Welcome to NFT Insider for March 11th, 2022 – FREE Edition, brought to you weekly by Alts.
Each week, we give you our analysis of the NFT market and any current IPOs, plus a heads up on cool projects we think are worth checking out.
Let’s go!
Table of Contents
NFTs in 2022
NFTs on the fractional marketplace currently stand at a 119% return since they started trading on Otis and Rally. The 119% return is the lowest week-over-week return since we started tracking data, tying a data point from Jan. 31 earlier this year.
The NFT market is cold. According to Nonfungible.com, Sunday, March 6th, was the lowest trading day by sales volume since July 12th, 2021.
Inflation, high gas prices, and the war in Ukraine can all be factors for the general slowdown in all types of equities. However, the market has been in a general downward trend since Jan 31st.
NFTs Last Week
NFTs on Fractional Marketplaces
The Art asset class appears as a bright spot, but the data is based on two assets on the Otis platform; Chromie Squiggle #524 and the Grimes NFT Collection. The Squiggle has been flat for more than a week at $1 per share. The mover is Grimes, which went from $17.36 to $21.75 per share. However, this is based on two total shares sold.
It was a tough week for Avatars, most notably Bored Apes and CryptoPunks. “Leather Jacket” Bored Ape #9159 on Rally has erased all gains and is currently trading at IPO price of $5 per share.
Rally’s CryptoPunk #9670 is down considerably, trading in the low $20 per share range. It was trading near $38 per share two weeks ago. On Otis, CryptoPunk #2142 is down to $0.70 per share.
“Astronaut” Bored Ape #7359 on Rally has been a bright spot, holding steady at $13.40 per share for a market cap of $259k.
NFTs on OpenSea
CyberBrokers, a collection created by well-known digital artist Josie Bellini, takes this week’s top spot on OpenSea.
The collection is backed by a fully doxxed team (yes, that is a definite plus at the moment) with years of experience as artists, blockchain developers, and marketing. The roadmap, though, is more of a “join us for the ride” type of vibe.
Doing our weekly Azuki tracking, the floor has dropped from about 11 ETH two weeks ago to 9.5 ETH this week. Bored Apes are down from 90 ETH two weeks ago to 75 ETH this week.
If you believe in the space and have the cash to spare, the next few weeks/months could provide good buying opportunities.
The floor for CryptoPunks is hovering around 66 ETH.
3Landers, which took the top spot two weeks ago, is showing a great deal of strength in the market, with its floor rising to 1.79 ETH – up from about 1.6 ETH two weeks ago.
NFTs This Week
Fractional Marketplaces
World of Women #2221
- When: March 11 @ 12 PM ET
- Platform: Rally
- Market Cap: $28k
- Retained Equity: $0
- Inferred Value: $19k – $21k
- Our View: [INSIDERS ONLY]
“Jetpack” Bored Ape Kennel Club #7820
- When: March 9
- Platform: Rally
- Market Cap: $31k
- Retained Equity: $0
- Inferred Value: $15k – $17k
- Our View: [INSIDERS ONLY]
Projects Minting
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.
Veefriends Series 2
Snapshots on April 5th
- There are several ways to get a Veefriends Series 2 NFT; we’ll go over them below.
- One way is to own a Veefriends Series 1 NFT. All holders will be able to mint a Series 2 based on the number of Series 1 NFTs you hold. The current floor price is 15.7 ETH. The Series 1 collection has a total of 10,225 NFTs. Series 1 holders will have until December 31, 2022, to claim their Series 2 NFTs.
- The second way is to own BOOK GAMES NFTs. BOOK GAMES are currently about 0.5 ETH, and there are about 123k of them. Of that 123k, 32,000 will be randomly chosen to be on the Friends List (their version of a whitelist). Snapshots will take place on April 5th.
- The third way is to join the general sale at an undetermined date in April. 10,000 NFTs will be set aside for the general sale, plus any remaining NFTs not claimed from the BOOK GAMES Friends List.
- We think this will be a successful collection under the GaryVee umbrella, but one thing we are concerned about Series 2 is the supply with 55,555k mints available.
- Mint price will be less than $1,000 USD, but the exact price has not been set.
Kreepy Club
Mint Date TBA
- A collection of 9,999 “Kreepers” with a chill vibe on the Discord
- Mint price will be a reasonable 0.069 ETH
- The 9,999 NFTs will be created in three different styles by three different artists.
- The three artists are Kreepture, Tomorrowman, and Junk Yard
- To get on the KREEPLIST, the project’s whitelist, one needs to own one piece of art by any of the three artists.
- KREEPLIST members will be entitled to 6 mints during the presale
Industry News
Some highlights to read over:
- The Pixelmon “reveal” was so bad that people are calling for tighter regulation of the NFT space. The project raised $70 million but was revealed to be either 1) an elaborate scam, or 2) a project that grew way beyond the developer’s capabilities.
- Alotta Money, a pioneering and aspirational artist for the likes of Beeple and XCOPY, passed away last week. Alotta Money made his mark through his whimsical art. He contributed to some of the most iconic spaces in the CryptoVoxels metaverse.
- LimeWire, one of my favorite music file-sharing platforms from 20 years ago, has been resurrected as an NFT marketplace. The new version will launch in May and focus on music, entertainment, and art. Next up, Grooveshark?
- Sia doxxed herself as @BiancaMedici69, granddaughter of Cozomo de’ Medici, who earlier doxxed himself as Snoop Dogg. This is great.
And lastly, some big news: On Wednesday, Otis announced that Public.com has acquired it. The company will be shutting down its app in the coming months. During the transition period, trading on Otis will continue, and any assets that are not sold off will be rolled over to Public.
For more information from Otis regarding the acquisition, read here.
