For the Love of the Game

(Market Commentary)

Uptober is in the books, and what do ya know, we actually finished up!

Let’s talk about the value of your bags to start, because things weren’t great in that regard. From the start of October through the end of the month, the value of the NFT market plummeted -7.36%.

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That’s not to say that everything in your wallet was down. While some top collections like Mad Lads and Pudgy Penguins saw their average sale price fall -15.52% ($6,991.93) and -4.85% ($23,944.29), others found Uptober realized in a very big way. 

Azuki’s average sale price climbed +7.86% to $14,793.81, NodeMonkes were up +12% to $9,851.25, and some of the biggest winners saw their average price climb thousands. BAYC was up +17.41% to $35,544.66, Milady +24.67% to $10,593.23, Bitcoin Puppets +45.57% to $8,477.40, and one of the biggest winners was Retardio Cousins, which climbed +100.42% to $4,551.48.

The “cult” projects continue to be the NFTs that trench warriors (people who focus on memecoin trading) prefer to spend their hard-earned gains on. It makes plenty of sense too. Collections like Milady, Puppets, and Retardio Cousins have little execution risk, even on the PR front. In this space, controversy is usually pretty bullish for prices. Above all, these collections are a flex to others that you’re an active trader who says will make money in other places, but this asset you own for fun, and you’ll hold it no matter the price. Pretty strong narrative IMO.

Weekly NFT sales fell for the 2nd straight week last week and are down -6.86% to $71.90M. It was a downtrend almost across the board as traders rode crypto to near ATH last week, and pulled back from trading NFTs.

But monthly NFT sales for October confirm our Uptober status, with sales coming in at $356.43M, a +17.42% increase from September, and putting a stop to 6 months of declining NFT sales.

We’re deep into the slowest time of the year for NFT sales, but over the past 3 years, once we break our sales skid, NFTs ramp up for the remainder of the year. Of course, the Presidential Election will impact crypto immediately, but what about NFTs? Are we in store for a Moonvember or will NFTs pretty unimpressive 2nd half continue on?

The only way to find out is to keep your eyes fixed on CryptoSlam and our daily lineup of shows including Chain Reactor (9 am EST), The Side Hustle (11 am EST), and The Non-Fungible Idiots (4:30 pm EST) live M-F. 

Tomorrow at 4:30 pm EST, OSF from Rekt Brands / Rekt Drinks will be joining us for a chat about his majorly successful Rekt Drinks sale, which saw 222K cans of their sparkling drink sell out in just 48 hours! You can catch the show on X and YouTube live.

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Peep the charts

• DMarket is the king of NFTs this week even with sales down -11.91% to $5.73M and a -10.04% decrease in buyers.

• Courtyard saw big gains this week with their Brinks vaulted physical collectible cards that are paired with NFTs trading for over $2.04M on secondary. That’s a +105.33% increase from the prior week while buyers were up +73.21%.

• Element 280 NFTs are in the midst of their NFT mint which uses their TITANX token, and it’s doing big numbers. Sales are up +54.96% on the week to $1.63M as the hot collection lands in the Top Ten.

• Mad Lads are racking up sales, and their holders are raking in tokens. Sales were up +48.31% on the week to $1.54M, and new announcements of token rewards from LAIKA and Wormhole are keeping holders happy.

• Ethereum continues its dominance of the NFT market, this week with sales up +4.16% to $27.21M. Sorare was the top collection on Ethereum this week with $1.83M in sales.

• Bitcoin sales were up +14.29% to $14.76M behind strong sales in Bitcoin Puppets ($1.83M), OMB ($1.39M), and NodeMonkes ($1.39M).

• Solana sales were down -33.56% to $13.17M as the Solana NFT ecosystem saw a massive cooling off in the past week. 

• Mythos Chain sales fell -6.56% to $10.98M, with over half of those sales coming from DMarket. Mythos Chain will soon welcome a new Pudgy Penguins Pudgy Party game to its ecosystem, and with it, a rush of new users and volume.

Noteworthy Happenings

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• OpenSea dropped a big tease yesterday, announcing that a new OpenSea is coming in December, and fueling speculation that they will finally be releasing a token. A screenshot being shared on X shows a new Leaderboard tab on the marketplace, which usually means points farming for a token. 

• Rekt Drinks is showing the world what Web3 brands look and operate like in 2024, and it’s pretty darn impressive. Last week the team sold out 222K cans of their sparkling water in just 48 hours during their worldwide release. The NFT tie-in? RektGuy NFT holders are owners of the Rekt Brands after receiving stocks in the company in a surprise move late last year.

• XCOPY’s data_lords was the top NFT sale last week thanks to an auction on SuperRare that brought in a high bid of 168 ETH ($413,154.89).

• Pudgy Penguins released one of the best-looking physical figures Web3 has seen to date with their LE “The Great Ghost Pudgy Figurine”. They were limited to just 150 editions, priced at $299, and sold out within minutes. You can now find them on secondary markets like eBay with the lowest listings sitting at $785 currently.

NFT Forecast

The CryptoSlam 500 NFT Index is down -2.67% in the past 7d and now is on a 7-week skid. In the past week, Bitcoin is down -3%, Ethereum -7.1% and Solana -6.09%, and as crypto prices tumble, they’re dragging NFT value down with it. Still, there are select NFT collections that are finding success, so it’s all about riding the current meta which is still cults.

The election today should bring some direction to crypto, and will likely have us on our next leg up to ATH regardless of who wins. No matter who you’re voting for, make your voice heard and go vote!

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

News Headlines

• Immutable is the latest major crypto platform to receive a Wells notice from the SEC.

• Memeland is launching a new memecoin payment platform called MemePay.

• Ordinals and Runes creator Casey Rodarmor gifts rare skull inscriptions to Minecraft players.

• $1.7T UBS is bringing tokenized treasurys to Ethereum via uMINT.

• Consensys announces a major round of layoffs with a reduction of 20% of staff.

• Visa and Coinbase partner for instant crypto buys with debit cards.

• The Aavegotchi testnet Geist is now live along with a free NFT mint for Gotchi holders.

Upcoming Drops

Magic Eden - Emmy Spells it Out: A Lesson in RETARDIO!
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