NiftyNoon: A Fine Time for Fine Art

For September 29, 2022

Nifty Analysis

• The huge success of the QQL mint during a difficult time for both the NFT market and the broader economy as a whole demonstrates the durability of demand for fine generative art. This flight to quality is complicated by the team’s decision to blacklist x2y2 in an effort to preserve their 7% royalty. This ignited a debate within the community as people discussed how artists should be compensated for their work, particularly when both the mint price and royalty are very high. Although no obvious answer has emerged, it is clear that the market is supporting the work of Tyler Hobbs regardless of this controversy. At the time of writing, the floor price for the QQL mint pass is almost 20 ETH.

• Further reinforcing this trend of strong demand for quality NFTs is the monster 3,300 ETH ($4.45M at the time of the transaction) sale of the CryptoPunk hoodie ape. This also posits an interesting question for high-end NFTs: are they priced in USD or ETH? In February, a comparable CryptoPunk cowboy hat ape sold for 2,500 ETH ($7.7M at the time of transaction). Given the nature of high-end NFT buyers (usually crypto natives that acquired their ETH for very cheap), the answer likely lies somewhere in between.

Project News

• QQL generative art drop from Tyler Hobbs, creator of Fidenza, and Dandelion mints out in dutch auction at 14 ETH generating 12,600 ETH ($17.6M at the time of publication) in revenue:

  Archipelago.art @archipelago_art

  That's a wrap! The #QQL auction finished at 14.0 ETH. Congratulations to all the purchasers – we can't wait to see the beautiful art you create.

  

• QQL becomes one of the first major collections to blacklist 0% royalty marketplaces with its X2Y2 restriction:

  Loopify 🧙‍♂️ @Loopifyyy

  QQL by Tyler Hobbs is probably the first (?) big collection to block transacting on a 0% royalty fee marketplace, X2Y2 was blocked. I wonder how the market reacts to this short and long-term, will be interesting to see.

• MetaMask begins beta test for its portfolio management decentralized app:

  Blockworks @Blockworks_

  MetaMask launches beta portfolio daap for a better integrative user experience

  

• OpenSea introduces ability to search accounts by ENS:

  OpenSea @opensea

  You can now search for accounts by @ensdomains! What's another ENS feature you'd like to see?

  

• MetaMask beta tests portfolio management decentralized app:

  Blockworks @Blockworks_

  MetaMask launches beta portfolio daap for a better integrative user experience

  

Community News

• CryptoPunk Hoodie Ape sells for 3,300 ETH:

  CryptoPunks Bot @cryptopunksbot

  Punk 2924 bought for 3,300 ETH ($4,451,633.94 USD) by 0x9045de from 0x1da533. cryptopunks.app/cryptopunks/de… #cryptopunks #ethereum

  

• Azuki CN teases Shanghai event:

  Azuki华语花园 @AzukiCN_garden

  The gate is about to reveal in Shanghai⛩️ Are you ready to take the red bean? !IKZ @AzukiOfficial

  

  

  

• FrankDeGods, founder and leader of the DeGods Solana project, claims that 90% of his net worth is in DeGods affiliated projects (DeGods, y00ts, and $DUST):

  Frankⓨ (33.3%) @frankdegods

  I get confidence from the work that we do. Most of it isn’t public yet. I believe what we’re creating for y00ts, DeGods, and Dust Labs is going to blow past everyone’s already high expectations. appreciate your patience

Quick Stats:

• OpenSea USD Daily Volume: $12.41M (▲ 13.00%)

• OpenSea ETH Daily Volume: 9’657 ETH (▲ 18.11%)

• BTC: $19,189.14 (▲ 0.93%)

• ETH: $1,313.96 (▲ 0.97%)

• Solana: $33.58 (▲ 1.52%)

NFT Daily Winners:

• Mutant Ape Yacht Club: 15.43 ETH (▲ 14.47%)

• Clone X 6.75 ETH (▲ 4.98%)

• Proof Collective: 41.90 ETH (▲ 4.75%)

• VeeFriends: 5.39 ETH (▲ 4.66%)

• DigiDaigaku 12.00 ETH (▲ 2.13%)

• Doodles: 7.28 ETH (▲ 1.39%)

NFT Daily Losers:

• Moonbirds: 7.00 ETH (▼ 33.20%)

• Azuki: 9.20 ETH (▼ 4.55%)

• CryptoPunks: 64.95 ETH (▼ 1.43%)

• Bored Ape Yacht Club: 78.78 ETH (▼ 0.28%)

• Chromie Squiggles: 11.22 ETH (▼ 0.27%)

Notes:

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• Created by @AxuETH, @SSPxLEO, @SpeedyGonzale87, and @xhuewa