As CryptoSlam journeys deeper into Web3, we’d like to invite our earliest supporters, as readers of NFTs On Deck, to participate in our first ever Zealy Quest. We have big plans for 2024, and in many ways, that starts today. Our Zealy Quest will reward your participation with XP. But what is the XP for?
Stay tuned…
For the Love of the Game (Market Commentary) |
Building happens in the bear market, but what happens in the bull? Sales that knock your hair
back You know, the kind of sales that tell you “It’s game time now”.
In case it wasn’t obvious, we’re officially in a bull market. Don’t worry if your bags weren’t fully packed, because these types of runs can last for a year. Sure, they’ll have their ups and downs, but opportunities will be everywhere. Your job is to stay engaged, to keep learning, and of course to keep your eyes on the numbers to see what's hot and what’s
not.
In the past week, there’s nothing that has been hotter than the Bitcoin ecosystem with many collectors grabbing their first ordinal as FOMO forced a frenzy of buying.
On Friday the Bitcoin ecosystem hit a 2024 high in unique buyers, and all of that extra liquidity pushed collections like Nodemonkes all the way up to a .9 BTC floor price. In fact, Nodemonkes saw whales sweeping through the rarest inscriptions in the collection, prepping for what they think will be a major payday in the future. Multiple collections saw over $1m in sales volume daily over the past few days, and suddenly people are starting to realize 2 things - Nodemonkes ARE the CryptoPunks of Bitcoin
- Ordinals collections can probably sustain multiple $BTC floors.
One just has to understand Bitcoin whales and the way they value their
favorite token, $BTC. To put it simply, many of the old Bitcoin whales accumulated thousands of tokens 10+ years ago. These are tokens they bought for maybe a few dollars each. While we think of bitcoin in terms of today’s price, to some degree those wealthy whales still think about their bag costing probably just hundreds or a few thousands dollars. These whales, with no wants or needs in life, are free to spend their $BTC that cost them a few bucks on things they want, not need. Some of us, a growing number, think they’re going to spend a lot of those $BTC on Bitcoin’s ultimate flex, on-chain jpegs.
The broader community
still needs convincing of that, so perhaps they’ll find out a bit too late when the sales are logged and reflected in the numbers. Talk about max pain. This week in the NFT market there was plenty of pain in the form of FOMO. The market was cooking, with sales up over 33.65% to $426.24M. This 11-week high is our biggest indicator that we’re now in the first inning of this NFT bull
run. Unique sellers and buyers were basically flat, but an increase in average sale price, up 32.24% in the past week, reflects the grail NFTs that are being collected, while trade profits hit a 21-month high with $34.72M in the positive.
On the horizon we have the new
Runes protocol on Bitcoin, the halving, and now a newfound respect for Bitcoin’s version of NFTs, Ordinals. The stage is now set for the Super Cycle I mentioned last week, so be ready for some potentially shocking action in this still-early market.
Send It All. - Last week was Bitcoin Ordinals’ week. Ordinals sales saw their highest sales since mid-December, with sales up to $47.2M, a 109.78% increase
from the prior week.
- Nodemonkes are the top-selling PFP collection over the past seven days, seeing over $46.6M in sales and setting an eye-watering .9 $BTC floor price. We officially have our CryptoPunks of
Bitcoin
- CryptoPunks are still CryptoPunks and are the most coveted asset in all of NFTs. Plenty of Punk sales made clear that the bull market is here, but a $16M sale of an Alien CryptoPunk showed just
how desired the collection really is.
- Pandora’s staying power cannot be denied, as traders still love the defi aspect of the ERC404 collection, and the liquidity provided by its fungible token.
- NATCATS is the hottest new collection on Bitcoin thanks to their innovative mints. In fact new NATCATS will be minted forever, as certain block patterns on Bitcoin will generate the birth
of a new NATCAT. Pretty cool tech that reminds us of the Nouns on Ethereum.
- Creepz pulled back from their high average sale price last week of $18K once holders claimed their $PORTAL allocations.
