For the Love of the Game (Market Commentary) |
ApeFest 2024 was the talk of the town over the past week in the NFT community, and thanks to some big
reveals at the degen party, things are still buzzing.
What has become an annual cultural moment for the Bored Ape Yacht Club, this year blended the real-world party with the metaverse, as ApeFest in Lisbon also had a counterpart in the Otherside Metaverse.
On the Otherside side, which I attended, players could run around the virtual metaverse to find their friends, play poker, explore, and watch the
keynote speech by Yuga Labs CEO Garga. The coolest part was a camera setup at the Lisbon-based party that allowed us to watch BAYC members who would regularly come up to the camera, wave, and take pictures. On the Lisbon side, they were treated to a whole bunch of Apes twerking at them. That was about the extent of the online fun, but the keynote speech in Lisbon itself did have some noteworthy moments. While on stage, Yuga Labs CEO Garga announced that Kodas would be coming to the Project Dragon game, a new Otherside feature called Bubbles (their version of Spaces), and revealed the 1/1 BMW ApeCar,
designed by a community member, which was then sold. The biggest reveal came when Garga had his Steve Jobs’ “one more thing” moment, and announced that Yuga Labs’ blockchain, ApeChain, was now live along with the new Top Trader leverage trading simulation platform.
This is a pretty big moment for Web3. The biggest and most recognizable IP in NFTs now has its own blockchain. Within 24 hours of the blockchain going live, a small memecoin ecosystem was born. In the short term, traders may have found some profits, but it wasn’t long before it turned into a dumpfest. Now a few days later, it sounds like some traders aren’t sure they want to return. Maybe NFTs will find more success, but to be fair, it’s way too early to call the memecoin ecosystem on ApeChain a failure.
To kickstart NFTs on ApeChain Magic Eden has already integrated the new chain onto its site, and even has a commemorative free NFT offering live now
(peek below in Drops).
We’ll keep our eye on the ApeChain ecosystem which right now can call Top Trader its biggest draw thanks to daily trading tournaments with big cash prizes. Will it evolve into something more than that? I certainly
think so, but I’m not convinced it’s in the short term. Diving into the NFT market - Last week NFTs had their best performance in months. I’m talking about a 13-week high for NFT sales and a 25-week high number of buyers. In fact, we were almost green across the board, so it’s maybe time to say we’ve
entered Uptober territory. While NFTs begin their ramping-up phase, you definitely don’t want to miss the wild action that’s building in memecoins. One of the biggest voices in the memecoin ecosystem, Murad Mahmudov predicts that multiple memecoins will see market caps over $10B and that we’ll even see some over $100B!
Murad joined us on our daily show, Chain Reactor, yesterday, so tune in to hear his thoughts on where this market is heading. Trust us you don’t want to miss this! - DMarket is cooking once again this week with over $4.5M in sales, and that’s before the gaming asset ecosystem is even close to mass
adoption.
- Bored Ape Yacht Club has been red hot this week thanks to the hype around ApeFest, and ApeChain. Sales are up 62.88% on the week to $4.48M with buyers seeing a 131.43%
increase.
- Froganas is Solana’s top collection this week, seeing a 313.10% increase in sales to $3.2M, and buyers up 149.01%.
- Ordinal Maxi Biz holders went hard into lending platforms this week with roughly $2M of its weekly volume representing loan activity.
- Ethereum saw a 24.44% increase in sales, pushing it up to $35.57M on the week and buyers also saw a 35.15%
increase to 42,194. Bored Apes and CryptoPunks were the top 2 collections on ETH, possibly showing a swing back to the OG collections.
- Bitcoin saw a similar increase in sales volume as Ethereum, with sales up 24.05% to $20.79M. Bitcoin also had the largest increase of buyers out of the Top Ten blockchains, with a
138.28% increase to 18,331.
- Solana sales came in at $15.03M, up just 0.39% from the prior week and buyers were up 128.83% to 233,489. Memecoins are still the hottest assets on the Solana blockchain, but Froganas
may be a signal that change is coming.
- Magic Eden is gearing up for their $ME token test run later this month, but leading up to it the platform announced plans to integrate
Solana fungible token trading, Runes swaps, and the integration of their 10th blockchain by the end of the year. The team also stated they will lock up their $ME tokens for 18 months, highlighting their commitment to the longevity of their platform.
- Milady Maker is the top “cult” collection of the week with $1.72M in sales. They’re gearing up for their $CULT token launch this year, which will likely send all collections in this
meta-flying.
- Based Angels as part of the Remilia derivative scene, until this week, were mostly flying under the radar on Bitcoin. This week the collection saw a 243.11% increase in sales to $1.27M,
while their floor price climbed from .004 BTC last week to .029 BTC.
- Gizmo the Cat was the week’s hottest new mints on any blockchain. The free mint on Bitcoin, which celebrates the Gizmo Imaginary Cat memecoin saw its price climb to as high as .007 BTC, and
over $1.26M in sales volume.
- Doodles continue to find new ways to drive revenue and grab attention. This week they sold 1k packs on their Doodles Stoodio platform, with 1 lucky pack cracker pulling an uber rare Skelly Doodle NFT. Packs sold for .06 ETH and sold
out within just a few hours.
The CryptoSlam 500 NFT Index fell -0.59% this week to 1,165.10. Crypto prices have been mostly flat in the past 7d, and NFTs are seeing nearly the same action.
The Presidential election is now
just 2 weeks away and is easily the biggest catalyst that can send this market to Valhalla. In the meantime, Watch for how disruptive ApeChain can be along with a re-surgance in memecoins. Will they extract liquidity from the top NFT collections, or will there be a flight back to core NFTs?
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 Botto - Exorbitant Stage Date - Oct 22
Blockchain - Ethereum
Price - Auction Magic Eden - Emmy on Apechain Day 1 Date - Oct 22
Blockchain - ApeChain
Price - Free
Pixel Art Fighter - Moo Deng
Date - October 22
Blockchain - Solana
Price - .05 Sol
MPKOZ - Bokeh
Date - Oct 22
Blockchain - Ethereum
Price - Auction Bryan Brinkman - Ephemeral Embers
Date - Oct 24
Blockchain - Ethereum
Price - $350 USD
TokenGators
Date - Oct 24 Blockchain - Ethereum
Price - .08 ETH |
Looking at your NFT portfolio today hurts. You don’t have to tell me how much you’re down, I’m sure it’s pretty bad. The thing is, you only lose when you actually sell, at that point realizing what is now just potential losses. Realized Loss
refers to the tangible losses to your portfolio that only happen when you execute your trade at a loss. If you never sell, you never have realized losses. Really makes you think, eh? I showed some big examples this week, but encourage you to dive in deeper to learn about some of the largest realized losses in NFT history. Happy researching! Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
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