🎉 NFTs are Well and Truly Back! (At Least For Now) 🎉
Multiple collections saw 200%+ gains, and the biggest collection on Solana is coming to Ethereum
This week was undeniably one of the most exciting weeks for NFT market participants over the last half year. Multiple collections broke through all-time highs, new mints thrived, and an old favorite solidified itself as one of the top projects in the space.
Highlights of the week:
NFT market booms, multiple projects experience parabolic runs as the "cute meta" returns
DeGods and y00ts make polarizing decision to leave Solana
After a few weeks of rising volume and positive sentiment, multiple NFT projects experienced serious breakouts the likes of which haven't been seen since early 2022. Pudgy Penguins led the charge this week and saw their floor explode to 7E this week after slowly grinding up from 2.5E a little over a month ago.
The most promising part about Pudgy's success recently is that there haven't been any major announcements from founder Luca Netz. The run has been a culmination of months of organic community building, an increased social presence from Luca, and a collective buy-in by holders to the vision of making Pudgy Penguins the biggest household name in NFTs.
A plethora of projects including Sappy Seals, Kanpai Pandas, and Roo Troop were some of the beneficiaries of the "cute PFP meta" that Penguins set off this week, and all saw 70%+ moves in their floors over the last 7 days.
It has been a very strong week for my large-cap PFP index, up 7.5% in the past 8 days.
Strength led by BAYC ecosystem & Azuki http
— NFTstatistics.eth (@punk9059)
Dec 27, 2022
"Blue chips" also posted one of their best weeks since the summer, with the BAYC set, Azuki set, and Gutter Cat gang set all making logging 13-20% gains over the last 7 days.
The excitement for the upcoming "Trial of Jimmy the Monkey" has Yuga fanatics itching for what comes next, and that can be seen in the impressive amount of sales across Otherdeeds, Mutants, BAYC, and BAKC since the teaser was dropped just over a week ago.
The combination of the top ecosystem in the space teasing a new mint, mid-tier projects taking off, and more activity overall in the NFT market led to some serious opportunities this week. Regardless of your budget, there were moves to be made across the board this week...
Biggest winners this week:
Degods - up from 360 SOL to 500 SOL after an announcement that the project would be moving over to ETH in the coming months
Savage Nation - 0.019E mint that got as high as .25E
Beanz - Up from 0.9E to 1.5E as Azuki continues to grind up
Sappy Seals - Up from 0.9E to 1.5E on the back of the cute PFP meta returning
Eth Gobblers - Free mint with many parallels to Art Gobblers that ran as high as 0.6E
Acrocalypse - 0.2E to .35E
DeGods announce move to Eth, y00ts to bridge to Polygon
DeGods will officially bridge to Ethereum in Q1 of 2023.
The bridge is not the destination.
It is on the path to get there.
— DeGods III (@DeGodsNFT)
Dec 25, 2022
In a move that felt like it was bound to happen eventually, the DeGods team announced this week that they would be moving the collection over to Ethereum some time in Q1 2023. The bigger surprise was that y00ts also announced they'd be departing from Solana, but instead of going with DeGods to Ethereum, they're headed to the chain that seems to be landing partnerships with the biggest brands in the world, Polygon.
y00ts will officially bridge to @0xPolygon in Q1 2023.
— y00ts (@y00tsNFT)
Dec 25, 2022
Both announcements received a mix response on twitter, with most of the confusion stemming from the fact that the two projects would be branching out to two separate chains.
Personally, I think that y00ts moving to Polygon is a play on trying to land as many partnerships with the biggest brands that have already built connections with the Polygon BD team. Brands like Disney, Coca Cola, Starbucks, and many more have already gotten their feet wet on Polygon. There is still little to no information on the type of rewards y00ts holders can expect for staking their y00ts, but it'd be pretty surprised if we didn't end up seeing some of these big names that are already on Polygon involved in some way.
As for DeGods, It'll be interesting to see how the project is received on ETH. There has never been a transition from one chain to another for a project of this size, and it's unclear if the pricing on Solana of DeGods will translate to the prices that they start out at on Ethereum.
The team also announced that DeGods season 3 roadmap would be released sometime in January, which will definitely be something to keep your eyes on in the coming weeks as the biggest collection on any chain outside of ETH kicks off its induction into the big leagues.
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