TLDR 📃
- PEPE token hits a crazy $1.5B, boosting NFTs like Milady!
- Blur's new Blend protocol pumped the floor prices on participating collections.
- Expect more meme-coins from NFT communities, along with increased volatility as Blur's Blend protocol adds new collections.
- Sotheby's is launching a metaverse marketplace and making it all about the artists!
- Doodles, RTFKT, Pudgy Penguins & Renga reveal exciting collaborations.
- Heads up! Don't miss the upcoming BiG iNC collection mint from Truth Labs.
Disclaimer: Not financial nor investment advice. Any capital-related decisions you make are your responsibility and yours only.
Market overview 🛒
Guess what? CryptoPunks are now worth over 60 ETH, while Azuki and Doodles have both skyrocketed by more than 50%. And Milady's? They're nearing a solid 4 ETH floor price.
The driving forces 🥊
Two major events have brought the NFT space back to life this week: PEPE and Blur's new NFT Lending protocol.PEPE
The NFT community created and promoted the PEPE token, with the Milady Maker community taking credit. You know Pepe, right? The internet's greatest meme and one of the most popular NFT collections in history.Take Vincent Van Dough, a well-known anon NFT artist. In February, he raked in $1.2M from his open edition mint of Pepe Checks, selling a whopping 237,869 NFTs in just 24 hours!
The PEPE token quickly caught the NFT community's attention, with many hopping on board when the market cap was below $100M. Thanks to its recent Binance listing, PEPE now trades at a $1.5B market cap, boasting a 1,500% return!
With major profits rolling in, the Milady collection has jumped from 2.5 ETH to 3.9 ETH over the past week.
The NFT community is promoting the TURBO token and the original PEPE token (not the one on Binance). Both have doubled in value in just a day! Tread carefully though. If we're to learn anything from sh*tcoin history, many of these pumps will retrace by -99% in the coming weeks.
Blur’s Blend Protocol
This past Wednesday, Blur launched its shiny new Blend protocol. It's a P2P lending product that lets you easily access top-notch NFT collections without breaking the bank.1/ Blur Lending, aka Blend, is NOW LIVE.
If you have a Punk, you can now borrow up to 42 ETH within seconds.If you want an Azuki, you can now buy one with just 2 ETH up front.
Points have been updated as well. Learn more 👇 pic.twitter.com/jRBwE8DYEo
— Blur (@blur_io) May 1, 2023
Three NFT projects got the initial invite: Cryptopunks, Azuki, and Milady Maker. In just 24 hours, Blur nabbed the top spot as the #1 NFT protocol by volume and users on Ethereum, with an impressive 8,875 ETH loaned out. Naturally, this sent the floor prices of those three collections soaring.
Cryptopunks rose by 10 ETH to a 60 ETH floor, while Azuki reached 17.5 ETH before pulling back after a whale cashed out.
But there's more! Just yesterday, Blur teased that they'll be adding a new collection to the protocol on Monday. Word on the street is they're eyeing total trading volume as a key factor for choosing the lucky project. Keep an eye on BAYC, Memeland, DeGods, and Nakamigos as possible contenders. The chosen collection is sure to see a nice bump in value once it's announced. So, who's feeling lucky?
Marketplace news 📰
Sotheby’s
Sotheby's unveiled a fresh new metaverse marketplace on Monday. It's designed to support creators and offer some healthy competition to Blur and OpenSea.The next evolution of #SothebysMetaverse is here! The most trusted and dynamic destination to collect, buy and sell remarkable digital works.
Explore: https://t.co/hZvYIkO3xx pic.twitter.com/dCkaCKlXVm— Sotheby's Metaverse (@Sothebysverse) May 1, 2023
What sets it apart? Well, it's all about putting artists first. The marketplace is fully on-chain, with a modest 2.5% fee. Artist royalties are baked right into the smart contracts, and the focus is on curation, bringing together unique 1/1s from across various marketplaces.
