The Look Ahead
Even against the backdrop of a rising price of ethereum - up close to 40% off the lows in mid-March - NFT markets appear to be heating up. Daily volume on Opensea topped nearly $175 million yesterday. Driving this surge, yet again, is profile-picture projects. Azuki, CloneX, and Bored Apes are leading the way with over 46,000 ETH in volume traded over the past 7 days. Floor prices of Azuki are up an incredible 67% over the past week and now sit at 27.7 ETH.
Two interesting storylines to watch this week in the wake of this latest profile-picture wave is the redemption of the Pudgy Penguins project and the supposedly false rumours surrounding a Cool Cats acquisition. Both projects have seen a rapid increase in volume following their respective news. The Pudgy Penguins’ floor price is up over 200% over the last week and Cool Cats has seen over $2 million in secondary sales in the past 24 hours.
The success of the Bored Ape Yacht Club continues to provide NFT traders and investors plenty of reasons to speculate on the next up-and-coming collection. Profile-picture projects have become less about the profile-pictures themselves and more about the possibility of taking part in the growth of a new IP - the next Marvel or Pokémon. Expect to continue to see the most action in this category going forward.
What To Look For This Week in Metanomics
Thursday, April 7th:
3pm EST - Metanomics Spaces #5 with Aku Dreams artist Micah Johnson
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The author may be an investor in one or more of the companies, investment products, or NFT projects mentioned in this article.