ON–216: NFTs
From Spencer Noon
① NodeMonkes 🙊
👥 Tyler D | Website | Dashboard
📈 NodeMonkes flip Bored Apes in market capitalization, become #2 PFP across chains
- NodeMonkes are the first original 10k PFP collection inscribed on Bitcoin. The collection features animals (monkeys, dogs, rabbits, ducks), meme characters (pepe), and traits with allusions to OG PFPs like CryptoPunks (alien skin). Its provenance (being the first 10k NFT on Bitcoin) has been a driver in its run to become the top NFT collection on Bitcoin. But now, NodeMonkes are becoming a top NFT collection across all chains. They flipped Bored Apes in market cap this month, reaching $475M (compared with BAYC at $456M). There is a new top monkey in town.
Source: twitter.com/davincithreads
- Attention leads to volume in NFTs, and NodeMonkes have all the volume right now. The Nodes just closed a $100M month, more than 2x the volume that CryptoPunks saw ($48M). Alone, they comprised nearly 20% of the $550M in monthly volume traded on Bitcoin. They command a tremendous market share of volume, and one could conclude, attention share as well.
Source: cryptoslam.io
- The NodeMonkes just faced their first test of resiliency after retracing from a local high of 0.88 BTC floor to 0.4 BTC on March 11. This was a full 55% retrace, a potential confidence-shaker for a collection less than 3 months old. Yet it has since rebounded strongly, climbing 80% back to a 0.73 BTC floor price at the time of writing.
Source: magiceden.io/ordinals/marketplace/nodemonkes
- 💦🔬 Tx-Level Alpha: It's not just the total buy volume that jumps out for NodeMonkes. It also matters "who" is buying. Punk6529, one of the more notable collectors, thought leaders and founders in the space (famous for his $6.2M purchase of "The Goose" Ringers at Sotheby's), purchased an Alien NodeMonke. Other Bitcoin whales have taken notice, most notably " Zeus " who has spent 88.5 BTC (~$5.9M) in just the past 3 weeks accumulating rare Nodes. Why does this matter? There is more wealth on Bitcoin than any other chain. If Bitcoin whales gravitate towards an NFT project, it can have a strong impact on price. There is evidence this is already happening for NodeMonkes.
② Pudgy Penguins 🐧
👥 Luca Netz | Website | Dashboard
📈 Pudgy Penguins Relaunches in 3,100 Walmarts and Sells over $10M in Toys as it Pushes NFTs and Web3 Mainstream
- Pudgy Penguins is breaking through into the mainstream in a way that very few crypto projects have ever done before. Today, Pudgy Penguins is selling hundreds of thousands of toys a month as well as getting billions of views a month across all social channels. The NFT collection has also generated $435.8M in volume in the past 365 days.
Source: Dune Analytics - @KARTOD
- Pudgy Penguins is the best performing blue-chip NFT Collection on Ethereum in the last 12 months.
Source: forkastlabs.xyz/indexes/fketh
- Pudgy Penguins has climbed from the 55th most traded NFT collection all-time to the 9th most all-time over the last two years and during the bear market. The collection has generated 77k cumulative sales for a total of 323k ETH, according to OpenSea. At current ETH prices that’s over $1B in volume.
Source: opensea.io/rankings
- 💦🔬 Tx-Level Alpha: This is the most expensive Penguin ever sold at 400 ETH, which is $1.3M by today’s prices. It’s also one of the highest priced PFP sales of all time.
③ Mad Lads 🎒
👥 Ali Taslimi | Website | Dashboard
📈 Mad Lads, initially minted for 6.9 SOL, has now evolved into a $266M NFT collection
- In just 11 months, the project amassed over $3.6M in royalty revenues from a total sales volume of $88M. It has swiftly risen to become one of the leading NFT collections in terms of sales volume and floor price across the entire crypto industry. With a goal-driven team dedicated to Solana and supported by a passionate and enthusiastic community, the project has maintained its upward trajectory.
