May 2, 2022
NFT Market Update
It has been less than 48 hours since the Otherdeed collection launched the most successful collection in NFT history (in terms of volume traded in the shortest amount of time). Thanks to this historical drop, we have seen incredible trading volume over the weekend, which is more than 4 times the average trading volume we have seen since the launch of Moonbirds, about 2 weeks back. On Sunday, there was an astronomical $476 million of trading volume on OpenSea.
Source: Dune Analytics
A slight uptick for the major cryptocurrencies over the last 24 hours, but it does little to change general downward trend for most cryptocurrencies throughout April.
Bitcoin is up 0.5% over the last 24 hours at $38,702, and Ether is up 0.6% at $2,824. Since the Otherside launch, Ape Coin has plunged – down 8% over the last 24 hours and down 14.2% over the last 7 days at $15.18.
Launched and Trending Projects
Yuga Labs made history by launching the most successful NFT project in history (in terms of volume) with their latest collection drop called ‘Otherdeed’, which only minted a little more than 24 hours ago. The launch clogged the Ethereum Network for several hours, making transactions nearly impossible. More than 175 million dollars was spent on gas fees to mint the Otherdeed collection, making headlines across the NFT space. The cost to mint a land was 305 Ape Coins + gas fees. The 305 Ape Coins was, at that time, worth approximately 2 ETH or $6,000 during the mint phase, and the average gas fees required for transactions to go through was more than the cost to mint. Many people received failed transactions and lost gas fees with nothing to show for it. Since then, the Yuga Labs team has issued a public apology and promised to refund the gas fees for any failed transactions that were unable to mint. The reveal phase for this collection happened earlier today, and the highest price paid for an NFT in this collection is currently 300 ETH at writing.
Supply Count: 100,000
WL & Public Mint Price: 305 Ape Coin per deed
Current Floor Price: 3.97 ETH
Tripsters is a 3D NFT collection created by three members of the BAYC community with an intended supply of 10,000. This collection began its mint phase less than 24 hours ago, and so far just over 3.8k NFTs have been minted before their public sale phase. The presale mint price was 0.15 ETH, and the collection was trading for as high as 0.3 ETH before slowly losing volume and it currently sits at a floor price of approximately 0.26 ETH at the time of writing. This collection may have difficulty selling out because the public mint price will be 0.2 ETH, and there currently isn’t much room to make a profit after taking into account OpenSea transaction fees and gas fees.
The mint for Tripster has currently been paused, with the team confirming on Twitter that there were issues that arose during the mint which prevented some people from minting. More details on when the mint will resume should be coming out shortly.
Supply Count: 10,000
WL & Public Mint Price: WL – 0.15 ETH | Public – 0.2 ETH
Current Floor Price: 0.26 ETH
Mirror Pass V2
Mirror Pass V2 is a derivative project inspired by the PROOF Collective and Moonbirds. Mirror Pass is an alpha community that discloses exclusive NFT alpha from various blue-chip projects such as Azuki, BAYC, Moonbirds, Cool Cats, and Llamaverse to their holders. This collection had its stealth launch on April 29th, and the project sold out in minutes. The collection had a floor price of 0.05 ETH upon launch, and the floor price and volume have since picked up in the last 48 hours, raising the floor price from 0.06 ETH to 0.287 ETH.
Supply Count: 5,555
WL & Public Mint Price: 0.035 ETH
Current Floor Price: 0.287 ETH
Imaginary Ones is a 3D animated collection of 8,888 fully animated NFTs on the Ethereum network that first launched on April 26th. Imaginary Ones reached a floor price as high as 2 ETH, but the floor price has since fallen below the 1 ETH due to some community FUD, where it has been holding steady with plenty of support and volume. The FUD surrounding this project came to light when a Twitter user found one whale wallet purchased 265 NFTs for a price of 1.5 ETH each, and there was suspicion that this was one of the project’s core team member’s wallets. The FUD in the Imaginary Ones’ community seems to have died off as paper handers sold their Imaginary Ones NFTs for as low as 0.65 ETH. Imaginary Ones has pumped by about 50% during the last 24 hours, and the reveal phase for this collection is expected to take place in approximately 5 days.
Supply Count: 8,888
Private WL Mint Price: 0.2 ETH
Public Dutch Auction: 50% of OS floor price, capped at 1.5 ETH. Drop of 0.1 ETH every 15 minutes until resting at 0.2 ETH until sellout.
Current Floor Price: 1.25 ETH