How to Leverage Data on NFTBull: Spotting Azuki News

As eyes turned to Azuki during last month, the floor price managed to climb from 6.9 to 11.4 ETH in a matter of days. The news drop on Adrian Cheng, a collector and real estate mogul, heavily supported the initial minting and the Block reporting that Chiru Labs (creators of Azuki) is about to announce a $30 million Series A raise has caused quite a stir. In this post, our research team aims to shed light on the recent price action using the recently developed NFTBull insights.

To understand the market conditions, let’s review some of the NFTBull data.

• After a relatively quiet beginning of August sale numbers picked up, skyrocketing around key announcement and rumour dates.

• Looking more closely at the sales data, unexpectedly, we observe that most sales happen on OpenSea. Even though they started much later than their competitors, seems like sudoswap already facilitates an impressive number of trades.

• A total of 1687 Azuki purchases across four marketplaces were executed since 1st of August and 243 of these were through aggregators such as gemswap and genieswap. On average 2.22 Azuki’s were bought in each transaction from aggregators.
• Even though news flows and floor price increase started around the end of August, average sale price didn’t deviate significantly from the floor until the fundraising news. We observe a tendency that unless there is a significant hype, buyers wish to buy around the floor price. In contrast, when the fundraising news was leaked, the buyers became less sensitive to floor price and therefore bid higher.

• At NFTBull you can track the spread between the average sale price and the floor price to gauge the market interest. Even though the rumours started on 22nd of September, the spread started to widen on 20th.
• Given floor price and average price increases one might expect a sharp increase in average and median listing prices. On the contrary, the holders chose to stay in the same range for listing their NFTs. This could be interpreted as future expectations of holders are unaffected by the recent news flows. Additionally, the increase in listing count suggests that some wanted to use this as exit liquidity.

NFT Lending

• As the popularity of NFT lending has grown, we have begun to track loans on NFTfi. One NFT in particular, Azuki #3351, was subject to borrowing and repaying five times since August.

• As the lending protocols get more popular, one could draw lines between lending activity and tendency to HODL the NFTs. Unfortunately, data is quite limited at the moment given only 69 NFTs in the collection interacted with NFTfi over last couple of months.

Social Media

• NFTBull not only tracks on-chain data, but it also extensively monitors social media. Looking at tweets mentioning Azuki keyword and general text channel on Azuki Discord, we observe the trends. In contrast to Twitter activity, Discord activity seems to pick up well before. It could be that Discord members are more actively engaged in the community, thus being more informed than Twitter community.

• Frankly, Azuki got delisted from OpenSea for a brief period. As the news spread out, Twitter and Discord usage jumped extensively as expected. As most of us don't watch markets so closely, the unusual social media activity alerts are a treat to follow the market.

• All in all, tracking the social media activity, listing prices and sale spread is valuable to flag projects that have upcoming volatility price action.
• Thanks to NFTBull, you can access these insights and uncover opportunities before anyone. Don't wait for your competition to spot the opportunity. Discover them first with NFTBull. Join our waitlist for our Beta version. You'll be the first to see what's next in the NFT Market.