NFT Narratives to Pay Attention to in January
NFT Market Overview
We have seen a massive volume surge in the NFT market in the past few weeks. Some of this activity can be attributed to traders and collectors being more comfortable taking on risk in NFT land, but most of the liquidity and volume in the NFT market has come from heavy NFT lending on platforms like BendDao. I think this heavy lending eventually results in heavy liquidations and a collapse in NFT prices, but I believe this does not happen in January and that we will have a high volume month with sustained floor prices. With that being said, let’s jump into a few narratives I am watching this month.
Memeland
Memeland Captainz has been the most hyped mint people have looked forward to over the past couple of months. 9GAG, a previously web2 social media company, is the team behind Memeland. Captainz is the main project in the Memeland ecosystem, and its hype has come from the success of previous collections released in the Memeland Ecosystem, Potatoz and MVP. Captainz is hovering around 5 eth at the time of this post, and with an announcement, I believe it can head to 6+ eth.
Yuga Ecosystem
The whole Yuga ecosystem has been ripping the last couple of weeks due to the upcoming Jimmy of Trial event on Jan 11th. Bored Ape Kennels have gone from 6 ETH to 11.5 ETH, Mutant Ape Yacht Club has gone from 14 to 19 ETH, and Bored Apes have gone from 65 ETH to 80 ETH. I think the Yuga ecosystem continues to trend up after the Jimmy on Trial announcement as people get to know more about the mint and prepare for it ahead of Jan 18th, which is when the interactive mint starts.
Pudgy Penguins
Pudgy Penguins have gone ballistic over the past couple of weeks from a floor price of 3 to 6 eth. Luca Netz’s takeover has transformed the Pudgy Penguins brand into a successful brand with great IP, and collectors' confidence in the new CEO has led to a huge spike in price. I believe Pudgy Penguins can stay at this high floor price due to strong leadership and solidifying itself as a top blue chip in the NFT space.
Azuki/Beanz
Azuki and Beanz have both had huge upticks in floor price over the past month. Azuki has gone from 11 to 16 ETH, and Beanz has gone from 0.8 ETH to 1.95 ETH. The catalyst behind this price action is Azuki’s 1st anniversary coming up on Jan 12th, which people have speculated is when Azuki will announce more utility on Azuki/Beanz. I can see the run continuing if the announcement lays out the future value propositions added to the Azuki/Beanz ecosystem.
Moonbirds/Proof Collective Ecosystem
Moonbirds have risen from 7 ETH to 9 ETH, and Oddities have risen from 1.1 ETH to 1.4 ETH over the past week. The upcoming Moonbird Mythics mint in q1 2023 has been the major catalyst behind this move. I expect the Proof ecosystem’s pump to stagnate until we get the exact timeline on when the mint is happening in q1 2023.
Word of Caution
We have had a crazy run-up in NFT floor prices across many bluechips over the last few weeks, so do not forget to take profit. Even though there is so much to look forward to this month, do not get caught up in the euphoria. Always lock in those gains and avoid roundtripping your profits.
