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Disclaimer
The information contained in this NFT Scoop newsletter or podcast is not financial advice, it is provided for educational, informational, and entertainment purposes only.
Weekly Market Update
Between the stats displayed last week and this week there are certainly encouraging signs that we are heading back towards a more stable market. This is epitomised by the above chart which evidences across the last week an increase in floor prices with an increase in volume and a decrease in listings (all are in relation to % of projects). Increased floors had the most positive movement of the last 7 days. We made our concerns clear that the Yuga Land Sale would suck liquidity out of the market so to see the % of projects with increased floors rise from 37% of projects to 56% of projects shows we are heading back to where we need to be. All in all a successful week in the NFT space as a whole. Ethereum dipping to its lowest point since last July ($1872.42) may be a reason for this as investors pile into the bottom end market figure and allocate their holdings into the NFT space. Another factor is most certainly the success of Goblin Town which we will discuss further on in the newsletter. As always though, the market is still somewhat volatile so continue to proceed with caution.
NFT Scoops of the week
Seth Green Saga:
Letâs start at the beginning, on the 17th May 2021, Seth Green put out a tweet informing his followers and the general world that 4 of his NFTâs had been stolen in a phishing scam. The items included Bored Ape 8398, Mutant Ape 9964, Mutant Ape 19182 and Doodle 7546
It was understood by Seth that DarkWing84 had purchased his prized possession, the Bored Ape. As things presently stand, only the Bored Ape has been sold. The price was 106.5 ETH ($199,368) and the Ape has since been transferred to the following wallet owned by âGBE Vaultâ
On the 21st May a tweet circulated showing a TV trailer which included Seth Greenâs Bored Ape which was to be used as a character in the show.
There have been widespread reports indicating that the show will not be able to be produced given that Seth has lost ownership. However, Seth disagreed with this position by stating the following on Twitter: " Not true since the art was stolen. A buyer who purchased stolen art with real money and refuses to return it is not legally entitled to exploitation usage of the underlying IP. Itâll go to court, but Iâd prefer to meet @DarkWing84 before that. Seems weâd have lots in commonâ.
NFT Music Platform, FanTiger took to Twitter to announce that they have raised $5.5m to empower Independent Artists.
The Company state âvia CEO Prashan Agarwal, FanTiger kicks off a new ecosystem of artists, fans, and NFTs â all connected through music.
FanTiger empowers Independent Artists to build fan communities on the platform to help shape their career using music NFTs. Fans can buy music NFTs to get access to an exclusive Artist community, earn rewards and special privileges like exclusive content, meet-n-greet opportunities, backstage access, etc and use the proceeds to springboard & fund their career.
The NFL has partnered with Mythical Games in creating a blockchain-based video game called NFL Rivals that will allow players to own, collect, and NFTs based on all 32 franchises.
Planned to launch in early 2023, players will build, assemble, and improve their rosters to compete against others in online competition, acquiring NFTs to enhance the experience. Depending on their rarity, these NFTs give players access to special events, in-game rewards and other features.
Coinbase has officially become the first crypto company to enter the Fortune 500 list It is brilliant to see companies involved in our sector mixing with the biggest companies of the world.
Metarelics. An NFT Project that embodies Art, Culture, and Entrepreneurship cohosted an in-person event in LA with the eCommerce giant Shopify to discuss how they are revolutionizing the NFT space. The event was labeled web2 meets web3. From what we can see it looked like they killed it. Watch the video short here
The project has deep-rooted IRL business connection and they certainly making waves in the space with their new upcoming project @sneaksofnature. You can follow them via the links below
Metarelics - @metarelics
Lead Creative - @jeffcoleart
New NFT project @sneaksofnature
The Winnerâs Circle
There was nowhere else to begin, and we know that they were a winner in our previous newsletter. There are endless stats with this project that astound us, time to post our favorites:
A free mint reaching a high of 2.3 ETH floor
6610 ETH ($12,373,920.00) traded in a bear market
9.33% listed for saleâŠ.BULLISH
4423 holders in a 10k supplyâŠ.. Bagholders
The project has been subjected to Meme status, and we can totally understand why. As per our previous newsletter, They are differentiating themselves by offering no roadmap, guidance, or promises. There have been some big purchases of note, none more so than The Sandbox Gameâs purchase of item 5948 which was purchased for 26ETH. Future Prospects? We will explore this in our floor to watch section however with the bag holders being from notable people in the space such as CryptoDog2 there is only so much longer that mocking can continue for this project.
