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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) |
It’s 2024, and along with a brand new year, we’re ushering in a fresh new narrative in NFTs, “Wen BTC
ETF approval?”
Ok, that was some heavy sarcasm. Really, nothing has changed in the past week in terms of what it’s going to take to get NFTs moving again. Like the past few months, everything in NFTs hinges on the big BTC ETF approval, which seems to be coming as soon as this Wednesday. NFT sales volume has stalled for the past couple of weeks. You can chalk it up to the holidays, but more than that, traders are being cautious. In both scenarios, whether the Bitcoin ETF is approved or denied, NFTs could become very illiquid for a period. Approval likely means higher-priced crypto, and high trading volume. That will mean higher fees to transact and more expensive NFTs. If it’s denied, a massive price crash could follow, taking NFT value down right with
it. Either way, traders will be waiting to see how things shake out before they start speculating on NFTs. With that in mind, you can see traders' trepidation right in the numbers. Global sales, sellers, buyers, and transactions all fell last week. Trade profits, however, one of the most important metrics, were up over 2x last week. Remember, if traders are winning, they’ll keep trading. For now, all eyes are fixed on WHERE traders are trading. Last month traders shifted heavily from Ethereum to Bitcoin and Solana. In fact, in December, Solana NFTs outsold
Ethereum for the first time ever with $365m in sales vs Ethereum’s $363m.
This past weekend for a brief period, Polygon NFTs also flipped Ethereum in the 24h charts. Now in the past week, we may be starting to see a shift back to Ethereum. Ethereum’s total NFT sales (wash sales included) are currently at $195.66m, more than Bitcoin’s $119.08m and Solana’s $47.22m combined.
The Forkast Indexes reflect this shift in the market as well. In the past 7d, the Solana NFT Index is down -8.89%. Ethereum on the other hand is down just -0.05%, after being in the green for a majority of the past few days. It just might be Ethereum’s turn to shine again after traders explored other blockchains for the past few months. No matter what, Ethereum is where NFTs grew up, and where many traders call home. Let’s see if they’re feeling nostalgic. - The Ordinals collection is your top-selling NFT collection in the past 7d, and it’s being driven by the incredible Nodemonkes. This
collection minted at .03 BTC, now has a floor price of .21 BTC, and in total has sold for over 1k BTC in just 2 weeks.
- Gas Hero on Polygon is dominating the Top Ten Collection Rankins with 4 collections in the top ten. Together the collections have sold for over $32.22m on the Polygon
Blockchain.
- Dokyo on Avalanche is outselling every PFP collection other than Gas Hero. BAYC, CryptoPunks, Azuki, yup, Dokyo has them all beat.
- Froganas, while still one of the top collections on Solana, have seen their average sale price fall from a high of $2,258.89 to just $843.43 today.
- Bitcoin is your top-selling NFT ecosystem yet again this week, and may never relinquish that title. In the
past week Bitcoin has seen over $119.51m in NFT sales, and surprisingly has over $53k in wash sales.
- Ethereum is starting to come back to life, with $72.51m in sales, up 5.21% from the previous week.
- Solana now needs to prove that its red-hot December wasn’t a fluke. In the past week, sales have fallen -23.92%, and are now in danger of falling to the #4
spot.
- Polygon is having a massive comeback arc, thanks to Gas Hero’s multiple collections from their hot new ecosystem. $37.19m of Polygon’s $41.16m comes from Gas Hero’s 8
collections.
- Avalanche certainly deserves some eyes, as their Dokyo collection is pushing the gaming ecosystem up to the #5 spot, with $9.8m in sales this week.
- Logan Paul is offering a refund for CryptoZoo minters, after never delivering on his promise of a game. The collection to date
has traded for over $11.06m on secondary markets.
- Azuki has been one of Ethereum’s top-performing PFP collections in the past week following their retweet of a newly teased $ANIME token.
- Xai Games, the project behind the Sentry Node Licences, is finally opening their $XAI token claim. The Sentry Node collection is up 139.11% in
the past week, and the average sale price has rocked from early December’s $565.40 to today’s $2400.
- A surprising collection called TinFun sprung up this weekend offering .1 ETH lotto tickets for a chance to mint their collection’s
NFTs. In total, they brought in 25,000 ETH (over $56m), and buyers who aren’t selected for an NFT will have their ETH refunded.
- Jack Butcher’s Checks turned 1 last week on Bitcoin’s 15th birthday and his Opepen collection turned 1 yesterday. To celebrate, Jack announced a Bitcoin Ordinals Checks collection for the grail
single check holders and also launched a brand new Opepen collection.
- A historic Lost Robbies NFT sold for 150 ETH ($340,503) last week. As one of the earliest examples of AI art, and as the very
first AI art NFT, the Lost Robbies collection is as iconic as it is historic.
- Golden Ratio on Bitcoin is beginning to build a narrative as the grail art collection on Bitcoin. Over the past month, it went from a .01 BTC mint price to as high as .21 on secondary markets. Inscribed on rare sats, and just a gorgeous collection, this just might become an iconic collection.
The Forkast 500 NFT Index has now fallen for the fourth week in a row, this week down -6.95%. A sign of lower volume, and lowering prices for NFTs combined, traders are still just playing the waiting game as anticipation for the Bitcoin ETF continues to ramp up. Tomorrow could be a make-or-break day for the NFT market, and even if the ETF is approved, expect NFTs not to pick up steam until the dust has settled after the initial stampede. Have a MEGA GM and I’ll see you again next week! Kevin Abosh - MOD
Date - Jan 9 Blockchain - Ethereum
Price - TBD Golan Levin - Cytographia
Date - Jan 10 Blockchain - Ethereum Price -
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Blockchain - ImmutableX
Price - TBD CryptoUndeads
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Price - TBD
Ninja Alerts - Pizza Ninjas
Date - Jan 16
Blockchain - Bitcoin Price - TBD |
From Charles Schwab:
“ETFs or “exchange-traded funds” are exactly as the name implies: funds that trade on exchanges, generally tracking on a specific index. When you invest in an ETF, you get a bundle of assets you can buy and sell during market hours - potentially lowering
your risk and exposure, while helping you diversify your portfolio.”
With bitcoin ETFs seemingly arriving soon, now is the time to dive into what they are and how they are used. Mass adoption of Bitcoin is coming, and you’ll want to be ready. Happy researching! Watch all of our episodes 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. |
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