If you love NFTs, you probably had the worst year of your life. Across the board, floors have been going endlessly down. FUD on the timeline has become a normal thing. Founders have rugged you and now even the SEC is trying to label NFTs as securities. But is there some light at the end of the tunnel? With several positive events, NFTs will pick up again in September.
Here’s what happened this week.
Big NFT sales in September
Are whales calling the bottom? A couple of big NFT sales happened this week in our favorite collections.
Let’s start with the biggest PFP sale of the year.
This Ape Punk sold for 620 ETH 2 days ago, and yesterday it received a bid of 650 ETH already. If the new owner accepts it, he can lock in a 30 ETH profit in a day or two.. Not too shabby
Last night, this hoodie zombie punk sold for 475 ETH. It’s the second zombie punk selling this week, as previously one sold for 275 ETH to Punks OTC (the biggest crypto punks market maker).
After holding for 10 months, Airdrop Alert’s founder @mortpoker sold his Gold Bored Ape (BAYC). It’s the biggest BAYC sale since January this year.
Big Sales are Bullish
Seeing these big sales doesn’t do anything for the floor of an NFT collection. However, it shows that the whales have conviction in the project and are willing to put some serious capital down. It’s definitely considered bullish and it turns the sentiment back to more positive for NFTs in September.
Flipping NFT Mints
One of the bigger surprises of this week is the “Eggs NFTs”, by the founders of Crypto Kitties.
It was a public mint, sold at 0.01 ETH, and within 48 hours, the floor was 0.39 ETH, with rares selling above 1.5 ETH. Since it was a public mint, there were no “whitelist” shenanigans, or token-gated privileges , not even KOL’s got favored here. Anyone could have minted it and made a cool 39x in a couple of days.
The volume peaked at 350 ETH in 24 hours. Currently, the floor sits at 0.14 ETH.
We haven’t seen a mint like this in maybe 2 years or more. So maybe it’s that time again to start scouting the web for new NFT mints in September.
One Man’s Downfall is Another Man’s Opportunity
It’s not all fun and games this month. Yesterday there was a tremendous NFT loan default, which resulted in a 500k loss for the lender.
Now squiggles are an OG ART collection, that has always been popular amongst collectors. But, there is;t that much buy liquidity available. This lender will possibly need to offload some of that bag, so if you are interested in squiggles now is your chance to throw in some stink bids and see if you get hit.
PFPs are Back!
The biggest DEX changed its PFP to a Pudgy Penguin for a couple of days.
Apparently, they shared a boot at a crypto event in Korea, and therefor the PP’s created a custom PFP for Uniswap to wear. it’s cool to see the bigger projects in the space collab, especially when NFTs have been taking a beating for over a year.
The Floors are up!
The mayor collections all saw the floors increase 30-60% from the bear market bottoms. This might now mean much as they are down 70-90% from the top, but it shows signs of relief. Sometimes all that is needed is a little sentiment change, and things can start looking a lot better.
A couple collections that are up a minimum 40% from the bottom are, Azukis, Pudgy Penguins, Bored Apes, and DeGods. Personally, I’m eying Azukis right now as they have a rumored token airdrop on the horizon.
Final Words
NFTs were last bull market’s biggest winners. It’s only natural that the downfall is fast and hard. The question is, can they make another run this bull market?
I do think NFTs are here to stay, but the way they were managed was unsustainable. Teams need to pivot and come up with new exciting ideas and execute them. Only time will tell if this actually happens. In the meantime, I’ll keep buying and selling NFTs as I enjoy it.
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You might also like our blog about why September is Bearish for Bitcoin.
