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Weekly CNFT Brew ☕
Your 15-minute catch-up on the CNFT world as you enjoy a nice brew, sponsored by QUEEN ADA stake pool. Through research and help from my community, I bring you CNFT news, market analysis, the ArtBeat, and more. Happy reading.
The Highlights
Happy Birthday CNFT Community. Last week marked 1 year since the first Berry was minted on the Cardano blockchain and the beginning of the CNFT space.
Is the bear market here? Many people have noticed the significant drop in volume in the CNFT space and some are expecting the worst. More on this in the Market Analysis section below.
Many exciting drops happened last week, some of which have already sold out:
Over Exposed Genesis (sold out)
H.Y.P.E. Vapor
Mystic Monks (sold out)
Vampire Invasion
Radioactive Crocs (sold out)
Cardolphins
Metadams (sold out)
Knfty (sold out)
Earth Natives (90% sold out)
Sinder Skulls
Nemonium
PigeonHodl (sold out)
RatsDao Birthday Berry (ended)
Disco Solaris not only recorded the project's largest secondary market sale ever, but it also became one of the largest sales in CNFT history. The ₳125K sale was for Disco Solaris #0007.
SpaceBudz released their new website this weekend, spacebudz.io. But is there anything else brewing?
CornuCopias is already gearing up for their second NFT drop after their first successful sellout in February.
Patrick Tobler praised the TeddyTroops team for implementing a decentralized identifier in their metadata.
Growing Pains took their project to another level when they created 1:1 physical versions of their NFTs and offered them at an auction this weekend.
Fort Gotten continues its development of metaverse-ready 3D assets and airdropped The Mint Machine to some holders.
Derp Birds gave the community an impressive recap of their mint for CornuCopias. The team seems to be making great progress at improving the multisig minting technology.
Pendulum opened their Discord and announced that their artwork is ready for their upcoming drop. This project has been on my CNFT Radar (see below) for a long time and remains at the top of that list.
Block Owls opened up their whitelist for the upcoming Season 2 drop, which quickly filled up.
This Week
This section includes all the drops that I'm excited about this week. To see a more complete non-curated list, check out wencnft.com
Ugly Bros x Ugly Community is dropping today for lucky whitelisted members. This unique collection will only include collaborative pieces from community members.
When: March 7th, 6PM UTC (open for 24 hours)
How much: 40 ADA
How many: 2,000
Greyhound Society launches today for whitelisted members. This 2-person 10k project has developed lore and promises an app for holders in its roadmap.
When: March 7th, 7PM UTC (pre-sale), March 9th (public)
How much: 35/40 ADA
How many: 10,000
Bizarre Stars was supposed to start their mystery drop tomorrow but just announced a delay due to complexities with their generative work. Keep an eye on their Discord server for updates.
When: March 8th - TBD
How much: 100
How many: 4,444
Mad Cows Club is dropping this Friday. The artwork is made by CryptoJess, a valuable and active CNFT community member.
When: March 11th
How much: 42 ADA
How many: 5,000
JukeBoys entered my CNFT Radar last week and they will be minting this Saturday at 7PM UTC. The collection aims to merge music and pop culture.
When: March 12th, 7PM UTC
How much: 60 ADA
How many: 5,000
CNFT Radar
Here is where I list all projects that are not minting this week but are already on my radar. New additions in bold.
Market Analysis
All markets continue to struggle following the Russian invasion of Ukraine. This has brought the CNFT space's impressive bull run to an abrupt halt with volume dipping 45% over the past 7 days. For only the second time this year, we recorded a day with less than ₳1 million in volume (Saturday).
It's safe to assume that this trend has shaken many people out of the space, especially newcomers who saw CNFTs as the next gold mine. A possible silver lining is that we are left with a better ratio of community members who believe in the space in the long run and are here to stay during good times or bad.
Quality projects such as Vampire Invasion and Cardolphins can expect to sell out over weeks instead of days. Secondary market floor prices are weaker across the board. Even the strongest blue chips are experiencing a hefty dip in prices and Clay Nation, for example only had ₳7.9k traded in the last 24 hours. If you believe in the CNFT space and have a healthy source of fiat, this could prove to be a good opportunity to accumulate.
The numbers (last 7 days)
Total ADA volume: ₳7.3 million (-45%)
Total CNFT Volume: 33,613 (-39%)
Top 5 Marketplaces
JPG.store: 7M, 83.9% market share (-4%) 🏆
CNFT.io: 650K, 7.7% market share (+0.3%) 🥈
SpaceBudz: 390K, 4.6% market share (+1.3%) 🥉
PXL.org: 216K, 2.5% market share (+2%)
Tokhun: 82K, 1% market share (+0.3%)
Top Volume Gainers*
CardanoCatle (3.8k%)
Mycelial Gallery (2.1k%)
Handy Juice (522%)
H.Y.P.E. Vapor (431%)
Earth Natives (424%)
Top Volume Losers*:
DarkBudz (-94%)
WorldsWithin (-94%)
Anatomy (-91%)
JAR Heads (-89%)
Moonimals v2 (-88%)
Top Newcomers
Radioactive Crocs Club: ₳320k volume, ₳65 floor
Metadams: ₳190k, ₳105 floor
Mekanism Genesis (Over Exposed): ₳125k, ₳730 floor
Top 3 sales:
Disco Solaris: ₳125k - Pool.pm
Pavia ₳25.2k
Pavia: ₳23k
*Only projects that record at least 3k(gainers)/1k(losers) over the past 7 days are included
The ArtBeat
Anna Hymas is currently dropping her 6th collection on Cardano with the usual limited supply of 200 pieces.
