Undervalued Solid NFT projects! + Moonbirds take flight!

April 15, 2022

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Weekly Market Summary

As the above chart shows, the last 7 days have shown a much more consistent performance in the market. The % of projects with increased floors and decreased listings remains largely the same with an increase in the % of projects in regards to increased volume. This can be correlated directly to the dip in ETH over the last 7 days and if ETH continues to fall over the next 7 days expect some bullish price action on floors.

Breaking News

The Dallas Cowboys have become the first NFL team to partner with a crypto company after signing a deal with Blockchain. A link to the official announcement can be found here.

Line which is Japan's top messaging app has launched its own NFT marketplace that is integrated into its platform. Around 40,000 NFTs were offered to the app’s users of which there are over 90 million.

As reported earlier in the week with Mastercard filing trademark applications with the United States Patent and Trademark Office, Under Armour has become the latest large brand to file a trademark application.

Weekly Winners

This is a 9.3k collection of which 4,576 Akutar Mint Passes were given to Non-Custodial Wallets & 4,765 were given to Nifty Gateway Wallets. There are 3 tiers of Akutar Airdrop Passes, Random Akutar, with an OG Trait, and with a Mega OG Trait. An Akutar Mint Pass grants you a free Akutar via an airdrop if held during the wallet snapshot on April 21, 2022. After the wallet snapshot, these passes will no longer be able to redeem an Akutar. The mint passes landed on the 9th of April and at the time of writing there has been some really positive price action. The floor is currently sitting at 1.77Eth for a random Akutar pass. A Mega OG Trait will set you back a cool 14ETH and an OG trait will set you back 2.8ETH. The project has announced some exciting collaborations with Billionaire Boys Club, Puma, and more. Thus, some positive price action over the coming days can be expected. A well-deserved weekly winner.

As per their bio, as a Pre-Mint Collector Pass holder, you will get access to an evolving collector dashboard and features to keep you on top of the hottest mints. We are seeing utility tools becoming popular and on-trend. With the correct tools and application of them, some handsome gains can be made. The Pre-Mint passes minted on the 1st of April at a price of 0.25ETH which is not the cheapest mint. However, those that have minted have gained either way. Holders will be able to use the passes for their own personal gains whereas those that sold them will have made an excellent profit as the floor currently sits at 1.375ETH. Another deserved weekly winner.

Weekly Losers

The project has been gearing up for the drop of the Alien Frens Evolution which launched on the 14th. The launch was ongoing at the time of writing and the floor currently sits at 0.36eth with a volume of 177ETH. The increase in the supply of the ecosystem has hurt the project as the price has dropped 1.2ETH in the space of 5 days. Just last week this project sat at a floor price of 2.7ETH. The floor did drop to 1.42ETH in the early hours of the 14th. However, there has been a slight recovery to the current floor of 1.62ETH. The next part of the roadmap is a clothing launch on 01/05 and then a “frens full-length music album” on 10/05. Holders will certainly be hoping that the floor can recover back to the north of 2.5ETH. However, they did just get a lot of value from the second collection.

Market summaries written by @DAWA9042

Floors to Watch

In my opinion, the floor price of The Picaroons is crazily undervalued. This is solely due to the team behind the project. The project is led by BlockMark Technologies who were the creators of OG Gem NFTs which was an early project in the space dating back almost 4 years. The artist is Alex Lucas who is a very famous UK-based muralist. Finally, and perhaps the most important is Pransky. Those who even have basic knowledge of Web3 know of Pranksy. He is perhaps the most infamous collector and whale in the space. Pranky’s presence on the team makes me bullish alone. He will not allow this project to fail. The floor price itself has been relatively volatile during this pre-reveal stage. It fell from around .25 down to a bottom of .12 with a large amount of supply left to be minted. An entry around that .12 mark would be a very nice mid-term conviction hold. However, supply is still being released onto the market by the minute so as flippers continue to dump their bags instantly there may be a better entry.

Artieverse is a project that first came to my attention through the study of Llamaverse calls. I want to give them credit for finding this and after reading what they had to say I have to admit, I completely agree with them. The project consists of a team of Web2 giants who have backgrounds in brands such as Activision, Nike, Disney, and Infinity Ward. The project already raised $10 million through a seed funding round in 2021 and is now available on Opensea. The project is backed by more Web2 giants such as Zynga, Warner (Music), Kevin Durant, and a number of big crypto-investors. The project is ready to deliver a game and will be marketing at Coachella with a partnered performance from Tyga. The game itself won’t be launched till June hence the floor price but if the game launch is successful it wouldn’t be surprising to see the floor price go ballistic. This would be a mid-term hold but could be a very rewarding play. The only thing to be wary of is that their marketing ability is borderline atrocious.

Illogics is another project that came to my attention from Llamaverse. I actually knew this one before due to the high potential for volume trading the project pre-reveal. However, there are longer-term benefits of investing in Illogics. Staking was enacted 3 days ago now and roughly 60% of the tokens are already staked. With the staked tokens holders will be able to re-roll their NFT to try and achieve higher rarity. As more and more holders stake it is likely we will see some supply shock. Illogics team has spoken in the past that rarity will matter in the project so those re-rolling with their tokens may see long-term benefits. I’m sure holding the tokens will also be beneficial in the ecosystem.

Alpha

MoonBirds launches tomorrow, this is the biggest NFT drop since Invisible Friends. It is likely we will see extremely high volume going into this project from the offset. The mint is around 2.5eth and I personally expect to see wild volatility within the first 48 hours. In my opinion, the true value of Moonbirds on Day 1 is roughly 10% of the floor of Proof. This would be a 9eth valuation of Moonbirds. Thus, if you have the liquidity to play with, an entry into Moonbirds around or under the 5-6eth mark would be a very good long-term play. I think we will see the floor price rise quite quickly up to my valuation of MoonBirds and then it’ll slow down due to the liquidity being drained. Long-term I am extremely bullish on this project and would be very surprised if it isn’t sitting in the 10eth+ range. The raffle results are live at 9 am PDT and the mint takes place 24 hours later. This is going to be really interesting to watch.

Floors to Watch and Alpha written by @Walty

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