Veefriends Series 1 Energetic Electric Eel

New here? Read up on our past NFT issues to get the most from this post.

May 27, 2022 | ± 6 minutes


  • Our analysis of the NFT market for the year & for the week
  • All you need to know about current drops
  • A heads up on cool projects we think are worth checking out
  • Industry news update

Let’s go!

NFTs in 2022

Our index shows NFTs returning 13% on the fractional marketplace from the initial offerings. The trend shows that the declines have not stopped and are still finding a bottom. The overall market is now in danger of giving back all of its gains over the past eight months.

Price data taken from the fractional platforms Rally and Otis

The chart below is indicative of an NFT Winter. Last week marked the lowest weekly trade volume in the past three months. It appears that a new low will be set this week.

NFT Weekly Trade Volume (3 months). Courtesy of

The last two weeks also provided the lowest two weeks of transactions (sales) in the past year.

NFTs Last Week

Fractional Marketplaces

Returns are down significantly since we first started recording data in September 2021. The losses this week have been led by the CryptoPunks on the Otis platform. Punk #543 has lost a market cap of more than $100k in the past week, and Punk #2142 remains down 30% in the past month.

Nothing to be smug about, Punk #2142.

On Rally, Punk #5883 has lost $460k in market cap since its IPO and recently lost another $30k this week. Punk #8103 has lost $350k in market cap since its IPO. On a positive note, Punk #9670 has gained $158k in market cap since its IPO.

Chuckie Finster is back!

The fractional Bored Apes have stabilized and remain relatively unchanged from the previous week.

Some other downward shifts in pricing are startling. The Chromie Squiggle and the Curio Cards on Rally are down by about 75% from their IPO price.

Many consider these cards to be the very first art-related NFTs, but unfortunately, that doesn’t stop their price from dropping…

One bright spot is Meebit #15511, which recovered from a market cap low of $15k two weeks ago to now trading at a market cap of $40k. It is still down 47% from its IPO price.

One happy pig.


It’s clear that Solana-created NFTs are having their day with the current state of the Ethereum market. Solana collectors have been talking about the benefits of buying Solana NFTs for a few years now, including lower minting fees and much lower transaction fees, aka gas fees.

The latest Solana project making a splash is the Trippin’ Ape Tribe, which is currently the 5th highest traded collection by sales volume on OpenSea. It’s not that Solana NFTs haven’t seen their share of successful projects, but by being included on the OpenSea marketplace, it feels like they’ve finally reached the mainstream, and with it, a certain level of respectability.

Yes, it’s an Ape. But this is a Trippin’ Ape.

This could be the beginning of a “Solana Summer.” But buyers beware – the timing of Solana NFTs coming up seems to be a well-planned campaign by market creators and influencers.

Keep in mind that it’s very possible that creators of failed Ethereum projects may have simply migrated to the Solana blockchain to offer more of the same. If you decide to “ape” in, make sure that you enjoy the art.

The Trippin’ Apes were at a 68 SOL floor price just two days ago, and in our latest snapshot, the floor is 46 SOL.

The Weekly OpenSea Top 12 – Otherdeed for Otherside is the top-selling NFT for the 4th straight week.

NFTs This Week

Fractional Marketplaces

Veefriends Series 1 Energetic Electric Eel

  • When: May 23rd @ 12 PM ET
  • Platform: Rally
  • Market Cap: $33.6k (82% funded)
  • Retained Equity:
  • Inferred Value: $25k
  • Our View: [INSIDERS ONLY]
Depreciating Deepsea Dragon

Projects Minting

We’re looking at a couple of new projects this week:

Nychos on NiftyGateway

When: Friday, May 27 @ 6:30 PM ET
Price: TBD

  • Nychos is a famous artist known for clever animations that end with an introspective look at our anatomical structure, i.e. exposed brains, bones, and eyeballs.
  • Nychos previously released a Darth Vader NFT and teased on Twitter that his next release will center around Grogu, also known as Baby Yoda
  • NiftyGateway drops have limited editions and open editions. Open editions come with a time limit. Be careful with open editions if you are concerned about resale value. Limited editions tend to retain value, though liquidity is relatively low on the NiftyGateway secondary.
We’re suckers for Star Wars.

Tigerbob by Gossamer Rozen

When: Saturday, May 28
Price: 0.25 ETH

  • There is no public sale for this project. All minting will be done through a pre-sale for 1,000 whitelisted members.
  • So why tell you about it? Because it won’t hurt to be on the lookout for any resellers at a low entry point, in the event the project does not take off and people look to sell.
  • Gossamer Rozen is a member of the Proof Collective by Kevin Rose, the group that made Moonbirds
  • Rozen has also been a part of other prominent NFT projects including Woodies, Deadfellaz, and Lucrece
Each NFT is hand-curated and not computer-generated.

Industry News

Some tidbits from around the NFT world:

  • Last week, OpenSea announced its new Web3 marketplace, the Seaport Protocol. This new marketplace is pretty innovative, allowing for trades in combinations of currency and other NFTs. It’s also an open-source protocol, meaning that smart contract developers are welcome to further secure and improve the network.

OpenSea does not control or operate the Seaport Protocol.

The company is also sponsoring a contest with a $1 million prize pool for smart contract developers to help find potential bugs and exploits. Here’s a good read on how the protocol is expected to work.

  • Seth Green was working on an animated show with four of his NFTs as the stars – a Bored Ape named Fred Simian, two Mutant Apes, and a Doodle.

Have you seen Fred Simian?

A week ago, and just days from the show’s debut, Green fell for a phishing scam and lost all four of his NFTs. He also allegedly lost the commercial rights to the NFTs, putting a tenuous hold on the future of his show.

The NFTs were promptly sold by the scammer and Fred Simian is currently held by a GEB Vault. Green has attempted to make contact with the owner of GEB Vault in order to “work it out between us.”

UPDATE: BuzzFeed made contact with the owner of GEB Vault, who happens to be an Australian surgeon. The surgeon has asked to be put in touch with Seth Green.

  • Lastly, to keep in line with the mood I’m in, we have to finish with yet another scam. This time an owner was scammed out of 29 Moonbirds. The owner was scammed after clicking a malicious link by someone who had apparently built trust on the Moonbirds Discord channel.

The birds had a cumulative value of $1.5 million. According to a report by MalwareBytes Labs, phishing scams are on the rise. Please be careful out there.

I hope you enjoyed this week’s issue. We take all feedback into consideration, so please feel free to reach out with tips, comments, or suggestions on what you’d like to hear about next.

Until next week!



Picture of 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.

Related Posts


Binance gets rekt

A four week rally in equities – is the risk trade back on, All bad news in real estate, Is there a private credit bubble, and More.

sam altman

Sam Altman out at OpenAI

Ctrl Altman Delete, Both the CPI and PPI came in cold, US mortgage rates are ​down​ from 8.0% to 7.4%, and VCs finally had a positive quarter.


Crypto is mooning

Equities are so hot right now, Real estate is looking at a 1980s-style housing recession, The vultures are coming for your startup, and is there a private credit bubble?

Recently Published

Curious about investing in NFTs?

Get notified on hot new NFT drops and DAOs worth exploring.

Join the club. Start here.

    Join thousands of subscribers.
    Absolutely spam-free.

    Curious about investing in Crypto?

    Crypto doesn't have to be confusing. We explain it like you're 12 years old.

    Join the club. Start here.

      Join thousands of subscribers.
      Absolutely spam-free.