NFT SCOOP - Is a NFT bear market on? How are you positioned? Read now. Actually urgent!

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Ethereum Market Update

Ethereum is still trading in the ranges we spoke about. It broke into the higher range but failed to hold, and it’s now in the lower end of the range. For now, we are just going sideways but things could change, depending on the weekly time frame. The 2600 level is key because it is the last swing low and if it is broken it means there is a significant break of structure on eth. Thus, I would expect the 1600 level to be a target for eth if that breaks. However, for now, we are trading in the ranges we previously spoke about.

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

Weekly Market Summary

We can pretty confidently predict a bear market at this point. Liquidity has been draining for a while but this seems to have come to the breaking point this week. New launches are having extremely undervalued floors and dutch auctions that would have sold out instantly are taking hours to sell out. Expect further floor drops and don’t invest in projects unless you are looking for long-term holds. Better buying opportunities will be seen this month.

Breaking News

Billie Eilish is posturing towards an entry to Web3. The successful singer has filed 2 trademark applications for her name and ‘Blohsh’ logo. The filings indicate an intent to expand her brand into NFTs, virtual currencies, and digital collectibles.

Crypto donations to Ukraine have been picking up this week. A notable donation was a CryptoPunk. The Ukrainian government has established multiple digital wallets to receive donations in a variety of cryptocurrencies from Bitcoin to Dogecoin, while other non-governmental bodies also have their own wallets to procure donations for the country’s armed forces. The process of tracking just how much has been donated is tough, though, despite crypto’s professed transparent nature. Bloomberg verified more than $28.5 million in donations to Ukraine’s government as of Thursday morning, but other sources such as blockchain analytics firm Elliptic put the total closer to $43 million.

For an unknown reason, there has been some closure of accounts in a space that is supposed to be decentralised. It is unknown if these are correlated to recent US sanctions or not. Firstly, Metamask, has disabled all transactions in the country of Venezuela. The wallet giant is citing this move as “compliance with laws”. Secondly, according to multiple reports, OpenSea has begun to ban and wipe out accounts belonging to citizens of Iran, more than likely due to the sanctions the U.S. recently set in place. They also deleted Parin Heidari’s account and delisted her collection with more than 200 ETH of volume despite the fact that she does not live in Iran.

Weekly Winners

Degen Toonz is our only weekly winner today. This seems to be triggered by a number of influencers buying in and some hype on Twitter. The project itself has actually been around for a while and the art is quite special. However, this seems to be some fomo during a bear market which likely won’t end well for investors buying the top of this fomo.

Floor price (at time of writing): 0.7eth

7-day volume: +154%

7-day listings: +545

% of supply listed for sale: 18.8%

Weekly Losers

HAPE Prime has continued to down-trend. Considering this is just the start of the bear market it wouldn’t be surprising to see this one fall under 1eth this month.

Floor price (at time of writing): 1.57eth

7-day volume: -45%

7-day listings: -175

% of supply listed for sale: 13.13%

Antonym suffered a poor launch. This is likely due to a combination of poor market conditions at the launch and an unsuccessful, poorly judged dutch auction that did not sell out until 0.3eth. This nuked the floor from 1eth to .3eth in a matter of hours.

Floor price (at time of writing): 0.56eth

7-day volume: 4200eth

7-day listings: +6425

% of supply listed for sale: 10.18%

Floors to Watch

Antonym is a floor to watch despite being included in our weekly loser section. If this project had launched during a bull market it would not have been surprising to see the floor above 3eth. However, poor market conditions led to a launch at 2eth which quickly dipped to 1eth. Then following an unsuccessful dutch auction, the price nuked to 0.3eth. This makes the project extremely undervalued considering the hype surrounding this one. The project amassed 230,000 Twitter followers and was one of the most hyped projects to launch this year. Thus, when the bull market picks up, this project will likely push to a more fair valuation. As with all of our floors to watch, be careful buying right now. We are just entering a bear market and floors may fall even further, thus better entries can be expected.

Floor Price: 0.55eth

Sunnies is another solid project that launched into poor market conditions. The floor is currently sitting around mint price. It is hard to find artwork as good as this one at the price and if the team can build something solid this project may do very well in better market conditions.

Floor Price: 0.05eth

Dippies is another solid project that launched into poor market conditions. In a bull market, this one would likely have been valued at over 1eth. The artwork for this project is very good and the team are clearly switched on. The project has already partnered with celebrities such as Dillon Francis and Diplo. With two big music artists supporting the project it wouldn’t be surprising to see this gain more traction in the music industry.

Floor Price: 0.39eth

Alpha

Feellings NFT

This is a project that fits into the aesthetically pleasing, minimalist art category that investors seem to love right now. The alpha itself is very early as the project has just 3800 followers on Twitter and no website as of yet. However, there is a medium article on the project with a plethora of information. Feellings is an NFT collection of 10,000 little buds. The project is created by three friends, one of which is a visual artist with a passion for illustration. The project has launched a basic outline of the roadmap which tells us that they care for the community, want to be transparent, plan to take action pre-launch such as 1/1 charity auctions, and initiate creativity and collaboration. Currently, the discord is locked. Access to the discord will be provided on Twitter and there will be further updates to come regarding getting on the allowlist.

Official Links:

Twitter

Medium Article

Artist’s Twitter

Collective Strangers

This is another piece of extremely early alpha. So much so that there is very few details but the project is picking up some serious organic traction. There is no website, a private discord, and minimal sneak-peeks. However, some information surrounding the project can be found by reading the owner’s tweets. Team member Eric Reubens can be quoted saying: “I'm very selective with my time and projects I commit to building. What we're getting ready to drop will be the first of its kind in this industry and centered around creativity, community, and everything I value!”. Meanwhile, the founder, said: “ promised I wouldn’t drop anything like I’ve seen in this market. This is the start of something new and innovative”. The owner then followed this up with: “Aiming to create a project that's built by and for the creative in us all. One that onboards and elevates artists in Web3. Most importantly, one that fosters connections, the roots of all growth. When discord? Soon...”. The owner then teased one final piece of information: “This isn't a pfp project, this is built for the creative in everyone.” We here at NFT Scoop really love the art that has been teased so far and the organic growth. Definitely one to follow closely and watch.

Official Links:

Twitter

Founder’s Twitter

Team Member’s Twitter

Projects to Avoid

Projects along the lines of Kevin derivatives and even Kevin himself are to be avoided. After the Pixelmon disaster, the hilarity of the poor quality of character ‘Kevin’ has become a meme in the NFT space. This meme has spiraled out of control to the point where the floor of Kevin’s which was 0.3eth before has pumped to 9eth. There is also an endless surge of projects that are Kevin-themed. Here is an example. All of these are pump and dump cash grabs in a low liquid market.

The biggest project to avoid this week is Tai Lopez’s NFT. Tai is a cash grabber and fraudulent financial ‘influencer’. His project reflects this cash-grab mentality that he has followed throughout his career. There are 3 tiers of NFTs with ridiculously high reserve prices for the auction. Black: 60eth to 10eth ,Gold: 5eth to 1eth and Silver: .1eth to .1eth. At a minimum, if all NFTs sell out at the lowest price that would net him roughly $17.4m. Although Tai will promise holders access to him personally and alpha this will be useless information. This guy doesn’t have a clue what he is talking about. Cash-grab.

Thanks for reading. See you on Tuesday!