Fidenza Creator Raises $17M in 30 Minutes for New NFT Project
Rare CryptoPunk sells for $4.4 million
Dare we believe that the NFT bear market is behind us?
It’s tempting. While the NFT market as a whole continues to falter, discerning collectors are shelling out serious cash for projects with pedigree.
On September 28th, 900 mint passes for Tyler Hobbs’ latest QQL NFT project were sold in a modified Dutch auction that raised 12,600 ETH ($17M) in just under 30 minutes.
Auction
The auction started at 50 ETH and ended sold out at 14 ETH. Collectors who placed higher bids were refunded the difference, meaning that everyone who participated ended up paying the same price.
These passes will allow holders to create custom NFTs using the QQL algorithm, which has been available to the public for some time now.
The QQL pool has seen lively action on the secondary markets, pushing it to second place on OpenSea’s leaderboard with over 3,300 ETH ($4.5 million) in trading volume. The floor price of the collection is 20 ETH, up almost 50% in just two days.
Hobbs’ first Fidenza collection remains one of the most popular generative NFT projects. During the Art Blocks boom of 2021, a rare NFT from the collection, nicknamed “The Tulip”, was sold for 1,000 ETH ($3.3 million at the time).
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Investors’ appetite for NFT art and collectibles shows no sign of abating.
Ape Hoodie Punk sells for 3300 ETH
CryptoPunks have long been considered the “original” profile picture (PFP) NFTs. Given away for free in 2017 by creators Larva Labs, Punkers really came into their own in the NFT bull run of 2021 and later inspired projects like the popular Bored Ape Yacht Club (BAYC).
One of only 24 Ape Punks in the collection, CryptoPunk #2924 changed hands for 3,300 ETH ($4.45M) on September 28th.
The seller was prominent NFT collector Daniel Maegaard, who passes by seed setting.
“I was low on liquidity and NFT sales volume has taken a dive lately, so I knew it would take an exceptional grail to get some market movement,” he told CoinDesk.
The state of the market
Secondary sales volumes continue their losing streak, with just $114 million traded in the week ending September 26. The volume in dollars has now fallen for seven consecutive weeks.
However, there was an increase in the number of transactions. 445,282 NFTs were traded, an increase of 14% compared to the previous week.
Floor prices
- Bored Ape Yacht Club – Up 4% to 79 ETH
- CryptoPunks – Up 2% to 65 ETH
- Otherdeeds – Up 2% to 1.65 ETH
- Azuki – Up 7% to 10 ETH
- Moonbirds – Down 5% to 10.3 ETH
- Doodles – Flat at 7.3 ETH.
- Clone X – Up 16% to 6.8 ETH
- Pudgy Penguins – Down 2% to 3 ETH
Seven-day performance data from nftpricefloor.
