For the Love of the Game (Market Commentary) |
Let’s start with a quote from last week’s NFTs On Deck
newsletter
“Still, as we gear up towards the November election I’m expecting crypto to enter its most volatile period we have ever witnessed before. That means wild price swings, new ATHs, massive dumps, and the SEC throwing all of their weight against crypto businesses in potentially one last-ditch effort to kill it.“
Just 1 week later and we’re already getting a taste of just how wild the next few months in Web3 are going to be. The shocking part is, that instead of the SEC attacking crypto even more aggressively, it seems they may actually be embracing it.
Rumors are spreading that the SEC is
likely to approve Ethereum NFTs this week, which is a major about-face considering $ETH was declared (in private) a security in March. What is happening may be a direct reaction to Donald Trump announcing he would embrace crypto, because until now, the current administration has signaled the exact opposite. An Ethereum ETF approval would signal, potentially, the current administration changing its stance on crypto in the short term. Now $ETH is approaching its 1 year high, at the same time Bitcoin is racing closer to its ATH. And still, things are only going to get more wild as the political season rolls on. Like the previous week, the volatility in crypto is not having much of an impact on NFTs, and we yet again found both a 2024 low for NFT sales and also 28-week low. We also saw a substantial decline in sellers, buyers, and transactions, while sellers for the second week in a row saw an increase in profits (though still in the negative).
Again, the word of
the day, week, month, and probably year is “volatility”, so don’t let any numbers, up or down, lead you toward any drastic action. What we’re witnessing is all part of the process of mass adoption, and as we have prepared for it, it’s just getting started. - Ordinals sales continue to fall this week, down --16.35% from last week, while buyers fell -41.09% and sellers down -31.55%
- Fantasy Top has turned into one of the hottest NFT collections in the world over the past couple of weeks, and with sales in the past 7d coming in at $9.3M, it is the top
single NFT collection in all of Web3. (The general ordinals collection above is a grouping of most ordinals collections)
- Guild of Guardians is in the midst of their first paying tournament, and with sales up another 16.07% this week to $3.9M, clearly, the players are loving
the experience.
- CryptoPunks had a major fire this week as they planned to launch a 500 ed derivative collection from Nina Chanel under the Punks brand. The community was beyond furious,
and a selloff began as holders were losing faith in Yuga Labs.
- Bored Apes haven’t been hurt by the CryptoPunks controversy yet, and with Apefest 2024 tickets on sale today, BAYC NFTs are soaring. In the past 7d sales
climbed 23.35% to $2.21M, while their little brothers, the Mutant Apes, saw sales climb 32.31% to $1.89M
- DraftKings’ sales yet again show that NFTs will be a core part of the future of fantasy sports. Sales are up 229.35% this week to $2.12M.
- Milady is the counterculture NFT collection, and in a way is more punk than CryptoPunks. As floor prices fall across most NFT collections, Milady is heading in the opposite
direction, with floor prices up 40% in the past 24h, and sales up 289.35% in the past week.
- Ethereum is your top blockchain by sales volume this week as sales climbed 13.45%
to $41.95M, while buyers are up over 29%. $ETH ETF approval has the ethereum community re-energized. Will it translate to more NFT sales?
- Bitcoin sales continue to struggle, with sales falling another -10.05% this week. With $BTC closing in on its previous ATH, and Runes picking up momentum again,
collectors are preparing for another season of hot ordinals action.
- Polygon is ripping this week thanks to DraftKings’ trading action, and in the past 7d saw sales increase 31.11% to $13.22M. Unique buyers increased 100.81% on
the week as well, as L2s continue to expand their user bases.
- Blast may appear to be a 1 trick pony in regards to NFTs, but the gamified NFT ecosystem with refundable NFTs is showing just a taste of what this ecosystem will
bring to the table down the road. Sales this week fell -38.36% with just over $10.46M in sales in the past 7d.
- The Captainz (Memeland) and Pixelmon announced a partnership this week that allows $MEME token holders to stake their $MEME token to earn Pixelmon’s $MON token.
- Panini’s collectible NFT cards are ripping just as fast as their recent NFT packs got ripped. The NBA playoffs seem to have reignited the sports collectibles
platform, and their sales have climbed another 1,299% to $1.43M in the past 7d.
- Cardano’s 2nd biggest NFT collection, The Ape Society, announced that they’re moving to the Base blockchain. While the collection only saw $2,601 in sales this week, we now have a perfect way to measure the growth they’re expecting to see when they move homes.
- $CORE BRC-20s are the hottest BRC-20 currently being traded behind an inscription (NFT), with sales this week coming in at $2.08M.
A recovery has arrived in the NFT market, even though the market has lost -1.08% of its value in the past week. The CryptoSlam 500 NFT Index is reflecting yesterday’s
positive reaction to Ethereum ETF approval rumors, and crypto prices are pumping NFT prices.
NFTs value, at least in the past day, is clearly on an upward trajectory, and as the political season heats up, expect the CryptoSlam 500 NFT Index to reflect a stormy, but exciting NFT market.
Be smart and keep your finger on the pulse of this market, by keeping your eyes on CryptoSlam and the indexes. You can stay
plugged in by fixing your vision on our new daily Web3 live show called Chain Reactor.
Have a MEGA GM! — Yehudah Petscher MegaVolt Labs - Da Squish
Date - May
21 Blockchain - Ethereum
Price - .015 $ETH LORN
Date - May 21
Blockchain - Bitcoin Price - .00199 $BTC
BLACKPINK - Stage
Date - May 26
Blockchain - Immutable
Price - $25 USD |
Volatility, in the simplest terms, is like that one unpredictable friend who’s always either the life of the party or a total buzzkill. It’s the measure of how much and how quickly the price of an asset, like an NFT or a cryptocurrency, can move up or down. In the NFT space, volatility can mean big gains in a short
time, but it also comes with the risk of equally dramatic losses. Think of it as the wild rollercoaster ride that keeps us all on the edge of our seats, for better or worse. Learn about volatility and how savvy traders use it to their advantage, while those less experienced can be wrecked by it.
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