- Pudgy Penguins have seen tremendous action but may be in the wrong direction. Ethereum sales have cooled off as traders focus on Bitcoin and Blast, and one trader even dumped 40 of his Penguins that he just bought 2 months ago. Pudgy Penguins' average sale price fell from a high of $70K down to around $50k, with floor prices briefly falling to 15 ETH.
- Bored Ape Yacht Club had a return to the Otherside Metaverse, and holders were largely unimpressed. Still in a bull market, many are looking for an entry into the OG collection, so
anyone who exited their position due to disappointment was met with a buyer eager to get in.
- Hychain NodeKey is the beginning of NFT World’s rebranded game. NodeKeys is their newest mint that will help power their Keychain blockchain, where their new HYTOPIA game will
live.
- Ethereum managed to beat Bitcoin this week even with Bitcoin’s massive 65.53% increase in sales. It’s that
$16M CryptoPunk sale that really sealed the deal yesterday, and shows just how close of a competition there is between your top 2 blockchains.
- Bitcoin had a monumental week. But $181.45M in sales isn’t as important as the fact that the blockchain saw a 45.53% increase in buyers. With ETH traders finally biting the bullet,
Bitcoin seems primed for more sales than most could imagine.
- Solana is benefitting from the bull market like everyone else, but that ecosystem’s separation from Bitcoin and Ethereum has made clear, that they still are in need of some major news or
events.
- Big NFT sales are the story of the week, with grail after grail being scooped up by those who realize the bull market is officially here. CryptoPunk #3100 sold for 4,500 $ETH ($16M) and is officially the 2nd highest sale for a CryptoPunk in USD value. We saw the #2 inscription on Bitcoin sell for 24.48 $BTC ($1.4M), Pudgy Penguin #5965 sold for 150 ETH ($526K), the 2nd highest Pudgy sale ever, an Alien Nodemonke for 17 $BTC, and gold for 9 $BTC, a Fidenza #49 for 496 $ETH ($1.8M) and even another EtherRock #28 for 209 $ETH ($744K)
- The CyberKongz migration to the Ronin blockchain is now live, and now their $BANANA token, VX Kongz, and Genkai will all be at home next to Axie Infinity and The Pixels.
- The new Blast L2 is now live, and so far traders have not been having a blast. Few rewards, a tiring grind, and a bridging experience that takes 14 days to receive your funds on Ethereum have some wondering if farming has run its course. Of course, it hasn’t and once Blur integrates Blast we’re sure to see that ecosystem
explode.
- Refik Anadol teased a new art collection that will be fully unveiled at NVIDIA GDC in 2 weeks.
You may not have been expecting the value of the market to be down in such good times, but let me explain. The Forkast 500 NFT Index is reflecting a -1.15% decline this week, and you can probably attribute that to both Blast and Bitcoin. As traders search for liquidity to play in those ecosystems, they’re selling their
NFTs, most of which come from expensive established collections. This selloff pushes down NFT prices as traders compete against each other for quick liquidity.
In this case, it still could be considered a bullish indicator. That is unless you were also hoping to sell your NFT. In that case, well, you’re just likely to make a bit less than you would have made 2 weeks ago, but we’re seeing plenty of buyers out there.
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 daily NFT market updates with Inside NFTs.
Have a MEGA
GM! Zancan - Aux Arbres
Date - March 5
Blockchain - Base
Price - Free Ol1y - Sunrise Silhouette
Date - March 5
Blockchain - Bitcoin Price - 40,000 sats 0n1 Force - F4LL3N
Date - March 11
Blockchain - Bitcoin Price - .0096
Tokidoki - Dragon Girl
Date - March 10 Blockchain - ImmutableX
Price - TBA |
Digital assets on the Ethereum blockchain can never be destroyed. While we use the term “burn” when talking about eliminating an NFT or crypto, the asset is actually sent to an Ethereum wallet, 0x000000000000000000000000000000000000dEaD, to which nobody has access. The immutable aspect of NFTs is one of its
biggest selling points, so rest assured that even when burning an NFT, that asset is still preserved forever. I highly recommend that you take a look through the burn wallet’s contents and take a stroll down memory lane at https://opensea.io/BurnAddress. You’ll find some CryptoPunks there, and who
knows what else.
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