Happy Tuesday, traders. Matt here.
The markets have been SO unpredictable lately. The benchmark indexes opened with a nosedive on Monday and then seesawed into big green moves by the end of the day.
And that wasn’t the only whipsaw action – Twitter Inc (NYSE: TWTR) agreed to a $44 billion buyout offer from Elon Musk!
This is also a BIG week for earnings. The companies reporting AMC today include Alphabet Inc (NASDAQ: GOOGL), Microsoft Corporation (NASDAQ: MSFT), and Enphase Energy Inc (NASDAQ: ENPH).
As traders, we don’t tend to focus on large caps, but they can influence how the smaller caps move. And we have to know where the opportunities are.
As you might’ve guessed, for me, the more stable opportunities continue to be in NFTs. While the benchmark indexes and major crypto coins have chopped left and right, these NFTs have been dancing to the moon!
Birds Taking Flight and Apes Going Bananas
Here are the two biggest stories in NFT land this week.
A Rare Moonbird Moon Jumps
It didn’t take long after Moonbirds’s debut for one of the prized NFTs to make a huge jump in value.
Recall that the Moonbirds NFT project had a lot of things going for it, including a founder with a successful track record, long-term utility, and a well-rounded team.
Moonbird #2642, one of the rarest Moonbirds in the collection, sold for 350 ETH (over $1 million) this past Saturday.
It was purchased by The Sandbox, a subsidiary of Hong Kong-based Animoca Brands. The seller made roughly a $600,000 profit on the sale.
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Proof Collective made 7,875 Moonbirds available to the public through a pre-minting raffle.
As a trader, it’s wise to keep your eyes on what creators of previously successful NFTs are up to now. That way, if any of their projects become open to the public again, you can be first in line.
Ape Land Sets a Date for its Public Debut
Yuga Labs, the creators of arguably the most successful NFT project to date, Bored Ape Yacht Club, released a date for the debut of Otherside.
Yuga Labs confirmed that ApeCoin will be the official currency of the Otherside metaverse project. The rumors have helped ApeCoin soar over 40% in the past week.
Users also anticipate that the Otherside project will include a virtual land sale with ApeCoin as the only accepted currency.
And to add more excitement to the debut, there’s potentially a new series of characters joining the crew –– Koda.
The metaverse could give NFTs another boost in popularity as it creates new utility for projects. Look out for NFT creators who want to repurpose their projects to become a part of the larger metaverse ecosystem.
Conclusion
Catalysts are one of the most important things to consider in any trade you make. And right now, some NFT projects are benefitting from a major catalyst –– the creation of the metaverse.
But this isn’t a fleeting one-week-only kind of catalyst. This could be a game-changer for some time to come.
One of the best ways to stay in the know is through my mentor Tim Sykes’ NFT Club. He’s the OG penny stock trader who’s seen changes in industries happen over decades, and now he’s focusing his expertise on NFTs.
The man can recognize opportunity when he sees it, and he wants to help other traders recognize patterns that repeat and repeat and repeat. Join us in the Club!