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Bored Apes dropped their holders $1.8Billion.. Whats next for the NFT market?

March 18, 2022

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Ethereum Market Update

$ETH Is still trading between the levels, we are at key resistance here, and if we clear the trend line + horizontal I expect to see higher prices for a bear market rally/squeeze, we are still playing between the range levels we have used for months.

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

Weekly Market Summary

As is normal with a bear market, volatility can be expected. Increased floor prices have dipped a little over the week with volume maintaining a steady movement. With a decrease in listings, this narrows the potential for low entry buying opportunities but there remain plenty of undervalued gems that can be snapped. With $Ape money flowing back into the market we can expect to see some bullish price action.

Breaking News

The Bored Ape yacht club released their highly anticipated $APE coin which is the governance token of the APE DAO. The Bored Ape Yacht club will be releasing $APE over time with a hard cap of 1 Billion $APE tokens, no more no less. As expected The market cap of $APE shot up to an astronomical $17BN Fully diluted market cap, and has since dropped down to $12 Billion Fully diluted market cap and a circulating market cap of $1.6 billion. With Bored ape holders ‘who are NFT enthusiasts’ now sat with a collective of $1.8 billion in liquidity, it would seem quite probable that this will cause an new NFT bull with fresh capital flooding into top tier at mid cap NFTS. However, on the other foot, Bored ape holders could be using this as an opportunity to take profits from holding their ape NFTs and convert into hard cash or stables. Regardless this is an monumental event in the NFT space, and is a clear demonstration of how Web3 organisations are delivering direct value back to their communities. The Bored Apes have executed flawlessly as an NFT project and we are sure that many other will attempt to follow in their foot steps. Watch closely.

You can read more about Apecoin here

Further to our previous updates regarding the Ukrainian crypto fund, the Ukrainian president has signed a bill to legalize crypto and other digital assets following the influx of over $100M in crypto donations.

After passing 30M users, Metamask plans on launching a token to continue to pursue “progressive decentralization”. With this number of users growing daily it will be intriguing to see when they plan to launch.

Mark Zuckerberg has announced that Meta is working on bringing NFTs to Instagram. With Twitter previously integrating NFT’s it is no surprise to see Instagram set the ball rolling with this feature.

Weekly Winners

The Heart Project is a previous low cap gem we recommended. The price, unfortunately, dipped over the last 6 weeks due to the natural market volatility however, the project has committed to its collaborations previously announced and the community remains bullish on this project. The project is currently going through a boom, with a volume increase of 1008% over the last 24 hours. With more exciting announcements to come the current floor price may prove to be a smart move, especially with the appealing entry price.

Floor price (at time of writing): 0.39 ETH

7 volume: 54eth

7-day listings: 28

% of supply listed for sale: 5%

The 10,000 token collection minted on the 4th of March and following a small public sale the project quickly sold out. The minting process was flawless with a reasonable mint price of 0.08 and the community has been rewarded for their belief in the project. With a very strong Discord community tied with an engaged Twitter community, this is an organic project that is receiving its well-earned rewards. Following the project selling out there was a swift upturn in price however as usual there was a slight post reveal dip. Launching a project in a bear market carries its risks however the project is receiving plenty of interest and we expect the price to increase over the coming weeks.

Floor price (at time of writing): 0.41ETH

7-day volume: 2117 eth traded

7-day listings: -401

% of supply listed for sale: 17.8%

Weekly Losers

A previous double weekly winner in our newsletter however this week has seen an expected dump. The floor continued to rise from when we last reported to a maximum of 5.2 Eth however over the last week the project has seen 2.7 eth wiped from the price. As always we warn against FOMO and this project is no different. We raised the question of where this project would level off at and we would be extremely shocked to see the previous highs of 5.2 Eth reached in the immediate future. What does remain is that this project has the strong foundations and credentials of a good project however with market volatility as well as a heavy price dump we would recommend avoiding this project for now.

Floor price (at time of writing): 2.78 ETH

7-day volume: 2483 eth traded

7-day listings: 91

% of supply listed for sale: 12.39%

Another week, another Ape derivative that is proving our theory once again that the launch of similar art will not bring similar success to BAYC and MAYC. Again we have a project that is tanking at an alarming rate. Their art is predictable and somewhat lazy. The project had a peak of 0.36eth at the end of January catching the end of the bull run however, there has been a one-way drop since.

Please take our advice on-board and do not get caught out with the art even though they are trying their best to copy successful projects.

