Daily NFT/Crypto Market Update — 9/28/2022

OVERALL TRENDS

After yesterday’s big losses, we keep up the trend of high volatility with some decent gains today. $BTC is up to 19.5k while $ETH has risen over 1.3k. Things have been moving really quick so swing trades have been profitable. NFTs saw a decent day with a couple of plays that people could have capitalized on to make profit. Overall, however, the market has still been relatively slow.

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Degen/free mint of the day: FACEFATIGUEUNION

facefatigueunion is a 5555 degen play that led the market in total sales. With over 4100 sales on secondary, this hovers below 0.01 ETH, making very small profits for minters. This collection is a meme project of the backsides of apes. The whole idea is that we are tired of front facing NFTs, so this shakes it up by bringing in back facing ones. A cool idea, however, volume has slowed down a lot, so this will likely go to 0.

AZRA GAMES MOON

Azra Games is a 5555 supply NFT collection that mooned today thanks to a stacked team. With over 3400 sales on secondary, this jumped from a free mint all the way to its current floor of 0.3 ETH. Azra Games is building the game Legions and Legends with the founder Mark Otero leading the charge. He notably is behind EA’s top grossing Star Wars: Galaxy of Heroes. This is going to be on everyone’s radar.

CLOUDMACHINE MINT

Cloudmachine is a 4444 collective that minted at 0.1 ETH. With close to 1000 sales on the day, this sits just above mint price at around 0.12 ETH. These are non-generative handcrafted pieces by artist Dave Van Patten that were sold exclusively through Opensea. These not only are NFT art, but they will give access to physical offerings such as art and access to IRL events. This is something to monitor as it sells out.

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OVERALL THOUGHTS

With crypto’s massive volatility, NFTs have found it difficult to make a great run as of late. This is because the price of NFTs fluctuates based off of Ethereum’s movement. As a result of this movement, people tend to invest in NFTs less when the price could change drastically like this. If we can see more stability, I would expect more volume heading into NFTs. Thanks for reading and have a great day Kings. Follow if you enjoyed! https://twitter.com/starclaw59