NFTuesday - Are NFTs in the Sewer?
Sewer Passes, $BLUR, Porsche 911, and more
👋 Welcome to the 45th issue of The Syllabus from Invisible College—a newsletter that helps you navigate the fast-moving world of web3. To get it delivered straight to your inbox, subscribe here:
The Weekly Numbers
Top Five Blockchains by Sales Volume:
Ethereum: $205.31M - ⬆️ 15.01%
Solana: $31.64M - ⬇️ 22.25%
Cardano: $3.05M - ⬇️ 4.49%
ImmutableX: $2.81M - ⬆️ 2.23%
Polygon: $2.11M - ⬆️ 32.23%
Top Five Projects by Sales Volume:
Sewer Pass: $46.26M - N/A (new collection)
MAYC: $22.35M - ⬆️ 60.07%
BAYC: $18.19M - ⬆️ 17.23%
BAKC: $12.97M - ⬆️ 47.90%
Azuki: $10.57M - ⬇️ 16.10%
Otherdeed: $6.68M - ⬆️ 29.18%
(Source: Crypto Slam and Dune)
The News and Narratives
Numbers continue to trend up on Ethereum, surpassing $200M for the first time in months. Polygon saw a nice uptick with a resurgence of Trump Trading Cards, which topped $1M in sales, a 227.06% week-over-week increase.
Sewer Passes and the Dookey Dash game from Yuga Labs dominated the NFT Twitter timeline, as well as the charts (despite Crypto Slam not tracking weekly sales of the collection yet for some reason). The passes have done over 21K ETH in secondary market sales with a strong current floor price of 2.8 ETH for Tier 1s, while Tier 4s are going for over 7 ETH.
Overall, the market has been bullish on the Sewer Pass NFT claim and the Dookey Dash gameplay. Here’s what the game looks like:
$BLUR delayed
The Blur airdrop has been on the horizon for months now and $BLUR airdrop farmers are going to have to wait a bit longer. The team pushed back the date from a late-January launch to February 14th. Kind of weird to pick Valentine’s Day for a launch date. We’ll see if they hold to it.
In the meantime, you can still farm more $BLUR by bidding on collections. It’s quite simple, despite the confusing-looking math equations in their blog post: bids on top collections that are set closer to the floor price will get more rewards.
Floor acquisition
The company behind the NFT tracking Floor app has acquired WGMI.io, an NFT analytics app. The deal helps provide Floor with richer analytics, which app users have been requesting for some time now.
Floor raised $8M last year while their app was still only available in beta on Testflight. It has since been released to the public and they claim their user numbers have been growing steadily, in spite of the market downturn.
Feel-good story
The 16-year-old anonymous Twitter user youngjazz started with a physical pile of sand and has been trading their way up to more and more valuable NFTs.
They’ve made some trades with some more known people in the Solana NFT ecosystem, including
. The latest trade shared in the ongoing tweet thread occurred just over a week ago and was valued at 19 SOL at the time.
Updates on Existing Projects
PORSCHΞ 911
Current floor price: 0.919 ETH
With a mint price of 0.911 ETH, the above floor price doesn’t look too bad. The problem is the supply is 7,500 NFTs and only 1,894 have been minted so far. This is clearly a case of a brand being out of touch with the market they’re entering. The 0.911 ETH mint price is cute because it references the iconic Porsche 911 car, but if it was 0.0911 ETH, they likely would’ve sold out quickly and been the talk of NFT Twitter (in a good way). Now they have people writing negative threads instead:
There also wasn’t any clear point in minting them since there was no real utility included and even the Porsche Discord was set to read-only so there was no focus on creating a community around the project at all. Overall, a huge swing and a miss for Porsche.
National Lampoon
Current floor price: 0.21 ETH
National Lampoon is the studio behind classic films such as Vacation, Van Wilder, and more, although they’re now under new ownership and are attempting to bring it into a more digital future.
On a similar note to Porsche, the early data shows that National Lampoon also might’ve gone with a mint price that was too high. They set their Poison Pill NFT mint price at 0.2 ETH and gave people the option to mint up to 5 of them. While the floor price is currently higher than the mint price, the volume is low and the project hasn’t come close to minting out of the 4,669 total NFTs as of the time of writing.
On the other hand, they have outlined clear utility and have been building a community in Discord for several months. Holders can access:
Free monthly drops of their digital magazine
Possible producer credits
Red carpet events
Writers room
And more
Minting only opened up earlier today, so perhaps this one will be slower to mint out.
Wolf Game (Land Deeds)
Current floor price: 0.369 ETH
Last month, Wolf Game launched a complete overhaul of the game mechanics and tokenomics. It has been making a resurgence, although not quite to the crazy levels it was at in early 2022.
Secondary sales are up a whopping 175% on the week. This is partially due to stories like the ones below where someone traded multiple higher-value land deeds for a CryptoPunk.
Seems like other people are trying to get in on the action. It will likely be hard to replicate these successes, but that hasn’t stopped people from trying in the past.
Upcoming Mints
Something’s Fishy
Description: The first two drops are both fully animated, 4K resolution. The first launch are 11 unique fish tanks with varying rarity that can be displayed at homes, businesses, and museums from a world-renowned Web2 artist.
Mint Price: TBD
Mint Date: TBD
Supply: TBD
Website: https://www.somethingfishy.io/
Twitter: https://twitter.com/SOMETHlNGFlSHY
Mino Games
Description: An established gaming studio with a 75-person team who are backed by the same investors as Limit Break and will be launching a web3 game with free-to-own tokenomics.
Mint Price: TBD
Mint Date: TBD
Supply: TBD
Website: https://www.minogames.com/
Twitter: https://twitter.com/MinoGamesInc
As always, none of this should be construed as financial advice. Please do your own research.
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National Lampoon? I may have no choice but to a Clark Griswold NFT if they release one