For the Love of the Game (Market Commentary) |
Well, you’ve yet again seen that everything, and I mean everything, can change on a dime. This weekend, a historic event unfolded before our eyes with the attempted assassination of former President Trump. Thankfully, the attempt failed, but there are concerns that this will fuel unrest in the US leading up to the election. Hopefully, instead, this will spark unity.
As we have come to expect, turmoil seems to boost the crypto market. Since Saturday, the day of the shooting, BTC has climbed over 9% to $64,447.39, ETH is up over 9% to $3,453.96, and SOL has risen by 13% to $158.15. We also witnessed the birth of multiple memecoins like $Fight and $Ear, both leaning into what happened in PA, while Trump’s first NFT collection also rocketed up 2x. You can feel it in the air now, the bottom for the crypto market might be in. This bottom follows Germany selling off almost $3B worth of Bitcoin, which they finally completed at the end of last week. Of course, we still have $9B worth of Mt. Gox Bitcoin that we expect to see a portion of hit the market. However, given how the market absorbed the German Bitcoin, it
may not have the effect we once thought it would. We also have FTX repayments to creditors later this year, totaling over $15B in cash credits. Considering these creditors are already crypto investors, there’s a good chance a portion of that comes back into the market. The RNC is now in full swing, and it’s expected that we’ll hear the GOP talking in-depth about crypto. Remember, Donald Trump has officially been confirmed as a speaker at Bitcoin 2024 in Nashville later this month, and Trump’s VP is the pro-crypto J.D. Vance. In the immediate future, we have ETH ETFs hitting the market officially next Tuesday, with Solana ETF filings coming soon as well. Now onto NFTs, The NFT market had its third week in a row
of increasing sales volume, with $104M in cross-chain sales last week. Sellers were up 9.24%, buyers up 7.05%, transactions up 23.98%, and trade profits were up 55.24%, though still in the negative at -$3.1M. There’s a different energy in Web3 now, with lower inflation numbers coming in last week, the strong performance of BTC against the German sell-off, and now the GOP is fully behind crypto. Volatility is here, but so is a different type of
adoption of crypto that we’ve been building toward for years. It’s called mass adoption, and it’s right around the corner. - DMarket cooks again this week as the top NFT collection with $3.8M in sales and over 12k unique buyers.
- Send it is the first (and definitely not last) NFT to be minted via Blinks on Solana. $3.3M in sales volume and an ecosystem rooting for its success, this is just a taste of what’s coming on
Solana.
- Froganas and Madlads are the top 2 PFP collections this week and they both live on Solana. Noticing a pattern here?
- Nodemonkes, even with low volume across the bitcoin ordinals market, are still a top ten collection with $2.1M in sales last week.
- Mocaverse had their TGE last week for their $MOCA token, and while their NFT prices fell (as expected), listings were met with collectors who are eager to join their
community.
- Ethereum’s streak as the top blockchain for NFTs continues into its 5th week, with $32M in sales. Going by
community sentiment alone, it seems like traders are gearing up for a more significant resurgence for ETH NFTs later this year.
- Solana is one of the most surprising ecosystems of this year, and its NFTs’ performance honestly has me at a loss for words. Solana saw $25.3M in sales last week, up 48.73% from the
prior week. Long live Solana NFTs.
- Polygon has turned heads over the past few weeks, with NFT sales on any given day surpassing Solana and Bitcoin. Sales came in at $24.7M last week, up 166.74% from the first week of
July.
- Bitcoin is dead as dead can be, and still has collections with floor prices that rival the top NFTs on any blockchain. It's $17.7M in sales last week is up 3.72% from the prior week and
may be a sign that a turnaround could be on the horizon.
- Solana’s Claynosaurz cleaned house at the Collision Awards, winning 13 awards in total against titans like Disney, Sony, and Paramount. The Claynosaurz
NFT collection’s sales are up 163.83% today to $43,799.
- The iconic Chrome Squiggles collection is celebrating a milestone moment after the final piece of the collection, #9999, is finally
being minted. The broader community is welcome to join the moment by signing the squiggle via a small free (minus gas fee) transaction.
- Yuga Labs is in the news again, as they launch the testnet of their ApeChain today titled Curtis. They also are making news for the wrong
reasons yet again, as their Made By Apes platform suddenly disappeared after an apparent data leak and controversy with the dev behind the site. It sounds like Yuga Labs is building out the platform on its own going forward, so expect a re-launch of Made By Apes in the very near
future.
The CryptoSlam 500 NFT Index is down -6.98% in the past week even with crypto prices soaring to multi-week highs. NFT collections continue to grind to lower prices but still are finding genuine collectors happy to take
positions.
There are still plenty of expectations that NFTs are going to have a significant run later this year or in 2025, but for now, it’s important to know that the market hit its all-time low on 7/12 when it hit 1,299.60. 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 Murakamai Flowers Collectible Trading Cards - 108FLOWERS Date - July 16
Blockchain - Base
Price - 0.001 ETH CyberKongz - Untitled
Date - July 18
Blockchain - Bitcoin
Price - 100,000 $DECENTRALIZED Aliens - Xenomorph Date - July 21
Blockchain - ImmutableX
Price - $50 USD |
"Mass adoption" refers to the widespread acceptance and integration of a new technology, product, or service by the general population. This term is often used in the context of emerging technologies, such as cryptocurrencies, blockchain, or new software applications, to indicate that these innovations have moved
beyond early adopters and have become mainstream.
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