About the editor: Spencer Noon is Co-founder & General Partner at Variant.

Network Coverage
Coverage on Azuki, World of Women, and NFT marketplaces.

• Azuki floor price increased from just over 7 ETH to just under 27 ETH in the past 30 days. Volume this past week rivaled Jan/Feb peaks. Volumes and floor price have been increasing steadily since mid-March, which tracks promotion activity and a podcast leading up to the garden party. The days after the party saw a 1.7x floor price and 2x volume increase (skewed toward more top-priced trades). Generally, trades below ~75th percentile are grouped tightly, with most deviation in the 95th+ percentile.

• There are 10k Azukis. ~41% of these are held one-per-wallet. There is a sharp dropoff in the number of Azuki’s held by the average owner: 62% of the supply is owned by wallets holding 3 or fewer Azukis. There are a couple of owners with 70+ Azukis. This distribution has not changed much since mid-January.

• Certain traits trade at a premium (such as spirits, elementals, golden accessories, etc). The majority of listings and trades have been on OpenSea. Sell order liquidity is deepest around the 75th percentile of price, so listings trend higher than sale prices. ~10% of supply is listed on OpenSea or LooksRare.

• World of Women is a collection of 10k unique women created by Yam Karkai, emphasizing inclusivity, equity, and diversity. The set immediately sold out when it launched in July, but received considerable attention more recently. Many female celebrities, including Reese Witherspoon, Shonda Rhimes, and Eva Longoria use them for profile pictures on Instagram and Twitter. The average floor sale price has risen from under 3 ETH in mid-January to ~8 ETH, after briefly surpassing 10 ETH.

• Along with price increases, the number of holders has steadily grown from 2,300 shortly after minting to over 5,300, with 200 new holders in the past month. One wallet holds 229, with the average wallet holding ~1.88.

• The collection also drew in a large audience of NFT investors / collectors. World of Women collectors hold other top collections including Boss Beauties (800+ wallets), MAYC, ArtBlocks, BAYC, Creature World, and Cool Cats.

• NFTs had a breakout year in 2021 with marketplaces emerging on every blockchain. OpenSea is the clear leader on Ethereum but always on other chains; for example, Magic Eden (Solana) and Random Earth (Terra) have strong positions in their respective markets. OpenSea is the clear leader with daily sales volumes as high as $200m while Magic Eden managed to reach $6m. Random Earth on Terra is doing less than $1m daily.

• Bored Ape Yacht Club remains a popular collections with more than $500m in 2022 sales. Mutant Ape Yacht Club is not far behind at $400m sales, with Azukis and other new projects emerging quickly as top collections.

• On Magic Eden, DeFi Pirates is the top selling collection with $4.5m in sales. Taiyo Robotics has seen a resurgence with the launch of Solport marketplace has also done quite well with $3m in sales.