For the Love of the Game (Market Commentary) |
OpenSea is dropping a token. Yes, you read that right, after months of speculation and years of pure
hopium, last Friday we got the clearest evidence that an OS is coming when an OpenSea Foundation was registered in the Cayman Islands. The token couldn't be timed more perfectly, arriving during an NFT season that has seen Magic Eden drop their $ME token to the community last week, the Pudgy Penguins $Pengu token just today, Azuki’s upcoming $Anime token, Abstract Chain, and even rumors of a Doodles token. OpenSea feels like the one that has the most potential, given that the company was valued at $1.4b last year, but sitting on a massive war chest. What other tokens might we see this cycle and why are so many more projects now willing to drop one? It’s the hope that the Trump administration will treat crypto as commodities, something he has stated he plans to do. That doesn’t mean NFT projects are in the clear to do as they want, and some big news yesterday might have some projects pumping the brakes. Yesterday the CyberKongz, an OG Ethereum NFT project, announced that they received a Wells Notice from the SEC. Their Genesis Kongz are being called securities because they yield their $Banana token, but the Kongz argue that the SEC is stretching
definitions. Our momentum heading toward the end of the year and into 2025 probably won’t be slowed down by the SEC news, especially with the CyberKongz now becoming the first NFT project to fight the charges. The community is now rallying for the fight, on top of being excited about the new Trump administration’s crypto
policies. The NFT market just had a monster week, crossing $200m in sales for the first time since April. The average sale price hit a 35-week high, reflecting expensive NFT sales, which you also see reflected in the 40-week high trade profits ($18.68m). There is no doubt that this market is heading into one of the hottest cycles we’ve seen yet, and the macro environment is set up well for it to continue. Tomorrow should bring interest rate cuts here in the States, and maybe a catalyst to springboard us into the next phase of the market. *CryptoSlam was the first to speak with the CyberKongz following their announcement of receiving a Wells Notice from the SEC. Catch our interview with their team about their battle with the SEC, and what it means for other NFT projects. - Pudgy Penguins’ entire ecosystem is on fire as traders raced to accumulate Pudgys ahead of their $Pengu token drop today. Pudgy sales are up +8.25% to $52.14m, Lil Pudgys +362.79% to $18.62m, and Pudgy Rods are up +510.89% to $5.46m. However floor prices have fallen since TGE with Pudgy Penguins down -44.8% to 16.38 ETH, Lils -55.4% to 1.61 ETH, and Rods -64% to .61 ETH.
- Azuki is the next major NFT collection to have a token drop with their upcoming $Anime token. While we don’t have a drop date yet, collectors are getting ready by grabbing $13.46m worth of the NFTs,
up +224.85% on the week. Azuki Elementals is getting plenty of that action too, up +509.29% to $4.69m.
- Ordinals sales are up +21.57% to $10.28m, largely thanks to the new Fukuhedron collection that minted on Friday. The new mint saw over $7.3m in sales since their launch making them
the 3rd best-selling Bitcoin collection in the past 30d.
- Doodles are also rumored to have a token dropping in the future, though very little has been telegraphed from the team. There was big news that Doodle Records is partnering with Playstation Music,
which will make them the default playlist on PS4 and PS5 over the next 2 weeks. Sales in the collection are up 329.40% to $5.91m.
- DMarket sales are -3.20% to $5.78m, showing that even in a week with major NFT announcements across the ecosystem, DMarket’s gaming skins can still perform the
best.
- Ethereum sales are up +110.39% to $177.04m with Buyers up 32.28% on the week. Ethereum season is here and
it shows no signs of slowing down as long as major projects are giving airdrops to their holders.
- Bitcoin saw sales climb +17.50% to $53.74m and also saw a massive 245.88% spike in buyers to 18.418. You can thank the hot new Fukuhedrons collection for the massive action this
week.
- Solana sales are up +51.14% on the week to $24.48m, with buyers up 295.43% to 68,057.
- Mocaverse had a massive week with their $Moca token getting 3 major exchange listings, and the announcement of next-gen identities in Moca 3.0. Sales climbed 669.62% to $1.45m on the token listings and the #1 ranked NFT in the Mocaverse collection sold for a whopping 9.9 ETH.
- One of the biggest stories of the past week was new mints seeing massive price action on secondary, and it started with OCH Genesis Rings. The
collection minted for .2 ETH last week and quickly climbed to 2.3 ETH today. NFT mint season is here, and there’s a real possibility that 2025 could rival the magical 2022 run.
- Big NFT sales are happening as the bull market heats up. XCOPY’s DOOM Party sold for 180 ETH, Pudgy Penguin #4611 for 125 ETH ($493k), CryptoPunk #6036 for 110 ETH ($444k), Botto Expose Stream for 108.3 ETH ($425k), and Pudgy Penguin #7891 for 100 ETH
($395k).
- AI agents continue to make news this week. Eliza Labs (ai16z) is partnering with Stanford University to research using AI agents in
digital currency, and we also witnessed some new crypto/pizza history when an AI agent autonomously ordered a pizza. The ai16z found a new ATH market cap above $1b this week, and now AI tokens are catching the eye of Franklin Templeton.
The CryptoSlam 500 NFT Index is up +2.46% this week as NFT season continues to heat up. Bitcoin climbed to a new ATH today of over $108k, while ETH crossed 4k, and Solana holds strong at $226. Combine this with NFT floor prices rising and you
have the NFT market gaining value at a rate we haven’t seen since the last bull market. The index also entered positive territory in the 60d chart for the first time this year, now up .79% since October 17.
We have just 2 weeks until we kick off a new year and enter what is typically the hottest time for the NFT market. If history is any indication we’re heading for a scorcher of a month in January, so stay attentive and dialed in. 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 9dcc - Black Box
Date - Dec 18
Blockchain - Base
Price - .069 ETH Lars Wander - while true
Date - Dec 17
Blockchain - Ethereum
Price - Auction Ai16z - The First Partner
Date - Dec 17
Blockchain - Solana
Price - .025 SOL |
The study and design of the economic structure behind a cryptocurrency or token. This includes supply, distribution, incentives, and utility within the ecosystem. Tokenomics encompasses the mechanisms that drive demand and ensure sustainability,
such as staking, burning, rewards, or governance features. It’s a critical factor for understanding a token’s value proposition and the health of its underlying ecosystem. Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
|
