Valhalla was one of the most hyped NFT launches this year. The market reaction after its launch in November was mostly uninspiring. It minted for 0.5 ETH and the floor price didn’t go much higher. Until now.
Since the project’s art was revealed, the floor price has gone from strength to strength, currently sitting around 1.3 ETH. Here’s why:
- Trait re-rolling mechanics: Valhalla announced details of the “Armory“, which allows holders to burn an Armory Token (airdropped to holders) to swap some traits for new ones.
- Blur’s bidding incentives: Blur has promised users a huge airdrop for using their bidding tools. The result? NFT volume is at its highest levels in months. The amount of buy-side liquidity is unprecedented, and there are a huge amount of bids on all the leading NFT collections. That means you would need a lot of sales just to move the floor price down an inch. It also means that positive news is causing big up-side action.
- Huge grail sales: Yesterday, six Valhalla grails were sold in the 25-28 ETH range.
- Influencer shills: As always, a few shills from notable personalities in the NFT space can’t hurt. Alex (Shillin Villian) has changed his tune. Kmoney has high conviction. The reveal went well for Dingaling. Just to name a few.
What is Valhalla?
Valhalla is a set of 10,000 PFP NFTs, and strives to be the “go-to NFT brand” for gamers.
It has a number of lofty ambitions on its roadmap, the main one being to build a decentralized streaming service – Twitch for Web3.
Valhalla’s team is stacked and has already raised $15m over two funding rounds. The mint has raised an additional $6m.
