01/03/2022 NFT SCOOP NEWSLETTER DROP

March 01, 2022

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Ethereum Market Update

Since Friday, we have seen quite a bit of upside on ETH. As I said we are expected to ping-pong in these ranges, over the next few weeks I wouldn't be surprised if ETH pushes to 3200 and back below 2300 at some point, these ranges are designed to chop people up who margin trade.

For now, it is a no-trade zone for me personally, until something more clear sets up.

Our Ethereum market update is brought by our resident crypto trader @bissbtc. Follow him here for further updates.

Market Update

Following the volatility seen during the mid-week after the launch of Invisible Friends, a lot of volume was drained from the market. Moreover, with the tensions in Eastern Europe, the NFT market has continued to consolidate with a lack of any major breakouts in a month now. We are likely at the start of a bear cycle at this point.

Breaking News

The tensions in Eastern Europe continue, with strong resistance being shown from the Ukrainians along with global support, the Russian invasion is not going as planned. A major assault on Kyiv is expected in the next 72 hours. Thus, if the European mega-city falls then a downtrend in the market can be expected.

On Saturday, the official Twitter account of Ukraine tweeted that the country was “now accepting cryptocurrency donations” as it urged people to “stand with Ukraine,” and provided links to two crypto wallets. By Sunday, Ukraine’s two official crypto wallets had accrued over $12 million worth of donations.

Reli3F NFT raised over $1million in 2 minutes for the Ukrainian cause.  Whilst donations are flying in for Ukraine, Russia is stockpiling its Bitcoin holding following the sanctions placed on the country which is crippling the Ruble. The recent surge in Bitcoin is heavily linked to the number of Rubles being sold in exchange for Bitcoin.  As tensions continue, the market is everchanging.

Japanese tech giant Rakuten has planned to launch an NFT Marketplace. The firm intends to introduce peer-to-peer listings and sales in 2023 or later. The marketplace will offer NFTs in various areas such as sports and entertainment, including music and anime, a company press release revealed. 

Popular project WGMI Interfaces has quit the NFT Space following a detailed statement titled “A passion project that no longer feels like a passion project.” Those running the project highlight the stress that the hype has led to, and they can no longer continue. “We’re drawing a line under Interfaces and plan on taking some time away. The last 6 months have been a rollercoaster and we’re happy to be getting off to catch our breath. We might not ever revisit the project and we’re at peace with that, but if we do, we can categorically say that it will never return as a 10K collection. It’s not a viable route for us.” The project received exceptional hype and it is a shame to see the project will not enter the market. A copy of the statement can be found here.

Weekly Winners

Invisible Friends remains a weekly winner due to the price action following launch and reveal. As always, projects see a post-reveal dump however the volume on Invisible Friends remains extremely strong as evidenced by the 24.2k eth in volume traded since launch.  The team has decided to not officially create an official rarity ranking for this project allowing each NFT to be unique in identity. Following the post-reveal dip, there may be some good buying opportunities.

Floor price (at time of writing): 5.5eth

7-day volume: 24,159eth traded

7-day listings: -937

% of supply listed for sale: 28.48%

Dented Feels is a project that we have covered in depth recently following the conflict with Weather Report. Dented Feels minted on 23rd February 2022 with a mint price of 0.11 and an 11,111 supply.  The date of mint and price both undercut Weather Report which was minted the same week. Dented Feels has since sold out and the floor sits at a steady 0.33 ETH with 2.9k ETH being traded in volume. Many felt the project was rushed given the large supply and little time available from inception to mint however there can be no dispute that the project has been a success for the artist especially given the strong community he was up against. Activity remains strong and there have been some impressive sales, especially item #7140 which was sold for 7eth.

Floor price (at time of writing): 0.33eth

7-day volume: 2,889eth traded

7-day listings: -111

% of supply listed for sale: 19.17%

Weekly Losers

Mfers, a previous weekly winner we advised was heading into a slight decline has maintained the decline. This can be linked to the mint of Invisible Friends being associated with the volume being taken out of the market, and there is no better example than Mfers. The project also suffered from being driven by fomo and memes which is always unsustainable in the long-term. The floor peaked at 6.19 ETH however the current decline is concerning for those who fomo’d in after the initial rise. We do not expect the project to return to the highs previously seen.

Floor price (at time of writing): 2.64 eth

7-day volume: 4231eth traded

7-day listings: -86

% of supply listed for sale: 110.1%

Starcatchers is a project that is suffering from a severe post-reveal dump. The project was maintaining a value of between 0.69eth and 0.75eth however following reveal the project has been dumped by many of the holders and the floor now sits at 0.38eth. The community remains fairly bullish on the project however, without a roadmap showing how the project intends to proceed it is difficult to see how Starcatchers value takes an upturn.

Floor price (at time of writing): 0.38eth

7-day volume: 6472eth traded

7-day listings: -1284

% of supply listed for sale: 23.13

Floors to Watch

Invisible Friends is definitely a floor to watch. Volume has been pretty outstanding on one of the most hyped projects launched and it will be intriguing to see where they end up in terms of the long-term rankings. The team remains determined to strive on and the community remains bullish. As we predicted last week the floor is sitting bang on the 5-6eth range. There is still lots of information to be revealed in terms of collaborations so again, this price may prove to be a bargain. The team has announced that a roadmap is to be expected in the next month so the current post-reveal dip could prove to be a good time for those able to buy into the project to do so.  We expect the floor to significantly rise over time however there may be some post-reveal FOMO to watch out for.

