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Commentary) |
The multi-chain future of NFTs has never been more apparent than this week, when Bitcoin continued its upwards trajectory, and really, its NFT market dominance. Just two weeks ago Bitcoin’s daily sales volume flipped Ethereum’s for the first time. This week, for the first time, Bitcoin surpassed Ethereum in a seven day period, and even more significantly in the last 30 days. There’s actually a bigger story here, because Bitcoin didn’t just flip Ethereum’s volume. It also outsold every other blockchain’s NFT sales volume combined over the past week.
Like I have mentioned in the past, there’s some need to flavor this conversation a bit more, since a majority of Bitcoin’s sales volume continues to come from BRC20s. Key point though, BRC20s sold off-chain on exchanges like Binance are not counted
in sales figures, only BRC20s sold via NFTs are. When you see BRC20 sales on CryptoSlam, they are legitimate NFT sales. Bitcoin isn’t the only ecosystem that’s showing the growth of the multi-chain NFT ecosystem. Solana’s sales
volume was up 39.72% in the past week, Polygon +20.58%, Arbitrum +548.84%, Avalanche +861.71%, and BNB Chain +63.91%, all while Ethereum’s sales volume tumbled -31.51%.
All of those cross chain sales combined to give the NFT market its fourth best week of the year, and the highest weekly sales since $343m in sales volume was recorded on the week of Feb 20. Sellers were also seeing profits this week, with trade profits in the positive. The
last time we saw positive trade profits? You guessed it, that same week in late Feb.
Sellers, buyers, and Txns still are showing no real signs of growth, and this is what ultimately leads me to believe that our current run is
nothing more than a short term pump. Yes, there are real collectors finally collecting again, but very little growth is actually happening in NFTs. Yesterday the $BLUR season 2 airdrop finally arrived, and some of that
liquidity at least will end up in the NFT market. Perhaps the biggest news to come from the end of Blur Season 2 is the start of Season 3, and a new L2 platform from the Blur team called Blast.
Designed for cheaper gas, and for liquidity providers to earn yield on their staked ETH, Blast is now adding a hopefully more rewarding ecosystem for farmers.
It’s going to get more complicated too. Blur also has some very serious competition brewing in the Flooring Protocol. Earlier this week they announced that they plan to hold 10% - 30% of collections’ supply, and when you
consider that only a small percentage of NFT collections’ supply are farmed and wash traded, you can see how Blur’s supply of assets for farming might just be farmed away from them.
Blockchain assets are growing across chains, they’re getting fractionalized, collateralized, re-tokenized and now traded on L2s. It’s impressive to see how much the NFT ecosystem has grown in a few short years.
Are we growing up,
are we growing sideways, or are we about to fall from our new highs? I don’t know, and at the moment, I’m not sure if it matters. Let’s just be thankful to see that above all else, we’re growing the culture and tech. - BRC20s are the story of the week, taking 6 of the top 10 spots on the NFT Collection Rankings and signalling a new
era for NFTs.
- Bored Ape Yacht Club is the only Ethereum NFT collection in the top 10 this week, but saw a 42.20% decline in
sales after Ape Fest
- Mad Lads are continuing their ascent into the top tier of NFT collectibles, seeing trading volume soar to over $7.3m and
floor prices reach as high as 110 $SOL.
- Ordinals collections have also been on fire this week, with the general Ordinals collection securing the #3 spot on the collection rankings, and Bitcoin Frogs leapfrogging up to $9 with $7.2m in sales.
- Bitcoin had its biggest week of its young life this week, again, outselling every other blockchain combined. So far for November Bitcoin has over $305m in sales on secondary markets.
- Ethereum is no longer the king of NFTs (at least for this week), and saw its sales volume fall
32.14%.
- Solana continues to see some of its hottest action ever with Mad Lads helping the blockchain to once again have a
premium flex through a nearly $10k NFT.
- Polygon also has seen an increase in sales volume this week, with over $6.06m in sales. DraftKings still makes up
a majority of those sales with over $4.5m in sales from the fantasy sports platform alone.
- Huge art sales rocked the NFT market last week, with Trevor Jones x Alotta Money’s Ethboy selling for 200 ETH, and then a private sale of bundled XCOPY art, Ringers, and Fidenzas from Sotheby’s Starry Nights collection likely for well over one million dollars.
- Mad Lads are the top Solana collection this week and on top of their average sale price climbing to as high as $7k, we saw grails being sold like Mad Lad #4424 sell for 999 $SOL ($61k).
- Bitcoin Frogs are one of the main benefactors of the increased attention to Bitcoin collectibles. Their average sale
price high a high of $5.6k this week, as the collectors find their perfect PFP.
The Forkast 500 NFT Index reflects a slight cooling off of the NFT market after weeks of unrelenting sales. Considering how down we were prior to October, most will be happy to see just a -0.95% loss of value this week. The $BLUR token airdrop seeded roughly $300m into the hands of traders, and it’s fair to assume that some of that will come back into the NFT market. If it does, expect established “grail” collections to benefit most from those funds, and an increase in market value to come along with
it. Slam Fam, we’re so thankful for you coming back every day to explore our data, and every week to check out the latest happenings in NFTs On Deck. Without you, the story of NFTs could not be told. THANK
YOU.
MEGA GMs! DraftKings - Air It Out Pack Breaks Date - Nov 21 Blockchain - Polygon
Price - $25.99 USD Jack Butcher - TRADEMARK Date - Nov 22 Blockchain - Ethereum Price - .069 ETH The darkness - Lover’s Rocks Date - Nov 22 Blockchain -
Tezos
Price - 0.88 tz Marvel - The Marvels Date - Nov
25 Blockchain - ImmutableX
Price $13 USD |
Alpha refers to early information on an NFT project , a cryptocurrency, platform or other Web3 venture. Alpha is key, and can be found simply by researching. So, get to it!
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
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