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Milady Maker, Autoglyphs, Azuki & CryptoPunks.

• Among the Top 10 NFT collections by volume (30d), we find some usual suspects (BAYC, Milady, Punks), but also 4 Blast-based collections. Despite having to compete for capital with other emerging ecosystems in Q4 2023/Q1 2024 (i.e. Ordinals & Solana), Blast managed to secure 40% of the spots among the most traded collections last month. Hence, a another project led by Pacman has taken the baton as the main shaper of the NFT market as the Blur effect dissipates.

• For comparison, no Ordinals or Solana collections are in the Top 10 by volume (30D). If we expand to the Top 25, we find 3 Ordinals (12%) and 1 Solana (4%) project, while Blast still secures 9 spots (36%). So, Blast is the #2 blockchain by volume after Ethereum, but with 5-fold its number of sales.

• Some creators leveraged Blast’s performance in their favor. Renowned artist OSF's Pac Rekt drop on Blast saw 6x the volume and 8x the sales compared to RektGuy, his most popular collection, in the last 30 days. Another popular artist on Blast, BoldLeonidas, had a drop among the top 10 most traded collections.

💦🔬 Tx-Level Alpha: In this transaction, we see an example of smart money at work. Investor Bob Loukas used 33 Blastin Pepes, a popular ERC404 NFT collection from Blast, to farm points and gold on Wasabi, a DEX on Blast. This strategy also allows him to participate in Blast's Jackpot — everything ahead of the expected TGE on June 26.

• Milady Maker is a collection of 10,000 generative pfpNFT's in a neochibi aesthetic inspired by street style tribes. Despite bad market conditions that hit the NFT sector, this collection is the only one that's been up only since their initial minting in 2022. With 5,072 unique holders, the collection is most famous for its resilience despite adverse events that haunted the project's early days. Milady Maker has not only survived but thrived in a challenging market.

• The current NFT airdrop meta has particularly favored Miladys. Shortly after receiving airdrops from Ethena, a sythentic dollar protocol, and Omnichain, an interoperability solution, Miladys also qualified for the much-anticipated ZKsync airdrop. Indeed, they qualified for 31.7M $ZK tokens, with 8,721 tokens per eligible address.

• 52.75% of eligible addresses belonging to the Milady community however, have not yet claimed their airdrop. Since we know that 3,636 addresses were eligible at snapshot, this represents 1,918 holders. Since each address is qualified to get 8,721 $ZK tokens, 16,726,878 tokens, worth $2.8M as of June 25 have not yet been claimed.

💦🔬 Tx-Level Alpha: Despite the global deception revealed on Twitter by airdrop farmers, some Milady NFT holders appear to be extremely positive about ZKSync. Indeed, some qualified holders still purchased approximately $10,000-$20,000 in $ZK tokens during TGE regardless of their allocation. Did these folks already appreciate the technology underlying ZKSync, or was it the fact that they had been pleased by the airdrop that prompted these people to purchase? We don't know, except that this seems to be working.

• The Larva Labs website describes Autoglyphs as "the first 'on-chain' generative art on the Ethereum blockchain." They are a completely self-contained mechanism for the creation and ownership of an artwork." Sales of Autoglyphs are quite rare, with 1-3 happening per month. Collectors seem to be holding on to their art, as only 0.8% of Autoglyphs are listed (per OpenSea), much lower than Fidenza (3.0%) or BAYC (2.0%).

• While sales are rare, the Floor price of Autoglyphs has stayed consistent in dollar terms. While other NFT collections have been down 10 -30% YTD, Autoglyphs has remained flat.

• Top holders of Autoglyphs are a mix of serious collectors and prominent DAOs. The high profile nature of many collectors could signal long term holders of the project, with limited supply coming to market.

• 💦🔬 Tx-Level Alpha: Autoglyphs made one of the most historic sales ever, with an anonymous address spending 5,000 ETH on Feb 19, 2024 to acquire 10 pieces. This set was part of “dev sets”, where sets have 10 pieces with below 100 in series numbering. The buyer, Artudito, later bought an alien punk, one of the most rare punks. In an interview with the buyer, they said "I have traveled the world observing and collecting information, objects, and experiences. The one thing that is common everywhere is art, which is visible in all forms."

• Azuki is a decentralized anime brand that is building the future of anime by harnessing the power of community and blockchain technology. With three main PFP NFT collections and well over $1B in secondary sales volume on OpenSea alone, it has solidified itself over the last 2-3 years as one of the top NFT ecosystems in Web3. A recent commemorative mint for Azuki’s partnership with Arbitrum and AnimeChain sold over 91,000 NFTs to 61,000 unique wallets, driving further proof of a strong market for Azuki IP even outside of its native NFT ecosystem.

• Azuki's live minting experience during its first episode premier of their anime anthology series, created in collaboration with Dentsu and Goro Taniguchi (creator of Code Geass and One Piece Film Red), had over 2k participants and 3k mints, demonstrating wide appeal for live digital collectible purchase experiences. All mint proceeds will go directly to the production studios for the episode, testing a new model for funding anime which has been unchanged for decades.

• 💦🔬 Tx-Level Alpha: Not only does Azuki IP generate widespread appeal, but recent rarer Azuki NFT sales well over $250k apiece suggest that its collectibles also attract high-end collectors. On May 9, Azuki #4357 was purchased for 90.00 ETH (273,060.00 USD), and on May 26, Azuki #3374 was bought for 100.00 ETH (392,660.01 USD). These sales that immutable demand for Azuki NFTs supersedes even the recent ETH NFT market downturn. 

• CryptoPunks reached a 2024 high of 63Ξ on Jan. 23. As of June 24, the floor price is 25Ξ, marking a 60% decline. Contributing factors include a general NFT market downturn, discontent with YugaLabs' creative direction, and market anxiety from lending protocols.

• Excluding alien sales, there have been three notable CryptoPunk transactions over the past 90 days: a zombie for 320Ξ, a 0 attribute for 270Ξ, and a hoodie Punk for 215Ξ. This indicates sustained interest in grail Punks despite challenging market conditions.

• CryptoPunks account for 48.3% of all NFT debt, totaling approximately $30M. Punk lending peaked in April with over $41M in outstanding debt. The broader NFT lending market peaked in late February and has since declined.

• 💦🔬 Tx-Level Alpha: Ape CryptoPunk #8219 has a $1M loan maturing on July 31, 2024, with a borrower APR of 13.15%. The lowest-priced Ape Punk is currently 1.69KΞ, valued at $6.64M.

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