For the Love of the Game (Market Commentary) |
Web3’s most anticipated NFT conference called VeeCon has come and gone, but not before leaving a lasting impression on attendees, and maybe the market itself. So what did Gary Vaynerchuck’s second annual VeeCon teach us? Let’s just say, the state of NFTs is strong. Builders and brands are pushing Web3 forward with innovative products and solutions, but it’s the collectors and communities that are showing the real strength of NFTs in the bear
market.
VeeCon was my first NFT event and it moved me. Connecting with the lifeblood of the NFT scene, which is the community itself, filled me with renewed hope that Web3 is headed in the right
direction. I wrote some quick thoughts on my experience at VeeCon on Twitter.
Maybe
the most noteworthy takeaway from VeeCon was the fact that the term ‘NFTs’ was rarely mentioned. Instead, it felt like the assumed topic on hand. And that, my friends, means the NFT space is maturing. What was discussed was the importance of empathy, focus, networking, and building strong products. Those messages were delivered by real-world titans like Daymond John, Scooter Braun, Drew Barrymore, Timbaland, Jessica Alba, and countless NFT influencers, top-tier traders, and project leaders on panels across the 3-day conference. Most of these panel speakers already share their insight frequently on Twitter Spaces, so for some, there wasn’t much to be learned. But if
you’re not tuned into the NFT scene 24/7, the wisdom shared was invaluable. Gary Vaynerchuk ended VeeCon by delivering his keynote speech where he implored the audience to remove fear
from their life, to embrace micro losing if they want to macro win, and reinforced his lifetime commitment to building his ever-growing VeeFriends community. Love him or hate him,
Gary’s words touch a legion of fans around the world, and now with VeeCon 2023 at a close, we’ll get to see who and what his words inspire.
While a large part of the NFT space was attending VeeCon the market itself had some interesting happenings that can’t be ignored. - The Bitcoin ecosystem reached a new
milestone in the past week with a BTC project reaching the top of the NFT Collection Rankings by Sales leaderboard in a 24 hour period. That project was the Bitcoin
Frogs, who on Friday outsold every other NFT project, including Bored Ape Yacht Club, with over $2.3m in sales volume.
- Another Bitcoin project holds the top NFT Collection Ranking by Sales spot for the past 7 days, as Space Pepes has traded almost $7.5m in secondary
sales.
- 3AC, the now
defunct crypto hedge fund, had some of its prized NFT assets auctioned off at Sotheby’s and surpassed expectations. $2.5m in sales have been completed so far, with the standout being Fidenza
#725 which sold for over $1m USD.
- The Pudgy Penguins released a collection of physical action figures, complete with accessories for customizing your new adorable companion. Over 20,000 figures were sold in just 2 days, bringing in around $500k in sales. The NFT collections’ sales have seen a benefit from the new exposure with sales increasing by over 30% in the past 7 days.
- Yuga Labs’ HV-MTL
collection revealed causing a brief spike in sales, followed by disappointment with the art, but optimism for the future.
Peep the Charts The past 7 days in NFTs have been all about Bitcoin Ordinals,
which now represent 3 of the top 10 collections. BAYC has been dethroned for now, with 2 Ordinals projects and Mythos Chain’s DMarket all outselling the NFT community's favorite apes. Speaking of Bitcoin, the OG blockchain continues to do serious numbers, now firmly holding the #2 position on the Blockchain by NFT Sales Volume leaderboard each day. The 3-10 spots are where we see plenty of jockeying for position as gaming NFT-heavy chains like Solana, Mythos, Immutable X, and Polygon all continue to grow their respective market shares. Wash trading, while down 7%, still represents almost 50% of all NFT sales on Ethereum.
NFT Forkast The Forkast 500 NFT Index is up .1%, trading close to even, thanks primarily to the Ethereum NFT ecosystem propping up the global ecosystem. While Solana, Cardano, and Polygon are all down, the Forkast ETH NFT Composite is up over 2%
from the hype of VeeCon, large individual NFT sales, and blue chip projects like Pudgy Penguins having green weeks. The NFT community is now back to the grind following VeeCon 2023, and so is the CryptoSlam crew. Keep your eyes fixed on cryptoslam.io and the Forkast NFT Indexes to see how the NFT market is impacted by the return of some fired-up
traders. Have a MEGA GM! — Yehudah
Petscher (Have any feedback, questions, or just want to say hello? My DMs are always open and I’d love to hear from you.) |
Party
physical, part digital, the term phygital was born years ago, but now has become the hottest trend in NFTs. While projects seek ways to innovate and set themselves apart from the rest, creating digital NFTs with a physical counterpart has led to the phygital collectibles showing up everywhere. Really, it’s a perfect use case for NFTs, providing collectors with the best of both worlds to keep their hands occupied while their real-world object is preserved in the digital space as an NFT. Phygital
items will continue being a hot topic in NFTs, and even Amazon’s new marketplace plans to lean heavily into the phygital trend. Dive in and learn about what phygital products are out right now, and what’s on the horizon in this exploding trend. 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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