The NFT Marketplace Narrative
There’s a forming narrative that should be addressed… NFT Marketplaces have some current and upcoming tailwinds that we anticipate will provide us with echoing pumps in the space. Let’s cover a few catalysts and places to express length.
$BLUR Token Launch
The BLUR airdrop is scheduled for February 14th, only 11 days away.
BLUR TVL had a big day on Jan 19th, with an increase of $5M (19%) and reaching ATH. This was the day they announced their airdrop date. In the last few days we’ve seen another significant uptick of 20%. This shows us increasing interest in a soon to come event. No doubt this will bring eyes towards all NFT marketplaces which happen to be showing convincing bottoms on their respective currencies.
Amazon NFT Initiative
Amazon’s upcoming digital asset enterprise is expected to run an NFT initiative in the spring this year. This could bring a new wave of potential investors and traders to flood NFT markets with volume, ultimately leading to increased revenue and resulting valuation.
$SUDO Airdrop
5 days ago Sudoswap enabled the long awaited XMON-SUDO Lockdrop. Users can now lock their XMON to receive the newly launched SUDO token.
Sudoswap’s TVL recently reached an all time high in anticipation of their lockdrop. Should this translate to bullish price action the rest of this sector should also see echo pumps.
Where have/are we looking to express length?
hmm LOOKS, x2y2, maybe NFTB and NFTD
$LOOKS
We obsurve that, with a very active social team, LOOKS is quick to price in fundamental changes…
The LooksRare market saw a sudden uptick in daily volume a few days ago after upgrading their UX to include better analytics. On the same day they added $5M in liquidity to the LOOKS-ETH UniV3 pool.
Buyers we’re quick to step in and cause a breakout with the highest trading volume LOOKS has seen in almost a year. This bullish throwback + Pump Chaser Zone is now a good place to bid.
$NFTB
NFTB had it’s tokenomics tweaked in January and has since seen an impulsive move to the upside. After retracing to tag the Fib sweet spot and support, this high beta NFT Marketplace coin looks to be gearing up for another leg.
$NFTD
NFTrade is one of the few decentralized, multichain NFT marketplaces. Today they launch their free NFTrade Academy as a initiative to onboard new NFT users.
NFTD is finally capturing significant buy pressure from it’s all time low. At only a $1.9M market cap the growth ceiling for this coin is insanely high.
$XMON
On the announcement of the Sudoswap Lockdrop many XMON holders took profit but new buyers stepped in absorbing most of the sell pressure. Now there should be far fewer holders looking to take profit in the near future.
The weekly chart is bullish, having found support at the 0.786 Fib and confirming a weekly W.
