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For the Love of the Game

(Market Commentary)

Hey guys, maybe hold on to your Bitcoin for the next 20 years or so, because according to Michael Saylor, Bitcoin could soar as high as $49 million by 2045..

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Last week and into the weekend marked a milestone moment for Web3 with 2024’s Bitcoin Conference and Inscribe Nashville. The Bitcoin Conference was packed with historic moments, including Donald Trump headlining the event on Saturday. Some of my favorite moments included Trump predicting Bitcoin’s market cap might surpass gold, advocating for Bitcoin as a strategic reserve, pledging to fire Gary Gensler on day one, and expressing admiration for the camaraderie in the crypto space. He seemed genuinely impressed by the collaborative spirit, noting it's something he's not used to seeing in his business dealings.

Senator Cynthia Lummis also made waves by proposing that the US government hold 5% of the total Bitcoin supply. Meanwhile, RFK Jr. suggested the government should hold as much Bitcoin as it does gold. Could you imagine crypto being discussed this way just a few years ago? I certainly couldn't.

The crypto market—and hopefully NFTs—seem primed for new all-time highs in the near future. Though we still haven't felt the impact of the Mt. Gox Bitcoin distribution, and now we have the US government moving $2 billion worth of Silk Road Bitcoin from their wallet, likely to sell.

Still, sentiment is incredibly high in this space at the moment, and why wouldn't it be? ETH ETFs went live last week, and while trading was mostly outflowing volume, we saw roughly $3 billion in total volume in just four days. It's wildly impressive, and at some point, that’s going to flip to the positive.

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We also had some great NFT news last week. Pudgy Penguins announced that they've raised $11 million for their abstract chain and Luca Netz shared that Pudgy Penguins will be the mascot for all of crypto, not just NFTs. I finally had my "aha" moment with the Penguins, understanding that their goal is much more ambitious than most of us assumed. I couldn't be more excited and confident about this space.

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The NFT market, as expected, cooled off during the Bitcoin conference. 

NFT sales fell for the first time in 4 weeks, now down to $96.31M. Sellers fell -5.84%, buyers down -13.29%, and trade profits took a dive to -$4.14M.

We’re now in the historically slow part of the year for NFT trading, and need crypto to find new ATHs if we hope to see that trend break. Volatility is still key, and there’s no shortage of that in the last 100 days of the election cycle. Prepare for the unexpected.

Peep the charts

• Guild of Guardians Heroes is the top NFT collection this week with sales up a whopping 193.30% and $3.98M in volume. Their Web3 game on the Epic Games Store shows the future of NFTs is already here in 2024.

• Solana Monkey Business is the top PFP collection and saw over $3.26M in sales. 

• NodeMonkes and Bitcoin Puppets both saw sales increase in the past week, up 78.80% and 19.23%. Floor prices in both collections are now at multi-month lows of 0.13 BTC and 0.09 BTC.

• Ethereum is the top blockchain for NFT sales volume for the 7th week in a row. Last week we saw over $29.77M in sales, even with sales falling 8.42%

• Solana saw the biggest decline in NFT sales last week out of the top 5 blockchains, with sales falling 23.75%

• Bitcoin ordinals are struggling and PFPs like NodeMonkes and Puppets are at prices many thought we wouldn't see again. Sales fell 20.32% to $15.64M

Noteworthy Happenings

• The Doodles wowed the NFT space last week with the release of their new Dullsville and the Doodleverse trailer, and followed it up now with the announcement of Doodles TV and Doodles Records. Doodles Records will release the Dullsville soundtrack with music by major artists like Coi Leray, Lil Yachty, and Lil Wayne.

• Bored Apes are shockingly not in the top ten this past week, but there was still big news in their ecosystem as they opened the door to their Otherside Metaverse. This past Saturday was the first ever Project Dragon multiplayer game which saw thousands of people battling in a 3rd person shooter. The gameplay was janky but the overall reaction was that the experience was fun. Project Dragon will be live again next month.

• The CyberKongz Ronin collection, Genkai, saw an airdrop of consumable Emaki NFTs, and the launch of a new manga, and teased their Untitled ordinals phase 2. 

NFT forecast

The CryptoSlam 500 NFT Index fell another -2.07% this week, now down to 1,314.02. Volatility in crypto is still holding NFTs back, as traders require stability in underlying currencies before spending on luxury items. Floor prices are down along with crypto prices, making a perfect storm for NFTs right now. 

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.

— Yehudah Petscher

News Headlines

• DraftKings is shutting down Reginmakers NFTs and their on-site marketplace today. 

• The California DMV is putting car titles on the Avalanche blockchain. 

• The Doodles bridge from Flow to the Base blockchain is now open for Doodles Studio 

• Aavegotchi 3d avatars are now live for the OG Gotchi collectibles. 

• Yuga Labs’ Otherside Metaverse will be hosting a poker night on Aug 18.

Upcoming Drops

The Doodles - Doodles TV Super Pass (Season 1)
Date - July 30
Blockchain - Base
Price - .0021 ETH

N0 0rdinary kind
Date - Aug 1
Blockchain - Bitcoin
Price - 0.0014 BTC

DeltaSauce - Issues
Date - August 8
Blockchain - Ethereum
Price - TBA

Forsaken
Date - Aug 10
Blockchain - Ethereum
Price - .02 ETH