Non-fungible tokens, or NFTs, are so hot right now. Still. In the last 18 months Bored Apes and Mutant Apes and Art Blocks wonders and Space Doodles have come out of nowhere and formed a global market with an estimated $40B traded in 2021.
While there’s been a slow down in the grinding bear market of 2022, the space continues to leap forward at breakneck speed, with new trends popping up (and dying off) every other week. If that’s not a cultural-technological phenomenon then what is?
We at The Defiant thought it was high time to chronicle the madness with a weekly column. We want to take aim at all the good, bad, and downright zany developments in NFT land.
To kick things off, let’s look at how June has become the month of the free mints. This is undoubtedly spurred on by the runaway success of Goblintown, the “intentionally ugly” NFT collection that has done 32,000 ETH ($57M) in trading volume since launching just three weeks ago.
Goblintown surged to a floor price of nearly 8 ETH ($14,400) on June 2 after a free mint was announced for holders. It has since settled at 5.3 ETH, down 30% on the week.
While there have been no official announcements regarding the purpose of these burgers, there’s been no shortage of speculation and they are holding a floor price of 1.3 ETH ($2,300).
We’re All Going To Die
WAGDIE is a collection of nihilistic knights that was minted for free on June 3 with little information shared about the project.
Since then, they’ve captured the imagination of NFT collectors with some zany moves. First, they encouraged holders to burn their NFTs, and more than 200 ‘souls’ have been sacrificed so far, according to a community-made tracker.
Then, after OpenSea briefly delisted the collection resulting in a rush of sales, the project sent ETH to holders who panicked and sold their NFTs.
And finally, the project purchased Mutant Ape #20438 for 21 ETH ($38,000) on June 6 and proceeded to burn it live on a Twitter Space. Yes, you heard that right.
After all this in just the first week, it’s anyone’s guess as to what comes next.
Begin As Nothing
Yet another free mint is at the top of OpenSea’s daily leaderboard with 1,800 ETH in sales volume in the past 24 hours.
Begin As Nothing is a collection of 1,000 dystopian scenes with a current floor price of 1.2 ETH ($2,100).
There’s been some speculation that Beeple could be behind the collection, as it dropped shortly after this tweet from the famed NFT artist. This would certainly explain the interest from collectors, though nothing has been confirmed and some remain skeptical.
State of the Markets
Overall, secondary sales volumes remain tepid and haven’t crossed the $500M mark in the last month, according to Dune Analytics.
- Bored Ape Yacht Club – Up 7% this week to 93 ETH
- CryptoPunks – Down 14% to 45 ETH
- Otherdeeds – Down 12% to 2.6 ETH
- Moonbirds – Relatively flat at 21 ETH
- Clone X – Down 16% to 10.5 ETH
- Azuki – Down 7% to 11 ETH