Floor price (at time of writing): 0.024 ETH

7-day volume: 1eth traded

7-day listings: 25

% of supply listed for sale: 5.04%

Floors to Watch

As mentioned in our previous newsletter GNSS by MGXS began the mint/reveal process yesterday. To recap, the minting process is something that has never been seen before. 1 Seed = 1 GNSS. However, holders have a choice in what GNSS they end up with. When you go to mint your GNSS you are presented with the option to choose 1 of 10 GNSS. However, the process has two catches. Once you swipe past one to see the next one you cannot go back and there is no official rarity scale so it is up to your and the communities interpretation of certain traits. The reason we include it in our floors to watch section again is that there is likely going to be some really good buying opportunities during this post-reveal dip. Theirs two strategies with this one. Firstly, the riskier option. As the supply of unminted seeds drops these are going to gain in value as investors try to gamble for a rare GNSS. Instead of buying a GNSS on secondary, look for an opportunity into the Seeds during the post-reveal dip. As supply drops these could very quickly begin to increase in value. However, there is one hazard to this strategy that makes it risky. You only have a month to hold your seed otherwise it’s likely going to be unable to use to pivot into a GNSS. Thus, you need to stay switched on and either gamble for a rare GNSS down the line or flip it before the deadline. The safer option is simply looking for a GNSS you like on Opensea. These are currently in post-reveal dip and some major buying opportunities may emerge. The art on these is amazing so it’s hard not to see some positive price action in the near future.

Seed Price: 0.68eth

GNSS Price: 0.55eth

6.3k Seeds left (At time of writing). As numbers fall below 3-5k this will become increasingly bullish.

The highly anticipated Kibatsu Mecha dropped today. This project first began to emerge on the scene after a collaboration with Invisible Friends over a month ago. This was an insane co-sign for the project. The reason this one joins our floors to watch section is due to the fact that the supply is so low. The supply for the project is just 2.2k. This means that the floor of the project can move really, really fast as fomo and volume comes into the project. It is not unheard of for projects with these levels of supply to move multiple Eth upwards or downwards in a day. Thus, there is a bit of risk involved with buying projects such as this. However, the fundamentals for this project are really good so it is likely that the project will perform well. Moreover, due to supply, the chances of pulling a rare in the reveal are substantially higher.

Floor: 1.06eth

This is a project that emerged onto the scene this week and is now 8th for daily volume. Yesterday morning the price was at just 0.16eth and at the time of writing it is at 0.25eth. The Martian Premier League is a collection of 10,000 unique human and Martian characters living on the Ethereum blockchain. These characters are your route into the Martian Premier League game: a ‘football manager’ style game where holders can train, trade, and compete in the MPL league. Over time there will be a further application for these genesis characters outside of the first MPL game. Not only is the art good for this project but there is some gaming utility. Moreover, the team is stacked. One member of the team was a creative director for the Harry Potter franchise, another was a commercial advisor to some major technology companies and the last worked for Warner Brothers before pivoting into E-Sports. Prominent influencer, Zeneca is also on the team. There is a game economy, roadmap, and risk-reward system which we will include the link to here. Read that whitepaper and you will understand why this is included in our floors to watch section. This project looks really interesting and promising. The only issue could be that it doesn’t tap into the American market.

Floor: 0.24eth

Alpha 

Small Bros is a collection of 8888 NFTs that launch on the 21st of March for a price of 0.079eth (not greedy). The project recently just collaborated with Invisible Friends which is a major co-sign. Furthermore, the project has amassed 124,000 Twitter followers which put it in the extreme hype category. Not only is the art extremely good and unique for this project, but, there is also a very nice-looking roadmap to go along with it. The roadmap includes a VR hub, merch, charitable work, giveaways, and more. Whitelist grinding for this project is all but over. However, there is a reason why we bring it to our alpha section. There is a raffle for whitelist currently ongoing that you need to register for. The upside of doing so is potentially incredible. You do need to have 0.1eth in your wallet, follow Small Bros on Twitter, and verify your discord to do so! We will include a link to register here. Good luck!

Official Links:

This is a piece of extremely early alpha. After Life is a 3D NFT project, revolving around dark themes of the afterlife, souls, death, horror, revenge, etc.

The team wrote: “we explore, artistically and as a community, the complex and thought-provoking questions about what happens to us after life ends. This isn’t just your normal, average project with a pre-defined rigid roadmap, or filled with false promises. The After Life, a new NFT brand, aims to build a strong web3 community with cross-integration of metaverses and IRL utilities. A brand isn’t built by manipulated hype, nor is it built by rigid plans. It’s built by a strong team and, a strong community, brought together, by strong ambitions.”

The team behind this is really interesting too. DorgiBit is the Chief Advisor on the project. Those familiar with Tasty Bones will recognise this name as she is the founder of the project. Moreover, Zazul is on the team who we have spoken to surrounding Time Dao and have recorded a podcast with him. Other team members include Freshy who has worked with Hapebeast, Antonym, Collider, and others. The final team member is JS. You can read some more about the project and the founders here.

The discord is currently locked for this one but you can get in via putting on post notifications on their official Twitter. They frequently release codes for entry. We are very much looking forward to learning more about this project and watching it grow. We will definitely be doing a follow-up post on After Life once some more details come available. For now, keep those post notifications on and get involved with the community.

Official Links:

Thanks for reading! See you on Tuesday.