NFTs sure know how to keep things lively!
From Elon Musk’s NFT frenzy to a single Fidenza fetching over $1M, and game-altering tech upgrades that are set to redefine the NFT sphere!
Time to plunge into this week’s riveting highlights and our top-pick collections you should be watching.
- Elon Musk’s tweet took the Milady NFT on a rollercoaster ride, shooting the floor price sky-high, then back down, echoing his DOGE pump antics.
- Sotheby’s cashed in a cool $2.4M from auctioning off just 7 pieces from the defunct Three Arrows Capital. Guess what? The appetite for high-end NFTs isn’t going anywhere.
- Get ready for a game change! ERC-6651 and ERC721-C are here to shake up the NFT universe, morphing NFTs into full-fledged wallets, nailing down royalties for creators, and crafting a richer, more interactive experience.
- As for us, we’ve got our eyes glued to BiG iNC, we’re on the edge of our seats for the Azuki Las Vegas event, and we’re stalking every move of the 0N1Force project.
Disclaimer: Not financial nor investment advice. Any capital-related decisions you make is your full responsibility.
Elon Musk is pumping NFTs 🧑🏼🚀
Elon’s DOGE pumping mastery ain’t all he’s got up his sleeve. He sent out a tweet featuring a Milady meme, and boy, did the floor price (FP) lose its mind! 🤯
— Elon Musk (@elonmusk) May 10, 2023
- Pre-tweet: Milady FP is chilling at 3.6 ETH
- Post Musk’s tweet magic: Milady FP shoots up to 4.6 ETH in just a week!
This tweet turned the volume knob of the collection up to 11, going from a modest ~360 ETH to a whopping 7,500 ETH+ in a day.
But Elon’s pumps come with a learning curve – they always make a U-turn (yep, every single DOGE pump has), and this one’s no different. The Milady NFTs are retracing their steps, heading back towards the pre-tweet FP of 3.6 ETH.
But that’s not all that’s cooking in the market. Ready for some more juicy updates? Let’s dive in!
NFT overview 🖼️
Pudgy Penguins 🐧
Buckle up! Pudgy Penguins saw their floor price leap over an extra ETH after this announcement.
Today is the beginning of a new era for Web3.
We’re happy to announce that Pudgy Toys and Pudgy World are now available. pic.twitter.com/UKbkIAJzvS
— Pudgy Penguins (@pudgypenguins) May 18, 2023
Crafting a robust Web2 presence, the team has amassed a whopping 527k followers on Instagram in half a year. Their feel-good vibe and viral videos, racking up over 10m views, have shot the pudgy penguin characters into the mainstream limelight. Their model of joyful social interaction is a perfect blueprint for NFT projects eyeing mainstream fame.
The first 48 hours saw their Pudgy Toys ringing up a cool $500k in revenue – that’s over 20k sold! They’ve also waddled into the Amazon Toy Best Seller ranks, scoring a #2 in Action & Toy Figures and a #5 in Stuffed Animals and Plush Toys. Their master plan? Using traditional merch as a Web3 trojan horse. Each toy purchase includes a QR code, your golden ticket to Pudgy World, a digital playground steeped in Web3.
The real engines behind thriving NFT projects? The holders. Sporting 4k+ owners, Pudgy Penguins has benefitted enormously from User Generated Content, a key booster for their initial brand recognition. Even more, toys sold in the initial sale were community-licensed, and rumor has it owners could be in line for a sweet 1% of sales.
Opepen Reveal ☑️
Buckle up for Jack Butcher’s Opepen collection, boasting a unique twist. Unlike standard NFT collections, Opepens won’t all be revealed at once. Instead, they’re dished out in sets of 80. If holders want a new set revealed, they need to opt-in.
Gotcha, so each set is limited to 80. But what if more opt-in? That’s where a random drawing comes in. Opt-in and get picked, your Opepen gets a makeover with new art and is revealed.
