NFT Market Overview
-kezfourtwez
gm parsec, market and nft enjoyers alike. Welcome back to your desks, I hope you’ve all had a restful and enjoyable holiday period.
A very green week to bring in the new year. 2023 has started off with a bang, as mass liquidity (relative to of late) continues to flow into the market. In fact, the week of Christmas was the most volume the NFT market has seen since liquidity tumbled to new lows in May following the the Otherside mint. It’s cooling off a little bit now, but I don’t expect the music to stop until The Trial of Jimmy the Monkey comes to a close in February.
There are a few current narratives being born and rehashed. The cute thesis continues to play out. Pengu’s, Sappy’s and Panda’s are all once again running to new ATH’s. I wrote about all three a few weeks ago, I just opened up the layout that I used back then and the measuring boxes we’re still there. It didn’t look like it at the time but damn what an entry! Pudgy’s 70%, Seals 110% and Panda’s 160% since early December.
A rising tide lifts all boats, and traders love to rehash old projects - it’s a self-fulfilling prophecy at this point as most people know it will happen. It’s just a question of which projects gain momentum first when the market is hot, and what the narrative at the time is. Traders see an opportunity off the back of another collection running, they take the opportunity. The whole 2021 (and later) line up of cute projects have been pumping off the back of the Pudgy success. Little lemon friends, Coolman’s universe, Alien frens, Tubby cats, Cupcats etc. It seems like pretty much every once-successful project has had the pump put on.
Batzdu
Another thing to mention is the current and sustaining success of crypto art through all of this. Number continues to go up, Squiggles are at Ξ16, Friendship bracelets - an airdrop to all art blocks holders are at Ξ0.5 and Grifters are at Ξ20. Within this category, editions have become quite the trend, and one of the most recent successes in this realm is @Batzdu and his GeoMetric Pepe’s. A collection of 100 1/1’s, drawn in a clean geometric style with thick lines, and all resembling the most beloved and shared memetic in the space - Pepe.
Batz started off as member of the art community, he received encouragement to begin minting some of his early works. In August he dropped the first GeoMetric Pepe and set the reserve to Ξ0.1, over the coming months he would create and mint 99 more for the same price, he started to gain a core following (though small at the time). Enthusiasts like @BB⁸⌐◨-◨ became his core supporters, showing off Batz work in their galleries. The collection eventually ended up completely in the hands of collectors, but secondary sales were incredibly rare until December when Batz had built up his following, his name and art started to catch on, and the floor was raised. Jump back to September and Batz replied to a comment saying ‘Pepedenza ✅’, not a word more until January 3rd when he announced them in this tweet. Pepedenza’s are hand drawn imitations of Tyler Hobbs’s famed ‘Fidenza’ in Batz signature style.
Each holder of a GeoMetric Pepe was airdropped 2 burn tokens a few days ago, which will be used to claim a Pepedenza when the time comes. Said denza’s will range between 1/1’s like #0 above, to editions of up to 20, burning for a particular denza will be on a fcfs basis as they are released.
I really admire Batzdu’s story, he worked hard to proliferate his art and by nature his pieces are objectively beautiful, especially to Pepe lovers like myself. Good luck to you on the rest of your journey.
Memeland and the market
Something to keep an eye on when the market is hot like this is extremely hyped projects dropping. They have the potential to be mass liquidity draining events, leaving the market with not enough capital to sustain the newly reached market-wide ATH’s. During these events we tend to see a high volume of NFT’s being sold into bids, and floors beginning to collapse in the lead up, as traders prepare for the secondary market. The project I’m talking about here is of course Memeland’s Captainz, who is headed up by longtime memer and CEO of 9gag. They have been building up their audience and slowly rolling out the Memeland ecosystem since March last year, they have excellent ponzinomics and they know how to keep the market interested.
Back in April 2021 we had Moonbirds break all of the previous volume records, and then two weeks later we had the Otherside in early May. I’m not saying Captainz is going to be on the same scale, but the same principles apply. Let’s have a look what happened back then.
Yuga debuts the Otherside for the first time with their second infamous ‘Fuck it’ tweet —> the market cools off in preparation —> secondary opens and an amazing amount of volume is turned over —> the rising tide of profit taking on the main event lifts all boats —> market tops and begins to decline —> it cools off for a longer period of time as liquidity interested in NFT’s needs to accumulate, simmer and once again reach a boil.
Captainz are currently being launched using a silent mint mechanism, 18,000 wallets are eligible. In order to mint, you needed to either be ‘Memelisted’ or hold 3 Potatoz at the time of snapshot (approx Ξ9), this lets you mint 1 Captainz for Ξ1.069. The other avenue was to hold an MVP at the time of snapshot (approx Ξ35) in order to receive 2 Captainz for free. This means expectations are huge, estimates are around a Ξ10 open (3 taters + mint price), which also means that secondary volume will be astronomical, and therefore, liquidity suck. But not before a likely further pump on NFT’s heading into next week, godspeed degens.
Good luck to all those participating, the market is in a good position right now for an event like this.
Thanks for reading and bye for now, stay on top of the markets with Parsec and we’ll see you next week
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