NFT BLUE CHIPS WITH SOLID ENTRIES + UPCOMING SOL PROJECTS THAT CAN 10X + MARKET DIRECTION & ANALYSIS
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NFT’s can be highly illiquid markets, causing sharp drops in prices due to changes in narratives and trends.
Weekly Market Metrics
The start of the week was looking fairly bullish for the NFT market, the percentage of projects that had a positive change in floor price reached a high of 79%, however, we have seen a sharp downturn in the number of projects which have increased their floor prices to just 37%. The percentage of decreased listings has also been grinding down across the week from 87% down to 60%. Looking at the decreased listing % and Increased Floor % metrics, shows there is still uncertainty across the wider board of the NFT market. More people are listing their NFTs and dropping floor prices in order to exit projects.
Market Direction
Well, the macroeconomic outlook is still shakey, inflation is being reported globally at an all-time, stocks are down, and crypto is down so where can people look to allocate their capital for safety or growth? Well without going full doomsday on you all what you will be glad to know is that fortunes are made in bear markets, not bull markets. Now read that again. Like the late Jim Rohn said “prepare for summer in the winter” Yes, fortunes are made by staying consistent in bear markets, identifying builders, and strategically deploying capital allowing you to pick up undervalued projects or tokens. I see it time & time again, crypto takes a nosedive and the vast majority lose interest, a few years pass and then the bull market returns with a vengeance. Next, my phone blows up with people who didn’t weather the storm and are hoping for the next 100x coin, but they are too late. Those who succeed are those who stayed consistent, improved their knowledge & skill set in the space, and used time-tested strategies such as ‘dollar-cost average’ into solid blue-chip projects while they are undervalued. Now, of course, this is NFT scoop not a Crypto scoop, but it’s important to reflect back to the crypto & macro markets to see how this may affect NFTs. So far we have seen BTC on the weekly charts close lower for 7 weeks consecutively, which has never been seen before. We are now in our 8th week which hasn’t yet closed. This means we are in unchartered territories. We could either see a bounce or again we could grind lower.
Traditionally throughout full bull markets, price drops in the majors such as BTC & ETH would cause NFT floor prices to rise, though given the uncertainty in the market we have seen both Floor prices grind lower & ETH decrease in price. This creates a large opportunity if you want to denominate in dollar value to acquire NFT assets at prices much much cheaper than seen in bull markets. That being said, stay cautious, the ETH market currently isn’t a flippers market, though if you have high conviction in a certain NFT project that you believe will be around & continue building for the long term then an opportunity presents itself to acquire at a discount and make an entry you may previously not been able to. Though always be prepared for further volatility & possible drops in price at this stage of the market.
It should be noted that there is still a lot of attention on the Solana NFT ecosystem. At present in the world of SOL NFTs, it really is a flippers market. We discussed this at length in our previous newsletter, so if you have read it, jump back and catch up.
Breaking News
Sotheby’s the world-famous art & collectors auction house has stated that it will continue to support the sales of NFT’s despite the recent drop in NFT prices. If one of the major auction houses is committed to NFTs for the long term, it’s a bullish sign for the long-term outlook of the NFT landscape!
Magic Eden has topped Opensea in daily trading volume as Solana NFTs heat up. However, the number of unique daily visitors to on Opensea is still almost double that of Magic Eden.
Weekly Winner
Milady Maker
Milady Maker is an interesting NFT. The Artwork is unique, it has an anime-style look though not quite as clean and sharp as other anime NFTs that we have seen before, such as PXN or Azuki. The NFT has been listed as our weekly winner having bottomed the week at 0.4 ETH to a high of now 1.88ETH. The project hasn’t broken its previous ATH of just over 2ETH though sales are flying in fast. What is also interesting is that the project is being tweeted by some major crypto investors’ accounts with 200k+ followers such as @thinkingusd. The project is also being followed by some major Defi builders in the crypto space such as @0xsami, @0xmaki & @spencernoon to name a few.
The project’s website is also very basic which we have listed below this combined with the prominent followers of the project adds mystery & intrigue to Milady Maker! Our weekly winner & is also one to watch for sure.
Project Floors To Watch
Otherdeeds ‘Otherside land’ by Yuga labs
We covered the build-up to the Otherdeeds land sale & the aftermath of the project launch extensively over the past few weeks & months. We bring it up again today at the entry floor price of just 3.14ETH at the time of writing from a high of 8.8ETH it certainly seems undervalued especially as it is by Yuga labs. The team has continually delivered value to their holders time & time again. Secondly just today we have seen a rally in Otherdeeds land pieces which contain Koda’s from 15 Eth at their to low to now 22ETH. The claim period for Bored Apes & Mutants to claim their land ends Saturday, which leads us to believe something exciting may be around the corner following the weekend.
Project PXN has a strong community and impressive artwork that also work well as PFPs. They have also taken note from their community following a vote & improved the brightness of their PFPs for more visual aesthetics. Project PXN’s team are certainly builders and this is evidenced by the release of their recent Alpha Platform. The Alpha platform will be a Web3 Social media & community area that will be used for networking & discussion and of course the sharing of Alpha. From the outset, the platform looks impressive and clearly, a serious amount of work has gone into the Alpha platform. You can look at the development of the Alpha platform via the medium platform below.
PXN Alpha Platform medium article
PXN floor price is now just 1.65 ETH which has fallen from an ATH of 4.5ETH. Given their strong community & they come team that is building out products to deliver utility this project seems undervalued.
Project Nanopass offers a tonne of utility to its holders. They have a crisp clean website, striking themes with a high attention to detail. Nanopass is an early access pass that doubles as a plot of in the Nanoverse, owning a pass also guarantees a whitelist for Phase2 of their larger project which they have internally named ‘Project SUBNET’. What’s exciting about the project is that each Nanopass generates a weekly ‘BLACK BOX’ which may contain a valuable loot that could include physical goods, other popular NFT’s, or a donation to a charitable cause. What is also cool is the community decides on what goes in the Black Box loots.
From a high of over 5ETH this project now sits at just 2.6ETH. A very interesting project to get your teeth stuck into.
New & Innovative project + Podcast!
We recently recorded a podcast with the team from Hybrid Humans. We love this project & love the team. The project offers a tonne of utility as well gangster-looking PFP’s. We recorded a podcast with the team taking a deep dive into the project & urge you to listen!
NFT Scoop x Hybrid Humans Podcast Listen now!
Solana
It’s no doubt that Solana NFT projects are kicking off now. If you are interested in some exciting projects that the ecosystem has coming up check out the below projects. Twitter links are below.
Solana Upcoming Projects
This issue of the Scoop was written by @thebarbell_