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NFT and blockchain data. Sign up for the SlamAI waitlist today at chat.cryptoslam.io For the Love of the Game (Market Commentary) |
How do you follow up on mid-December’s 83-week high for NFT sales volume? You come right back out with
a strong performance again like the NFT market just did last week, giving us our 2nd best week for sales this year.
In the thick of pre-holiday hype, the NFT market felt like traders were easing up on the throttle. Those feelings, while not wrong, fail to tell the full story of what’s happening in NFTs. That story from the numbers tells us that while the NFT market is down from the
previous week’s high, it is still setting a pace for something big in 2024.
NFT sales fell 29.56% last week, coming in at just over $403.28m. Yet that number represents the second-best week for NFT sales this year, and also the second-best in the past 84-week period. Though most metrics like sellers, buyers, and transactions were essentially flat, it’s the average sale price of NFTs that
highlights what changed last week. Traders seemed to be trading less of the high-priced “grail” NFTs and instead were trading new BRC-20s, SPL-20s, and freshly minted NFTs on Solana.
Now in the last week of the year, it’s time to prepare for what’s on the horizon for NFTs in early 2024. In both of the past two years (and really, also in 2020) we saw significant increases in sales from each year’s December peak until we reached the next year’s
first-half highs.
December 2021’s weekly high was $823,270,651.61, which then led up to 2022’s market high of 1,557,071,420.15 in late January 2022. That’s a massive 89.13% increase
December 2022’s weekly high of $194,025,066.79 was a major step up towards 2023’s early-year high of $343,940,338.24. Again, another incredible 77.26% increase While it’s hard to use historical trends in NFTs to predict what’s coming, you just can’t deny that December’s momentum is typically followed by a blistering run. These runs can be over in the blink of an eye, but still, the trend is set. So with historical trends in mind, if you’re feeling optimistic about NFTs next year, there’s good reason to be excited. The December 2023 high of $572,569,911.48 in NFT sales two weeks ago might be setting the stage for another start-of-the-year surge as we cross into 2024. This year we’re starting from a much higher level than last year, and still have Bitcoin ETF hype, Blast’s
nearly $1b in unlocks and rewards, the $Frame airdrop, and an untold number of other rewards to fuel the NFT market to multi-year highs.
You wouldn’t be wrong to think that early 2024 could outpace 2023, and more than that, you may not be sufficiently bullish enough about how big next year could be. The Top Ten NFT Collection Rankings is no longer dominated by just Bitcoin, but it’s hard to not notice the lack of any Ethereum collections this week. - Ordinals are the clear winner in NFTs in the past 7d, trading for over $20.8m in sales, all while the number of inscriptions passed the 50 million
mark.
- Solana’s Open Solmaps are the latest example of how builders are using inscriptions on other chains to innovate, and with over $12.9m in sales last
week, you can see how much traders value this tech. Solmaps give its owner a way to visualize a set of blocks on the Solana blockchain, with significant blocks having the highest value.
- Froganas seemingly appeared out of nowhere last week, minting on Dec 21 and quickly accumulating $7.57m in sales. PFPs are dead? That’s news to me.
- Mad Lads, while falling in the $SOL price, have hit an ATH for their USD value. Over the past 3 days, the major PFP collection has had an average sale price of over
$20k.
- Arbitrum’s Sentry Node Licence is gearing up for its first $XAI token airdrop, now driving $4.98m in sales, up 236.42% from last
week.
- DMarket’s CounterStrike, DOTA, and other gaming skins are outselling almost every other NFT collection this week with over $4.59m in sales.
- Bitcoin again wears the crown in the Blockchain by NFT Sales Volume Rankings. While sales are down 57.14%
from last week, $174.05m in sales beat both Solana and Ethereum combined. Unique buyers in the Bitcoin ecosystem also climbed 94.67% to 77,411.
- Solana just can’t be denied. For the second week in a row, Solana sales volume has bested Ethereum, this week with $88.12m in NFT sales.
- Ethereum is struggling to compete with Bitcoin and Solana, this week seeing $75.39m in sales. But keep this in mind; with traders putting their time in other chains, Ethereum still
manages to trade for, I repeat, $75.39m in sales. Now just imagine when Ethereum cycles back.
- Yuga Labs is deploying new wrappers for their NFTs starting with CryptoPunks' new CryptoPunks 721 wrapper. The new wrappers
are part of an upcoming suite of contracts called “Your Stash”, which will allow some as-of-yet undisclosed functionality between connections and probably marketplaces.
- An NFT community member has offered Moonbirds founder Kevin Rose $4.5m to buy the rights to the collection from him. The only problem is, they’re CC0.
- A new L2 blockchain is set to come out early next year called Frame. Royalties for NFT sales will be enforced on-chain, and the platform is backed by
trustworthy names like Luca Netz. Oh btw, they have a $FRAME token claim for Ethereum NFT traders who paid royalties over the past 2 years.
- The top NFT sale last week was CryptoPunk #827, which sold for 149.69 ETH ($328,543.59).
It’s not often that you see red in the charts for 2 weeks straight, and still feel as bullish as ever. But here we are with the Forkast 500 NFT Index reflecting a loss again last week.
The NFT market has seen a pullback in the past couple of weeks, which most traders had been
expecting post-Art Basel. The event, in a way, served as a celebration for the great end of the year NFTs have had, and now with the holidays here, it feels like traders are gearing up for next year. Let’s keep things in perspective too. Since the market’s 2023 low on October 21, the Forkast 500 NFT Index is up
40.20%. It has been a great second half of the year for NFTs. Let’s celebrate that. Have a MEGA GM! |
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