For the Love of the Game (Market Commentary) |
The moment we have been waiting for it has finally arrived - NFTs are back, and the numbers are back
this time.
We’ve been watching the CryptoSlam 500 NFT Index for months, specifically looking for the index to flip green in the 30d period. Well, that moment arrived when we crossed into the positive over the weekend for the first time in 9 months. What does it mean? The value of the market is finally up across 30 days, so those NFTs you bought weeks ago are already
profitable.
Now with our biggest indicator showing that we’re back, we can turn to volume and prices to see how back we are.
Sales volume for the month of November tells us that NFTs are on a major upswing with
$561.92m in sales. It’s the highest NFT sales we’ve seen in 6 months, and we actually have a lot more room to climb.
Yes, users are coming back to collectibles and trading ahead of what looks like a red-hot few months for NFTs, but right now only a fraction of traders are back in the game. November sellers, buyers, and transactions are all well below October’s levels (our 2nd worst month for NFT sales this year).
- Sellers: 429,031 vs 618,181 (-30.6%)
- Buyers: 664,490 vs 965,954 (-31.2%)
- Txns: 5,338,845 vs 7,224,670 (-26.1%)
And if we look at how far off we are from our 2024 highs, the difference is even more extreme.
- Sellers: 429,031 vs 762,427 (-43.72%)
- Buyers: 664,490 vs 1,155,054 (-42.45%)
- Txns: 5,338,845 vs 11,329,404 (-52.87%)
What
will bring traders back in full force? New mints and big airdrops that will keep traders liquid. Last week the Deadfellaz had a lightning-quick 1 minute sellout on ApeChain, and coming soon we’re going to see big drops from established projects like Nakamigos new 10k ordinals
collection Fukehedrons. Big token drops/claims will also fuel this NFT run. Last week we saw the biggest token drop in crypto history when the trading platform HyperLiquid dropped 30% of its token supply to the community. Immediately after the drop, the value of the community allocation skyrocketed from over $600m to over $1b in rewards. Many
traders saw 5-7 figure paydays, and these same traders are putting that money to work right back in the market. $ME’s massive token drop is next, arriving on Dec 10, with rumors that it will be worth in the $300-450m range. We’ll also see the Abstract chain token drop during this cycle, big rewards on the Sui blockchain, and likely some major drops on Berachain, Monad, and of course, OpenSea.
Ahead of this, traders are predicting massive floor prices, which is driving collections like CryptoPunks to a $160k floor, Bored Apes to over $80k, and Pudgy Penguins to $51k. If you doubt we can go higher than this, remember last cycle BAYC got as high as 150 ETH (9.5 BTC or $450k). You’d be wise to not underestimate what people will spend when they think they can still find profit. We’ll run wild with speculation over the next few weeks and try to predict where things are going, but for no, let’s enjoy the simple fact that NFTs are--finally--totally back. - CryptoPunks are again the king of NFTs with $19.74m in sales, and buyers up a whopping +71.11%. Check the top NFT sales this week and you’ll see that 97 out of the top 100 NFT sales this week were all CryptoPunks.
- Bored Ape Yacht Club is on its redemption arc, and boy are they cooking. Sales are up +183.56% to $11.95m while their floor price recovered all the way up to 24 ETH. The collection’s
top sale was BAYC #4995 which sold for 38.69 ETH ($139k).
- Ordinals, like their NFT counterparts on ETH and SOL have seen major action over the past week. Sales are up +103.55% to $10.22m with collections like Bitcoin Puppets, NodeMonkes, OMB, and Quantum Cats finding floors at .158 BTC ($15k), .13 BTC ($12.3k), .132 BTC ($12.4k) and .191 BTC ($18.1K)
respectively.
- Pudgy Penguins sales are up +144.83% this week to $8.12m ahead of their 2024/25 arc. The Pudgy Penguins Abstract chain is launching soon, along with a token drop, and a big announcement that might have something to do with them becoming the face of crypto.
- BasedAI Brains saw $4.27m in sales and is one of the first AI projects of this cycle to tap into NFTs. Own an NFT to participate in mining and rewards, so the average sale price of the
NFTs being roughly $350k might make more sense given how hot AI is. Expect to see a lot of projects like this over the next many months.
- Ethereum is still the top blockchain by sales volume, this week registering $94.73m in sales. Buyers are
up +19.44%, but as the NFT season heats up so does wash trading, which is coming in at around $3m daily over the past week.
- Bitcoin saw $48.21m in sales volume over the past 7d, up +14.01% from the prior week, with buyers up 24.12%. BRC20s are bringing in a majority of that volume, with the top BRC20 collection seeing over $12.12m in sales volume.
- Solana is the only top 5 blockchain to see its sales volume decline this week as traders begin to favor Ethereum and Bitcoin. Sales are down -20.35% to $15.93m as traders shift their
short-term attention back to Ethereum and Bitcoin.
- After months of rumors It’s official--Nike has decided to close the doors on their NFT project RTKFT. Collectors are in disbelief after the team’s comments throughout the year that they were not leaving the project. Still, the team delivered some cutting-edge experiences like their collaboration with Takashi Murakami in CloneX, and their digital/physical sneakers with traits. As you might expect, CloneX sales are up big
in the past 24h (+623.13% to $2.06m), but it’s collectors exiting their positions while there’s still some value to them. Currently, the floor price is .32 ETH, a -42% decline in 24h.
Today we learned that Chiliz is interested in acquiring RTFKT from Nike, so stay tuned as this story develops.
- The NFT space just saw a new all-time high loan, and the rarest CryptoPunk was the collateral. The legendary 7 trait CryptoPunk (owned by
Seedphrase) was used to secure a $2.75m loan on the GONDI lending platform with terms of 180 days, 17% APR, and a $41,250 fee.
- Pricey NFTs are on the move once again as the NFT bull market heats up. The top 3 sales this week are Azuki #5889 which sold for 100 ETH ($362k),
V1 CryptoPunk #5314 for 87.61 ETH ($325k), and BOOGLE #23 for 1400 SOL ($315k).
- Magic Eden’s $ME token drop is just 7 days away and is expected to be worth north of $300m. Their eligibility checker goes live tomorrow, and
traders will finally be able to find out how many tokens they’ll receive. Expect things to get spicy fast.
The CryptoSlam 500 NFT Index is up +3.38% in the past 7d reflecting exactly what you’re feeling in the market--it’s up big. Ethereum’s ecosystem is the biggest winner, up +25.09%, while Solana is up +2.27%, Polygon +3.51%, and Cardano up a surprising +5.58%.
There’s nothing but major bullish catalysts and green seas on the horizon, thanks to multiple big airdrops, new mints, and strong narratives that will be revealed over the next few months. Crypto still has to make its next push deeper into ATH territory, and when it does, liquidity will yet again cycle back to NFTs. This is the most exciting (and still volatile) period for crypto we’ve ever seen, one which has XRP climbing back to the #3 token in the world by market cap. We must continue to expect the unexpected while we head deeper into historic crypto and NFT bull run.
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 Iskra Velichkova - INK
Date - Dec
3
Blockchain - Ethereum
Price - Auction
Collector Crypto - RWA Vobes TCG Box Voucher Date - Dec 3
Blockchain - Solana
Price - 144 USDC Amber Vittoria - Auras
Date - Dec 11
Blockchain - Base
Price - .009 ETH |
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