For the Love of the Game (Market Commentary) |
It’s a huge week for Web3, with Ethereum ETF trading going live on Tuesday, and then Donald Trump
speaking at Bitcoin 2024 Nashville on Saturday. It’s even rumored that Elon Musk will be attending to interview Donald Trump. As expected, the market is really starting to cook ahead of the major events. Even Solana is riding a wave of speculators who expect memecoin season 2.0 to kick off soon, fueled by its own
ETF news. In the past 7d Bitcoin is up 6.1%, Ethereum 2.3% and Solana up a whopping 17.3%. NFTs are heating up too. We’re now continuing to see sales volume climb for the 4th week in a row, while new mints are selling out and leaving collectors well in profit. This was a major sign we were watching out for, and now the CyberKongz Untitled and Aeons mints on Bitcoin are giving us strong evidence that a turn
around is really here. The Kongz Untitled collection minted for .0015 BTC (priced in their $DECENTRALIZED Rune) and climbed to as high as .11 BTC, while Aeons minted at .0018 BTC and rocked up to .013. We have to be careful not to get ahead of ourselves. Remember that wild volatility we were expecting? Well, Joe Biden dropping out of the presidential race is exactly the type of event I was talking about when I said that we’re entering the most volatile period for crypto yet.
Both the crypto and NFT markets saw immediate reactions to Biden’s historic news. Bitcoin fell over 2% and NFT action hit a
screeching halt the moment news hit the internet. We then saw Biden throw his support behind his VP Kamala Harris, and the market then ran to a new 5 ½ week high. With volatility comes opportunity, and finally those opportunities aren’t just in memecoins, they’re now roaring back to live in meme NFT collections. In the past 7 days Milady Maker saw its floor price climb 10%, Redacted Remilio 20% Redardio Cousins 48%, Based Angles 186%, and the list goes on. The broader NFT market saw an increase in sales, the lowest week of wash sales since November 2022, and an increase in buyers and transactions. Traders are coming back to NFTs.
Slowly, and then all at once. - SMB is the big winner of the week, as the OG Solana NFT collection rocketed up the leaderboard this week. Sales were up 243.04% to $5.26M while buyers soared
167.96%.
- Mad Lads also cooked as one of the top NFT collections in the world by price, currently with an $11k average sale price this month. Sales were up 30.85% and buyers climbed
23.76%.
- Retardio Cousins perfectly reflect the NFT space today, with memecoins and meme NFTs capturing almost all of the attention of traders. The Milady derivative collection was pumped by Lil
Pump and saw its average sale price 3x this month up to $2,775.
- Bitcoin Puppets and Nodemonkes both are trending up as traders predict that Bitcoin collections have found their bottom. Bitcoin Puppets saw a 27.64% increase in sales while NodeMonkes are up 8.17%. When the market really starts cooking, expect to see these 2 near the top often.
- Ethereum is now on a 6 week winning streak as the top blockchain for NFT
sales.
- Solana’s NFT ecosystem is right behind ETH, and quickly closing the distance. Sales were up 8.53% to $26.13M, and the energy on Solana makes me think a flippening is coming
soon.
- Bitcoin was the biggest gainer of the top 5 blockchains this week and saw sales climb 49.95%. With a mix of OG collections and new mints both finding success, Bitcoin season may just be
around the corner.
- The Doodles new animation trailer shows the quality of Web3 IP, and the future of storytelling. Dullsville and the Doodleverse features major celebs including Swae Lee, Lil Waybe, Lil Yachty and Coi Leray. Sales are up 20.29% this week to $808K.
- Aeons and Untilted on Bitcoin are some of the hottest collections of the week. Their impressive sales of $2.4M and $480K have rolled in over the past 5 days, but the most significant part of their story is that their fantastic art may be signalling that a new meta for eye-catching art is here.
- Yuga Labs had multiple big announcements this week with the launch of their ApeChain testnet called Curtis, a major partnership with
PixelVault, and news that the Otherside will open its doors on July 27th for an event called Project Dragon. Bored Ape NFT sales were up 20.78% on the week to $1.9m.
The NFT market finds itself in another down week, as the CryptoSlam 500 NFT Index has lost another -1.99% in the past 7d. YTD the index is now down -47.28%, highlighting how this bull market has so far mostly been outside of
NFTs.
The increased sales volume is a welcomed sign that the fortunes of collectors may soon change, and new ATHs in crypto will bring that to fruition in a blink of an eye.
All eyes are on Nashville this week as the conversation around the future of crypto and its potential place in the US financial system will be a hot topic of the Bitcoin 2024 conference. It’s an exciting time for those in
Web3.
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 - 2018 NFT art marketplace KnownOrigin is winding down operations as consolidation and closures continue to sweep across the NFT ecosystem. NFT assets remain tradable on all
Ethereum marketplaces, but metadata is only safe while IPFS fees are paid.
- Yuga Labs’ Made by Apes platform will be reborn as MBA 2 and will launch on ApeChain soon. This follows the original site being decommissioned after accusations of data leaks by
former MBA platform creator.
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Satoshis, more commonly referred to as sats, is a small currency on the Bitcoin blockchain. There are 100 million satoshis in 1 BTC, so you can loosely think of satoshis similar to how the penny is the smallest currency of the USD.
Bitcoin’s NFTs (ordinals) are “inscribed” on Satoshis, so they are integral to the Bitcoin digital collectible ecosystem. There’s plenty more to learn about Satoshis, so dive in to learn about how the tie into the Bitcoin economy. Happy researching! Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
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