coming thick and fast now. Otis drops are more appealing generally due to the shorter lockup period and tangible trading history on the platform. Just my gut, but this feels a lot like Jordan Mania in February and March 2021.

Last week’s performance

Last week started with Chromie Squiggle #524 opening on the Otis secondary market. Unfortunately, trading had to be paused due to technical issues on Wednesday. Trading is currently at $3.00 per share putting the market valuation at $76,000.

Bored Ape Yacht Club (BAYC) and CryptoPunks remain one of the most sought after PFP NFTs in the marketplace, solidifying themselves as blue chip investments in the current space.

In the last week, CryptoPunks and BAYC rank fourth and fifth, respectively, in the OpenSea marketplace by volume. However, both CryptoPunks and BAYC have seen a marked decrease in volume in the past week.

This Week

This week Otis is IPO’ing two NFTs; Meebit #12536 and CryptoPunk #2142. Rally is dropping Meebit #15511.

Last week, Rally IPO’ed Bored Ape #7359. As of this writing, the Bored Ape is 87% funded and has a market cap of $190,000. We’ve put in a recommendation below.

The first fractionalized Meebit will IPO on Otis this week: Meebit #12536 makes its debut on Tuesday, Oct. 19. This Meebit is ranked 496 out of all 20,000 Meebits in rarity score according to

Recent sales of human Meebits range from the lower ten thousands to the $90k+ range. The values fluctuate on anything from rare traits to consumer preference. What makes Meebit #12536 special is its 16 different traits, putting its highest floor valuation at 9.5 ETH.

New IPO’s

Bored Ape Yacht Club #7359

Market Cap: $190,000
Inferred Value: $165,000
Platform: Rally
Date: Week of October 11
Recommendation: Pass (valuation, 5 month lock-up on Rally is too long and leaves investors too vulnerable to market — and NFT — cycles)

Meebit #12536

Market Cap: $38,100
Inferred Value: $29,000 – $36,000
Platform: Otis
Date: Oct. 19 @ 4 PM EDT
Recommendation: Pass (valuation, while this Meebit is ranked 496 out of 20,000 according to, the offering is 31% higher than valuation according to The market cap is also higher than the highest floor price for any Meebit with 16 traits.)

Meebit #15511

Market Cap: $75k
Inferred Value: $67,657
Platform: Rally
Date: Oct. 21 @ noon EDT
Recommendation: Pass (valuation, 5 month lock-up on Rally is too long and leaves investors too vulnerable to market — and NFT — cycles)

Cryptopunk #2142

Market Cap: $384,900
Inferred Value: $384,000
Platform: Otis
Date: Oct. 20 @ 12 PM EDT
Recommendation: Yes (the market cap is at market valuation, this is a good opportunity to get a piece of what is arguably a part of the most iconic PFP collection in NFT history, and all crypto assets on Otis have at least 3x at open)

CryptoPunk #2142 has a rarity rank of 1510 out of 10,000 Punks.

Undervalued assets trading on marketplaces

“The Other Deadness,” by XCOPY on cloudflare-ipfs, formerly NIFTEX

Market: Fractional
Description: 1/1 artwork, currently valued at 174 ETH
Upside: 100%

“Etherrock #31”

Description: 100 rocks made on the Ethereum blockchain in 2017 shortly after CryptoPunks, one of the first NFT PFP projects, floor price by a significant margin with 500 ETH valuation
Upside: 30%

A very valuable digital rock.

Assets to watch at auction or elsewhere

Jungle Freaks on OpenSea Marketplace (Floor: 0.94 ETH)

  1. One of the top 5 biggest NFT’s by volume in the last week. 10,000 NFTs with all-hand drawn characters and traits by well-known cartoonist George Trosley.
  2. Watch the floor price to see if it goes above 1 ETH as this asset is on the rise.
  3. On Oct. 16, the average sale price was 1.2 ETH, up from Oct. 12 when it was 0.6 ETH.
  4. The art is visceral, combining zombies with apes that gives each NFT a dangerous (and violent) appeal to them.
This is a dangerous zombie ape.

Industry news

The NFT market has shown some slowing in the last month but it has stabilized. It is important to follow the bell weathers of the industry such as CryptoPunks, BAYC, and Cool Cats. The volume of these NFTs tend to reflect the overall volume of the NFT space.

The volume indicator can help you decide when to spend on the secondary market or when to choose a project that is minting. For successful PFP (profile picture) NFTs, the best time to buy is when they are minting and usually come out to a few hundred dollars.

This could be an opportunity to “buy the dip” on some NFTs as smaller projects mirror the dips of the bell weathers. Timing the market is difficult, but if you can buy a NFT that you’ve had your eye on for a while, the optimal time to buy is when the market finds a stable floor.

There are two ways to profit from the slowdown:

  • Track specific NFTs that interest you as floor prices begin to drop when holders take profit.
  • Use the KountDown app to help you set alerts for floor prices of specific NFTs as they trend either upward or downward.
  • Save your money for new projects that are close to minting. Make sure to check out for weekly drops and read project roadmaps and vision.

If there are projects that interest you, join their Discord channel and see what the community is talking about. Much of what is gaining traction outside of established projects is based on a combination of hype, personal aesthetics, community, and your gut feeling.

We previously wrote about tips for buying NFTs if you want a primer on “do your own research” (DYOR).



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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