For the Love of the Game (Market Commentary) |
Now that’s more like it! After a very rough start to October, memecoins are off to the races again, and
NFTs saw their best week in almost 2 months. It’s hard to not notice what NFT collections are cooking right now, because they might be a sign of what will drive this upcoming run. It’s not just the traditional collections (Pudgy Penguins, Bored Apes, CryptoPunks, etc) seeing numbers. We’re now witnessing a pretty interesting meta emerge with semi-official NFT
collections from hot memecoins exploding in value.
The HarryPotterObamaSonic10Inu token has the red hot Sproto Gremlins collection, which rocketed to a 2.1 ETH floor today, SPX6900 and its fresh $500m market cap has an NFT collection
called Project Aeon which climbed to 1.6 ETH, Miladys has the upcoming Cult token, and the Apu token has a very hot NFT mint coming up called Apu NFT. Remember the 404 meta that we were predicting to cook? What if people want to skip jumping through those swap mechanics, and just have the NFTs and fungible tokens exist separately? So far, that looks like what’s resonating with traders.
There are concerns that memecoins are spreading liquidity too thin, and IMO, anyone who agrees is correct. The global market cap for all memecoins is a whopping $52B split between thousands of tokens. That
figure is nothing compared to last cycle, when the astronomical $100B memecoin market cap in 2021 was split almost entirely between just Doge and SHIB. Traders would love some direction this time around.
It’s NFTs that can help consolidate this liquidity into top performers by giving the best tokens something more visual to represent them along with something else many of these tokens are missing - a community. It’s not rocket science here. People want
to win, and they want to be part of something. If nothing else, we learned that NFTs excel at building a community that people can identify with and rally behind. Pay attention to what’s going on here, it has the potential to be huge.
Also, you have to pay attention to what the NFT market did this week. Sales came in at $84.76M, giving us our best performing week since Aug 19 - 25 ($93.95M). Unique sellers fell, while buyers and transactions climbed, reflecting a healthy direction for the market.
While we’re still having trouble maintaining upward momentum, the community meme communities (or cults as some call them) do offer a fresh new narrative for this upcoming cycle. Find your group, have conviction, and maybe, just maybe, that elusive NFT bull will pay us a visit again. - DMarket saw massive sales in its gaming skin ecosystem (CounterStrike, Rust, DOTA, etc), which helped push the collection to the #1 spot on the week, while
the Guild of Guardians game held down #2. Gaming NFTs are leading the pack at an interesting time where people like Faze Banks are talking about the still-unrealized potential of these assets.
- Bitcoin Puppets, OMB, and NodeMonkes all had strong weeks with $2.4M, $1.94M, and $1.84M in sales respectively. Ordinals season has started, and it’s the top collections who are seeing the biggest volume so far. It’s a sign of how the
real bull run will play out on Bitcoin.
- CryptoPunks saw $2.23M in sales last week, not including a massive, but fake, $56M Punk sale. This Punk was sold via a flash loan, which was repaid in the same transaction, and was nothing more than a marketing ploy to promote a new memecoin.
- Sorare sales fell 20.52% to $1.64M in a week which saw the UK charge the platform with providing unlicensed gambling facilities to customers.
- Ethereum remains the top NFT ecosystem with $26.75M in sales on the week.
- Mythos Chain, driven by DMarket sales, shot up to the #2 spot with $16.09M in sales.
- Solana had the biggest decline in NFT volume, falling 22.10% to one of its lowest weeks of the year at $10.58M.
- Retardio Cousins debuted their own branded online casino, sports betting platform, and prediction market called Retardio Casino. The NFT collection is also riding the meme wave and saw $743K in sales on the week.
- XCOPY revealed his new upcoming mint called COPE SALADA. The 250 ed collection will be priced at .333 ETH and will be sold on the new Shape
L2 blockchain this year. Expect a cooker.
The CryptoSlam 500 NFT Index is finding fresh all-time lows, this week dropping -3.17% to 1,160.59.
Crypto is mostly down on the week, and this is clearly not the start of Uptober for NFTs.
Still, we have CPI readings coming later this week, and a $16B FTX stimulus that will make it into customers’ hands this year. The sentiment is extremely positive, and it will only take the crypto market’s cook to really set things off. It’s close.
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 |
Satoshi Nakamoto is the mysterious creator (or group of creators) behind Bitcoin, the world's first decentralized cryptocurrency. In 2008, Satoshi published the Bitcoin whitepaper, laying out the concept of a peer-to-peer digital currency that
operates without a central authority. Satoshi mined the first Bitcoin block in 2009, known as the Genesis Block, and disappeared from public communication in 2011, leaving their identity completely unknown. To this day, no one knows if Satoshi Nakamoto is a single person or a group, but their creation sparked the entire blockchain and cryptocurrency revolution. Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
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