For the Love of the Game (Market Commentary) |
Through the chaos in the crypto markets, the frenzy
around celebrity memecoins, and runes like $DOG hitting an ATH light week, NFTs quietly just had their best week of sales in a month, and broke a 7-week streak of declining sales.
Before we start celebrating the upswing in the NFT market, let's point out that fungible tokens were still the main reason why NFTs performed so well, and that NFTs are still in a micro bear market. $PIZZA BRC-20s, the latest hot fungible token on Bitcoin were scalding hot
this week following their free airdrop from the Unisat marketplace to its platform users. This collection on its own represented nearly half of the Bitcoin ecosystem’s sales, and because they are traded as NFTs, its $21M in sales volume this week was exclusively what saved NFTs from another weekly slide. Wipe away that $21M and suddenly you’re looking at a very different NFT market that would now be in its 8th week of declining sales, and also would reflect Ethereum NFTs outselling Bitcoin’s ordinals by nearly 2x.
A shift is underway with traders moving from Bitcoin collectibles,
and back to Ethereum and even its biggest L2, Polygon. Whether this is a fluke from generally low volume or the beginning of a new trend, we’ll find out over the next few weeks. What’s clear for now is that traders are largely ignoring Bitcoin ordinals, whose top collections, NodeMonkes, Bitcoin Puppets, Quantum Cats, and OMB, average sale prices are down 10 - 26%, outpacing the declines of Ethereum and Solanas top collections by a wide margin. Let's throw those BRC-20s back in the mix and you’re looking at a much rosier (and more accurate) picture of the NFT market. NFT sales climbed 18.38% while activity saw an increase through higher transactions, and more buyers, and sellers. Trade profits were the only category that took a hit, but that’s to be expected
when crypto prices are down. We’re now watching for a strong rebound in a crypto market that’s currently seeing record inflows into the Bitcoin ETFs, Ethereum ETF trading on the horizon, and the wild card that is the US presidential race. Get used to these market swings,
because the real violent price action is still to come. - $PIZZA BRC-20 is your top NFT collection this week, as the OG fungible tokens asset class on Bitcoin, BRC-20s, see a resurgence this week. $PIZZA was dropped to
users of the Unisat marketplace, and because they’re traded behind non-fungible inscriptions, they are indeed NFT sales.
- Guild of Guardians Avatars saw an 18.67% increase in sales this week, along with a 25% increase in buyers. Players came for the $1M prize pool, and so
far have stayed for the great gameplay.
- Ethereum Name Service, those can’t miss .eth addresses, saw a massive surge in sales this week. At closer inspection, many of these large
sales seem to be money laundering as opposed to genuine collecting.
- Moon Girl helped break Polygon into the top 5 collections this week thanks to a massive 125.60% increase in sales to $4.58M.
- Fantasy Top is working on climbing back to the top of the charts thanks to 4 new tournaments kicking off this week and driving sales up over 162% in the past 7
days.
- Bitcoin Puppets and NodeMonkes are on the receiving end of low volume in ordinals and runes. Sales have fallen 17.91% and 45.26% respectively while traders have yet again stepped back from NFT trading.
- Bitcoin sales are up 36.21% while buyers are down over 89%. You can thank the
$PIZZA BRC-20 collection for keeping Bitcoin at the top with its sales making up nearly half of the Bitcoin ecosystem’s total sales.
- Ethereum would be the top blockchain this week if it wasn’t for the $PIZZA collection on Bitcoin. Still, sales are up 17.54% to $40.23M on the week as Ethereum
NFTs try to find their footing.
- Solana sales fell 12.67% this week as its fungible token ecosystem continues to be the main draw of the blockchain. Still, collections like Mad Lads are cooking as their partnership
with Wormhole hopes to put the top-tier Solana collection on par with the big boys of ETH and BTC.
- CryptoPunks sales are down over 25% in the past week as the iconic NFTs found new multi-year low prices. Multiple Punks sold this week for under 30 $ETH, hitting its
lowest floor price in 3 years, at the same time that the collection hit its 7 year anniversary of their original mint date.
- Skull of Luci by Sam Spratt saw a record 85 $ETH sale this week, showing that art is slowly beginning to cycle into
the spotlight again. Keep your eyes out for more major art sales to signal that an art meta is back.
- OKX NFT Creation is a brand new free NFT collection on Polygon from F1. These racing-focused collectibles are speeding up the collection rankings as major brands
are once again returning to the NFT space. Sales this week climbed 436% to $1.76M.
- Pandora announced a new ERC-404 launchpad that will see 5% of partner projects’ token supply distributed to Pandora NFT holders. Sales dipped 1,132% to $1.2M on the
week.
- World of Women aren’t just OGs from the 2021 NFT run, but they are innovators and builders who are now branching out to build on Tezos. Details are scarce but expect to see WoW on the Tezos Etherelink L2 in the future.
Crypto took a beating this week, but the NFT market has largely shrugged it off, with sale prices mostly offsetting the loss of value in crypto. Regardless of how the short-term macro crypto and NFT markets feel today, sentiment in both
continues to be high and the uptick in sales volume this week could indicate that traders are sensing an opportunity. The CryptoSlam 500 NFT Index reflects just a -0.35% loss on the week as NFTs largely outperformed crypto.
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 MixMob - ME IN-Wallet Mint
Date - June
11
Blockchain - Solana
Price - Free Claytopians
Date - June 11
Blockchain - Solana
Price - .5 $SOL
Pixel Frens
Date - June 11
Blockchain - Polygon
Price - 14 $MATIC
Dune 404
Date - June 13
Blockchain -
Base
Price - .09 $ETH Gary Baseman - Ahwroo
Date - June 15
Blockchain - ImmutableX
Price - $22 USD
Bjorn Staal - Entangled
Date - June 20
Blockchain - Ethereum and Tezos
Price - .145 $ETH or 600 $XTZ |
Creator fees (aka royalties) are the current battleground in Web3 where project founders and artists are being pitted against traders by marketplaces who want their action. Should marketplaces enforce royalties, or does decentralization mean freedom from forced fees? There’s no better time than right now to learn why
the communities are being so vocal about creator fees.
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