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🎁 Wrapped: The Weekly Web3 Newsletter - NFT Cool Off and The Reshuffling

🎁 Wrapped: The Weekly Web3 Newsletter - NFT Cool Off and The Reshuffling
By Futureproof • Issue #13 • View online

The Cool Off
Rising ETH prices put a pause on the NFT run this week, with collection prices pulling back across the board. Since fungibles are hovering near key resistance levels, expect some quick moves one way or another in the broader market this week. Are we in for another mini NFT bear market or will Coinbase NFT save the day?
The invisible hand forces us to choose
The invisible hand forces us to choose
PFP Shuffle & Resistance Levels
6 months ago, the leaderboard was very simple:
1. Punks
2. Apes
3. Cool Cats
Fast forward to 2.7.22 at 10:41 EST:
1. Apes 
2. Punks
3. Mutants
4. Doodles
5. CloneX
6. Cool Cats
7. Azuki
8. World of Women
9. ….and 1,000 other projects
By the time this arrives in your inbox, Azuki may have flipped Cool Cats and CloneX may have overtaken Doodles. It’s easy to forget just how early we are. In another 6 months, I expect to see several new projects in the top 10, which means some of your favorite projects will be displaced. In other words, don’t get too comfy. 
Resistance Levels
Traditional crypto traders love to talk about support and resistance levels. I’m not sure NFTs have ‘support’ levels when it comes to a project’s floor price, but I do believe in resistance levels. Here are some ‘floor resistance levels’ I like to think about:
1 ETH: If this level isn’t achieved quickly, it may not be achieved at all.  
5 ETH: Holding a 5 eth floor for longer than 3 months is uncommon
10 ETH: 99% of projects don’t break this level
20 ETH: Punks, Apes, Mutants.  
50 ETH: Punks & Apes
100 ETH: Exactly zero large PFP projects have held this level for 6 months
And while I hope we see dozens of project floors smash through the 100 ETH level, it’s worth taking a look at what has actually happened in order to stay grounded. 
Weekly Highlights 
  • RTFKT & NIKE airdrop MNLTH’s to all CloneX holders 
  • Adam Bomb Squad announces Super Bowl collab 
  • Opensea removes Punks V1 contract
  • @RAC drops the ultimate NFT thread to persuade the haters
  • @punkscomic Elite Ape minting list announced
  • Weekly Winners: World of Women 10.9, Sandbox 5, Ringers 42, Mutant Garden 4.8
  • Weekly Losers: HAPE 4.8, ABS .8, Elevated Deconstructions 34, Kaiju Kingz 1.4, Deadfellaz 3, Robotos 1
🚨DISCLOSURE: I own NFTs! I own punk #2971 if you’d like to dig around.
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