NFT data isn’t always easy to find. Except now it is. The world’s first Large Language Model chat bot, powered by CryptoSlam data, will change the way the world finds NFT and blockchain data. Sign up for the SlamAI waitlist today at chat.cryptoslam.io For the Love of the Game (Market Commentary) |
Stand
back folks, because something is cooking in the NFT markets. If you think the past few weeks were hot, just wait for the (potential) upcoming blastoff next year when over $570m in liquidity on the new Blast platform is unlocked.
Last week the end of Blur’s Season 2 brought with it the start of Season 3, but more importantly, Blur’s founder Pacman announced his new L2 platform called Blast. While the platform isn’t quite live yet, their wallet is
open for funding, and so far over 254k stETH ($517m) is now staked in it, from traders awaiting future rewards.
This same liquidity is what many people were hoping would power the NFT market today. The truth is, it doesn’t seem to be needed. While global sales fell last week by over 34%, the month of November is on pace to be the fourth best month of the year for NFT sales, with third in
striking distance.
Sales aren’t what really matters right now, and there are 3 more important metrics that saw an increase last week: sellers, buyers, and transactions. We know
there’s liquidity in the market, but if it’s just the same small group of traders that are engaged, well, this run will end before it gets a chance to really take off. Ultimately, if NFTs are still losing value, it’s hard to
get excited for any short-term market action. Fortunately, they aren’t just not losing value, they’re gaining value in a significant way. November is currently on pace to be the best performing month for the value of the NFT market ever, with the Forkast 500 NFT index reflecting a 19.61% increase this month.
TL;DR - NFTs are looking rather strong right now, in terms of sales and value, but we must see an influx of user participation if we expect to see a run that mirrors early 2022. If and when the funds in Blast get unlocked early next year, that type of liquidity dumping into the
markets just might be enough to grab traders' attention and kick off another NFT frenzy. Until then, temper expectations, but certainly enjoy the ride. - BRC20s aren’t going anywhere, and still, this week represent 4 of the top ten NFT collections. $SATS BRC20s
is at the top of the leaderboard with over $10m in sales this week.
- AOIEngine shows that art is the little engine that could, with Jack Butcher’s Red Bull Racing Velocity Series drops (Trademark and Signature) driving
the collection to the #3 spot, and sales increasing over 4,654% this week.
- DMarket’s gaming skins continue to perform well in any market, though this still only represents a fraction of what gamers spend on skins. Last week an
off-chain sale of a Counterstrike gun skin fetched over $132k. Now let’s just get the skins and transactions on chain so the world can see the true demand for these assets.
- Dokyo is one of the hottest projects in NFTs this week and is giving the Avalanche blockchain a real powerhouse project to compete with the big boys of other
chains. Some are even calling it Avalanche’s first blue-chip NFT.
- Ethereum is again king of
the blockchains when it comes to NFTs. Sales are up over 31% from last week, but it’s Bitcoin’s drop that really pushed Ethereum to the top. Wash sales have returned in full force with a whopping $124m in wash sales in the past 7 days.
- Bitcoin sales fell over 68% this week, but they’re so far from their low this year that one has to wonder if they’re now ready to be the regular
#2
- Solana has emerged in this bull cycle as a monster, with new powerhouse NFT collections like Mad Lads and Tensorians giving the blockchain its
much-needed grail collections.
- Yuga Labs co-founder Gordon Goner has once again gone on an NFT grail shopping spree, this time adding Winds of Yawanawa, Zynga’s SugarTown Oras, SuperYeti, Jack Butcher’s Trademark, and a true grail, Rare Pepe #1 to his already impressive collection.
- DeGods announced another new art update to their PFP collection, this time including female avatars for their female holders. They also have a suite
of new community tools, a fundraising platform for their holders, IP licensing tools, and more in store. It’s a solid incremental update to community PFP projects
- Magic Eden is launching a new all-in-one wallet that lets you bridge currencies between
chains, find floor prices, and buy crypto. Their aim to make onboarding easier is happening right in front of our eyes.
- The Avastars sadly put an end to their iconic project, closing their replicant factory last week. Avastar's journey began in 2020 and drove the narrative that being on-chain matters.
The Forkast 500 NFT Index is green as far as the eyes can see. NFTs continue to gain value and are even well into the positive in the 60-day period. Even more significant is that so far in November the Forkast 500 is up over 19.44%. The NFT market’s best performing month ever when
it comes to the market’s value increasing is January 2023, when the market increased 17.33%. That record is on its way to falling this week, in a historic month for NFTs that’s showing no signs of slowing down.
MEGA GMs!
|
Every day on CryptoSlam.io you see that the NFT ecosystem is growing cross-chain. Omnichain refers to assets or ecosystems that exist on multiple blockchains. Whether it’s through bridging, or the assets being minted on each chain, there are many creative ways for omnichain
functionality to exist. Dive in to learn about the benefits of being omnichain and the type of omnichain experiences that exist today.
Happy
researching! The State of Sports NFTs in 2023Some of the most successful sports projects in NFTs come together to give big-brain thoughts about sports NFTs and sports collectibles, past, present, and
future. Watch the full episode on Youtube. Don't have time to watch? Listen! All of our episodes are available to listen on Spotify and Apple Podcasts. Received this from a friend? Sign up for this twice-a-week CryptoSlam VIP newsletter. |
|
