Can Yuga Labs upcoming land sale top Moon Bird's Success?
Let's find out!
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Weekly Market Summary
As the above chart shows, the last week has shown a similar trend to the week prior. The percentage of projects with increased floors and increased volume has grown and as stated last week, this can be directly linked to the ETH dip. With ETH continuing to dip (just under $3000 dollars over the last week) we expect some more bullish price action in the upcoming week.
Breaking News
Hyundai has become the first car company to launch an NFT collection. The company announced that they are partnering with MetaKongz to release a 30-item collection in May 2022. A copy of the video announcement can be found here.
MetaHistory Museum of War, which is a collection of the recent Ukraine-Russia war NFTs, which we have previously shared with you, has announced that it will be launching an auction from April 17th to the 22nd.
Snoop Dogg, who is heavily involved in the space has continued his expansion in the crypto world by teaming up with Clay Nation to launch an NFT collection on the Cardano blockchain
Weekly Winners
We called this as potentially the biggest alpha we shared with you and our analysis of the project was as follows:
“The project is a 10,000 pfp collection directly linked to Proof Collective. Proof is one of the most respected communities in Web3 and sits at a floor price of 99eth (at the time of informing you on 01/04 the floor was at 50ETH) . Owning a moon-bird will give you exclusive access to their discord which is full of whales, founders, builders, and other influential people in the space. Moon Birds is also the official pfp for Proof. Moonbirds will be the first Proof project where utility is explicitly tied to time held. Specifically, the longer your owl “nests” (staking), the more it levels up and in turn the more utility you get back. This means that when you sell your moon-bird the next owner has to start from scratch again. To be frank, Proof has over-delivered in their time in Web3. They are amazing builders and this will be no different. The team includes Kevin Rose, Ryan Carson, and Justin Mezzell. If I recommend one project to you in 2022 it will probably be this one. The Dutch Auction will begin at 2.5eth and will drop until .1 over the course of 6 hours.”
As predicted the lucky raffle winners who minted are experiencing instant joy. The floor is currently sitting at 19.79ETH so if you minted you are sitting on a 17.3 profit. This is just the beginning for Moonbirds so we expect over time that the floor will continue to increase as we are not at the peak yet.
A pretty substantial collection at 19.1k the Acclimated Moon Cats have experienced a decent surge over the last week. This project was an initial 2017 project and experienced a resurrection in 2021.
As per their bio:
“Launched on August 10th, 2017, the MoonCatRescue Insanely Cute Operation was a success! The 25440 MoonCats rescued are acclimating to their life as fully on-chain collectible critters.
Vintage, generative, and a pioneer of fair distribution, MoonCats can also be customized in the on-chain MoonCatBoutique!
Owners have Personal and Commercial License to their MoonCat's imagery.”
The breakdown of items “rescued” epitomises the resurrection mentioned above:
2017 - 3365 rescued
2018 - 2319 rescued
2019 - 71 rescued
2020 - 3 rescued
2021 - 19,681 rescued
Current total - 25,440.
The main demand, to no surprise, is for the oldest possible cats. However, the floor has experienced some positive action over the last week. This price action was mainly driven by rumour of a Venture Capitalist buying over the project and another Venture Capitalist offering to put 1000eth into the project. With the floor rising from 0.31 to 0.75 over the last 7 days, this project is a deserved weekly winner.
Weekly Loser
We previously raised some concerns over this project with the two founders being college students leading to a lack of experience in building such projects. We believed this project was very interesting and there was certainly a good opportunity to make a decent return from the project. However, over the last week, the floor has consistently declined. You could have minted the project for a very reasonable 0.05 ETH and as above there was a good opportunity to make a decent return with the floor sitting at 0.59ETH on the 8th of April 2022. However, the floor has since dipped fairly heavily with 50% of the value being wiped.
News by @DAWA9042
Floors to Watch
MoonBirds is a project that we as a newsletter have shilled pretty extensively over the last few weeks. Those of you who entered the raffle may have just been delivered 20eth in value from doing so. After all, there was only a 1 in 3 chance of winning the raffle, which for a project of 20eth in secondary value is quite incredible and will probably never happen again. I personally don’t think MoonBirds stops here. Yes, the floor price has completely been driven by FOMO at this point. However, it now sits in the blue-chip territory and a ridiculous amount of smart money is now involved with the project. Many venture capitalists have piled hundreds of thousands of dollars into the project which hasn’t really been seen since the rise of BAYC. I really don’t feel like the floor price stops here. Ultimately, no utility has even been implemented yet. Once ‘nesting’ is enabled in the next few weeks the project is going to enter into a new phase of bullishness as supply shock will come into play. I’m going to make a bold prediction. MoonBirds will flip Azuki and become the #2 project to BAYC. This will take the floor to the 30-40eth territory. It may happen quickly or it may be in a few months. With the success of Proof, I just cannot see how this project fails. It’s also going to set a new trend of Web2 business giants entering and building in the NFT space. Mark my words, this is going to be the next bull-run trend.
I mentioned the RTFKT MNLTH as a floor to watch a couple of weeks ago. You’d be in a nice bit of profit if you took my call on that one. The reason I mention it again is that as I predicted it is finally revealing this week. This is Nike’s first NFT and is almost bound to be a success. Moreover, RTFKT has been hyping this one up for a while. If this was a worthless NFT they would not be waiting 2 months to reveal it, in my opinion. RTFKT has proven itself to be extremely well thought out. I can’t see them shooting themselves in the foot with an overhyped delivery here. If you took my call I would maybe suggest taking profit here. This is definitely a slightly more degenerate play at these levels. If RTFKT does shoot themselves in the foot then it is likely that you’d lose a couple of eth. However, if you’re open to a bit of gambling and 7eth doesn’t mean alot to you then this one has a ton of upside potential. Moreover, if you see people begin to FUD the reveal then watch the floor closely. Investors are irrational. In 10 minutes they dump enough that the project becomes severely undervalued and you can pick yourself up a bargain and resell it into the volume in a few hours for a couple of eth of profit. Keep your eyes on this one.
I’ve noticed a trading pattern with Cool Pets and I think I should let everyone in on the secret. Cool Pets has bounced off the 1eth range multiple times now and traded back up to the 1.3-1.5eth levels. While this isn’t completely set in stone, I do believe it has been one of the more consistent trades I’ve personally seen working. However, eventually, this range will be broken so be careful and always set a price where you would take a loss.
Alpha
After the success of Moonbirds the whole market is looking for the next big thing. Well, this is obvious in my opinion. The next big thing is the Yuga Land sale. we already did a really detailed post on the land sale itself. In this post, I’ll simply summarise why you need to be looking into this one. The land sale itself will likely take place in the next few days. The first 100k plots will be sold before the end of April. It is expected that BAYC and MAYC will be airdropped 30-40k of these plots. The rest should be up for public sale. Each plot will contain a whole ecosystem due to the variety of resources that may or may not be available on the plot itself. This makes rarity a factor in resale value. Moreover, there is a 10% chance of a Koda being present on your land. This is Yuga’s second collection. I expect these to be valued at anywhere between 10-20eth originally. Thus, the secondary resell potential on these could be absolutely wild. However, there are a few things to be wary of. Firstly, it is expected that each plot will cost roughly 1eth. Not only is this a significant investment but it is also likely to drain the market of liquidity. Secondly, the supply is absolutely huge. There will be 200,000 plots sold over 2 months. If Yuga has miscalculated this then the floor could be very negatively affected. Although I have to say, Yuga has been absolutely spot on in every business decision so far and I am more than confident in betting big on them.
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Floors to Watch and Alpha by @Walty
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