For the Love of the Game (Market Commentary) |
The year certainly isn’t starting out like most were hoping, as crypto saw a major downturn, and NFT
prices followed suit. In the last 7d Bitcoin fell as low as 89k, Ethereum to $2,900, and Solana to $175, while NFT collections like Doodles saw their floor price fall -25.8% to 3.93 ETH, Bored Ape Yacht Club -10% to 14.8 ETH, and Bitcoin Puppets -28.8% to .097 BTC. Surprisingly, it’s not bad news that had the market down, but instead indicators that the economy might be stronger than most thought. We had a hot jobs report last week, and while we’re waiting for CPI readings this Wednesday, the fear is that we won’t see interest rate cuts any time soon to really ignite this bull market.
Fortunately for those of us in crypto, today’s higher PPI numbers show that inflation may actually be heating up, so rate cuts could be
here sooner than we were expecting.
There is something coming next week that will add volatility to the market, and most of us think we know what way it will send us. I’m talking about the Trump presidency and his inauguration next week. Already we’re hearing news that Executive Orders will arrive on day one that will impact the crypto market, like the
repeal of SAB121, and this Friday a Crypto Ball will be hosted in Washington DC for President Trump.
AI crypto was down, along with the rest of the market in the past 7d, with many of the top AI tokens falling 25-50%. Zerebro saw some of the biggest losses of the top 15 agents, seeing its market cap fall a staggering -57% to $223m. This may continue even when the market rebounds, as many AI agents have been exposed to not much more than wrapped LLMs.
Watch for a rotation to pure memecoins, and a consolidation into top AI tokens like $Goat, $ai16z, $fartcoin, and $aixbt. We also have DAOs suddenly emerging as a strong new meta for this cycle. Yes, I know we thought DAOs were a 2021/22 meta that was proven to not work, but here we are again. The thing is, they might actually work this time around. If you believe that AI agents are the UX layer for applications, you can probably see how AI
agents could be the solution to make these cumbersome DAOs actually usable. They’ll simplify voting, and automate complex transactions. It’s a meta you should be watching for.
On that front, we saw the emergence of a new AI DAO this past weekend called AICELLERATE, and boy was it a spicy event. The new AI DAO boasted its powerhouse members and partners, coming from Coinbase, Google, ai16z, Abstract and more, and had partnerships with the biggest
influencers in this space including ThreadGuy and the Bankless crew. Their $AICC token was sold in a presale to a select few lucky participants who magically were able to turn their .5 SOL investments into $250k, or 5 SOL into $1.8m. Suffice to say, the easy win and exclusivity of the opportunity turned off the community who were quick to call this a scam. The NFT meta is loading too, but you’d barely see that in the market this week. If it wasn’t for the $Anime token speculation and big Azuki sales leading into their TGE, the NFT market would be pretty cooked this week. Still we did actually finish up almost across the board in NFTs, with global sales uo 5.42% to $140m. Trade profits also popped back into the positive after getting past the last bit of loss harvesting, and profit taking. The 2nd half of January is where we usually see the NFT market really start to heat up, so we’ll watch for how the market evolves next week. - Azuki
Sales: $9.92M (+70.70%)
Buyers: 151 (+88.75%)
Top
Sale: Azuki #4028 | 30.39 ETH ($102.15K)
Average Sale Price: $46,579.63
- Pudgy Penguins
Sales: $8.75M (+33.66%)
Buyers: 63 (-7.35%)
Top Sale: Pudgy Penguin #6615 | 48.00 ETH ($155.96K)
Average Sale Price: $58,483.16
- DMarket
Sales: $7.28M (+4.32%)
Buyers: 19,684
(+0.03%)
Top Sale: Gaming Skin | 62,640 MYTH ($14.68K)
Average Sale
Price: $25.88
- Azuki Elementals
Sales: $5.05M (+202.24%)
Buyers: 440 (+143.09%)
Top Sale: Azuki Elementals #11490 | 50.00 ETH ($184.03K)
Average Sale Price: $6,980.62
- Mad Lads
Sales: $3.73M (+36.96%)
Buyers: 138 (-9.80%)
Top Sale: Mad Lads #3791 | 120.00 SOL ($25.70K)
Average Sale Price:
$12,531.95
- CryptoPunks
Sales: $3.26M (-6.31%)
Top Sale: CryptoPunk #4757 | 125.00 ETH ($453.89K)
Average Sale Price: $129,753.94
- Bitcoin Puppets
Sales: $2.99M (+10.56%)
Buyers: 177 (+4.12%)
Top Sale: Bitcoin Puppet #9140 | 0.2347 BTC ($22.22K)
Average Sale Price:
$7,926.12
- Beanz
Sales: $2.58M (+88.12%)
Buyers: 561 (+89.53%)
Top
Sale: Bean #18756 | 3.40 ETH ($11.10K)
Average Sale Price: $3,185.29
- Courtyard
Sales: $2.42M (-21.03%)
Buyers: 1,834 (+4.86%)
Top Sale: Card | 4,950.00 USDC ($4.95K)
Average Sale Price:
$66.72
- Ethereum NFT sales are up +11.44% this week to $68.94m, though sellers fell -59.17%. As L2s launch (like
Soneium today, and Abstract, Anime Chain, and Berachain this month), watch for volume flowing away from Ethereum.
