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The
Flippening finally happened last week. I’m talking about the Bitcoin collectible ecosystem flipping Ethereum’s NFTs for the first time ever. And just yesterday, it happened again when Bitcoin saw $17.2m in sales volume, a 30% lead over Ethereum’s $11.97m. The once-declared-dead Bitcoin Ordinals and BRC20s aren’t just back, they’re now showing that they are capable of doing something many of us predicted;
outselling Ethereum NFTs.
Is it a fluke, is it a fad, or is this a real indicator that Bitcoin’s collectibles are maturing? Yes, to all three.
Let’s first add a little clarity into what is driving sales on Bitcoin, which is largely BRC20s. If you’re not familiar with it, BRC20s are basically meme coins or crypto. On Ethereum, you’re probably familiar with $PEPE, $MEME, or $SHIB. BRC20s are
Bitcoin’s version of these types of coins. However, these coins are sold in bundles and backed by a non-fungible token (an inscription on a sat). They’re truly NFT sales.
But we can maybe call it a fluke because soon the ability to swap BRC20s will be native to Bitcoin wallets. Then we’ll see BRC20 “NFTs’ fade
away.
It is a fad too, because NFTs in general are just pumping right now. Everyone’s talking about them, and right now, the people with liquidity are buying them. When the market cools, Ethereum will likely take back the #1 spot again. Above all, it is a sign that there are a lot of traders on Bitcoin, ones who are absolutely willing to buy up the blockchain offerings. This is an indicator that the Bitcoin ecosystem is a serious blockchain for digital collectibles. In the long run, Bitcoin’s Ordinals alone have the potential to flip Ethereum in all-time volume. The NFT community should welcome Bitcoin to the fold, as it helped drive global NFT sales to over $214m last week, a 19-week high. Along the way average sales prices climbed to a 38-week high, hitting $149.82. Total unique buyers and total transactions still show little signs of growth, and actually declined last week,
indicating that we still have no new traders coming into the market.
A lot rides on Blur’s Season 2 $BLUR airdrop next week, which will bring more liquidity to traders' wallets. If Season 3 is announced, expect those rewards to be
spent on more NFTs, but if it’s radio silent from the Blur team, we just might see those traders return to FriendTech’s key farming. Then again, you never know what to expect in the NFT markets. Perhaps Bitcoin and Ethereum ETFs
get rejected and the market loses all of its gains from the past few weeks. Anything is possible at this point. Be safe. - The $SATS BRC-20 NFT collection was the top-performing NFT collection this week, beating CryptoPunks and
Bored Apes combined. Combined, the BRC20 collections in the Top Ten saw over $59m in sales volume.
- CryptoPunks, Bored Apes, and Mutant Apes, all Yuga Labs owned, were the only PFP collections in the top ten this week and represent $38m in
sales. CryptoPunks in particular are seeing major sales and massive bids including a $3.1m bid on CryptoPunk #5905.
- DMarket and Gods Unchained were two collections that saw strong performance throughout the bear market and are now in the bull market showing that high volume, high supply collections compete with the top dogs on Ethereum and Bitcoin.
- Ethereum saw a 66.74%
increase in sales, and over $104m in sales volume, its best week of sales since the week of June 26.
- Bitcoin again was a monster in the past 7 days, flipping Ethereum’s ecosystem twice in daily NFT sales. On top of sales being up 253.79%, buyers
were up 18.40%.
- Mad Lads and BoDoggos saw massive secondary action this past week when NFT whales swept through the collections. Average sales prices in the Mad Lads collection rose to $4,653 from $2,612 earlier this month, and BoDoggos climbed to $207.40, up from just $69.33.
- Multiple profitable new NFT mints have been popping up across NFTs over the past week, including Sofa Maker which
minted at .01 ETH and now sits at a 0.16 ETH floor, ANOMALI A.I minted at 0.01 ETH and climbed to 0.1 ETH, and the biggest of all Muraqqa: Data Miniatures which minted at 0.5 ETH and is now at a 6 ETH floor.
- Gordon Goner put the NFT space on his back last week, buying NFT grails across collections and invigorating the collector spirit in the NFT community. His new
collectibles include Doodles #7560, purchased for 69 ETH, Fidenza #534 for 79 ETH, Azuki #7242 for 89 ETH, and multiple other grails for his vault.
- Jack Butcher was officially announced as Red Bull Racing’s newest artist for their Velocity Series, and Hackatao was revealed to be the latest RarePass artist.
What a week for the NFT market. The Forkast 500 NFT Index is reflecting a massive increase in the value of the NFT market over the past seven days, up to 2,065.96, a whopping 9.28% gain from last week. NFTs value continues to climb as true collectors are back to collecting iconic
NFT collections that had fallen to nearly all-time low prices.
So far the month of November reflects a 14.79% increase in value and is on track to top the all-time best-performing month for NFTs in January 2023 with a 17.33% gain in value. Have a MEGA GM! |
A relatively new term has emerged that describes the emergence of sports on the blockchain. SportFi refers to platforms that leverage blockchain tech like fan
tokens, crypto, and NFTs to engage with fans. Through platforms like Chiliz, fans can now vote in team decisions, get access to their favorite athletes, and find exclusive merch, and it’s all backed by blockchain tech.
SportFi is young, but it has actually been around for a few years. Dive in to learn about its history and more. You never know, maybe your favorite team is already on a SportFi platform! Happy researching! The State of Sports NFTs in 2023Some of the most successful sports projects in NFTs come together to give big-brain thoughts about sports NFTs and sports collectibles, past, present, and
future. Watch the full episode 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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