For the Love of the Game (Market Commentary) |
A supercycle? Is that what you think is coming? Ladies and gentlemen, it’s time to set your sights a
little higher, maybe towards an AI-driven OMEGA CYCLE. And yes, NFTs will be part of this. As of this week, OMEGA CYCLE is what we’re now calling this crypto cycle because what’s brewing is something bigger than anyone probably expected.
Memecoins have
entered their own supercycle, climbing to an all-time high market cap of $131b. AI is in its own supercycle, powered by NVIDIA and their world-leading $3.5t market cap, OpenAI, and their fresh $157b valuation, and now the next evolution of AI, AI agents taking over social media. Truth Terminal, Zerebro, Shoggoth, Eliza, pmairca, Naval, and hundreds of new AI agents are in the midst of dominating mindshare as some of the top crypto influencers on X. Their next evolution is the integration of crypto wallets (already happening), and then a small code buff that allows them to
trade. Now the agents’ tokens have reached astonishing market caps in the hundreds of millions, and some like Goat, have already cracked over $1b. They’re masters at capturing attention, are currently being trained on blockchain data, top traders’ activity, the best alpha chats and news sources, and once they are let off their
leash, will run circles around your average crypto trader. To add even more jet fuel to this nuclear fire, the ai16z team is getting set to launch swarms, a new upgrade that lets anyone launch swarms of AI agents who are led by another autonomous ai agent. Simply put, the market will be dominated by AI trading volume, and liquidity will flow in a way we’ve not seen before thanks to T1 exchanges like Binance, Kraken, Coinbase, and Robinhood listing
these memecoins. So what’s NFTs' role in this OMEGA CYCLE? NFT traders and memecoin traders are largely the same people, trading for the same reason and with a similar approach. But NFTs still represent the community in a way that fungible tokens just can’t seem to yet (though maybe it’s AI agents and daos that rally the
community).
Right now, new memecoin NFTs like ZEREBORN, Luces, Goatses, Pixel Moos, etc are bringing vibes back to the NFT market in a big way and giving memecoin traders a banner to fly. NFT collectors welcome this energy because the market has just exploded to a fresh 29-week high for NFT sales. While the NFT market may not see the volume that touches what we saw in the previous cycle, we’ll certainly benefit from the close link to memecoins. You never know, just like few people saw AI agents changing the narrative of this cycle, you
never know when a fresh take on NFTs could shift NFTs into a supercycle of their own. - CryptoPunks are the king of NFTs this past week with $20.96m in sales, up +198.67% from the prior week. Sellers also climbed 77.78%, and the top Punk sale was
CryptoPunk #8958 which sold for 169.69 ETH ($519k)
- DMarket dominates in the bear market, and it dominates in the bull. It’s the #2 collection even with sales being flat at $5.58m, speaking to how much demand there
is for CounterStrike gaming skins.
- Doodles just dropped the biggest collaboration in the history of NFTs with their new McDonalds partnership (details below). The NFT collection is cooking thanks to the big news, with sales up
+366.18% to $3.78m. Average sale prices are at a 9-month high, coming in at $6,849.11 so far in November.
- ZEREBORN is the NFT collection made in collaboration with the Zerebro memecoin dev, and boy do people love them. Sales are up 108.82% to $3.57m, while floor prices have climbed to as high as 8
Sol.
- Ethereum remains the top blockchain for NFT sales volume, with volume up +57.85% to $65.81m. It’s a bunch
of familiar faces that are leading the way on ETH with Punks, Bored Apes, Pudgy Penguins, Doodles, and Milady coming in as the top 5 collections this week.
- Bitcoin ordinals (and BRC20s) are cooking, up +38.88% to $58.53m. The top collections are Bitcoin Puppets, NodeMonkes, the general Ordinals collection, OMB, and Runestones. Big volume in Runes should bring more liquidity to ordinals, so watch out for the collectibles market to soar soon.
- Solana is also seeing a big uptick in NFT sales volume, now up +51.96% to $26.78m. You can thank the new memecoin NFT collections for the extra attention, with the top 5 collections
welcoming 3 memecoin NFTs - ZEREBORN, Luces, and Goatses.
- The biggest partnership in NFT history? Yes. Yesterday, The Doodles and McDonalds officially released their new collaboration, which includes Doodles art on McDonald’s coffee cups at every store through the end of the year (100 million cups!), physical merch, and digital wearables for Doodles avatars. McDonald’s X account even posted the partnership, while changing their banner to Doodles art, and featured the
Doodles front and center in the McDonalds mobile app. All eyes are now on Web3, and this move will pay off for years to come for the Doodles.
- The Magic Eden team has returned from a company retreat, ready to deliver Rune swaps, and their highly anticipated ME token.
Token details have now been released, revealing that the token will come out by mid-December, 12.5% of the supply will go towards the initial ME token claim, another 37.7% will go to the community via rewards over time, and just under 50% going to contributors and partners over the
next 4 years.
- Runes have finally made it to the big leagues as the red-hot Dog Go To The Moon rune finally got listed on a T1 exchange. Last week, Kraken announced perpetual Dog trading, which has had a massive ripple effect throughout the rest of the rune ecosystem. Dog is up +94.2% in the past week, Cypher Genesis +436%, Decentralized +64.2%, but basically, it’s green across the board in runes.
Thanks to Dog’s listing, the original Runestones ordinal is seeing big action in the market, with sales up +190% to $1.73m on the week.
- After delivering incredible art over a 3-year long journey, Yuga Labs’ PROOF Collective is calling this the end for the art collective.
Over the past few years, holders were treated to events, and hot art mints from some of the biggest artist in the digital art space. Pass holders will receive 1 final mint which will arrive early next year. Stay tuned for more details.
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 |
Swarm Technology refers to a system of AI agents that operate collectively, inspired by the behavior of biological swarms like ants or bees. In crypto, swarm technology enables groups of AI agents to work autonomously to trade, gather
data, and execute complex strategies, amplifying efficiency and speed in the market. This emerging tech could reshape how trading is conducted, making it essential to understand as we head deeper into the OMEGA CYCLE. Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
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