Key Insights:
- Total weekly volume dipped under 600K SOL for the first time in eight weeks. Prior weekly volume average was 935K SOL
- y00ts manage to bounce back from previous weeks and return to prior levels
- Reddit successfully onboards 3M+ into the space by referring to their Avatars as “digital collectibles” as opposed to an “NFT”
Let’s take a look at the Solana NFT market after the dust settled last week.
Numbers don’t lie
The ecosystem covered under 600K SOL volume over the last week. It was the first time we dipped under that key level since the week of August 23rd. Whilst these signs weren’t promising in the short term, a lot of projects managed to stem the bleeding on floor prices.
y00ts and DeGods were prominent again with the former pushing back towards 120 SOL – a key support level. The latter steadily held 250 and now sits at 267. Although the overall market is still waiting on catalysts to inject fresh volume and trading activity into the scene, it is reassuring to see the top two market cap projects hold on tight.
Mover of the week
4x4 – was one of the stronger floor price movers across the week. Starting out at mid-30s and pushing as high as 47 went against current market conditions and is a bullish sign for the project.
This limited supply art exploration from Iron Paw Gang entitles the holder to a hyped future whitelist expected to arrive in January. SVPPLY CHVN x VOXEL MONKEs Airdrop (an alternate avenue to secure aforementioned WL) moved in tandem with 4x4 rising to as high as 35 SOL. Both projects have since dialed back, but the run throughout the week did not go unnoticed.
Around the grounds
Meta Tattoo Club was another major mover which minted last week. The collection transacted over 30K in volume with floor prices initially starting at just over 1 SOL and moving past 10 SOL. Total listings have dipped under 5% which is a really healthy starting point for an 8,888 supply project.
ABC had another strong week, finishing top 5 for overall volume. The floor price seemed to find a bottom moving up from local lows of 21.5 to 26 SOL. Another sign indicating that nature is healing.
Cyber Frogs has earned a notable mention for its strong price action of late. In a challenging bear market, this team has managed to move from 5 SOL to as high as 18 over the last month. Their success is a mixture of hard work and utility, delivering an automated trading bot, sniper bot, NFT blending machine and a token market to their passionate community. Whilst last week rocked their floor price back down to 10 SOL, there was yet another strong rally to 15 SOL off 5.6k volume. They are the epitome of slow and steady wins the race.
Featured Mint
Brains + Zombies was the hype mint of the week injecting almost 40K of volume into the Solana NFT ecosystem. Although secondary price action started under 0.5 SOL, floor prices moved to as high as 3.5 SOL just three days post-mint. Floor prices have started to retreat in the last 24 hours so please be wary whilst trading.
On the Horizon
Revered artist John Le has a mint launching today named IODA - Death to All Robots Total supply is set at 1,500 and minting for 5 SOL. The hyped mint entitles access to the creation of the book as well as a hardcover copy when completed.
Did you Reddit?
After generating over $2.5M sales within 24 hours of trading, we had to include major social news platform, Reddit. Notably, their Collectible Avatar collection was marketed as a “digital collectible”, explicitly avoiding the reference to the term NFT. The result: over 3 million Reddit users unknowingly venturing into Web3 by collecting unique avatars, representative of their online personas. Sounds like NFTs, right? Perhaps, this is a key lesson in onboarding normies by using everyday language.
Every week Magic Eden covers the biggest news and movers in the Solana NFT space. Read last week’s piece here.