For the Love of the Game (Market
Commentary) |
We need to talk about NFTs. Actually, maybe we don't since it seems the mainstream is ready to talk about them again all on their own. In the past week, Elon Musk, Joe Rogan,
Mark Cuban, and now The Simpsons have all uttered the phrase “NFTs”. Each going as far as discussing the technology, the market, or in the case of The Simpsons, dedicating their annual Halloween special to the topic. While this might be a sign that NFTs are back, (and you could even back that up with some data), there are some bigger indicators that show a true recovery is
still a while off. Looking at last week’s data we can see the continued uptrend that NFTs are undeniably in.
Other than trade profits, everything is up. Global NFT sales crossed the $100m threshold for the first time since mid-August, and wash sales are at nearly a
four-month high. This was also the fourth consecutive week of increasing total NFT sales. We should still be focused on the number of transactions and the lack of growth there. Clearly, those who are already in NFTs have
newfound conviction to buy grails, but outside of those traders, we’re not seeing anyone spending their crypto on NFTs. This should be concerning or at the very least, tempering expectations. For now, though, a certain set of
traders are very active. Specifically, the ones who feed liquidity to the rest of the market. Right now they are buying grail NFTs like rare CryptoPunks and Bored Apes, and scooping up NFTs from iconic collections like Cryptoadz, Doodles, and even Supducks are seeing some life. Usually, these types of purchases trickle down the food chain to the broader NFT community and fuel prolonged mini-runs.
Expect the current market trend to continue for at least the next 13 days before Blur’s season 2 ends on Nov 20. The $BLUR token these traders are farming has
climbed all the way up to .36, putting the token firmly farming back on the menu for degens. Last week Memeland dropped millions of dollars worth of their new $MEME coin to their NFT holders and injected liquidity into the NFT
market. Up next we’ll have $BLUR and FriendTech airdrops to serve as further fuel on the fire that is priming the NFT market for its typical January liftoff. Upwards and onwards, and above all else, have fun collecting. After all,
that’s why we’re here. - Bitcoin’s $SATS BRC-20 collection is the top-selling blockchain collectible
in the past week with over $10.4m in sales. Controversial? Yes. Still impressive and deserving of the attention? Yes.
- Sorare’s huge Unique Victor Wembanyama NFT sale last week shows the demand behind fantasy sports that are powered by NFTs. The
1/1 player card sold for 61.18 ETH ($110k).
- Multiple CryptoPunks have had $1m bids over the past week. Expect to see this
historic collection continue to rip.
- Ethereum NFTs have soared to over $70m in sales this week, up over 23% from last week. Wash sales are also on a tear as traders farm rewards points for $BLUR.
- Bitcoin is back in a big way, driven by BRC-20 swap platforms, and renewed interest in Ordinals. Sales are up
193%, and new art platforms featuring huge artists this week just might drive it even higher.
- Mythos Chain thrived in the bear market, but now is showing it can hang with the pack in even bullish environments.
DMarket’s Counterstrike gaming skins are still driving 99% of the blockchain’s sales with the collection’s $7.6m in sales volume.
- Don’t let Solana’s barely-down week fool you. They had a huge week of
sales the prior week thanks to Backpack’s upcoming exchange in Dubai and basically maintained this week, with over $7.3m in sales.
- Large sales this week include CryptoPunk #7458 which sold for 600 ETH
($1.14m), V1 CryptoPunk #5577 for 100 ETH ($189k), and Autoglyph #140 for 100 WETH ($189k), and Fidenza #985 for 100 WETH ($189k).
- Following The Simpsons Halloween Special which focused on NFTs, a free NFT collection called Springfield
Punks minted out and quickly traded for over $1.4m on secondary in just 24 hours.
- Cryptoadz is one of the most surprising movers of the past week. Average sale prices have increased from as low as $626.94
last month to $2,814.13 yesterday due to nothing but vibes.
- The Animoca backed The Grapes are on fire with average sales prices climbing to
$2,045 this month, a 60% increase from October’s average sale price of $808. Excitement from their backing by Animoca hype and their own GRAPE token are driving traders to collect.
Following a fantastic October in NFTs, November is already off to a green hot start. NFT sales volume is up, but the value of NFTs is increasing right along with it. It’s a simple formula, volume up + value down = bearish, but volume up + value up = bullish. Right now the Forkast 500 NFT Index is showing the value of NFTs up 5.15%, and threatening to cross over 1,900. If this momentum continues, November just might be the first time we have an up month in 2023 after January. Fingers
crossed… Have a MEGA GMs! Quadrillion Art
Date - Nov 7 Blockchain - Bitcoin Price - TBA NBA Top Shot - 2023-24 Rookie Debuts Date - Nov 7 Blockchain - Flow Price - $79.00 USD DirtyRobot - Joker Smoker Date - Nov 9 Blockchain - Ethereum Price .045 ETH Marvel - Hawkeye Date - Nov 12 Blockchain - ImmutableX
Price - TBA
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CC0 is a licensing term (short for Creative Commons Zero) that essentially means
“no rights reserved”. An item created under the CC0 copyright can be used by anyone, for any purpose. Some NFTs are created as CC0, giving anyone permission to use any images in the collection without owning the NFT associated with the image. A Bored Ape Yacht Club NFT is not CC0, and thus the image of the Bored Ape tied to the NFT can only be used by the owner of the NFT. MFers on the other hand are free for anyone to use regardless if they own the NFT. Many believe CC0 can breed creativity and
lead to tremendous brand growth, as billions of people now have permission to create with the asset. Licensing and branding are hot topics in Web3, and understanding CC0 is key to learning why many believe NFTs' potential is so big. Happy researching! Received this from a friend? Sign up for this twice-a-week CryptoSlam VIP newsletter. |
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