Created by TimpersHD the project launched on the 18th May 2022 in what we know as very tricky market conditions. The price for minting was set at 0.07ETH with a relatively low supply of 5,555. The project very quickly sold out and the floor rose to a mightily impressive 2.8 ETH.
There has been a natural decline as expected following projects selling out with the floor currently sitting at 1.7ETH. If you minted would you be complaining with 1.63ETH profitâŠ..? you certainly would not! The stats are impressive, the total volume stands at 7724ETH. The only concern is the supply listed for sale in 20.36% of the collection. The most notable sale has been Chimpers 4625 which was sold for 60ETH ($112,200)
The project has adopted the pixelated pfp with each containing a variety of colours, backgrounds and traits so they are certainly uniquie it is not lazy work!
Now what does the future hold for the Chimpers?
We are impressed with the projectâs communication to its community. They released a 2 hour recorded Twitter space where they communicated what the next steps are, they also highlighted the same in a series of tweets.
Floors to Watch
The meme project has been the talk of NFT town over the last week. The project itself resembles an insider meme surrounding âGoblin Townâ the crypto Twitter meme for a bear market. Those who were active during the time of launch may know already that the project actually minted for free and promised no roadmap, no utility, and no discord. Despite this, the project quickly sold out and now sits above a 1.5eth floor, top of the Opensea volume charts, and has had almost 10,000eth traded. These stats are remarkable. Although we do think that there will be a pretty extreme retrace on this project, we also think it still has a bit left to run. We could see Goblin Town breaking the 3eth barrier over the next week before the meme begins to burn out and the floor follows this trend. We donât recommend getting involved in the project unless you have a keen interest in making degenerate plays that could fall 50% in a matter of hours. Tread carefully.
Murakami Flowers has been performing fairly steadily during this bear market. The reason we include this project in our floors to watch section is due to one factor that will unlikely ever change. For the NFT space, Murakami Flowers is going to be one of the best stores of value on the market. Ultimately, the owner and artist of the project is one of the most renowned and well-respected artists of the modern era. This is unlikely to change any time soon. Moreover, Murakami is especially well-liked in the crypto space. We truly believe that despite the lack of utility this project might have at the moment, it will be one of the most stable long-term holds. If this gets metaverse integration, having a Murakami piece in your home would be an amazing flex. Moreover, as Murakami gets to grips with Web3 more we may see some awesome utility and collaborations on the horizon. This is a project worth keeping an eye on.
The Solana chain project has been steadily growing over the last few weeks and looks to be a great pick-up if this Solana meta continues. A recent utility in the project has become extremely vital. Staked DeGods earn 10 $DUST per day. Currently, this $DUST is being used to enter raffle spots for some of the best Solana whitelists. You can view a link to the DeGod raffle store here. The project has slowly been gaining momentum and now sits at a floor of 345sol ($15,000). The floor has seen 5x gains in the last 2 months and has more than doubled since the start of the Sol bull market. As this Sol meta continues we donât see any reason why this project canât increase further and establish itself as the top Solana project.
Alpha
This is something we alerted our discord members to yesterday. We highly suggest an entry into this pre-mint raffle. You will need .169eth in your wallet to do so. Akumu is a project created by Boku Labs. You may recognise this name as these are the creators of blue-chip Solana project BĆryoku Dragonz. Akumu is the cross-chain collection of Boryoku. For those interested Boryoku holds a 190sol floor (Around $10k). There will be 2000 spots on this raffle and registration closes in just under 3 days on the 29th. Meanwhile, minting will take place on the 31st. I can see the floor on this being fairly high and this will almost certainly profit from the mint price. Akumu is critically important to the lore of Boryoku and will thus hold value in the ecosystem. With the current meta, I highly suggest you enter. You can sign-up for the raffle here.
Thanks for reading! See you next time!