For the Love of the Game (Market Commentary) |
You have been attentive, training, trading, and building your skills for this moment. And now I ask -
Are you ready?
Last week we talked about the new NFT meta of “cult” NFTs. These are NFT collections backed by top-tier memecoins. This week it has become clear that not only is the meme NFT meta what will define the upcoming crypto and NFT run, but that the run is now here. Project AEON, Sproto Gremlins, Retardio Cousins, Milady Maker, Bitcoin Puppets, Mog Auras, Based Angels, and multiple other meme NFT collections saw serious price action over the past 7d. This likely cemented them as the next top-tier NFT collections and also signaled that the run has begun. Bitcoin has officially entered Uptober territory, now up 3% from where we started the month. I don’t know anyone who doesn’t think we’re going 2-3x higher from here.
That’s the same thought process being applied to memecoins and NFTs right now, and exactly what the “we’re back”
mindset is. Traders are finding themselves in profits across the hot meme NFT collections, but hardly anyone is thinking of selling. This is what had me predicting earlier in the year that top Ordinals collections like OMB, Bitcoin Puppets, Quantum Cat, and NodeMonkes will hit 2-5 BTC floors. It’s the belief that even if you’re up substantially, there’s still much higher to go. The NFT market was a mixed bag last week, and while sales volume was down, there certainly seems to be more people participating. Buyers hit a 25-week high, and sellers an 18-week high. Average sale prices are creeping back up thanks to big NFT sales, and trade profits have had their second-best week since the beginning
of August. If memecoins realize the wild potential that’s being predicted (multiple new tokens at $1B - $10B market caps), expect the related meme NFT collections to reach similar crazy heights of the top NFT collections of last cycle. Remember, history doesn’t repeat, it rhymes. This cycle’s Bored Ape Yacht Club might look a little
something like this. - DMarket sales fell -68.39% to $4.99M, but still the gaming skins marketplace easily secured the #1 spot on the Collection Rankings this
week.
- Bitcoin Puppets had a monster week with $3.7M in sales. Buyers increased by +15.14% on the week as meme NFT collections took center stage. Puppets are one of the top cults on Bitcoin, and
now have plenty of new members.
- Bored Ape Yacht Club saw a massive sale this week as BAYC ____ sold for $1.4M. That sale represented almost half of the collection’s $2.8M in sales in the week leading into ApeFest
2024.
- Project AEON is one of the hottest cult NFT collections of this cycle as the official NFT of the SPX6900 memecoin. Sales are up over +177.47% to $1.87M as the collection hit an ATH floor
price of 2.6 ETH.
- Retardio Cousins and Milady
Maker are two of the OG cults on ETH and Solana, and both saw extra action thanks to the Murad effect. Retardio Cousins’ sales climbed +78.84% to $1.81M, while Miladys saw a +158.16% increase to $1.81M. Miladys saw the biggest increase in buyers out of the Top Ten NFT Collections, with +59.15%.
- Ethereum saw $29.77M in NFT sales over the past week, a +13.58% increase from last week. Ethereum is still
the top blockchain for NFTs and its cult collections helped drive a +62.99% increase in buyers.
- Bitcoin also had a big week of NFT sales this week with $16.71M, up +16.90% from last week. The top collections were all familiar faces with Bitcoin Puppets, NodeMonkes, OMB, Runestone,
and Quantum Cats driving over 60% of the chain’s total sales.
- Solana had the largest increase in sales volume this week (+38.60%) with $15.18M in sales. It also had the most unique buyers with over 102K.
- A long-forgotten 2018 XCOPY artwork called BLACK HOLE was uncovered last week when art collectors were exploring the iconic artist’s
catalog. As they discovered the early work, they realized there was still an active link to purchase an edition of the NFT. Multiple editions were purchased before the link was removed. At this time, the sales have been recorded on-chain, but no NFTs were minted. At the very least the purchasers have a pretty cool receipt, but there’s always the potential that XCOPY mints something special for them.
- Sproto Gremlins have taken the NFT community by storm, running from .7 ETH to as high as 4.1 ETH this week. This meme NFT collection is the official PFP of the $BITCOIN memecoin, and is
spearheading the new meta of cult NFT collections.
- A massive Bored Ape sale rolled in over the weekend as BAYC #7940 sold for 588 ETH ($1.43M). The gold skin Ape wasn’t just the top sale of the past 7d, but is also a top 20 all-time BAYC sale!
The CryptoSlam 500 NFT Index is down -0.55% in the past 7d as the NFT market continues its 4-week skid. Unlike the previous 3 weeks, this week reflects some stability as crypto prices are up and NFTs pick up momentum.
Uptober has officially started in crypto, with Bitcoin up over 3% since October 1, and if we keep up this pace, NFTs should be ready to move next. Right now the storyline is building behind meme NFTs and memecoins. It’s a strong narrative of embracing Web3’s strength in memes, culture, and gambling, and it will propel the next run to insane heights.
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 DEAFBEEF - MOVEABLE TYPE
Date - Oct 16
Blockchain - Shape
Price - TBA NV . Art - Punk
Voyage
Date - Oct 16
Blockchain - Bitcoin
Price - .00022 BTC
Pixel Art Fighter - Moo Deng
Date - October 17
Blockchain - Solana
Price - TBA
Alpha Centauri Kid - Piano Blossoms
Date - Oct 17- 20
Blockchain - Ethereum
Price - Auction
MPKOZ - Bokeh
Date - Oct 21
Blockchain - Ethereum
Price - Auction |
A wrapper is code that is written to be applied to other blockchain assets, that lets you move that asset to a non-native location, like another blockchain. Ethereum can be wrapped and turned into WETH, then used on blockchains like Polygon.
NFTs like Ordinals can be wrapped and then traded on Ethereum. Wrappers can typically be removed and will leave the original asset intact with its provenance. It’s a useful solution for all types of blockchain assets, so dive in to learn more about its many use cases. Happy researching! Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
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