Source: Flipside - alitaslimi
- The floor price of Mad Lads nearly quadrupled from 50 to 200 SOL due to catalysts such as the launch of the Backpack exchange, distribution of PYTH and W tokens to NFT holders, raffles for new 1:1 NFTs, and a broader market uptrend that began last December, boosting demand for the collection.
Source: Flipside - @alitaslimi
- Since the beginning of 2024, the majority of Mad Lads trades have fallen within the 150-200 SOL range. Additionally, the Tensor NFT marketplace has become the preferred platform among Mad Lads traders.
Source: Flipside - @alitaslimi
- 💦🔬 Tx-Level Alpha: On Apr. 26, 2023, just days after the collection's launch, Mad Lads #2968 achieved the most expensive deal yet, selling for 3,420.69 SOL. This sale highlights the prestigious status of Mad Skulls, a trait unique to Mad Lads, in the crypto industry.
④ CryptoPunks 🤯
👥 Geebz | Website | Dashboard
📈 Two Alien CryptoPunks sell for over $16M Each
- Two Alien CryptoPunks sold in March for over $16 million each. These two sales mark the first Alien Punk transactions in over a year and rank as the second and third highest CryptoPunks sale of all time. Only one Alien Punk, sold on-chain on Feb. 12th, 2022 for 8,000Ξ, has sold for more.
Source: cryptopunks.app
- The floor price for CryptoPunks spiked to nearly 64Ξ before retracing to around 50Ξ as of this writing (3/19). In the past, sales of Alien CryptoPunks have triggered a buying frenzy. However, things were quiet right after the latest Alien sales. Looking at the bigger picture, the floor price for Punks is below its average in recent history but is holding up well compared to the rest of the ETH NFT market.
Source: nftpricefloor.com/cryptopunks
- This observation is more qualitative than quantitative, but over the past month, there has been an increase in 'mid-level' CryptoPunks (mids) selling at floor prices. A mid-level Punk is characterized by being 1) visually appealing and easy on the eyes (often 2 traits), and 2) possessing semi-rare traits, typically around the 150 in the collection range. For CryptoPunks buyers, this trend highlights an opportune moment to acquire a long-term collectible.
Source: cryptopunks.app
- 💦🔬 Tx-Level Alpha: The sheer beauty of it—a single internet picture of an Alien face fetching 4500Ξ, over 16M United States Dollars.
⑤ NFTs in Safes 🔐
👥 Peter Liem | Website | Dashboard
📈 Ethereum NFTs stored in 834 Safes reach over $237M in marketcap
- Safe{Wallet} is the most trusted multisig wallet and platform to store digital assets including NFTs on Ethereum and popular EVM for users, companies, funds, developers, DAOs and investors. About 19k blue-chip NFTs (defined as OpenSea's top 1000 NFT collections with > 0.5 ETH floor price) are stored in 834 safes. Their total USD worth (based on past onchain sales) is $316M, and now have a combined market cap of 69K ETH ($238M).
Source: Dune Analytics - @safe_intern
- In total, ETH NFTs in Safes have been traded 1,031 times, generating a total sales volume of $51.9M. Volume per sale made by Safes is also relatively stable, with the last two months' with more than $10,000 in sales volume, illustrating the importance of Safes in valuable transfers.
Source: Dune Analytics - @safe_intern
- The most valuable blue-chip NFT collections found in Safes are currently Autoglyphs, Mocaverse and Chromie Squiggle ($40M, $33M, $19M in market cap respectively). Art pieces seem to have the most proportion of NFTs stored in Safes (77%). The most notable NFT collections with a significant percentage of NFTs stored in Safe are Mocaverse (30%), Nouns (13%), Meebits and Cryptopunks (12% each).
Source: Dune Analytics - @safe_intern
- 💦🔬 Tx-Level Alpha: $20,000: An auction sale of a Nouns NFT was recently made for 5.7 ETH. It was then transferred to a Safe upon sale. This shows how Safes are being used by users to store high value assets in the form of NFTs.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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