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For the Love of the Game (Market Commentary) |
What goes up must come back down. But in NFTs, it bounces back up again, tumbles down, moves sideways,
turns red, and then green moments later. If you can’t make heads or tails of this NFT market, welcome to the club.
This week the NFT market can't find footing, and it can’t find a narrative. Big mints like Zokio on Ethereum are a perfect
example of how the market is doing. The hot anime collection minted at .08 ETH last week sold out in an instant, and quickly dipped under the mint price on secondary markets. Right now the collection is hovering around .1 ETH, and again perfectly reflects this market.
Traders are playing cautious. They need liquidity for new mints like one of the year’s biggest mints, the Quantum Cats, but they don’t really want to sell their assets to raise that .1
BTC. Begrudgingly they’ll do it, but they know this market could take off at any moment, and they don’t want to be out of their core assets. The hunt for liquidity then is the narrative, and traders have been chomping at the bit for whatever is the hottest new token to fuel their NFT degen-ing. This past
week it was the $WEN token, which was distributed to over 1 million wallets, and whose market cap quickly hit over $150m before falling to $70m today. But $WEN was just a test run for the Jupiter exchange’s $JUP token that arrives tomorrow, and the $JUP drop might be the token that breaks down the wall that has been holding NFT traders back.
Here’s the real alpha. It’s not just what token is dropping, it’s where, and
both $WEN and $JUP live on Solana. If traders trade where the liquidity lives, Solana is primed for a monster run. Just this week the Jupiter exchange flipped Ethereum’s Uniswap DEX in daily trading volume. The Forkast NFT Indexes make it very clear what has happened to the value of Solana NFTs since the Jan 26 $WEN drop and should clue you into what’s about to come with the even bigger $JUP drop. We’ve been waiting for the token season, and it’s finally here with a ton of liquidity coming into Solana, it’s likely that these tokens will be enough fuel to power us well beyond the moon.
I think we’re heading to Solana on this Jupiter rocket ship. The past week the NFT market reflects traders' current behaviour as NFT sales have now fallen for the 6th consecutive week. It’s not just sales that are falling too, it’s just about every metric we track on our global sales page. Again, if traders aren’t winning with their NFT trades, they aren’t going to keep trading
unless liquidity is coming from elsewhere. Luckily it is. - Froganas are cooking this week. They’re the top-selling NFT collection with over $8.79m in sales and their average sale price climbed up to over $900 after falling to just $400 earlier this
month.
- Ordinals sales ramped up over the past week, driven by traders freeing up liquidity for the expensive Quantum Cats mint, which costs .1 BTC
- Dokyo is just about the most consistent collection in the entire NFT ecosystem. They are yet again in the top 5 NFT collections behind $6.48m in sales.
- CryptoPunks sales are beginning to cool off after weeks of major grail sales and sweeps. In the past 7 days sales are down 78.50%, and just $3.77m worth of punks have been
sold.
- LockDealNFT came racing up the Top Collection Rankings this week, though this NFT may actually just be a staking position on Binance. If so, expect the collection to be removed from the
leaderboard, and it’s not a genuine NFT sale.
- Ethereum is again the top-selling blockchain this week with $66.13m in sales. But with no big new NFT
mints on the horizon will traders start swinging back to Solana and Bitcoin where new mints have been buzzing?
- Bitcoin is the only top 5 blockchain to see an increase in sales volume in the past 7 days. Thanks to the RSIC airdrop, and traders selling to free up liquidity (again, for the Quantum
Cats mint), Bitcoin saw a 14.24% increase in sales volume.
- Solana sales fell 28.94% last week as they dropped to the #3 spot on the blockchain rankings. Projects like CryptoUndeads saw their floor prices fall, but Rubber and Froganas are driving excitement to the chain. Buyers are up 28.84%, possibly signaling more sales volume to come.
- Pudgy Penguins had a rollercoaster of a week. First, the team announced that 750k toys have been sold in retail stores around the world, totaling over $10m. They next announced that Pudgy Toys Chapter 2 is coming, which NFT holders can register for by using their brand new Overpass IP licensing platform.
- Animoca Brands announced that the Mocaverse will be the inaugural launch partner of the new MOCA Foundation. This ecosystem will be powered by their new $MOCA token, and their Mocaverse NFTs have rocketed up to a 5+ ETH floor.
- The Taproot Wizards new Quantum Cats collection is one of the year’s biggest mints, and while it was supposed to go on sale yesterday, the mint ran into
technical errors. Now the mint has been pushed to Feb 1, which is the 1 year anniversary of the Taproot Wizards filling an entire Bitcoin block, for the first time ever, with inscriptions.
- Solana may have a new grail art collection, as Rubber from Pop Punk has taken the blockchain by storm. The collection minted at .25 $SOL and has hit as high as
20 $SOL.
- Magic Eden has a new multi-chain wallet that will allow both crypto and NFT trading on Solana, Bitcoin, Ethereum, and Polygon. Token swaps, crypto purchases, and ultimately a
1 stop shop for degens, this wallet will even give perks to partnering projects including CryptoSlam (more details soon…)
The 6-week skid of declining NFT value has now been broken and the Forkast 500 NFT Index finally is reflecting an up week for the NFT market. In the past seven days, the NFT market is up 2.59% largely thanks to rising crypto prices. Solana is seeing an influx of liquidity as the Jupter exchange has now flipped Uniswap. Traders move where the money is flowing, and right now that seems to be Solana. I’m expecting to see NFTs continue to climb as the ecosystem benefits from traders winning in defi.
Have a MEGA GMs! BrainDrops x Clair Silver - corpo | real
Date - Jan 31 Blockchain - Ethereum Price - 1 ETH ARTJEDII - Bullrun Date - Jan 31 Blockchain - Ethereum
Price - Free Amber Vittoria x Kelly Milligan - Balance
Date - Jan 31 Blockchain - Ethereum
Price - Dutch Auction Taproot Wizards - Quantum
Cats
Date - Feb 1
Blockchain - Bitcoin
Price - .01 BTC
CyberSea - Deus Ex Machina
Date
- Feb 6 Blockchain - Bitcoin Price - .01 BTC
Harto - Flora
Forms
Date - Feb 14
Blockchain - Bitcoin
Price - Free |
A wrapper is code that is written to be applied to other blockchain assets, that lets you move that asset to a non-native location, like another blockchain. Ethereum can be wrapped and turned into WETH, then used on blockchains like Polygon. NFTs like Ordinals can be wrapped and then traded on Ethereum. Wrappers can
typically be removed and will leave the original asset intact with its provenance. It’s a useful solution for all types of blockchain assets, so dive in to learn more about its many use cases.
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