- Bitcoin NFT sales are up +3.07% to $30.51m with a -79.95% decline in buyers. Ordinals collections like Puppets and NodeMonkes fell to 3 month lows of .09 BTC, before bouncing back above
.1 BTC yesterday.
- Solana NFT sales are down -31.97% to $16.58m with buyers down -78.20%. Memecoins are coming back to life on the Solana blockchain, and with some cult NFT collections like ai16 partners
exploding, the rest of the NFT ecosystem may soon follow.
- Azuki, Elementals, and Beanz saw a combined $17.55m in sales over the past 7d, driven by speculation about their upcoming $Anime coin token drop. Sales really started soaring after news dropped on Sunday that the token would arrive in January, with just over 37% of the supply going to NFT holders. We’re now waiting on drop date details along with more info about the Anime Foundation, and what utility the $Anime token will hold.
- Yuga Labs Otherside will go live this June with its persistent metaverse for the first time ever. Yes, we’ll still get mini-events like poker and Project Dragon, but this will be the first iteration of the always-on metaverse they promised. Guys, the metaverse meta is coming, and BTW, we’ll see AI agents in them.
- Hypio NFTs minted on Base last week for .02 ETH and in just 1 short week have rocked up to as high as a .34 ETH floor. Milady and Retartio NFT holders got a free mint, while other derivative collections were whitelisted to mint. This is looking like it could be the face of Hyper Liquid, so keep your eyes on them. In the past 7d the collection has seen over $1.62m in sales.
- ai16z partner NFTs are on fire with over $1.83m in sales. The ai16z ecosystem NFT shot up to over 10 SOL over the weekend from hype about a new DAO that NFT holders will have access to buy into. Again, the DAO meta is coming.
- Quantum Cats turned 1 year old last week and hit a new milestone to celebrate. The collection has now become the #1 ordinals collection by market cap (currently $107m), flipping Bitcoin Puppets. In the past 7d the Quantum Cats have
traded for over $2.41m on secondary.
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 - Binance lists AIXBT, ChainGPT, and Cookie ai crypto tokens for spot trading.
HUND LAND
Date - Jan 28
Blockchain - Solana
Price - .12
SOL
DXNK
Date - Jan 14
Blockchain - Ethereum
Price - FREE
GoMining Solana
Date - Jan 16
Blockchain - Solana
Price - .436 SOL
GRINNZ
Date - Jan 16
Blockchain - Solana
Price - .3 SOL |
Mass adoption is a term often used in crypto and NFT that refers to a time when growth reaches a point of self-sustainability. Many believe that crypto is nearly at that point and that NFTs, while still early, are well on their way. In the
future NFTs will likely back most digital assets, even if they are no longer referred to as NFTs, and this is the point many will consider NFTs to be mass adopted. Mass adoption is an important milestone in the roadmap for NFTs, so learning about what it looks like is key to understanding Web3’s growth. Happy researching! Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
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