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Are NFTs back? 👀

After months of decline, NFT sales volume started to spike in 2023. Dive in to see what went up during the first week of January...

The NFT market size is expected to grow over the next several years, and 2023 has begun with a significant jump in sales on top NFT marketplaces. 

• NFT sales jumped 26% as trading volume rose across major blockchains.

• Ethereum accounted for the most NFT sales, whilst the Bored Ape Yacht Club dominated among collections.

• The broader crypto industry has started 2023 slightly higher, with notable rallies for coins such as Cardano, Solana and Zilliqa, more on that later. 

By the numbers 📊

According to data from Cryptoslam.io, total NFT sales increased by an average 26% in the first week of the year. The platform showed the metric rose by the margin as 1.2 million NFT transactions registered across 400,740 NFT buyers 🔥

• ⚡️BAYC → reaching $18.8M surging 29.99% 

• ⚡️MAYC → reaching $13.2M surging 58.98% 

• ⚡️AZUKI → reaching $12.4M surging 137% 

• ⚡️THE CAPTAINZ → reaching $10.7M sales volume, this project is new to the market

• ⚡️BAKC → reaching $9.3M surging 74.69% 

• ⚡️SORARE → reaching $5.7M surging 19.93% 

• ⚡️BEANZ → reaching $4.8M surging 201.71% 

As for the NFT collection with the highest transaction volume, the honour fell to the Bored Ape Yacht Club (BAYC). The collection registered $19,052,102 in sales, with trading volume rising by 53% in the week.

As you may know, the Flooz Community owns BAYC #7683 – in our upcoming newsletters we'll be providing you with real-time investor insight, so you can follow the ups and downs of a $425.278 investment 🤯

Here's a little snapshot of this week's price action 🔥 we'll be discussing the context behind it. 

Fun fact about CryptoPunks— nowadays it seems hard to believe, but when the most iconic NFT collection of all time was released back in 2017, all the ‘Punks NFTs were free to claim!

Trending across the last 30 days 🔥

The Alpha 💯

Yuga Labs has announced new details surrounding a forthcoming project, prompting BAYC members to prepare for a “skill-based minting experience" – and our Ape #7683 will be participating. 

On January 18, Yuga will kick off “Dookey Dash,” a skill-based minting experience that takes place in the sewers of the Bored Ape Yacht Club. To be eligible to participate in the experience, users must hold at least one Sewer Pass — an NFT that launches January 17 as a free claim for any BAYC or MAYC owner. Although BAYC community members are the only ones eligible to claim, anyone who obtains a Sewer Pass via secondary sale can take part in the experience.

Both the Sewer Pass claim and Dookey Dash will close on February 8. While the window is open though, participants can play as many times as they would like, with Yuga stating via Tweet that players will need to “play at least once and score more than 0 to validate a Sewer Pass.” After the skill-based minting experience is completed, on February 15, validated Sewer Passes will be eligible to transform into what Gary the Dog Prophet calls a “power source.”

#TBT to the NFT Bull Run 😳

We've seen a nice floor price increase on our very own NFT collection the past few days, whales are quick to respond as our 2D avatars are soon to be converted into 3D 🚀

The 2D to 3D update is speculated to include the 3D files, allowing holders with full commercial rights to use their avatars to create original content such as VTuber, fashion models, video game demos, fan art NFTs, and wearable items. The Gen–F NFT collection (with 4% listed on Opensea) would be the second NFT community besides RTFKT to pull off such a spectacle. 

What else have we seen surging in popularity lately 👇

We've seen open edition (OE) releases going strong, OE drops involve a creator or project releasing an NFT with no hard supply cap, they can come in different styles. For example, “timed” OEs are only open during customisable periods, while “infinite” OEs never close. 

OE drop stats are up and to the right recently as more creators are turning to “do it yourself” NFT minting systems like Manifold and Zora, both of which activated their latest editioned NFT drop infra in Fall 2022. 

Manifold Claim Pages, which is the system within Manifold that lets creators easily create limited edition or OE NFT drops, has seen some impressive growth since publicly launching last October.

According to the Manifold Claims Dune dashboard, there have been nearly 12,000 distinct Claim Pages drops that have accounted for over 40 million NFT mints and nearly 9,000Ξ (or +$11M USD worth) of total volume to date. 

Not too shabby right! As this same Dune dashboard shows us, the number of volume, Claim drops, and Claim mints over time have also been up-trending considerably over the past couple of months:

As for Zora, the NFT protocol now has among the best daily active user (DAU) numbers in all of crypto, and the growing popularity of Zora’s Editions and Drops services are big contributing factors here. 

Crypto prices up early in 2023 😋

Cryptocurrencies entered 2023 on the back of major losses in the previous year, with Bitcoin and the rest of the crypto market having recorded massive dips from their all-time highs.

However, the first week of the year has seen crypto mirror broader market movements with gains pushing BTC above $18,000 and Ethereum to $1,400. While Bitcoin is up more than 8% in the past week, Ethereum has notched double figures with over 11%.

Among the most impressive performers include Cardano that’s up 28% and Solana that has rallied by more than 45% this past week. SOL’s surge came after the BONK meme coin airdrop to the Solana NFT community. Zilliqa has soared over 50% amid major network upgrades and integrations – including with esports loyalty programs.

Your 2023 Stack 📚

What are some of your 2023 Financial Goals?

If you practice writing down your goals and placing them somewhere you'll see or be reminded of them, and you'll be more likely to achieve them 👇

• ✍️ Start investing monthly

• ✍️ Diversify asset classes

• ✍️ Track spending

Flooz News Room 🛰

Here you'll find our editors best picks, three articles that will keep you In The Know. 

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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. As always, NFA and DYOR.