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For the Love of the Game

(Market Commentary)

For nearly 2 months we have been watching the NFT market churn, growing more active, and at minimum showing that traders are stirring. Still, it’s fair to wonder if NFTs are actually back, or if we are seeing nothing more than some short-term volume after some traders finally got liquidity. This week, we got our answer. 

Sales volume has clearly come rushing back, pushing November to be the fourth-best month of the year in terms of cross-chain NFT sales.

Last week in particular brought some healthy indicators that there’s more than just sales volume returning. 389k unique buyers bought an NFT, which is a 39-week high, 1.9m NFT transactions is a 13-week high, and trade profits at $5.3m is the highest we have seen in 40 weeks.
 

But the value of NFTs is what’s key to this market, and hopefully, the media will listen; NFTs are no longer 99% worthless.
 

The Forkast 500 NFT Index is showing that the cross-chain NFT ecosystem has recovered all of the value it has lost since August 20. 
 

Diving into the blockchain level, Ethereum has recovered nearly 6 months' worth of losses, with the Ethereum composite now up since June 16.

Solana has reclaimed levels last seen on May 6.

And Cardano is now back to late April levels. 

NFTs are officially on their way back, and the writing on the wall says that there are much greener pastures ahead of us next year. 

Blur’s new Blast platform now has around $700m worth of ETH and stable coins locked up, which will unlock along with millions in $BLUR tokens early next year. 

We also have a battle brewing between the Blur marketplace and the new Flooring Protocol, and both are battling for traders through significant crypto rewards. Blur gives rewards to traders who simply trade, and Flooring Protocol is now incentivizing collectors to hold by offering rewards for staking your NFT. 

More token rewards are being rumored across platforms and projects ($PORTAL, FriendTech, Pudgy Penguins), and Bitcoin seems primed for a major run when ETF approvals come through. There’s a perfect storm lining up for a big 2024 for NFTs. So in many ways, right now, NFTs are just getting started. 

Peep the charts

• BRC20s and Ordinals are seeing a huge spike again this week, thanks to Bitcoin’s hitting its highest price in over 18 months.

• Pudgy Penguins are melting the market after buyers began chasing the elite NFT. Rumors are swirling that the team may launch a token soon, which drove a 216% increase in buyers.

• Mad Lads continue to show that they may become the face of Solana. Their average sale price this month is now up to $11k, up from $5.4k just last month. 

• Ethereum NFTs are having a monster week, month, and heck, year at this point. On top of finishing with $104m in sales, the blockchain has recovered all of the value their NFTs lost since June 16th

• Bitcoin came roaring back again this week, with BRC20s and Ordinals.

• Solana was really the story last week, as most of their NFT collections saw major price increases. In fact, Solana’s NFT ecosystem has seen a 26.13% increase in its value in just the past seven days, while sales volume climbed a whopping 84.67%.

• Polygon has a new king of their blockchain, as their Gas Hero collection saw over $2.4m in sales this week. 

Noteworthy Happenings

• Gas Hero on Polygon has become one of the hottest NFT collections across blockchains. In the past 7 days their 2 collections, Gas Hero Coupon and Gas Hero Badge have combined for over $3.5m in sales.

• Lil Pudgys, like their big brother Pudgy Penguins are seeing a tremendous surge in sales thanks to hype around the project, and Blur adding the collection to their Blend Lending protocol. In the past seven days Lil Pudgys have traded for over $3.1m on secondary, and their average sale price has climbed from $947 last month to $1,982 in December.

• Bitcoin Frogs are becoming one of the top NFT collections, not just on Bitcoin, but on any blockchain. In the past 7 days they have traded for over $3.5m and their average sale price has nearly doubled to $6,767 in December. 

• Creepz by OVERLORD is one of the hottest collections in this new market cycle, seeing their average sale price climb to $5,100 in December from $3,755 last month, along with $2.5m in sales in the past seven days. There’s also speculation that the $PORTAL coin that’s all over X is a token from this project. 

NFT Forkast

The Forkast 500 NFT Index has basically lived in the green for the past 8 weeks now. This week the NFT ecosystem has gained another 11.34% in value, and from the start of the market turnaround (around Oct 20), it is up nearly 34%. 

January is right around the corner, and this is where we typically see the best performance in the NFT market. With Art Basel this week, we might expect a slowdown in trading, but then again, traders are still chomping at the bit for more NFT action. 

If you want to follow along with the action, make sure to follow CryptoSlam on X. Every day we drop a 5-minute video called Inside NFTs to help you keep current on the NFT market. 

Have a MEGA GM!

— Yehudah Petscher

News Headlines

• Soccer star Christiano Ronaldo is being sued for $1b after promoting Binance NFTs to his fans

• RARI Foundation is launching a new blockchain on Arbitrum which will enforce royalties at the node level

• Art Basel returns to Miami this week, and NFTs artists and communities will be out in full force  

• The Shrapnel game on Avalanche will battle it out in courts as the founding team is suing their largest shareholder

• FxHash 2.0 will attempt to re-launch next week after their scheduled Dec 1 Ethereum marketplace launch was delayed

• OpenSea delists one of Neo Toyko’s collections and with no insight into why, the project has launched its own marketplace

• The CyberKongz have launched a validator on Ronin, and in 24 hours, they are the #1 validator on the blockchain

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