For the Love of the Game (Market Commentary) |
Do you value NFTs in crypto or the USD value? Is it worth more on one blockchain
as opposed to another? These are questions NFT traders have been asking each other for years, and to this date, they are not unified in the answer. Over the next few weeks though, we are going to get some good hard data to help us decide once and for all how traders really value NFTs. Late last year, two of the most significant NFT projects, DeGods and Y00ts,
announced their plans to move from Solana to Ethereum and Polygon. To say it was controversial is an understatement. Add in the fact that DeLabs (the parent project of both projects) was given a $3m grant for DeGods’ move to Polygon and you can see why Solana collectors felt betrayed. The Ethereum
community on the other hand polished their crown, getting it ready to fit 2 new gems. Source With the move arriving for both projects this week
(Y00ts yesterday, and DeGods on the 31st), we can move beyond the drama and begin to watch how the markets and collectors react.
Both projects are in the top 100 all-time collections based on sales volume, but neither has quite reached the heights of what you might expect from a top project on Ethereum. In fact, even with DeGods being the #1 ranking project on
Solana based on sales volume, it still only ranks #30 across blockchains. NFT Collection Rankings by Sales Volume – Source Comparing DeGods to Azuki (Rank 8 in
all-time sales volume) gives us some more direct insight into what a top Solana project vs a top Ethereum project looks like, and shows us the potential that could be on the horizon for these migrating projects. At its peak, DeGods traded for $25m in April 2022, and that same month Azuki boasted a whopping $136m in sales. (Sales figures
are wash-trade free). DeGods Monthly Sales (Jan-Apr '22) – Source Azuki Monthly Sales (Jan-Apr '22) – Source Looking at a more recent period and additional metrics we see a similar story with the average sales price. DeGods Monthly Sales (Jan-Mar '23) – Source Azuki Monthly Sales (Jan-Mar '23) – Source It’s easy to see, DeGods and Y00ts are moving for a new type of potential that so far has been out of reach for projects on Solana.
With a new project incubator program kicking off post-move, and an existing ecosystem for their $DUST token coming over with
them, Y00ts and DeGods have a foundation that has them primed to compete with the biggest names on the Ethereum and Polygon blockchains.
If you’re excited to see what unfolds when some of the space's best builders get to spread their wings on the most widely adopted blockchains in the world, keep an eye on the Forkast SOL NFT Composite. That will be our best indicator to
see if traders exit the Solana ecosystem in mass, in favor of what Ethereum has to offer. Forkast SOL NFT Composite – Source Forkast ETH NFT Composite – Source While we’re at it, we’ll get to see how collectors value NFTs, and that’s something you just can’t put a
price on. MEGA GMs! The Forkast NFT 500 is the definitive measure of the performance of the global NFT market across all blockchains. Orange Comet’s ongoing partnership with AMC has led to several iconic NFT projects within the Walking Dead Universe. As part of the upcoming The Walking Dead Lands, Orange Comet and AMC are releasing the Survivor Series, a collection of 1:1 2D illustrated still images that will become 3D playable avatars in the TWD Lands virtual universe. These NFTs are based on memorable characters from the show,
including Shane, Glenn, Michonne, Hershel, Carl, and more. The mint opens to 24-hour Allow List members (Walker Pass holders) on March 29th at 12:00pm PT and to the public on March 30th at 12:00pm PT. The Survivor Series features 2500 generative 1:1 NFTs with unique and distinctive traits that will be useful in the upcoming The Walking Dead Lands Gamified Universe. Are you capable of surviving the brutal terrain of The Walking Dead Lands? https://survivorseriesnfts.com/ Date – Mar 28 Blockchain – WAX Price – $9.99 USD - $29.99 USD Date – Mar 29 Blockchain – Immutable X Price – $30 USD Date – Mar 29 Blockchain – Palm Price – $43 USD Date – Mar 30 Blockchain – Palm Price – $9.99 USD Date – Mar 30 Blockchain – Ethereum Price – TBA Date – Apr 6 Blockchain – Cronos Price – TBA |
In crypto, the term “bridge” or “bridging” reverse to the act of moving an NFT or crypto from 1 platform or blockchain to another. Think of each platform or blockchain as its own ecosystem, and bridging as a way to transport your assets
from 1 ecosystem to another. There are multiple reasons and methods available for bridging so dive in and learn about why bridging is so common in NFTs. 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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