💥 Solana Network DOWN for 7 Hours! - 1st May, 2022

GM and happy Sunday - welcome to the NFT Minter Daily - The daily no-bullshit newsletter with everything you need to know about NFTs, from the latest news, market recaps and the hottest mints, in less than 5 minutes! ☕

24hr Market Overview 📈

NFT Market Recap

Before we get into the Otherdeed launch. Yesterday was the final day of April, meaning that we have a complete picture of how April compared to other months.Yesterday, Opensea witnessed a small dip in volume, with $101.31 million in sales as the market was waiting in anticipation for Yuga Labs Otherdeed mint. In total April traded $3.48 billion, a healthy 40% increase from March's $2.48 billion but still down ever so slightly from February.

What we found interesting was that whilst volume was nearly back to February levels, the number of active monthly traders was still below where it was in February. This suggests that most of the trading volume was coming from larger purchases in projects with higher floor prices, which is true if we look at Moonbirds for example, which for over a week traded insanely high volumes. Without the launch of Moonbirds, volume for the month would have been far lower.

Now onto the highly anticipated Otherdeed launch...

The total collection of land was 200,000, with some being airdropped to Bored Ape and Mutant Ape holders. So far, 55k were sold to pre-approved wallets, with the transactions taking place in Ape coin, which allowed Yuga Labs to raise $300 million in less than 2 hours!

The launch caused huge problems for the Ethereum blockchain, which is notoriously bad at performing under heavy strain. Gas prices rose from 50 GWEI to 3000 GWEI, meaning that the average user paid nearly 1 ETH in gas fees to process their transaction. Some people were even less fortunate, one wallet paid $44,572 to mint 2 deeds.

A lot of users complained that Yuga Labs' smart contract was not optimized efficiently for the scale of the launch, with $149 million spent just on gas fees! Whilst there were definitely improvements that could have been made, JesseFriedland made an excellent thread on some additional facts that people need to consider.

This resulted in Yuga Labs tweeting about the mint, even partially deflecting the blame onto the Ethereum blockchain and stating that Ape Coin should look into creating its own blockchain. Which led to very angry reactions from the space.

So how have the markets reacted so far?

Opensea has seen an explosion in secondary volume in the early hours of this morning once the Otherdeeds went live on Opensea. There is already $180 million in total volume this morning which surpasses the day that Moonbirds launched.

Otherdeed briefly hit lows of 4.5 ETH last night as people tried to sell for a quick flip, however, the floor has since increased and is currently sitting at 8 ETH, with an insane 49,474 ETH in volume. It will be interesting to see how the floor price behaves when the rest of the collection becomes available to the market.

Bored Ape Yacht Club (133.50 ETH, 12.17%) saw quite big losses to its floor price immediately after the airdrop with some high profile sales. Whilst Mutant Ape Yacht Club (29.50 ETH, -26.25%) saw even larger losses.

Biggest Purchases

🥇 #1) Bored Ape #2980 bought for 381.045 ETH ($1,069,346.50)| Link

🥈 #2) Moonbird #5079 bought for 300 ETH ($841,963.69)| Link

🥉 #3) Bored Ape #9921 bought for 265 ETH ($741,135.63)| Link

Latest NFT News 📰

💻 The Solana blockchain, one becoming increasingly popular for NFTs, went down for around 7 hours last night - meaning users were not able to send transactions, mint NFTs or sell Solana. Bots flooded the popular NFT minting platform known as Candy Machine on Saturday, buckling the network with four million transaction requests and 100 gigabits of data every second.

DEX infrastructure builders, 0xLabs, successfully raised $70 million in their Series B seed funding round that closed out this week. The round was led by venture capital firm Greylock Partners, OpenSea and actor/singer, Jared Leto. The funding will be used to 'continue expanding Web3’s core exchange infrastructure'.

Scam Warnings 🚨

❌ Non fungible films discord was hacked.

Today's Biggest Drops 👀

The Tripsters:Socials: Discord - Twitter - WebsiteWhen: 1st May 13:00 EST / 18:00 GMTPrice: 0.15 ETH / 10,000Notes: The drop will be in 4 stages - Public Dutch Auction will have 4500 supply with 3 max mints per wallet. Price will reduce by 0.1 ETH until sellout.Hype: 🟩🟩⬛

Meme of the Day 🤣

Credit: (twitter.com/Derivatives_Ape)

That's all from us! Happy minting!

Want thousands of eyes on your project/tool? Advertise with us! 👀