The Internet Computer Marketplace Shows Its First Signs of Recovery
It’s been a difficult couple of weeks for NFT collectors, especially those new to collecting and paid a premium for their collectibles during the previous bull market. But the good news is that just three weeks into the downturn, the Internet Computer NFT markets are starting to show signs of recovery. Here are a few things you need to know from the week.
The Top Performing Collections
Here are this week's top performers:
· PatternedBased – This project released at Iconic2021 last fall is finally getting its day in the sun. Sales and delisting resulted in a massive 218% boost in floor price from 11 ICP to 35 ICP. The project was created by Siori Kitajima (a multimedia visual artist) and Joseph Minadeo (a film composer and multimedia artist). It’s a limited collection of 50 NFTs with audio related to the average heart rate of the animal represented in the artwork. Be sure to have your sound on when viewing these NFTs. This is a delightful collection from two very talented people.
· DfinityDeck Paradigm – The floor price increased 38% from 100 ICP to 138 ICP. However, it is important to note that no sales took place during the past week, so the floor price increase is either due to delisting or holders increasing their prices in hopes of a boost from the upcoming new collection launch (DfinityDeck Elements).
· IC Spliffsters – The floor price increased 29% from 0.31 ICP to 0.4 ICP. The number of NFTs on the market has decreased for the second straight week, so perhaps the slight increase in scarcity accounts for the floor price bump.
· Dfinity Donkey – The floor price jumped 26% from 0.42 ICP to 0.53 ICP. This may be related to the anticipated drop for holders of the Internet Computer’s first meme token: DONGE.
I also want to recognize the following projects that experienced floor price increases between 10 and 25% (in no particular order):
· Poked bots – The floor price increased 24% from 19 ICP to 23.5 ICP.
· Meme Cake – The floor price increased 14% from 6.8 ICP to 7.77 ICP.
· IC Drip – The floor price increased 19% from 1.75 ICP to 2.09 ICP.
· ICmojis – The floor price increased 10% from 2.54 ICP to 2.79 ICP.
· Moonwalkers – The floor price increased 15% from 12.99 ICP to 15 ICP.
· ICPuzzle – The floor price increased 10% from 0.4 ICP to 0.44 ICP.
· ICSnakes – The floor price increased 12% from 1.33 ICP to 1.49 ICP.
· Imagination Project – The floor price increased 22% from 8 ICP to 9.75 ICP.
Marketplace Trends to Be Aware Of
The purpose of this weekly update isn’t just to tell you which projects are trending but also to discuss trends in collecting/investing in the NFT marketplace. I want to address a couple of troubling trends.
#1 Weird trades on the secondary market
Look at the image below and tell me what is wrong with this picture? IC Pumpkins, a project with 300 ICP of volume in almost half a year of trading, suddenly sees three fairly common pumpkins sell for 88.5 to 128.28 ICP? And you’ll notice one of the selling addresses is the same as one of the buyers.
I left their floor price increase off the list of top projects since someone appears to be messing with it. Before you start accusing the project of trying to boost their own floor price, keep in mind that this is happening with several projects. It appears to be a few collectors trying to influence the market.
Remember that market manipulation is a direct violation of the Entrepot Terms of Service. So, if they determine there is foul play, we could see Entrepot start to ban some of these addresses from trading (of course, there is nothing wrong with paying well above the current value for an NFT if you choose to do so with no ill intent).
The short version for ethical collectors is that you have to check the activity page. Don’t assume a sudden increase in volume is legitimate.
#2 Intentional floor price manipulation on mint day using fake listings
ICPS launched this week and sold out in seconds. So why is the floor price below the mint price? This may be due to a trend we’ve seen occur several times recently. A group of individuals who seem to enjoy manipulating project floor prices have figured out a way to list NFTs and then immediately lock them. I call these fake listings.
The lower they list, the more panic it creates. Flippers sell lower to try and get out before the floor price drops further. Why would someone do this? There appear to be two possible motives:
· They could be trying to drive floor prices down in the hopes of someone dropping a cheap rare. Then the manipulators buy the cheap rares to hold. They may also just accumulate a number of cheap NFTs to hold long-term.
· They may be trying to hurt projects they don’t like.
Either way, the practice is unethical and easy to spot. Check the activity page.
If you see an NFT listed that gets locked immediately and then disappears, but it doesn’t appear on the activity page as sold, then it was a fake listing.
Upcoming Projects to Watch
This week we will see some exciting launches:
· ICmoji Legends – A 10k collection of unique moji characters will be playable in the upcoming ICmoji Adventures game. These characters will supplement the 3,001 NFTs in the original ICmoji collection (which will also be playable in ICmoji Adventures and are the only characters usable in the existing game: ICmoji Origins). Learn more about the mint here.
· Team Bonsai – Team Bonsai is using CrowdFund NFT to raise 1500 ICP by selling 300 mint passes for 5 ICP each. Investors are rewarded with the Kontribute role in the Team Bonsai discord, an airdrop from the Bonsai Warriors collections (expected to drop by the end of the month) as well as an airdrop of all future collections from the team, and a dedicated channel for early previews in the discord server. Learn more on the CrowdFund NFT website.
· Avocado Research – The highly anticipated NFT collection from Avocado Research will launch this weekend on the C-C-C marketplace. Be sure to check out the marketplace if you haven’t already and fund your wallet with WICP for the sale (you can do it from within the marketplace).
Until next week – happy trading and stay positive!
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