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BARGAIN BLUE CHIP OPPORTUNITIES + ELON TWITTER PURCHASE ON HOLD!
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The information contained in this NFT Scoop newsletter or podcast is not financial advice, it is provided for educational, informational, and entertainment purposes only.
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NFT’s can be highly illiquid markets, causing sharp drops in prices due to changes in narratives and trends.
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Weekly Market Update
The erratic nature of the market continues, with a real lack of steadiness across the board. The percentage of projects with increased floors is the most alarming as it has dropped again over the 7 day period despite showing some signs midweek of a potential increase. The percentage of projects with increased floors dropped from 24% to 11% over the 7 day period and 4% since our last newsletter which is a widespread concern. Ethereum also continued dropping but has started to increase a touch after hitting a bottom price of $1823.00. We expect to see further turbulence as the market continues in its period of uncertainty so please remain vigilant.
Breaking News
Major League Baseball is the latest global franchise to enter the space. They have entered a multi-year partnership to bring out an NFT fantasy game.
Madonna has hit back at the negativity surrounding her explicit nude NFT videos by stating she is 'doing what women have been doing since the beginning of time'. The collection contains scans of her own vagina, as well as naked depictions of herself giving birth to trees, butterflies, and robotic centipedes. We attach a copy of some of the NFT’s here - click at your own discretion.
Opensea have announced that they are rolling out changes aimed at improving authenticity and reducing copymints on the platform. We attach a copy to the announcement and details here.
Recently Elon Musk has come out to say that his purchase of Twitter is on hold due to reports over the number & % of the user accounts which are deemed to be spam or bot accounts.
Weekly Winner
Given the market’s turbulent conditions, again our winner must go to a project that has held well and shown positive floor price movement over the 7 day period.
We noted this project as a floor to watch given our expectations that we anticipate it rising above 10ETH in a bull market.
With 7 day volume at 14,508ETH this epitomises the bullish nature of the project and the activity does not seem to be slowing down.
On 06/05/22 the project was sitting at 3ETH rising to over 4ETH during the week and now sitting around just under 4ETH
Given the decimation of the market generally, generating a 0.6ETH profit is to be lauded and as such, this is a well deserved weekly winner.
Weekly Loser
Azuki
Azuki featured in our breaking news section at the start of the week and now a weekly loser.
Despite the project having a strong rebound in the last 12 hours and currently sitting at the top of the volume charts on opensea, we feel this project has to sit as a weekly loser given the recent uproar and upset that the project has caused its own community. If you missed it Azuki’s founder came out and publicly admitted to having been involved in 3 different projects that were deemed to be rugs of the past year. (Phunks, Tendies & Zunks). Azuki’s Founder ‘Zagabond’ attended a public Twitter spaces and the community were not happy with the manor in which he conducted himself or addressed the topics.
This breaking news sent shockwaves through the community and the floor price dropped immediately at an alarming rate from 26ETH on 06/05/22 to a bottom on 11/05/22 of 7.25ETH.
We did anticipate support from OG’s evidenced by the sweeping of floor prices and the project now sits at 15ETH.
Even though there was the potential for profit to be made from the bottom price, this project has seen 11ETH wiped from its value over the last 7 days. During this current period of uncertainty losses like this can be devastating.
As such, there was no other choice for this edition’s loser.
Floors to Watch
Bear or bull, Adidas isn’t going anywhere. The billion dollar brand has large pockets to fuel & execute their web3 roadmap regardless of market conditions. Moreover, the roadmap itself is extremely good for the project. By Implementing the Phase system it is encouraging investors to hold the project long term rather than just buy & flip. We are currently in the 2nd of 4 phases of the Adidas initial roadmap and things are expected to ramp up massively from here. Phase 3 is likely going to be a profile picture airdrop for the Adidas metaverse, while Phase 4 is anticipated to be the launch of the metaverse itself. Going by Web2 success, Adidas is likely going to be one of the major brand winners of metaverse clothing. Holding the Adidas Phase 2 NFT will give you the keys to the future expansion of the Adidas empire into the Web3 space. At a floor of 1.24eth this is a great entry for a long-term hold.
Moonbirds flew onto the scene as the most hyped and anticipated project to ever launch onto the Web3 scene. The floor quickly raced from its 2.5eth mint price to a high of over 40eth in a matter of days. Fundamentally, nothing has changed over the last few weeks other than COO, Ryan Carson stepping down to work on his own venture. We believe that Moonbirds is going to be one of the long-term winners of the space and can easily get back to it’s all time highs in the correct market conditions. While an entry here is risky in the current situation, the project is one to watch nonetheless. If the market continues to decline an entry into one of the most respected Web3 projects with a highly respected Web2 team could be one of the better plays to make during this bear market.
This is another project that is quickly becoming undervalued. In just a few weeks the project is down 50% from its all time highs of 7eth, currently now sitting at just 3.6ETH. The Llamaverse team are awesome. They are great builders and the community is strong. In our opinion Llamaverse is by far the best alpha NFT. Staking also opens up Llamaverse to supply-shock so the project can quickly race back to all time highs if the market conditions change. For example, despite a 4000 supply just 50 items are currently listed on OpenSea. This is a combination of high holder conviction and high rates of staking due to the use case of the rewards. Llamaverse owners earn $Spit and in turn spend their $Spit on whitelist spots to some of the best projects dropping. While buying Llamaverse at these levels is very risky if the price continues to fall a bargain entry will appear. Just one whitelist awarded from your $Spit can pay off the whole value of your Llamaverse.
Alpha
Floors to Watch written by @Walty
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