As CryptoSlam journeys deeper into Web3, we’d like to invite our earliest supporters, as readers of NFTs On Deck, to participate in our first ever Zealy Quest. We have big plans for 2024, and in many ways, that starts today. Our Zealy Quest will reward your participation with XP. But what is the XP for?
Stay tuned…
For the Love of the Game (Market Commentary) |
The future of NFTs has suddenly become more clear for some, now that Apple has released its new spatial
computing Vision Pro headset. If you can’t quite see it yet, let me explain. NFTs are a challenging new technology. If we’re being honest, all of us struggled with understanding what they are, and why digital ownership even matters. Owning a flat jpeg that lives on your PC is such a hard concept to grasp. Hang a picture on the wall, however, and all of a sudden we instantly understand what
ownership means. Already with the Apple Vision Pro, we’re seeing early tech adopters hanging albums on their wall that can be played through Apple Music right in your room. Those albums one day will probably be NFTs, but even if not, people are now getting conditioned to decorate their walls with persistent
digital decorations. In the very near future, those same people will have their walls decorated with NFT art. Let’s go a step beyond, but still in the realm of the obvious. Want to change the design of your couch? Load up a new skin, which will one day likely be an NFT. Want to decorate your room with an 8 ft Spiderman statue? Boom, load up your officially licensed Marvel AR collectibles and you now live in your childhood
paradise. The best part is that your significant other won’t see a thing. Win/win. Tomorrow’s technology is now in today’s hardware, and while it’s still early tech, feedback from users is that this tech isn’t just a game changer, it’s also the most impressive tech they’ve ever used. Right now in Web3, we have builders creating games with NFT AR assets, VR-ready games, and NFT artists who have, for years, created art with the intention of the spatial computing space. With Apple’s ability to drive tech to the masses, NFT adoption will come at a time when the spatial computing world is accessible to most and ready to greet them will be years worth of NFT assets that are being built today. I for one, early await the day when the CryptoSlam leaderboard is full of assets that populate our mixed reality world.
Now about the NFT market. Is all of that sweet liquidity from the $JUP token drop last week working its way into NFTs? Well, the global NFT market did have a solid week and
was up in nearly every metric, but surprisingly Solana underperformed in both value and in sales volume.
Global NFT sales broke a 2-week skid, with sales up 4.44% last week to $228.54m. Solana NFT sales on the other hand fell 20% from the previous week, while the value of the Solana market has fallen -3.43%. Right now traders on Solana are content trading crypto over NFTs, and in the short term, there’s no reason to expect that to change. But on the horizon are massive art drops including Verse’s first Solana drop coming this Thursday from Jeres. And then the big guns arrive when one of NFT’s biggest AI artists,
Grant Yun, brings his 1-year-in-the-making release to Exchange Art in April or May. There are tons to look forward to on Solana, and really, It’s still early for that ecosystem. Let’s let them cook. - Ordinal sales are up 80.87% to over $15.7m in sales in the past week. Traders were selling assets to free up liquidity for the expensive Quantum Cats mint and now are right back to
buy back into collections they sold.
- Nobody and TENJIN are big-time indicators that NFT traders are liquid and ready to speculate on NFTs. Both collections are new mints, and combined they have traded for over $12.6m in sales.
- The Pandora NFT collection has taken Ethereum by storm thanks to its use of the new innovative ERC-404 token standard. The new token standard mints an ERC-20 and an ERC-721, allowing access to liquidity, and game theory. When you sell the ERC-20 your NFT is burned, and when you buy the ERC-20 a new re-rolled NFT is minted.
- Dokyo on Avalanche just can’t be stopped. The pinnacle collection on Avalanche saw a 30.84% increase in sales, maintaining an average sale price of over $1,300.
- Froganas are the sole Solana collection in the top ten, and their 53.88% decline in sales highlights what’s happening on that blockchain right now. Traders are focused on trading crypto, not
NFTs.
- NodeMonkes now live in their own collection on CryptoSlam. With $3.3m in sales, and expectations for Quantum Cats profits to flow into this collection, expect a bigger week ahead for this
collection.
- Ethereum outperformed the other top NFT blockchains by a significant amount thanks to red hot new mints
like Nobody and TENJIN. Sales were up 29.13% in the past seven days, with sales climbing to $83.43m.
- Bitcoin is really picking up steam again and that’s not even counting Bitcoin’s hottest new collection. The RSIC collection (being onboarded currently onto the site) did $5.2m in sales
in the past week, so in total Bitcoin saw over $69.7m in sales in the past seven days.
- Solana NFT sales have suffered from the Jupter $JUP token drop. Currently, NFTs have taken a back seat to crypto trading, and combined with a major blockchain outage today, the road to
recovery may now be complicated.
- Avalanche has maintained its status as a top 5 blockchain thanks to strong sales from Dokyo, who makes up 83% of their total sales.
- Flow NFT sales are up 87.89% thanks to NBA Top Shot seeing a major resurgence in the past week. NBA Top Shot alone had over $731k in sales, up 119.59% from the previous week.
- Solana had a major network outage today, causing a standstill with all blockchain transactions. This now sets the chain back 12
months as they’ll need 12 consecutive months with no outages to finally exit their beta phase.
- The Quantum Cats finally had their highly anticipated mint yesterday, bringing in roughly $12m to the Taproot Wizards team. Secondary sales will begin today, so expect a lot of action on Bitcoin.
- The top NFT sale in the past seven days was a fat finger 655 ETH ($1.53m) sale of CryptoPunk #5363. But was this actually a wash sale in
disguise? The purchasing wallet was funded with exactly 655 ETH, and the selling wallet had been dormant for months. Hmmm…
- The wallet wars are heating up and both OpenSea and Magic Eden have released some interesting numbers. In just over 3 weeks, OpenSea
had 100,000 wallet downloads, while Magic Eden reached 42k in just 2 days.
After a big green week for the NFT market, the Forkast 500 NFT Index now reflects a massive 5% loss in the past seven days. Crypto prices are largely down over this period, and NFT sales volume, while up, isn’t seeing the top NFT collections find higher floor prices to counter the devaluation from crypto. While we’re waiting for the $JUP liquidity infusion to work its way into the NFT market, a giant roadblock may have been hit just today with the major Solana outage. Will traders be thinking twice about collecting NFTs on Solana?
Have a MEGA GM! |
Mass adoption is a term often used in crypto and NFT that refers to a time when growth reaches a point of self-sustainability. Many believe that crypto is nearly at that point and that NFTs, while still early, are well on their way. In the future NFTs will likely back most digital assets, even if they are no
longer referred to as NFTs, and this is the point many will consider NFTs to be mass adopted. Mass adoption is an important milestone in the roadmap for NFTs, so learning about what it looks like is key to understanding Web3’s growth.
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