For the Love of the Game (Market Commentary) |
And
just like that, NFTs have officially had their first Uptober. You’ve felt it for weeks, and now the numbers don’t lie; October was a very big month for NFTs. This week, sales have rebounded, and trends were broken including the
7 month skid for monthly NFT sales that October’s $300m+ in sales has put an end to. There was a perfect storm brewing for NFTs to succeed this month. That storm resulted in a 9 week high for global NFT sales, even with total transactions slowing down to the lowest we’ve seen in nearly 1 year. Sellers were taking advantage of now perfect conditions to grab liquidity by selling their remaining valuable NFTs. It’s hard to say that sellers were the winners here though, with
trade profits still largely in the negative, to the tune of -$7.8m. Still, large NFT sales like BAYC #6022, which sold for $303k, helped drive average NFT sale prices to a four month high of $60.38.
SoFi platforms continue to play a big role in NFT’s success, with their continued struggles to attract traders. FriendTech failed to reach $1m of trading
volume on multiple days in the past week, and Stars Arena is now crumbling under accusations of mishandling funds. The top five SoFi platforms all saw TLV decline this week, with Stars Arena leading falling the furthest, down -86.11%.
The continued weakness in SoFi had traders ramping up wash trading yet again, pushing wash sales up over 42% from last week, and reaching a 15 week high of
$58m. For this week at least, the good times will roll on, and it couldn't have been scripted more perfectly. First, today the Forgotten Runes project is hosting a massive metaverse Halloween party, and the entire NFT community
is invited to join. The party, called Nightmare Run, is powered by MSquared, the very tech behind Yuga Lab’s Otherside. This metaverse is capable of hosting tens of thousands of gamers in a single live instance, and there’s expected to be a pretty massive turnout. Later this week it’s the Bored Ape’s turn to party with Ape Fest 2023 taking place in Hong Kong on November 4th. For those who can’t make it, The DAM SHOW will be streaming interviews and alpha. If you’ve not seen an NFT party yet, now is your chance for a sneak peek.
Let’s appreciate October as the treat that it was for those who have weathered this long NFT winter. Maybe we’ll find out it was a trick all along, but for now, it’s pretty darn sweet.
- Bored Ape Yacht Club is riding the hype wave all the way to Ape Fest in Hong Kong this week. The collection’s floor prices have climbed back over
30 ETH, with average sales reaching a peak of $79k on 10/28.
- The Captainz $MEME token sale is driving a frenzy into the PFPs that we haven’t seen in a long time, and the collection’s sales up over 164% in the past
week.
- AOIEngine minted ArtBlocks’ founder Snowfro’s latest NFT titled /// last week as part of Red Bull’s Velocity Racing Series NFTs. The collection minted out
at .3 ETH and currently has a .8 ETH floor price.
- CryptoPunks have had 12 NFT sales priced at over $100k this week, along with representing 48 of the top 100 NFT collectible sales this week.
- Ethereum NFTs are
clearly having a big month, but a majority of total sales are wash sales, with the $61m in wash sales representing over 51% of Ethereum’s sales.
- Solana’s lucky $7.77m is honestly more than luck. Big developments from Mad Labs, the Phantom Wallet’s Camera Mint feature, and Claynosaurz new
plushies and animations show that Solana is ready for primetime.
- Bitcoin is in the top 5 for the second week in a row, powered by huge BRC-20 sales, especially the $2.5m in sales from the $SATS BRC-20
collection, and rising interest in Ordinals once again.
- Snowfro had a busy week with his Velocity Series /// mint, and was also announced as the Opepen collection’s
latest super powered collaboration. The Snowpepen set has driven nearly $1m in sales in the past week.
- XCopy was announced as SuperRare’s RarePass artist for the month of
November.
- Solana’s Mad Lads collection is seeing a huge 378% increase in sales today, with $599k in sales after news that
the project’s Backpack wallet is now launching an exchange in Dubai.
- Claynosaurz have been busy this month, announcing their first physical collectible plushies, and also an animated Claynosaurz adventure, made by the animators behind Minions, Spider-Verse, Hotel Transylvania, and more.
The Forkast 500 NFT Index is green for the first time in 9 weeks, showing that the rising sales volume wasn’t just traders exiting the market. The value of NFTs has been climbing along with it, and may be a real indicator that the NFT market has found a bottom. I’m predicting that we’ll see a down November, but keep in mind I predicted October to be Floptober. These are the times I love to be wrong. Have a MEGA GMs! MovieShots - NOSFERATU
Date - Oct 31 Blockchain - Ethereum Price $99 USD Funko - Funkoween Series
1 Date - Oct 31 Blockchain - Wax Price -
$9.99 - $29.99 USD VeVe - The Addams Family Date - Oct 31 Blockchain - ImmutableX
Price - $25 USD Deadfellaz - Infected Season 3 Date - Oct 31 Blockchain - Ethereum Price - Auction Parin Heidari - Being Date - Nov 2 Blockchain - Ethereum Price - .023 ETH
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The term ‘mint’ is used on the blockchain when an NFT, contract, or tokens are
created, and describes the act of recording a digital file on the blockchain. Think of it as the creation event or first act in a digital record’s provenance. There are many more on chain activities that begin with a mint, so dive in to learn about all types of blockchain transactions that are minted. Happy researching! Received this from a friend? Sign up for this twice-a-week CryptoSlam VIP newsletter. |
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