• Elena T

Week 19: tough times for the NFT market

  1. Azuki experienced 43% floor price crash right after one of the project’s founders Zagabond admitted abandoning his three previous projects (Phunks, Tendies, and Zunks) which pissed off many people in the community. However, three days later, Azuki sales volume and floor price are increasing again, with the project being top 1 in terms of sales ($103 m over the last week) while the whole NFT market is crashing.

  2. While some people think that selling land in the metaverse is a bad idea because it limits the potential for user generated content, Yuga Labs’ Otherdeed sales reached $95 m over the last week, being #2 of the weekly top 10. The project, however, might experience the similar problem that Axie Infinity has been facing, when they sold some land a while ago and are now giving it away for free in order not to limit the amount of holders.

  3. projectPXN that dropped on May 5th has made a lot of noise in the community. What attracted people is the fact that it solved the gas problem, using a simple raffle system for the mint, which is a good example for other projects in the space to follow. The collection hasn’t reveled yet but the art looks really strong based on the teaser. Current floor price is 4.14 ETH.

  4. Dapper Labs CEO announced an upcoming collaboration with Billboard. Doodles' community is speculating if it’s going to be a collaboration with Doodles, since their new CEO is a former executive at Billboard. Doodles is currently #7 in terms of weekly sales volume, however, they’re experiencing sales drop, following other big projects like BAYC, Moonbirds, etc, and the overall market downturn.

  5. Invisible Friends announced their collaboration with KITH closing brand. This doesn’t really add any utility to the NFTs, so it seems to be just another cool piece of art. The project is experiencing sales volume decrease, having earned $1.6 m over the last week.

  6. Takashi Murakami announced his next NFT project featuring animated cats right after the first Murakami Flowers’ reveal event. There’s not much information about the upcoming project yet, but we’ll stay tuned for any updates.

  7. Flyfish is the world's first private dining club with membership purchased through an NFT and owned by a token-holder, and with Gary Vee behind this «Soho House» of the NFT world. Membership NFTs cost from 2.5 to 4.25 ETH. Holders will be able to lease or resell their membership.

  8. Kingship, an NFT music band comprised of three Bored Apes and a Mutant Ape, first announced their release of 10,000 access-enabled key cards in the form of NFTs to allow entry to the group’s virtual world as well as unlock music, products, experiences and a token-gated community, but then informed to pause their release on May 12th, «out of deep respect for their community» during the tough time for the NFT space.

  9. Many in the NFT space seem to be bullish about Okay Bears’ success which remains the only Solana project in the NFT top charts. However, for now the collection is just another cool PFP with no clear utility, which has proven to be essential for NFT projects to last.

  10. Communi3 is the second most popular Solana NFT project. The company behind it builds software that helps Web3 clients to manage and grow their communities, and their utility-based NFT collection Communi3 Labs allows its holders free use of Communi3 software or allows investors to rent their Labs out to clients who use Communi3, so basically Communi3 uses NFTs as a funding mechanism, instead of keep getting funds from VCs.

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