NFT Market Evaluation & Sewer Pass Analysis(23/01/27)

In the 2023, market of non-fungible token (NFT) assets in Ethereum has increased by 77% from 6.5m ETH to 11.2m ETH compared to last year. In this month of January, the NFT market is still recovering from the market crash of May 2022. However, compared to the low trading liquidity of these few months, the early of January had shown small increase in the number of buyers than sellers with stable recovery from mid-December.

NFT Market Cap & Trading Volume (January)

NFT Market Cap & Trading Volume of January 2023 (NFTGo.io)

On the chart, it presents the cumulative market value and trading volume of January 2023. On January the highest market cap was recorded at 10.2 million ETH, and 620.3K trading volume(30D). By examining the graph in early January, the data indicates that the market was relatively stable and had an upward trend until January 7th. While the overall market was stable, the other indicators of the NFT Market, traders and blue chip collections corresponded to the overall market sentiment.

NFT Traders Analysis (January)

NFT Traders, Buyers & Sellers of January 2023 (NFTGo.io)

The above graph represents the number of traders, separated by buyers and sellers. In January, the number of traders has reached a peak of 41,972 traders on Jan 6th, which has increased about 20% compared to the previous month. Based on the data of the NFT traders, it can be recognized that most traders have retained their stance to sell their NFT assets as the market is still recovering. Yet some buyers still participate in buying upcoming NFT collections during this prolonged period of the bear market. While the market seems to be recovering slowly, but it should still be examined cautiously.

Blue Chip Collection Trading Volume Analysis (January)

Trading Volume of Blue Chip Collections of January 2023 (NFTGo.io)

In January most of the top blue chip collection has sustained its trading volume in the NFT ecosystem including the “CryptoPunks” collection, who holds the largest trading volume, and market cap. But BAYC and MAYC collection from Yuga labs’ trading volume has spontaneously rose about 3 times on January 6th and this sudden increase in trading volume of the collection is led by the new collection from Yuga Labs “Sewer Pass”.

Trending Project Analysis “Sewer Pass”

Background Info

The “Sewer Pass” is a new collection released by Yuga Labs and is part of the Bored Ape Yacht Club ecosystem. The Sewer Pass Collection’s minting was held on January 18th and the total sale was recorded over 4,000 ETH. In utility wise, the “Sewer Pass” NFT acted as an access ticket for the holders to participate and play a game called “Dookey Dash”. Where players can compete for highest score in order to claim the Key until February 8th.

Minting Analytics

Minting Trend of Sewer Pass (NFTGo.io)

The Sewer Pass was minted on January 18th in 4 different tiers, with each with its own point bonus and holders are given a tier depending on the combination of BAYC, MAYC, and BAKC. By January 26th, 23,492 NFTs have been minted and 12,019(51.17%) Minters have minted at least 2 NFTS in the minting.

On the secondary NFT Marketplace, it can be recognized that the fourth tier is the most valuable rarity in the “Sewer Pass” as each of the different tiers have different bonuses in the game. Currently, they are traded at different floor prices and listing percentage. The first tier’s floor price is listed at 2.65 ETH of 1.4% listing rates, second tier is listed at 3.2 ETH of 0.57%, third tier at 3.85 ETH of 0.51%, and forth tier is listed at 6.79 ETH of 0.49% listing rate.

Holder Analysis

Whales & Blue Chip Holders of Sewer Pass (NFTGo.io)

As Sewer Pass collection is part of the BAYC Lore, 22,279(94.84%) of the holders are from BAYC, BAKC, and MYAC of the Yuga Labs collection. Based on the holder distribution, the collection is highly anticipated and has recognized by the NFT community. Since, the holder distribution of whales and blue chip holders acts as the indicator of the NFT collection’s value and presence in the NFT ecosystem. As the collection holds large distribution of whales and blue chip holders, it’s value and presence is recognized by the global NFT community.