😱 ELON MUSK takes jab at Bored Ape Yacht Club - 5th May, 2022

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24hr Market Overview 📈

NFT Market Recap

Over the past 24 hours, the NFT market was able to find some relief after multiple days of downwards momentum following the Otherdeed launch. Opensea closed the day with $177.22 million in sales, down from the peak of the mania over the weekend but up slightly over Tuesday's activity.

Otherdeed (3.75 ETH, +10.56%) finally found some support. The project had been trending downwards after initially having an 8 ETH floor on launch day. The project was starting to look undervalued for many speculators once it hit 3.3 ETH meaning that many buyers stepped in believing that it was a great entry point. Nobody knows over the long term how the project will turn out, however betting on Yuga Labs projects in the past has always been successful.

Both BAYC (115 ETH, + 6.98%) and MAYC (25.8 ETH, +4.45%) also found some support after freefalling following the Otherdeed launch. Both projects look to have found a more reasonable price for the time being, it will be interesting to watch whether both projects manage to maintain these positions throughout May now that the hyped event for Yuga Labs has passed.

Doodles (25.5 ETH, +14.92%) continued to pump, after hitting lows of 9 ETH just a month ago. This came after Doodles tweeted "Friday" alongside a GIF. This suggests that Friday will be the reveal of their much anticipated new roadmap, which holders are incredibly excited about.

BEANZ the project airdropped by Azuki in April is revealing its art today. Both Azuki (28 ETH, -2.78%) and BEANZ (5.88 ETH, -0.99%) have so far seen little movement leading up to the reveal. Once the reveal takes place at 5pm PST, we have no idea whether the price will drop or not, however looking at recent history, most projects have at least seen a short-term drop in floor price immediately after the reveal.

Project PXN, which held its first auction of 4000 NFTs yesterday, currently sits at a 2.579 ETH floor, with 9,752 ETH in volume on Opensea. The project is dropping another 6000 today to their Allow List. We expect that this inflation of supply may cause the floor price to temporarily drop.

Biggest Purchases

🥇 #1) Otherdeed #33 bought for 333.33 ETH ($979,667.50)| Link

🥈 #2) Otherdeed #26 bought for 249 ETH ($733,520.38)| Link

🥉 #3) Otherdeed #98145 bought for 240.005 ETH ($688,907.50)| Link

Latest NFT News 📰

🦍 Elon Musk is at it again. This time with a jab at the NFT eco system. Elon Musk is no stranger to moving crypto markets with his Tweets. Last summer he was infamous for pumping Doge coin and Cumrocket with his cryptic Tweeting. Yesterday Elon decided to change his Twitter profile picture to a collage of Bored Apes which he had saved off of the internet (something NFT holders hate). This immediately caused the price of $APE coin to skyrocket. However, less than an hour later he tweeted the following.

A supposed jab at the NFT space. Immediately after the tweet, the price of $APE came crashing back down. Just another day of Elon Musk trolling on Twitter. 😂

Today's Biggest Drops 👀

Project PXN Allow List:Socials: Discord (CLOSED) - Twitter - WebsiteWhen: 5th May 23:00 EST / 04:00 GMTPrice: 0.35 ETH / 6,000Notes: After releasing 4000 in Dutch Auction format yesterday, a further 6,000 will be dropped today. The price will be set at 50% of yesterday's final bid (capped at 0.35 ETH). There will be 1 mint allowed per whitelisted address.Hype: 🟩🟩⬛

The NFT Minter Guide to NFTs 💸

Meme of the Day 🤣

Credit: (twitter.com/JohnTodaro1)

That's all from us! See you next time!

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Disclaimer: The NFT Minter Daily DOES NOT provide financial advice. All content within this newsletter is for informational and entertainment purposes only. The NFT Minter Daily is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.