NFT Scoop Weekly Update
Tuesday, 18th of January, 2022
Market Activity
As the above market chart shows, it was a bullish week in the NFT space with high volume, increasing floors and delisting’s as more investors switch to holding instead of flipping. There were a few standout winners of the week as well as some losers.
Weekly Winners
CryptoSkulls saw a 385% floor increase over the last seven days tied with a volume increase of 301%. On January 14th the floor sat at just 0.4eth climbing to a peak of 4.7eth in just 24 hours. The price then bottomed off at 2eth, consolidated, and at the time of writing is pushing above 3eth. The sudden pump in CryptoSkulls volume and floor lies in the hands of Gary Vaynerchuck. After significant murmuring behind the scenes that Skulls were one of the original profile picture NFT’s, Gary invested 100eth into a Skull and then hosted a Twitter Spaces explaining his decision to an engaged audience.
Following the Twitter Spaces, there was a huge surge in price led by fomo. Whilst Skulls may prove to be a solid long-term investment, it is vital to remember a huge surge driven by fomo and influencers is not sustainable and a significant fall off can be expected. It is also up for debate whether Skulls is the first profile picture project and whether the project can be successful with a team that failed to deliver on their roadmap from 2019-2021.
The week saw a large increase in volume for Women in NFT’s related projects. This charge was led solely by World of Women. WOW saw a 116% increase in floor and a volume increase of 137%. From January 12th to January 15th the floor price increased from 3.6eth to a peak of 9.3eth. At the time of writing the price is currently consolidating in the 8eth region. The initial pump was created by Guy Oseary who is Madonna’s manager and tech investor signing WOW to his collective for representation. WOW will now be joining BAYC, Madonna, U2 and Red-Hot Chilli Peppers. Despite such a big pump it is clear that World of Women is here to stay and is cementing itself as a blue-chip. As such, the future looks extremely bright for WOW both short and long term.
Weekly Losers
After an extreme Asian fuelled pump, the Phanta Bear floor grew from .3eth to 8.5eth in a week. The project found itself pumping due to the influence of founder, Jay Chou, a popstar in the region. Once Western investors caught wind of this pump, they fomo’d in. However, as the price suggests many were left holding the bags of the ‘Asian BAYC’. Volume took a 70% tumble this week while the floor dipped 41%.
At the time of writing the floor is 3.14eth. While Phanta Bear may be a long-term success due to being the first project to really tap into the Asian market, it is likely many Western retail investors will continue to sell off and the floor will consolidate or dip further.
Desperate Ape Wives was one of the first projects to pump heavily. However, this occurred before the bull market as a result of a successful Miami Art Basel for the project. This premature climb has led to a rocky few weeks for the project and specifically, a significant dip this week. This week volume has decreased a further 20% and floor has fallen a further 30%. Negative price action was not helped by scandal last week when the project’s art was accused of being ‘racist’ in a popular Twitter Spaces. However, DAW saw price correlation close to BAYC and was one of the first popular BAYC derivatives. The team on the project are extremely talented, marketing is strong and the project will likely be a success in the long-term. In the short-term further consolidation is to be expected before possibly breaking out depending on BAYC news and hype.