For the Love of the Game (Market Commentary) |
September is in the rearview mirror and the highly anticipated “Uptober” is now underway. Excitement
and hope were in the air, but just hours into the new month, hope seemed further away than ever.
Let’s rewind to last month when Bitcoin saw its best-performing September ever. Massive rate cuts had Bitcoin climb as high as $66K, setting us up perfectly for a face-melting October. Traders, I hope you learned by now that the market moves by forces beyond our control. Today the market has taken a significant downturn due to fear of spreading conflict in the Middle East. I’ll just say it - Uptober isn't a given.
Even without today’s developments, we
were heading into some major headwinds in the form of Gary Gensler.
Last week Gensler faced the House Financial Services Committee, where he was grilled on
policy,and positions, and bluntly asked why a Yankees ticket is not a security but a Stoner Cats NFT is. He didn’t come out of this hearing looking anything but the villain crypto has painted him to be, and he’s looking to disrupt our Uptober fun. Reports suggest the SEC Chair is potentially just weeks away from imposing new rules on DeFi platforms, potentially changing how traders access their favorite exchanges. NFTs will not cook again until crypto regains its footing, and at this rate, I wonder how low NFT volume can get. September finished with just $305M in sales, the lowest since September 2023, and the 2nd lowest sales since January 2021. On the plus side, buyers are up 55% from last September while sellers are down 15%.
That’s a perfect representation of NFT traders right now - more people buying, holding, and not wanting to part with their NFTs yet.
Weekly data shows that the NFT market was actually up, finishing with $75M in sales, an 8.46% increase from the prior week. Almost universally across metrics, NFTs moved in the right direction. As we move deeper into October, the hope for Uptober still lingers, but it’s clear the road ahead won’t be without challenges. However, the community remains strong. Now, more than ever, it's a game of patience and strategy. Buckle up and stay
sharp. - Guild of Guardians Heroes was the top NFT collection this past week with over $3.62M in sales. This week they released Version 1 of their Telegram Tap2Earn
game.
- CryptoPunks sales are up 25.79% in the past week, with Punk #9790 coming in as the top sale at 55 ETH ($146K).
- Autoglyphs had a massive week of loans, primarily taking place on the Gondi NFT platform. Last week the collection saw $2.52M in sales and loans combined. We also saw a major Autoglyph auction
through Fair Warning art, when Autoglyph #30 sold for $413K.
- Bored Ape Yacht Club returned once again to their Otherside Metaverse last week for Chapter 3 of their Project Dragon. Now BAYC is being accumulated ahead of ApeFest this month and saw
$1.57M in sales on the week.
- Ethereum saw the biggest increase in sales volume across the major blockchains over the past 7d, with a
34.20% increase to $30M.
- Solana sales were up 4.25% on the week to $13.83M, and buyers also saw a 30.78% increase. In fact, Solana had the most unique buyers across any chain last week with 342,279 in
total.
- Beeple unveiled his latest physical and digital masterpiece called THE TREE OF KNOWLEDGE. The digital sculpture was acquired for an unknown
amount, but his last sculpture called HUMAN ONE sold for $29M. Proceeds from this sale will go to 2 charities, Art into Acres, and Big Green, and THE TREE OF KNOWLEDGE will be displayed in a soon-to-be-revealed museum soon.
- Pudgy Penguins continue to draw eyes from the mainstream audience. In the past week, the sweet pengus revealed their new arcade machine called Polar Challenge, and also their partnership with CD Castellon. On the week the Pudgy Penguins saw over
$726K in sales.
- XCOPY sales just won’t slow down, and last week brought more big sales like The State of Us for 55 ETH, Toxic Beast for 35 ETH, and multiple Grifters for over 15 ETH each.
- A major V1 CryptoPunk sale happened earlier this week when Zombie Punk #8857 sold for 43 ETH ($114K).
September turned out to be a cooker, while day 1 of October is starting out truly on fire (not in a good way). The CryptoSlam 500 NFT Index is down -2.90% on the week, as crypto reacts to a very precarious situation in the Middle East. War is
bad for crypto in the short term, as speculative assets are some of the first to take a hit.
NFTs are still setting up for a hot end of the year as prices have been relatively flat throughout the summer. If you believe crypto will finish the year strongly, NFTs should be right behind. Here’s to hoping we keep winter at bay for a long while.
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 Br8tties
Date - Oct 1 Blockchain - Base
Price - .0075 ETH
Mutable Trees - Airdrop Pass
Date - Oct 1
Blockchain - Bitcoin
Price - 200k $Decentralized
Collector Crypto - RWA Tokenized Trading Cards Date - Oct 2
Blockchain - Solana
Price - 1 SOL Juicy Pass - Juicy Adventure
Date - Oct 3
Blockchain - Base
Price - Free Charles Salvador Bronson - Excessive Incarceration
Date - Oct 4
Blockchain - Ethereum
Price - 0.13 ETH MPKOZ - Bokeh
Date - Oct 21
Blockchain - Ethereum
Price - Auction |
While some cryptocurrencies are designed to fluctuate due to supply and demand, stablecoins are exactly the opposite. Regardless of the demand for the coin, the value should always be locked into a set price, typically $1 USD. On rare occasions,
the markets can be so volatile that a stablecoin can lose (or gain) value. This is called de-pegging.
There’s much more to learn about stablecoins, and we’ll leave that for you to discover. Happy researching! Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
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