AZUKI WTF?! DOODLES AIRDROP! IS THE MARKET GOING FULL BEAR OR BOUNCE?
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.
The information contained in or provided from or through this website and podcast is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other advice.
NFT’s can be highly illiquid markets, causing sharp drops in prices due to changes in narratives and trends.
If you haven’t already then join the Scoop discord! here.
Weekly Market Update
We expected further turbulence in the market and the above chart confirms the turbulence is in full flow. The percentage of projects with increased floors has dropped dramatically from 57% to 15% which is concerning amongst investors. With the price of Ethereum dropping, we would expect to see an increase in activity. For now, we do expect some further turbulence as the market continues in its period of uncertainty so please remain vigilant.
Market Direction
The wider crypto market & NFT market certainly took some shots yesterday, there was blood on the streets across the board with prices of tokens dumping hard and Floor prices plummeting. It is certainly a shakey time to be investing in either Crypto or NFT markets right now, Sure.. certain projects may seem on sale, but who knows if we will dump further. To be clear, we at NFT Scoop remain super bullish long term on Web3, Crypto & NFTs though given the global macro economy is not in a good position right now we are patiently watching the next smart move to take. Over the past 2 years, we have seen inflation rocketing, stock & crypto markets at an all-time highs all within the midst of a pandemic, it seems like the chickens are coming home to roost, and the quantitive easing by the FED keeping stocks from plummeting during a pandemic is finally taking its toll. Stay cautious, spend this time observing and learning. Remember you don’t need to play in the market every day or even every week, sometimes the environment just isn’t right.
How does this affect NFTs? It certainly has been ETH NFT Blue chip season for a while with a number of smaller investors being priced out of the market. As we have previously suggested, the PFP market is certainly maturing, and new innovation is needed to see new liquidity & fresh capital enter the market. The NFT blue chips and majors will of course be here to stay, though NFTs will need to adapt, evolve, and become more than just PFPs to generate new opportunities in the market and gain interest from investors.
Breaking News
NFTs are coming to Instagram at some point this week. A select group of creators and collectors are testing before the same is rolled out to the public.
Hannah Elizabeth, who was a runner-up in Love Island’s 2015 show has announced she will be auctioning several NFTs (one of which is a full 3D body scan) to celebrate joining Bekka, an exclusive NFT platform for content creators. The launch will occur on 09/05 on Opensea.
NFT Collects have so far this year sent more than $37bn dollars to NFT marketplaces. This figure almost exceeds the total amount sent in the whole of 2021.
William Grant & Sons (a family-owned Scottish company that distills Scotch whisky and other selected categories of spirits) has launched one of its products Monkey Shoulder into the NFT marketplace. A partnership was launched with BlockBar and Bored Ape Yacht Club where a ballot was held for Bored Ape holders. 10 winners were selected to each put their very own ape onto a limited run of 100 Monkey Shoulder bottles, before earning royalties from subsequent bottle sales.
Azuki!
If you haven’t heard already, Azuki’s founder has come out and publically admitted to having been involved in 3 different projects that were deemed to be rugs of the past year. (Phunks, Tendies & Zunks). When the news hit the market the price of Azuki spiraled down to 13 ETH, the project has since bounced up slightly, though this news coming out on a day when the NFT market dipped hard across the board, it could have a catastrophic impact on the project. A lot of the Azuki community still seems bullish and supports the project, and some members are sweeping the floor-priced Azuki NFTs. The rallying support from OG Azuki’s could be a desperate plea to protect their own bags so it will be interesting to see how the wider market takes this news in the days and weeks to come. It will of course also be interesting to see how whether the Azuki founder & team continue to build into the future. Everybody deserves a second chance and maybe Azuki ecosystem is one they will build long into the future.
Doodles holders are set to be able to claim an NFT named ‘Dooplicator’ on Thursday, May 12th this week! The data already seems to be out on this around Twitter, but for whatever reason, it seems to be quite poorly communicated and doesn’t seem to be in the main public eye. Doodles is certainly a project which is looking to build long-term, especially since they recently hired the Ex Billboard President Julian Holguin’ as their new CEO. If you have liquidity and looking to invest in a blue-chip NFT then Doodles could be one to look at given the recent dip and
Weekly Winner
During the recent turbulence in the market where we have witnessed floor prices crumble, credit is to be paid to those that maintain floor prices with steady volume alongside it.
Adidas is a prime example of this. Phase 1 is to end in the next couple of days in which owners can claim their merchandise and passes for Phase 2.
As previously advised in our Floor to Watch section it cannot be ignored that Adidas has already partnered with the Bored Ape Yacht Club in their inaugural ‘Into the Metaverse’ collection, alongside Punks & G Money. We would expect the brand to leverage this connection within their future plans.
Adidas is definitely heading in the right direction and with Phase 2 just around the corner, the floor price holding strong, and with good volume flowing steadily this project rightly takes weekly winner status.
Weekly Loser
This project had a very vibrant community, there was strong hype and the discord chat was constant (over 60k members).
However, things turned sour and fast, a month prior to minting the co-founders became totally disengaged which raised red flags.
The project was to mint via Dutch Auction on 08/05 but following the teams’ announcement the initial Dutch Auction was postponed.
However, the mint began, and the team suspended the sale.
The team has since announced that all whitelists handed out were to be revoked, the total supply was to be reduced to 2300 and every NFT will start at a mint price of 0.099.
This is no way to treat a really supportive community and we have no option but to say this project deserves loser status. Closing the chat, removing mods whilst also taking every whitelist from the community members who did their part to earn it, leaving them in the unknown is not how we like to see projects operate.
We attach a link here to the announcement.
Market summary by @DAWA9042
Floors to Watch
Due to recent market events, we urge you to pay close attention to the wording of this section. The keyword being ‘watch’. This isn’t a floor-to-buy section. It is simply a list of some projects that are becoming in our opinion, undervalued.
During a market where every floor is crashing, PXN has held the strongest. This signifies to us that if market conditions change and things become a little more bullish, PXN is going to fly. We can see PXN above 10eth in a bull market. The project has maintained a steady stream of volume over the last few days and the floor actually rose an ETH yesterday. This was one of a handful of risers in one of the worst ever days for the NFT market which signifies bullish sentiment. The floor price now sits at 4eth.
Fundamentally, bear or bull market, nothing will change with this project. You are getting a piece of work from one of the world’s most famous and respected artists in their first-ever Web3 project. This will be timeless and valuable for years to come. The floor is currently down to 3.5eth from highs of 9eth. A steady stream of volume has also remained present over the last few days. We don’t think that the bottom is in yet but this is certainly a very nice long-term collector’s piece.
Another project that won’t fundamentally change regardless of the market conditions. RTFKT are builders. Nike owns RTFKT. Those two sentences should help you remain bullish on Clone X regardless of the market. The floor quickly dropped to 12eth yesterday from highs of over 20eth. This project is unlikely to fail and is a great long-term hold. RTFKT are amazing at driving value to their community and Nike has an endless pot of money to funnel into the project. When Gary Vee said that 99% of the projects will go to 0. This is the 1%. We fully expect Clone X to keep building regardless of market conditions.
Floors to Watch written by @Walty
Thanks for reading! See you next time!
For Instant, NFT Scoop alerts join our Discord here.
Follow us on Twitter here.
Interesting times in Web 3