For the Love of the Game (Market Commentary) |
Just when we thought the dust had settled from Blur and OpenSea’s battle for
buyers, OpenSea has re-ignited the war by releasing their own “Pro” trading tools this week. Technically more of a rebranding than it is a new product, OpenSea has repackaged their trading tools that existed under the name Gem, and rebranded them as an elite suite for all traders. Now using the name OpenSea Pro, the king of marketplaces is giving traders over
170 marketplace listings all in one spot, floor-sweeping tools, inventory management options, collection and trait offers, and quite a bit more. It’s a great package that has been long overdue, and with these new tools, OpenSea hopes to stymie the bleeding out of their user base that had been flowing over to Blur. New tools are great, of course, but what’s in it for traders? Well, they’re not getting rewards like the $BLUR token that was delivered to traders on the Blur marketplace. OpenSea is, however, looking to reward traders with a different type of token, beginning with an NFT that is free to claim for
previous users for Gem. The first reward, titled Gemesis, is a limited edition NFT to celebrate OpenSea’s new milestone moment. For now, we can only speculate on what
future OpenSea NFTs will be, but I’m hoping for good old-fashioned art rewards, and maybe some exclusive tokens that will give on-site access to tools or early access to mint. The sky is the limit when it comes to creative utility that can be given through NFTs. At times CryptoSlam offers a SkyBox NFT that allows the holder advertising space at the top of the leaderboard. Let’s see if OpenSea took notice. OpenSea Pro’s impact on the market itself so far has been a non factor, with the 2 days since its launch being some of the slowest days of trading we’ve seen this year. The Forkast 500 NFT Index reflects this cooling off, showing the
market down 1.22% since OpenSea Pro’s release. Forkast 500 NFT Index - 4/5 - 4/7 – Source Multiple marketplaces are now offering tools that allow faster, more precise trades, and trades in bulk. This, I believe, is putting us on a path for a new phase of NFTs. As NFTs continue to lose value, most will eventually reach a low enough price where traders can trade NFTs like crypto. With an unlimited supply of non fungible tokens,
and without the “penalty” of platform fees, I expect NFTs to be traded at high volume, with traders looking for tiny percent gains. This is more likely to happen on Layer 2 blockchains where gas fees are cheaper, but it seems like a natural progression for day trading NFTs. While markets are hard to predict, traders are not. If there’s profit to be made, you can bet
that traders will find that profit. There’s plenty to celebrate in the NFT space still including 0% platform fees returning to OpenSea, new NFTs from Yuga Labs, Bitcoin Stamps, incredible art being created on the blockchain and of course NFT NYC next week. CryptoSlam and Forkast News will be at NFT NYC from April 12-14 and
we have some exciting news to announce there. We’re always excited to meet the Slamfam, so if you’ll be attending stop by and say hello!
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In NFTs, the term “liquidity” or being “liquid” refers to having an asset that can be traded usually instantly. Holding crypto as opposed to an NFT is considered being liquid, as you can move that ETH into another NFT, or swap for USD
right away. Usually NFTs are not considered to be a form of liquidity, as many collections have such low volume, that you may not be able to trade or sell the asset quickly. However, some NFT collections trade at such high volume that they can be considered a form of liquidity. It’s a more abstract term than one may realize, so it’s good to understand all forms of liquidity. Happy Researching! Received this from a friend? Sign up for this twice-a-week CryptoSlam VIP newsletter. |
Coming up on our Next Episode Keep an eye out for our new podcast, coming up with Panini, one of the most active digital sports collectible communities in the industry. We will get into why their community utilizes CryptoSlam, what they are working on, and
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