NFT Digest: Bears wreak havoc, prices and volumes plummet
Plummeting prices have struck NFT markets this week, with all collections in the red except for the Chiru Labs and Memeland ecosystems - which were our featured predictions last week.
TLDR 📃
- Bears wreaked havoc in NFT markets this week, with almost all collections in the red.
- Liquidity is draining out of NFTs as traders sell off holdings to speculate in memecoins.
- Volumes are plummeting at leading NFT marketplaces.
- Only collections tied to established brands are escaping the general market malaise.
Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your responsibility and yours only.
Market overview 🛒
Here are the top 12 NFT collections by seven-day trading volume:
Liquidity has drained out of the NFT space as traders switch their attention to memecoin mania.
Chiru Labs (Azuki, Beanz) and Memeland (Captainz, Potatoz) have bucked the trend, possibly because both teams are expected to debut tokens soon. Azuki is preparing for a June 23 event in Las Vegas. Watch this space for many announcements.
Cryptopunks and BAYC both dipped below 50 ETH, with the Apes currently sitting at 44.5 ETH.
The biggest losers? CloneX, Doodles, and Moonbirds. These collections are struggling to regain buyer trust after poor roadmap execution.
Moonbirds have dropped below their mint price 🫡 pic.twitter.com/Uw44xEeEAy
— Liam Herbst (@liamherbst_) April 21, 2023
Markets laid low 🐻
A major contraction has hit NFT markets.OpenSea did 4,100 ETH of volume last Tuesday. It’s the lowest ETH volume for a single day since July, 2021.
Blur TVL is nearing two-month lows after whales pull liquidity. The exits of Franklin and Machi Big Brother are major contributing factors. Blur’s at $98M today, down from a peak of $146M.
Weekly active wallets interacting with Ethereum NFTs fell below 200,000 this week - the lowest in more than a year.
Despite the week’s vicious bear market, we believe a bounce could be around the corner as memecoin profits find their way home to the NFT market.
Marketplace news 📰
Here’s a bright spot in an otherwise dark market: DankDarkPill’s WINKLEPEPE sold for 20.75 BTC ($629K). This is one of the earliest NFTs on Bitcoin, highly prized by collectors.WINKLEPEPE sold today for 20.75 BTC ($630,000) pic.twitter.com/6gJn9ykE95
— jake.bit (@jakegallen_) April 14, 2023
We have also seen the entrance of three major brands into the NFT space. This gives us confidence for the long term.
1. Reddit
Reddit’s Gen3 Digital Avatar Collection mint was positively received. With 7.6M unique holders and 11.3M collectibles minted, it’s clearly a successful launch.
Of course it helps that Reddit is one of the world’s most popular social media platforms:
- 1.2B users
- 430M monthly active users
- More than 100,000 sub-Reddits.
2. Trump Cards Season 2
The Trump NFT team came roaring back on Tuesday, launching another 47K NFTs at $100 each.One clear result was that Trump Series 1 cards immediately plummeted in value.
Season 2 buyers were incentivised with prizes like a gala dinner with Trump for those buying 47 or more tokens and guaranteed one-on-ones for those buying 100 or more.
Series 2 sold out in a matter of hours, raising $4.6M for the team.
And the profits kept rolling: The cards immediately jumped 50% on secondary markets to $150 (0.075 ETH) before settling at $120 (0.061 ETH) overnight.
3. Nike's digital shoes
Nike is about to launch its first digital shoes.Nike .SWOOSH Our Force 1 digital shoes will debut on May 8 for $19.82 on the Polygon network. This price point makes it clear they’re looking for volume.
Old sole, new story.
The #OurForce1 collection features digital renditions of AF1s past, present and future built for the next generation.Nike’s first-ever virtual collection is inspired by the AF1 Low, a classic style remixed hundreds of times since it dropped in ‘82. pic.twitter.com/dlq65VNeAb
— .SWOOSH (@dotSWOOSH) April 17, 2023
.SWOOSH is the name of Nike's Web3 program and the home of its virtual and digital goods.
Nike has executed a grass-roots growth campaign for .SWOOSH. There has been a focus on real-life events and a digital campaign. This has worked wonders, with .SWOOSH already securing 330,000 members.
Nike marketers have boosted customer engagement by allowing community members access to the curation process for the “Our Force 1” collection.
Cryptonary’s take 🧠
It’s been an eventful week in NFTland.Bearish market sentiment continues, exacerbated by user focus on memecoins. We expect attention to rotate back to NFTs, especially since Pepe and Wojack were both created by NFT communities.
In the meantime, there are two viable approaches:
- Dollar cost averaging into flagship ecosystems like Yuga Labs, Chiru Labs, Memeland, DeGods/y00ts, and Pudgy Penguins.
- Sitting out and saving ETH while you wait for the market to recover.
We’re steering clear of smaller projects. Many will not recover from the current downturn. With a reduced number of market participants, we do not see any attractive mints this week.
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