NFT Market Weekly Update | December 13, 2022

The Top NFT collections chart has changed compared to last week, as the first half of December has almost concluded.

In this Report:

• Yuga Labs Lawsuit
• Reddit NFT's Growth
• NFT Charts & Statistics
• Project to Watch

Celebrities caught up in another Yuga Labs lawsuit. They filed a class action lawsuit against the company behind Bored Ape Yacht Club. The lawsuit involves names of celebrities like Kevin Hart, Jimmy Fallon, Madonna, Snoop Dogg, Justin Beaver, and others. Click here to read our previous outpost covering this story.

Polygon NFTs have gained significant popularity within the Reddit community. A few months ago, we saw Reddit launching collectible avatars, which onboarded millions of new users into Web 3 & NFTs. Read More about Reddit’s success in this article by Decrypt.

Top 30 NFT Collections Chart:

Highlights:

Valhalla, a project we mentioned last month, just reached the 1 ETH floor price. That's a 61% Increase in the previous seven days. The increase comes after the reveal of the art, which is something that rarely happens. Usually, after the reveal, prices dump as early traders sell to take profits. But this project experienced the opposite, which signifies that people like the art and see potential in the project. Valhalla also announced an upcoming airdrop for this week, encouraging people to hold their tokens longer. We expect four more airdrops to happen in soon.

The Legend of Cockpunch is a project by Tim Ferris which was released on December 7, and prices skyrocketed, reaching a floor price of 1.3 ETH after the launch. On the date of the art reveal, prices have gone significantly down. Now sitting at 0.7 ETH. If the price drops to 0.4 ETH, I might look into entering the project. Tim Ferris will create a podcast of 10 episodes promoting the Cockpunch name.

Pudgy Penguins. This project has been performing better than most projects over the year. Luca Nets is one of the new owners and wants to take the project to a new level. He's trying to make this into a blue-chip project, and he has lots of support from other crypto personalities and plans to introduce strategic partnerships with other brands. Here's a recent episode of the ngmi NFT podcast, hosting Frank, the founder of the largest Solana NFT collection, and Luca Nets.

Azuki with an impressive performance lately. The collection experienced a 10% increase in the last seven days. We are currently sitting at 13 ETH Floor price. Despite significant setbacks from earlier this year, we've seen this project maintain its value. See the full chart here.

Project To Watch:

Here's an NFT project worth monitoring this week. We are seeing music artists leveraging the potential of NFTs to fund music projects, sell music and build communities. Here’s a project minting on December 14 at 16:00 ET by Armin van Buuren and Rik Oostenbroek.

It’s a collection of 2,500 NFTs. If you are interested in joining an EDM community, you can still get an allowlist. The release price is 0.16 ETH. An allowlist can be obtained here.

That's all for this week's outpost on NFTs! Don't forget to subscribe to our newsletter!

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