Not only that, but the platform is dedicated to defending and promoting artists, going beyond just offering their work for sale. It's truly a game-changer in the world of digital art!
Collection news
Doodles, RTFKT (CloneX), Pudgy Penguins and Renga shared major news this week to strengthen our conviction in the viability of NFT brands.Doodles
Last Sunday Doodles announced The Stoodio in collaboration with Pharrell Williams.Welcome to The Stoodio, the central hub for Doodles and member home base.
It’s the headquarters for the Doodles experience and collector journey, featuring holder profiles, rewards, and more. pic.twitter.com/FqWMf3gSV4— doodles (@doodles) April 28, 2023
The Stoodio is the central hub for the Doodles experience and collector journey, featuring holder profiles, rewards and more. Holders will be able to access community features and participate in official digital experiences. As you can hear in the video, Pharrell has already created the official Doodles song, which should increase exposure for the brand.
Doodles are putting a major emphasis on "phygital" products that combine the physical and digital worlds. It will use The Stoodio to onboard major brands and provide collaborative items to their holders.
RTFKT
On Wednesday RTFKT flexed their Nike ownership by getting Lebron James to promote their CloneX and CryptoKick collections.
We expect more superstar partnerships and branding deals to be announced, increasing the appeal of the RTFKT brand. After a rocky few months sentiment has once again turned bullish within the NFT community.
Pudgy Penguins
Pudgy Penguins have been on a roll the last six months following their takeover by Luca Netz. With numerous positive announcements, the explosive growth of their social media channels, and the rollout of Pudgy Toys, the brand has been going from strength to strength.Two weeks ago the team announced they will be attending the Las Vegas Licensing Expo running from June 13th-15th and sharing the stage with brands like Pokemon. This was followed up with breaking WME news last night.
The Penguins are displaying a laser focus on developing their film, taming, TV and merchandise IP channels with strategic partnerships helping them towards those goals.
Renga
Renga recently provided a slew of updates to increase their social media presence in their inaugural Renga Report1/ We're thrilled to announce the first ever RENGA Report! This will be a regular update that is jam-packed with exciting news and the latest and greatest stuff happening in the RENGA universe! pic.twitter.com/bUyZ5n5rqK
— RENGA (@RENGA_inc) April 26, 2023
NFTs are social instruments: The more attention they receive, the higher their valuations. With the introduction of a YouTube channel, weekly Twitter Spaces, and threads, this should bode well for holders.
Upcoming Mints
Each week, we'll spotlight one NFT mint you should prioritize for a whitelist spot. This week, it's BiG iNC by Truth Labs, creators of GoblinTown and The187 collections. Trust us, this will be a hyped NFT mint!The team's innovative marketing campaign is searching for the most degenerate traders in the NFT space. The mint date is not yet announced, with a 15k supply and 0.096 ETH mint cost. Score a 50% discount by minting with the PEPE token, and the top 1,000 worst traders can mint for free!
To become eligible, you can also buy NFTs from Truth Labs' earlier collections:
Looking for a life change? BiG iNC is waiting for you! 🫵✨ Apply today and vastly improve your diminishing confidence!https://t.co/ZTey47K8M8 pic.twitter.com/blmqkmmvOs
— Truth Labs (@truth) May 2, 2023
Cryptonary’s take ðŸ§
Let's wrap up this exciting week with some key takeaways and highlights.NFT communities are launching successful memecoins, thanks to their dedicated and motivated supporters. Keep an eye on Memeland and Azuki's token launches, as they're expected to make a splash. Meanwhile, Blur's Blend protocol is making waves by offering affordable access to blue-chip NFTs through P2P lending. As more collections join the platform, we expect increased volatility and rising floor prices.
Lastly, Truth Labs' upcoming BiG iNC collection is set to be the next hyped NFT mint. If you follow the steps mentioned earlier, there's a good chance you'll be able to mint one and potentially enjoy significant gains.
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