Weather Report is currently suffering from the conflict with Dentin. Dented Feels undercut Weather Report by launching earlier with more items at a cheaper price. The project never fully recovered from the issues with Dentin and unfortunately following some time to allow the dust to settle Weather Reports mint was somewhat underwhelming. The project was due to launch on the 24th of February, however, due to the invasion of Ukraine by Russia, the team decided to postpone the launch by 24 hours. Many flipped for a small profit, however, the floor never recovered and currently sits less than the mint price at 0.14eth. One month ago we would have estimated the floor to be at 1-2eth so it is disappointing to see the project not recover from the issues with Dentin. However, the art remains of good quality, and loyal members of the community continue to back the team on discord so it will be interesting to see where Weather Report ends up over the next quarter. Given that the floor sits under the mint price, it may prove to be a worthy investment even for a small profit.

CryptoRayRays a 10,00 item pixelated PFP which has seen a rapid 3x from 0.05 to 0.15. The project is connected to the well-known Vinnie Hager. There was an interesting mint of the project with a max of 9 per wallet at 0.189E. The project saw an initial dip, however, has strongly recovered and the numbers suggest the community remains extremely bullish with only 6.94% listed for sale with a 7-day listing change of 347. The recent price surge is correlated with the launch of MetaPeeps which we will mention in our alpha section. 1 RayRay = whitelist so more bullish price action can be expected as the hype builds for MetaPeeps. The price of RayRay will correlate directly to the valuation of MetaPeeps. Thus, if you are bullish on Peeps then scoop some RayRays from the floor.

Alpha

MetaPeeps is a project which is yet to launch which we believe has a lot of potential. The project has been in development for the last 9 months and the team behind it is well connected & experienced in the space. Metapeeps is founded by IamDos who was on the founding team of the successful project ‘Letters’ by ‘Vinne Hager’ who is also a well-connected member of the NFT art scene. Metapeeps have stated “Imagine your digital identity in the metaverse - with all your favourite real-life brands and experiences''. From what we can see, the avatars they are developing will be customizable where you are able to purchase NFT traits including clothing and accessories on the secondary marketplace to make your Metapeeps avatar unique. see quote below. 

“Imagine if every trait was a token all on its own?

Dressing up your @metapeeps as you’d like?

‘Yo, let’s trade these Paris Dunks for those Red Octobers’

Or the ability to sell individual traits on a secondary market?”

The founders have stated they are looking to push the boundaries of NFT space as we know it. Metapeeps doesn’t look to be launching for another few months and has delayed its launch date, however, we can see why this is the case given the attention to detail they are putting into the project. There is no discord yet or major detail on the whitelist, though we highly recommend you keep up to date & eyes peeled on Metapeeps. However, as confirmed by the project founder, owning a Crypto Ray Ray will grant you whitelist for the project.

Official Links:

Bunki’s is a very early & interesting project. They are still under the radar with less than 1000 followers on Twitter. The project aims to release just 1111 NFTs. However, every single item will be a 1/1 meaning each NFT is completely unique. The team has announced on Twitter that their roadmap is complete, though this will be released when they hit either 1000 followers or 2500 discord members (whichever comes first). They currently have 789 followers on Twitter and 1460 members in discord, so if you are reading this you are very early. The NFT project looks to be a 3D rendered bunny-style avatar that is decorated with different art & graphics. The project has also teased to the community that those lucky enough to mint an NFT from the collection could receive a physical IRL version of their NFT. The quality of their work shown in the sneak-peeks is impressive and secondly, the team has stated that they are 100% focused on slow sustained organic growth which is refreshing to see given the mass of NFTs launching under influencers and paid promotion which has turned out to be a rug-pull or slow-rug. Bunkis Basement is certainly one to keep your eye on. Follow them on Twitter & join their discord to keep up to date and have the opportunity to whitelist on the project. 

Official Links:

“Outbreak Imminent” is the tagline for “The Possessed NFT”. This is an early piece of alpha as the project has really only started to gain attention over the past few days with their Twitter following exploding to 30,000 followers. The project is founded by TMW builds who comes with a solid business background. This is a rare trait in today's NFT world and is a great sign of the project's future. He previously created HubbleHQ a successful on-demand office space marketplace & sourcing company based in the UK. The group is trusted by the likes of Accenture, Monzo, The NHS & TrustPilot. The second founder who leads the creative side of The Possessed NFT is whatthefurr who also comes with a strong business pedigree within the branding and design space. He is the founder of Point Studio a design & branding agency based in the UK with a slick & beautifully designed website that has delivered work for top brands. This makes a lot of sense as to why the animated GIF sneak-peeks of the Possessed NFT look so clean and aesthetically pleasing.  The project is based on a zombie infection outbreak theme in which the animated NFT’s switch between regular and infected versions of the avatars. The Possessed NFT has been highly creative in engaging its fan base with a collaborative and immersive experience. The team recently created a Possessed NFT avatar whereby the traits were selected by the community with the use of multiple voting polls on Twitter to create the first true community created NFT avatar. Posts from the project on Twitter are gaining serious traction-gaining 1000s of likes demonstrating a highly engaged community & fan base. This project is certainly one to keep your eye on. They have slowly been giving out whitelist spots to the most engaged community members who are supporting the development of the project, so if you are looking to gain a spot, then be sure to interact with the team and take part in the community initiatives on Twitter.

Official Links:

Thanks for reading! See you on Friday.