For the Love of the Game (Market Commentary) |
Last week felt like the beginning of something big—maybe even the catalyst we've been waiting for. It
started with Jerome Powell’s announcement that policy changes are on the horizon, confirming that interest rate cuts are coming in September. This was the nudge traders needed to regain a bit of confidence, and the market responded with Bitcoin touching $65k over the weekend, Ethereum climbing to $2,800, and Solana ripped to $162.
But the real excitement is in the NFT space. CryptoPunks have been on an absolute tear over the past week, with over 47
Punks sold in a single day last Tuesday—the best day for Punks in nearly a year. In the past seven days, 91 of the top 100 NFT sales are CryptoPunks. This frenzy pushed the Punks floor price to over 29
ETH, and now sits at levels last seen over 2 months ago.
It’s not just CryptoPunks making waves though. Another major indicator, this one in art, flashed over the past few days as multiple high priced XCOPY NFT were sold. “The State of Us” sold for 40 ETH, "The Doomed" was for 21 ETH, "DEATHLESS" for 40 ETH, "OVERLORD" for 35 ETH, and "Gobble" for 22.62 ETH. The market is buzzing, and we’re really almost back. I say “almost” because the CryptoSlam NFT Index isn’t showing growth over a 30 or 60-day period.
The market is down -5.97% over the past 30 days and -9.7% over the past 60 days. Still, the global market saw its highest sales in four weeks with $94.5M in cross-chain sales, up 23% from last week. While sellers dipped -2.58%, buyers were up 6.72%, transactions increased by 9.45%. We’re still hurting for profits though, with them falling another -16.74% this week to -$7.59M. All around, it’s exciting in crypto and NFTs. That slow September we were expecting may not materialize at all. So get ready for a fun end to 2024 and a potentially explosive 2025, because maybe, just maybe, the bull run starts now. - CryptoPunks are the king of NFTs again with over $7.3M in sales over the past 7 days. We may be seeing holders’ conviction at play here because even with transactions up 41%, unique buyers fell
-37%.
- SMB Gen 2 celebrated their 2nd anniversary earlier this month, but the celebration continues through this week. Sales are up 53.53% in the past 7 days to $3.2M.
- Bored Ape Yacht Club is back up to a 13 ETH floor price as they racked up $3.1M in sales. The Apes gathered in the Otherside Metaverse last week for a free-to-play poker night, and are
gearing up for Apefest 2024, an Ape x BAPE Season 2 collab, and a big scavenger hunt coming from co-founder Gordon Goner.
- NodeMonkes continue to recover from their summer lows, with buyers flocking back into the top tier ordinals collection. Of the top ten NFT collections, Nodemonkes saw the biggest increase in
buyers (+69%), who drove over $2.3M in sales.
- Ethereum, unsurprisingly, is the top ecosystem for NFT sales again, with $37.1M in sales. Credit goes to
the CryptoPunks for their help this week, but the entire NFT market was in the green, and Ethereum is synonymous with NFTs.
- Solana also had a great week for NFT sales, with a mix of new mints, and existing NFT collections finding volume. Sales were up 9.45% this week to $19.5M
- Bitcoin sales actually fell over the past 7d, with volume declining to $13.28M. Still, the top ordinals collections found higher floor prices like NodeMonkes at .137 BTC, Bitcoin Puppets .093 BTC, OMB at .171 BTC, and Quantum Cats at .28 BTC.
- Sony is launching an Ethereum L2 blockchain called Soneium this week, with an aim of driving mainstream adoption. They’re talking
entertainment, gaming, and finance, and are boasting tools for developers and tools to navigate regulations. This. Is. Big.
- A major stimulus may be coming to NFT traders through the officially announced $ME token from the ME Foundation. $ME will be adopted by the
Magic Eden marketplace, and will likely be the reward for ME’s diamonds. Details are still coming, but if integrated properly, this could really spice up the NFT market.
- Fantasy Top is seeing a resurgence on Blast, as new tournaments attract old players, and secondary NFT sales increase 20% to $975K on the week. Keep an eye on the Blast blockchain, which saw a
record 2.3M daily transactions on Aug 20.
- Pudgy Penguins are touring Asia this week, stopping in Bali, Tokyo, Seoul, Kuala Lumpur, Singapore, Hong Kong, and Bangkok. In the next few weeks they’ll be revealing details about their Abstract chain, and likely be revealing details about their gaming ecosystem. This has traders hyped, including someone who is funding wallets and bidding on millions worth of pengus.
- The Forgotten Runiverse open beta is now live on Ronin and will be live for the next two weeks. The beta is titled New Foundations and is a Web3
MMORPG.
NFTs had a fantastic week this past week, with the CryptoSlam 500 NFT Index up 1.96%, our first green week in nearly two months. Crypto was up, NFT floor prices up, and vibes are slowly returning to bull market form.
Traders may be semi-cautious over the next few weeks, but then again, few are doubting that a substantial run is coming. Heck, stablecoin supply has hit an all-time high of over $169B this week, a major indicator of a liquid
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.
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The OP Stack is a toolkit for developers to scale Ethereum as a Layer 2 solution. Complete with security and customizability, the OP Stack is used in the Super Chain ecosystem, which includes Base, Zora, Optimism, and now Sony’s Soneium. There
are many more blockchains in the Super Chain along with many more reasons why builders love the modular system. Dive in to learn about who else uses the OP Stack and why it’s such an important component of Ethereum’s future. Happy researching! Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
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