Low Volumes but Rising Floors Mark a Unique Week of NFT Trading on the IC
Usually, the rule of thumb for NFT collections is that floor prices rise when volume is up, and lots of sales are happening. The Internet Computer NFT market has turned things upside down this week. While most projects are experiencing unusually low volumes, many floor prices have increased. Here are a few examples from some of the top collections:
· BTC Flower – The floor is up from 313 ICP to 333 ICP. The Flower Power DAO continues to see great success as the Pineapple Punks collection grows nearer.
· Poked bots – The floor increased from 22.5 ICP last week to 23.97 ICP this week.
· Motoko – The Motoko floor rose from 37.64 ICP to 39 ICP. Perhaps collectors are hoping that the upcoming launch of the Motoko Mech collection will make the original 2D collection even more exclusive.
· IC Punks – The Punks floor climbed from 14.3 ICP to 15.7 ICP.
· D-City – The 18 ICP floor from last week is now 19.25 ICP.
· DfinintyDeck: Elements – The floor jumped from 22 ICP to 26 ICP without any sales. People are simply raising their prices as the ORIGINS collection approaches.
And these are just a few examples of this phenomenon.
Will the DeFi Revolution on the Internet Computer Start with NFTs?
There are two collections with huge announcements regarding token drops that will happen in the very near future: Dfinity Donkeys and Boxy Dude. Here is what you need to know.
· Dfinity Donkeys – The team has announced the DONGE token airdrop for holders. It will be the first meme coin on the Internet Computer. Since it is a DIP20 token, you will have to move your Donkeys to your Plug wallet (Stoic does not support DIP20 tokens at this time). But the team is making it worth your while to move the NFTs (even if you have a bunch) because they are dropping 1 million DONGE tokens per NFT!
The team has announced that the snapshot is July 20th, so you have over a week still to get your NFTs to Plug in order to receive your token airdrop. Don’t forget to do your own research and read the updated DONGE token whitepaper in the Dfinity Donkeys discord server. Additionally, the floor price on donkeys is up 18% this week from 0.45 ICP to 0.53 as more than 500 donkeys have either been sold or delisted in the past week.
· Boxy Dude – The team updated the tokenomics on their $BOX token as the initial airdrop date draws closer. The tokes will be dropped monthly rather than all at once and will be divided between the Boxy Dude and Boxy Girl collections. This is to encourage long-term holding in order to receive more tokens. However, in order to receive the drop, the NFT must be in your Plug wallet (again, this is because Stoic does not yet support DIP20).
Keep in mind that the Boxy Girl snapshot on July 15th does not require moving the NFT (you can hold it on Stoic or Plug), but they do require you to delist. So it makes sense that the number of Boxy Dudes on the secondary market has dropped from 714 to 499 since the announcement, and that number is likely to keep decreasing as we get closer to the snapshot.
Distrikt Drops More PODs, Moves Collection to Yumi
One of the biggest things that happened this week in the NFT market was the second drop of PODs to distrikt account users. Once again, this is not the complete collection, so if you did not receive a POD, please be patient.
The team is continually working on the algorithm to provide fair drops to people who use the dApp in the most natural way. I guess what I’m trying to say is, if you didn’t get a free NFT this time, please don’t say hurtful or threatening things to Andra or any other team member. We don’t want to see things like that in the Internet Computer community (or anywhere else for that matter).
In the meantime, the secondary market is available to everyone. However, that marketplace has moved from Entrepot to Yumi as of June 30th. It’s a bold move after more than 16,000 ICP in secondary market sales on Entrepot to migrate the collection to an up-and-coming marketplace. However, in just the first few days, the PODs have done over 127 ICP in volume, and the floor price is holding at 12 ICP – not too bad considering they both migrated the collection and dropped a bunch more NFTs for free in the same week.
Jelly Marketplace Gets a Much-Needed Update
I called Jelly marketplace out for not being able to sort by listing price, so it’s only fair that I give them credit for adding that feature rapidly. Price Low to High and Price High to Low are now among the sort options for Crowns. Crowns also had another phenomenal week of trading with 2.7K ICP in volume and a steady floor price of 9.99 ICP. Congrats to the Psychedelic team on their immensely successful NFT and marketplace launch, as crowns have now passed the 25,000 ICP in volume milestone!
The Look Ahead
NFT collections are coming quickly on the Internet Computer, so it has been difficult to prepare for all of them. DFOOTY is launching on July 5th, likely before this article reaches publication. OG World Epoch is also approaching. Wallet collection ended on July 4th, so hopefully, you submitted the form in time if you won one or are on the whitelist. Also, LuMari launched successfully this past week, selling out a collection of 1000 NFTs in the art style of Dali but created using AI.
If you have an upcoming NFT collection launch and you want to be sure to be covered in my weekly marketplace update, feel free to tag me on DSCVR, distrikt, Twitter, or Discord to make sure I have your launch date!
Until next week, collect responsibly, and keep growing the IC community!
Connect With Us:
Twitter | Telegram | Instagram | Facebook | Email
- Disclaimer: The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the Dfinity Community staff and/or any/all contributors to this site.