Is It Time for ICP NFT Summer?

Adam Kantrowitz
Adam Kantrowitz
Is It Time for ICP NFT Summer?
Table of Contents
Table of Contents

There’s some more wild price action to address in the Internet Computer NFT market, so I want to start with that before getting into the collections that won big over the past week. First of all, the floor prices of many collections have gone down in the past seven days. However, this isn’t completely out of the ordinary.

The price of ICP is up against the market. That causes some people to want to get out of an illiquid NFT position, even if it means taking a loss. So right now may be a good time to rare hunt. The good news is that when the coin price stabilizes, floor prices often start to increase again.

Now, let’s take a look at six projects that hit it big over the past week from Monday to Monday.

The dSquad MVP Launch Sends Accessory Prices Soaring

The cover image for the dSquad NFT collection on the Entrepot marketplace

The cheapest dSquad accessory on the secondary market is just about always the monocle. As of the time of writing, the lowest price monocle is a great deal at 2.9 ICP. Why do I say that?

If you head on over to the accessory creation page on the dSquad dApp, you will find that minting a new monocle requires three glass materials and one metal, plus there is a fee of 0.5 ICP when minting. At the time of writing, buying the materials and paying the minting fee would cost a total of 8.49 ICP. So right now, it’s far cheaper to buy accessories than mint them, even though the prices are up significantly.

In fact, the floor price of the collection is up 102% over the past week from 0.89 ICP to 1.8 ICP. Personally, I anticipate that some of the prices of the materials may begin to decrease while accessory prices continue to trend upwards. But who knows? If materials prices hold, that could continue to drive accessory prices upwards even more. I’m really curious to see what will happen 100 days from now when worn accessories begin to burn from use and the supply decreases.

Finterest Announces the First Stablecoin on the Internet Computer

Finterest Early Adopter Cards are available on the Entrepot marketplace.

I’ll try to stay in my lane since I usually focus on NFTs, but I have to talk about the Finterest stablecoin because I really believe it is playing a role in the increasing price of Finterest Early Adopter Cards. The collection floor price is up 41% over the past week from 17 ICP to 24 ICP. Here are the two big announcements that likely caused the upward trend.

· icUSD is being marketed as the first native stable coin on the Internet Computer. It is backed by over-collateralized assets. In short, icUSD should function much like DAI does on the Ethereum chain. In other words, we shouldn’t have to worry about any LUNA scenarios with this stablecoin. It should remain pegged to the US dollar thanks to its over-collateralization.

· Finterest is creating the first on-chain price feed solution for IC developers. That means any dApp on the Internet Computer can use FinnyFeed to query the price of ICP in real-time (and the name is fun too).

DeFi fans, developers, and NFT collectors can rejoice simultaneously as Finterest continues to make big things happen on the Internet Computer.

Serval Spy Is Coming from Animal Guardians

A preview of the Serval Spy collection revealed on the Animal Guardians Twitter account

Animal Guardians may have gotten off to a rough start with their Panda Queen collection, but things certainly seem to be looking up. The team announced the Serval Spy collection, which features more stunning culturally inclusive artwork from Mark Sarmel. They also announced that it would be a far more exclusive collection with just 999 in total, and some of those will be airdropped to Panada Queen holders. Here is how it works.

For every 10 Panda Queens held when the secret snapshot is taken, a holder will receive one Serval Spy airdrop. The caveat is that all of the Panda Queens in your wallet have to be delisted when the snapshot occurs. It’s no wonder that the number of Panda Queens listed on the secondary market dropped from 1605 two weeks ago to just 970 as of Monday. Also, the floor price of Panda Queens is up 48%, from 0.33 ICP to 0.49 ICP.

The Serval Spy launch will take place in August, and 35% of the proceeds will be donated to the World Wildlife Fund.

Diamond Hands NFTs Really Dropped into Diamond Hands

Diamond Hands is a collection of just 2029 NFTs and is the first collection to be supported by the Dfinity Gangs DAO fund. Since 1000 of them (nearly half the collection) were airdropped to the top Dfinity Gangs holders, one might assume the collection would struggle to hold a floor price higher than the mint price. However, during the mint, it became clear that most of the whitelisted wallets were happy to pay 1 ICP to get a second NFT (or first if they didn’t qualify for the airdrop). Less than 200 remained for the public launch and sold out in seconds.

The current floor price is 2.94 ICP, and the collection already has a volume of more than 2000 ICP. This is impressive since the NFTs are being sold blind on the secondary market. It’s not possible to reveal the NFT until one week after launch. Then, at two weeks after launch, any unrevealed NFTs in the collection will show themselves, and all of the Diamond Hand NFTs will be visible.

Other Notable Mentions

There are a couple of other collections with big floor price movements this week.

· iCyber Skulls – The floor price is up 55% from 24.5 ICP to 38 ICP.

· Internet Creeps – The floor price is up two weeks in a row and is currently at 16.69 ICP. That’s a 37% increase over last week and a two-week increase of 49%.

That’s the big news from the Internet Computer’s NFT market for this week. Remember to trade responsibly!

  • Disclaimer: The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the Dfinity Community staff and/or any/all contributors to this site.

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