For the Love of the Game (Market Commentary) |
A bright light illuminated the NFT scene this week, but was it a near-death experience for NFTs or a beacon of hope? Like a moth to the flame, I’m drawn in to investigate.
Maybe it’s liquidity freshly in traders' hands from Blur’s new Blend lending protocol, or perhaps those sweet $PEPE and $TURBO gains are finally trickling back to NFTs, but NFTs just had their best single day of sales since mid-March.
It’s actually pretty simple to see what happened. The weather in NFTs has been perfect, with good news from
established projects, hot tech, a bit of money in traders' pockets from trading meme coins, and a well-timed tweet from none other than the current (and soon to-be former) CEO of Twitter, Elon Musk.
Nobody knew that
Musk was preparing a rocket launch this week, but that’s exactly what happened when he tweeted a meme from the Milady Maker’s NFT community that has now been viewed over 32m times. Sales of Milady NFTs exploded and carried the rest of the market with them to a height of $217m in sales volume this week.
Binance integrated Bitcoin NFTs into their marketplace, giving Ordinals a new way to reach the masses without needing to be a technical wizard to trade them. NFTs on the OG blockchain were red hot, with a new flavor of Ordinal called BRC-20s picking up momentum. BRC-20s are Bitcoin’s version of Ethereum’s meme coins, but at their core, they’re also like an NFT collection. We’ll give a technical breakdown of these new Bitcoin Ordinals in
a future edition of On Deck. The Bitcoin ecosystem seems to be in “up only” mode right now, and when that will end nobody knows. Ribbit.
The Pudgy Penguins project had two announcements this week that added to their feel-good story. First, they announced a new partnership with WME talent agency that brings them closer to movies, games, and other mainstream entertainment. Then the adorable crew followed that up with an announcement that they have raised $9m in seed
funding. Not bad for a project that was circling the drain before being purchased by the marketing master Luca Schnetzler (Gel Blaster, Vibe Body Care, Cookies n Kicks). The Pudgy Penguins’ NFT sales probably didn’t have much of an impact on the market, but the positive news coming in the thick of a bear market was a welcomed bright spot that just for a moment reminded us all that there is real growth happening here. Here’s where things get interesting, and if you are a regular reader of On Deck, you already know this re-occurring topic. The Forkast 500 NFT Index reflects the NFT market losing over 8% this week. Yes, high gas fees are largely to blame, but we can’t minimize the effect that the NFT casino continues to play. Traders are still trading the way we’ve come to expect, as out with the old and in with the new has become the degen’s creed. Established projects have continued to lose value and volume, as traders favor the
newest drops and the hottest trends. And just like that, you’re caught up on the week’s NFT happenings. Have a great weekend, Slam Fam, and have a MEGA GM! |
BRC-20 is a new type of collectible on the Bitcoin blockchain. Similar to an ERC-20 on Ethereum (these are standard cryptocurrencies like $ETH, $MATIC, etc), BRC-20s are fungible tokens usually with a large supply. BRC-20s are inscribed on Satoshis, and created through a process of inscribing a smart contract onto a Satoshi. As you can see this gets pretty technical, but given the significance of a new token standard being born on the Bitcoin blockchain, it’s worth
everyone’s time to learn about. Happy Researching! Received this from a friend? Sign up for this twice-a-week CryptoSlam VIP newsletter. |
CryptoSlam Clubhouse Podcast Yohann chats with John Linden, CEO of Mythical Games on several items including: • Mythical Games was founded in 2018 to explore the potential of Web 3 gaming economies.
• The company launched Blankos Block Party and NFL Rivals, which are free-to-play games featuring Web 3 elements, like user generated content, and digital ownership.
• To facilitate these experiences, Mythos Foundation created Mythos chain, a permissioned EVM compatible blockchain that enables players to have ownership of assets and access wallet features instantaneously.
• In 6 months, the goal is to rival Ethereum in terms of transaction volume while keeping an average transaction price point of $18 - providing gamers with affordable access to game assets. Watch the full interview now Missed an
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