🦉 Top Nifty Story, Plus My Trades
In this week's newsletters I talk about the Moonbirds floor, along with buying and selling Open Editions
Market Update
Top Story
The Moonbirds floor is now under 6.7ETH, due to a number of factors, but most recently being dragged down by people finding out that the flagship Proof Collective pass will run out in 2025:
The Proof Collective floor is currently 18ETH, which is insane when you look back and see it ran as high as 120ETH - an 85% drawdown (more than Moonbirds):
But it’s not Proof bag holders I feel sorry for (they got a lot of airdrops along the way), it’s the Moonbirds who have been nesting through this bear market on the hope that something good will happen to their investment. I’m glad I got out at over 20ETH, but still frustrated I didn’t get out around the top at 40ETH!
It just goes to show that the demand side sets the price, rather than the float - out of 10,000, there are only 104 currently listed on Opensea but the floor keeps falling.
🛍️ What I Bought
Bought 6x Memo Angeles Presents: The Killa Chronicles Volume 1: The Hunt which was an open edition (ERC-1155) that is about to have a burn mechanic to get the next volume. Bitfloorsghost did a great write up about the Killabears in his most recent newsletter, Proof of Update.
Won an allowlist to mint a Rug Radio Faces of Web3 by Cory Van Lew as was in the Nifty Portal community. I got to mint at 0.069ETH and the floor is currently 0.111ETH which is nice. The reveal is next week, will be interesting to see what happens to the price…
💸 What I Sold
I actually sold one of my Nifty Portals as saw what happened to the price of the Rug Radio - Genesis NFT after people could claim a Rug Radio PFP (above). The floor has dropped by over 0.25ETH (over 50%) to get a PFP that is only valued at 0.111ETH. Maybe that was due to other factors, but I’ve seen this pattern before.
Also sold one of my Opepen Editions for 0.22ETH, the floor has now pulled back to 0.14ETH, and one of my MERGE VV at 0.06ETH, floor now under 0.03ETH.
🚀 Other Web3 Newsletters
Here’s what I’m subbed to:
And one of my own, if you’re into creative entrepreneurship:
Ok that’s it for this time, see you next week.
— Richard (@richardpatey)
Important Disclaimer: Not financial or investing advice. This newsletter is strictly for information and education purposes. Do your own research and due diligence. This newsletter is monetized through sponsorship.