💰 NFT Volume Continues to Surge + New Collection up 200% in one week! 💰

Blur bids continue to add record levels of liquidity to the market, and Valhalla takes off post reveal

There was no lack of excitement this week in NFTs as the uptick in sentiment that we've seen over the last couple of weeks continued on. A pair of high-volume reveals and a notable surge in blue-chip liquidity left collectors and traders with plenty to entertain themselves with.

This week's headlines:

Blur bidding incentives lead to explosion in blue chip volume
Valhalla unveils "rerolling" mechanic, explodes to the top of volume charts

Weekly NFT Volume at Highest Levels Since May

NFT volume across the board exploded to its highest levels in months after Blur's bidding incentives resulted in the spread between floors and collection bids becoming almost non-existent. The reason for this is that big players are trying to game the blur airdrop, which rewards bids that are close to collection floors.

Many have voiced their frustration about Blur "incentivizing wash trading", but in reality, the increase in volume and decrease in bid/ask spread is just the result of a more liquid and efficient market. There has never been as much buy-side liquidity as there is now in NFTs, and as a result some collections have began to trade more like fungible tokens. This is even more apparent when you look into how many times some of these tokens have been traded back and forth since the release of Blur bidding...

This mutant's trading history:
14.26 an hour ago
14.0 two days ago
14.79 two days ago
14.8 two days ago
14.55 two days ago
14.5 two days ago
They're all like that. https://t.co/TTCXRQO9ep
— drew (@drew_gmi)
Dec 12, 2022

I would argue that the increased liquidity and the shrinking of the bid/ask spread is actually a huge positive, as it allows for easier entries and exits in size to the top collections than ever before. For a more thorough breakdown of the numbers and ripple effects of all of this, check out this excellent thread below from @jumpmannft

Spent time digging into the recent uptick in NFT market volume to unpack whether it's time to get excited.
On the surface, topline market volume over the last few days has closed higher than anything we've seen in recent months.
Historically, this has been a great sign. https://t.co/TBLcklHjNj
— jumpman (@jumpmanft)
Dec 13, 2022

The initial realization of how much support collection floors now had after the Blur bidding tool was released led to a notable run-up in all of the top collections over the weekend. It's much easier to click buy on an NFT when you look down and see hundreds of other bids basically at the floor.

The buy-side liquidity on blur is unlike anything we've seen in NFTs before
You can accept 169 bids on mutants right now and the top bid would move 0.4%
Treating NFTs more like shitcoins was actually the best possible outcome https://t.co/9Xm9LF10sh
— Cirrus (@CirrusNFT)
Dec 10, 2022

As for things that worked this week, a couple of the projects mentioned in last week's edition lead the way, with a couple other grassroots communities thriving as the market continues to gain steam...

Things that worked:

Buying Valhalla on reveal - Floor went below 0.5E on reveal day, and has since exploded to as high as 1.5E after art and vision of the project were well received
Buying Cock Punch by Tim Ferris on reveal - Floor collapsed to as low as 0.5E after art reveal didn't meet expectations, but Tim's super fans have since bought the collection back up close to a 1E floor
Buying Rekt Guy - Up from 0.7E to 1.1E this week as the slow grind up continues for one of the
Buying Sappy Seals- Up from .7E to .95E as the community continues to hold strong through the bear market

Valhalla Executes Most Successful NFT Reveal in Months

After minting out at 0.5E three weeks ago, Valhalla slid from over 1E floor on opening day, down to as low at 0.4E prior to reveal. Since then, the project has absolutely taken off to a 1.5E floor after the art reveal smashed expectations and details about the project's "armory" were released.

I mentioned last week that there would be plenty of trading opportunities upon reveal, but what has unfolded since then has outdone any expectations I had by a long shot. There have been multiple sales above 25E for rares, and the collection being split up into different "classes" has left tons of opportunities for trait flippers to flourish.

The team also revealed more details about the "armory" this week, which will essentially be a way to allow holders to burn an Armory Token (which was airdropped to holders) to swap out certain traits for new ones.

For a full breakdown of how The Armory works, dig through this thread from the team

THE ARMORY.
The Armory allows holders to re-roll certain traits of their Avatars on-chain. To use the Armory, holders must burn an Armory token.
Details and video demo below. ↓ https://t.co/zV7IcUutBT
— VALHALLA (@valhalla)
Dec 9, 2022

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