NFT God Newsletter - The Daily Alpha 4/27/22
The Daily Alpha 4/27- A daily breakdown of the NFT market with some notes from The God. This is a more detailed version of my breakdown on Twitter. Any and all feedback is welcome!
Wrote a thread today on why I never mint projects. I don't think this is a subject many people consider or think about before they spend their time or money on a mint. Feel free to click into it below:
I never mint projects and here is why you shouldn’t either 🧵👇
— NFT God (@NFT_GOD)
Apr 27, 2022
Whole market dumping more
After several days of macroeconomic forces pounding risk-on assets plus the added headwinds of the Yuga Labs Land launch, the NFT market continues to sell off. The biggest hits have come to the low and medium cap projects. Some of the larger projects have held up, but others including VeeFriends (10 ETH), RTFKT MNLTH (9 ETH), and Moonbirds (25 ETH) have seen a haircut since this bear run has started. If you’ve been waiting on a dip to get into some of these blue chips, this seems like your opportunity to do it. I have my eye on the RTFKT ecosystem.
APE pumps in preparation for Saturday
Well here comes the bull run we’ve all been waiting for. People who have KYC’d have started picking up their share of APE coin in preparation for the big land sale on Saturday. I expect this bull run to continue up until the sale. My best guess is the biggest pump will come when the starting price is announced through the end of the auction. Despite Yuga claiming they are locking the coins up for a year, it’s hard to imagine a dump not coming at the end of the auction from all the holders who did not spend their coin. If you’re not in the auction I don’t hate the play of buying ASAP then selling into the pump leading up to the sale.
Okay Bears is first Solana Project to hit number 1 on the charts
Okay Bears has become the first Solana project to hit the top of the 24 hour charts on Opensea. Even with its addition to the largest NFT marketplace in the world, Solana has been a niche asset class for most. This is certainly a momentous occasion, toppling the likes of Bored Ape Yacht Club and Moonbirds is not easy. Just achieving this feat might give Okay Bears enough attention to keep the attention and hype going. As an asset class Solana NFT’s are just too risky for me. The quality projects are still on Ethereum, until some AAA experiences are built there, I will be watching Solana from a distance.
ENS domain names are the flavor of the minute
ENS domains have gotten a crazy pump over the last 24 hours, specifically any domains that are just 3 digits. Where this trend comes from nobody really knows, but this specific type of domain has gone from .1 floors to multi ETH floors over night. Seems like a trend that will burn out as quickly as it came in.
Project I’m Watching: Veefriends
To me this is the biggest blue chip to take a big hit during this bear run. Over the past year we have seen several bear runs that have cut down blue chip projects, and each time these blue chip projects have recovered. I’m talking the BAYC, MAYC, Azuki’s, Doodles, CloneX’s, and VeeFriends of the world. Cool Cats is the only blue chip project I’ve ever seen take a hit and not recover quickly. Their transition to a P2E experience has been a rough one. They were originally a social movement and now they are viewed as a software company. This shift in perspective will happen to BAYC this weekend which makes me nervous. Besides the point though, Veefriends has taken a massive hit from 15 ETH to 10 ETH over the past week. A certified blue chip, I expect this to bounce back quickly.