Masha's Colour Book is a project familiar with most art collectors on Cardano. Their latest Geisha collection sold out this weekend.
Some exciting projects have entered my CNFT Radar this week that belong in the art category. It's exciting to see unique CNFT projects that bring their artistic talents to the table but adapt it to the NFT space. OnBoard brings high-quality illustrations and animation, BrightLeaf brings incredible 3D artwork, and Roarschach brings some beauty and innovation to the generative art space.
Underrated
These are this week’s most underrated investment opportunities and artists. This is a highly subjective section so please DYOR
Some of my previous blue chip picks are still relevant and would be my choice today if I hadn't picked them already. Check out my undervalued picks from previous issues.
Investment Opportunity: Fort Gotten
After talking to the team behind Fort Gotten last week, I quickly realized that this project was severely underrated. They have a large team (8), many of whom are full-time working on pushing this project forward and developing their world. After significant hype during their Ep00 and Ep01 drops, they seem to have lost some of their momentum for the current Ep02 drop. It will probably take them a few weeks to sell out at this rate and the 100 ada price tag might have something to do with it.
However, if you look beyond their sales numbers and price tag and see what they are actually developing, I think minting Fort Gotten or picking up previous episode Kids will be a good investment in the long run. Their focus on customizable NFTs and developing metaverse-ready 3D assets is something that not many projects are doing. This is the team behind Trading Tent and together with their impressive Fort Gotten website, they have already proven that they can deliver at a very high level.
Artist: João Montanaro
João is the artist behind the Earth Natives collection. He is nationally recognized in Brazil and was a bit of a wunderkind, starting his career at the age of 12. He is an award-winning artist who has been featured in MAD magazine.
His talents are clearly on display when looking at the Earth Natives collection but you can also check out his other work on his website.
With artwork of this quality and not to mention the charity aspect of the project, it's difficult to understand the comparatively low demand for the collection. Perhaps they don't use the word "utility" or "metaverse" often enough in their roadmap but personally, I am happy to buy João's work simply because I enjoy it.
Rugpull Watch
Unfortunately, it appears that RhinoGeneration is a confirmed rugpull.
Thor's Thoughts
Whitelists. Let's talk about them.
Although the trend is slowly changing, whitelists have been standard practice in the CNFT space. How people get on the whitelist might vary, but most projects have one. Although they are an easy way to avoid some of the major issues projects face during a drop, I have always been against them and here is why:
1. They are a bandaid for a larger issue.
Our goal is mass adoption where the only skill needed to buy an NFT is using the internet. If you need to master the art of Discord or whitelist grinding, we are not getting anywhere closer to this ultimate goal.
2. They're not entirely fair.
Current systems usually favor those who spend 24/7 in the project's Discord server. In other words, it favors a certain demographic that has the time and skills to secure a whitelist spot. It puts parents, especially single parents, entrepreneurs, those who need to work overtime, busy developers, those who don't have unlimited internet access, and others at a massive disadvantage.
3. It's not good for the project
Because of point #2, whitelists make it so that many serious collectors and whales are not able to mint anything. Instead, whitelist spots are more likely to go to degens with an unlimited amount of time and doing this to make a profit, i.e. flip on the secondary market immediately following the mint. I'm not saying that serious collectors (i.e. Dramz, HobbsJW, etc.) should be given an advantage or preferential treatment - just don't actively keep them away with the whitelist system. This would benefit your project.
It can also create an unhealthy community, full of activity incentivized by monetary rewards instead of genuine interest and relationships.
There are several other reasons to abandon the whitelist system but I'll stop this rant now.
Viking Squad Updates
Discord Server:
Over 850 Vikings talk about different projects, share ideas, and have fun.
Check out CardanoThor's community on Discord - hang out with other CNFT creators and collectors.
YouTube: Over 650 subscribers and for the first time in the channel's history, a video reached 1k views - thanks! At least 3 new videos every week.
Check out today's Weekly CNFT Brew in a video format, available tomorrow (Tuesday). In the meantime, check out my chat with Cardolphins that launched this weekend:
Twitch Streaming Schedule:
Monday, 7PM UTC: FutureFest
Wednesday, 8PM UTC: Jesus2
Twitter: This week's most popular tweet:
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