Now, here’s the fun part: each set of 80 is split into 5 groups or “editions” of varying rarity – 40, 20, 10, 5, 4, and the solitary 1. Each Opepen only opts-in to its specific group.
The sets’ designers could be Jack himself, a guest artist, or the community. Expect a long, incremental reveal, giving time to measure the response to each set, allowing for collaborations, new tech integrations, and more.
After Tuesday’s first set of 80 was revealed, prices for the 16k collection shot up from 0.22 ETH to a current floor of 0.31 ETH.
Several sales from the first set have been seen already, with the floor at a whopping 12 ETH to nab any Opepen from the inaugural release pack. Only 8 are listed at present.
Our 2c? Think about grabbing some Opepens for future reveals. The buzz from each event could prove quite lucrative. Plus, as unrevealed Opepens dwindle, this could make for a savvy long-term play.
Last week, Yuga Labs lifted the veil on the new Otherside NFT collection HV-MTL. How’d you get one? By battling it out in Dookey Dash using your Sewer Pass. Currently sitting at a tidy 1 ETH, this collection traded close to 30,000 ETH so far. Talk about a hot ticket!
They’ve made it through the rift. HV-MTL Evo 1’s are here. pic.twitter.com/lgsgWTQWjT
— Bored Ape Yacht Club (@BoredApeYC) May 16, 2023
Sotheby’s Auction 💳
Sotheby’s recently rocked the NFT world, successfully auctioning seven luxury pieces from the defunct Three Arrows Capital crypto fund. These prized NFTs raked in a cool $2.4M.
The crown jewel? Tyler Hobb’s Fidenza #725 – fetching over a million dollars alone.
These transactions underscore a truth we can’t ignore – the hunger for top-tier NFT collections is alive and kicking.
Now, let’s dive into some tech advancements poised to shake up the NFT universe.
Technical Developments 🔧
Introducing ERC-6651 – a game-changing standard turning NFTs into self-contained wallets known as Token Bound Accounts (TBAs). Suddenly, your NFT isn’t a static JPEG; it’s a bustling profile of bundled assets and unique interactions. We’re talking improvements in:
- Composability – Package your NFT and its associated assets for seamless transfers.
- Fully on-chain identities – Each NFT becomes a standalone player, interacting with dApps independently.
- Provenance – Track complete transaction histories and utilities beyond simple ownership.
- Dependency – NFTs can now interact solo with on-chain assets/platforms, enhancing their functionality and value.
And meet ERC721-C, announced by Limitbreak – the minds behind the Digidaigaku NFT collection. It’s all about Enforceable On-Chain Programmable Royalties. This new standard gives creators power to control NFT transfers, ensuring rightful royalties are paid.
The benefits include programmable royalties, enabling rewards for communities, partners, and affiliates. Now we can:
- Hand 100% Royalties to minters
- Share royalties
- Tokenize royalties
This shift re-centers power back to creators. Expect some serious market shaking as platforms like Blur and Opensea can’t set arbitrary royalty percentages anymore. The future of NFTs is here, and it’s looking bright!
Cryptonary’s take 🧠
Confidence in the NFT market continues to grow. With the recent mainstream success of Pudgy Penguins and the new technical developments we predict volume and the number of active traders will increase as washtrading is impacted by the reintroduction of creator royalties.
As predicted over the last few weeks, the Pudgy Penguins, Azuki and Memeland collections have gone from strength to strength.
Now onto the elements you need to keep in mind moving forward:
- Pay close attention to our new NFT collection recommendation in the last issue, BiG iNC. We recommend you read that issue to discover the best way to obtain a whitelist.
- The Azuki Las Vegas event is coming up on the horizon and usually features major announcements that increase the floor price. This is a good time to pick one up.
- Opepen and Checks are safe long term plays for collectors.
- We also predict big upcoming news from the 0N1Force project.
As always, thank you for reading 🙏🏼
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