It’s starting to feel electric in NFTs, and trust us when we say, CryptoSlam is about to bring the storm.
CryptoSlam is
evolving, and we’re excited to announce that we are releasing our first-ever NFT collection, arriving on the Solana blockchain this month.
These are not your typical NFTs. At CryptoSlam, we’re all about the numbers, so this NFT collection will bring points,
power-ups, perks, and more. If you’re worried about another expensive NFT mint, don’t be, because our NFT collection will be completely FREE.
As we gear up for the NFT launch, CryptoSlam is partnering with some of the biggest NFT projects and platforms to bring their communities into the CryptoSlam ecosystem.
Magic Eden, CyberKongz, NeoTokyo, Cool Cats, The Fracture, Subber, Pizza Ninjas, Dokyo, Bitcoin
Frogs, and many more will be part of our official CryptoSlam Preseason Whitelist, and their NFT holders will soon be able to mint one of CryptoSlams first ever NFTs.
We are grateful for your years of support, so make sure to keep your eyes on your inbox for an upcoming opportunity to join the CryptoSlam NFT Whitelist raffle.
For the Love of the Game (Market Commentary) |
We’re officially in uncharted territory, with Bitcoin
hitting a new ATH this week, and a crypto and NFT ecosystem that barely resembles the last bull market. Take a minute to celebrate, but then let's discuss how a matured ecosystem of platforms and traders impacts NFTs today.
In the short term, NFTs feel like they’re going to stagnate. This is simple; when crypto is cooking, NFT prices become incredibly hard to predict. Sellers, instead of risking pricing their NFTs too low, typically put a pause
on their trading until crypto prices stabilize. Buyers on the other hand, you’ll often see them FOMO into NFTs before they get too far out of reach, but as NFTs become more and more expensive, they pull back too. NFT sellers in particular saw an instant decrease when $BTC started climbing in early February.
Again, why risk selling an NFT too cheap when you’re pretty confident crypto gains will flow into NFTs? Here you see buyers in peak FOMO during Bitcoin’s recent run, but as crypto continued to gain value, they pulled back to find out where NFTs will settle. The biggest change to the NFT ecosystem since the last bull market is the birth of Bitcoin Ordinals. The impact of this brand-new asset on Bitcoin can’t be overstated, and already we’re seeing its impact on Ethereum NFTs. Ethereum’s NFT floor prices have been on a steady decline this year, and some are wondering if traders are now pricing their NFTs in USD instead of $ETH.
The Forkast Ethereum Index shows that
Ethereum NFTs have actually gained value this year, so it’s possible that is exactly what is happening. I feel confident in saying that the rise in Ethereum’s price, now above $4K, is just masking a change in traders' behavior, and instead, the falling floor prices are real price discovery. More than that, it’s directly related to Bitcoin Ordinals.
With traders recently
getting a taste of how high the upside is on some ordinals collections like Nodemonkes, Ordinal Maxi Biz, and Quantum Cats (these collections’ floor prices recently peaked at .4 - 1.3 $BTC), Ethereum NFT traders are being very cautious about their spending habits, and wondering if their big bucks may be better spent on the “luxury chain’s” offerings.
It wasn’t long ago that we were in the
thick of a bear market. One that taught traders how low NFT prices can fall, and showed collectors how much utility their NFTs really have (or don’t have). So if NFTs are mostly now just a flex, would you rather own that flex on Ethereum or would you choose Bitcoin? At this point, I know which I would
pick. Last week the NFT market pulled back in almost every category, and while it felt like the air had come out of the tires, sales were down only 7% from the previous week’s 2024 high. It was the rise in crypto prices that propped up the NFT market, with the average sale price of NFTs climbing to $207.11, the highest we have seen since the week of May 9, 2022.
As we discussed
earlier, and as you see in the numbers above, traders have pulled back from trading in a meaningful way. But what happens when the buyers and sellers return to buying NFTs at these new ATH crypto prices, and what if NFT prices return back to their prior glory day highs? Combine that with new users who are coming into both crypto and NFTs and you now have the exact recipe for the super cycle some of us are predicting to see this year. - Ordinals’ sales have pulled back this week due to Bitcoin’s tremendous run, and finding a new ATH. Sales are down 41.04%, but if you’re really paying
attention you’d notice that unique buyers, while down from last week, are at peak levels from the bear market.
- Nodemonkes like the rest of the ordinals ecosystem are seeing a pullback. Sales are down over 65%, and average sale prices have fallen to around $35K. At their peak on
March 4th, average sale prices had reached over $62K.
- Peplicator is Pepe the Frog creator, Matt Furrie’s first generative PFP collection. In under one week, the collection has already traded for $14.3M and proves that NFT
traders still value the hot new mints more than established collections.
- Bored Ape Yacht Club continues to take a beating for their decision-making, and for not driving value to their NFT holders. They’re almost in a can’t-win
scenario in the short term. While sales are up 85.22% in the past week, it reflects turnover in the community as old holders exit and brand-new members enter the community at lower prices.
- Pudgy Penguins joined Yuga Labs in taking a beating this week, though the sentiment around the project remains strong. It’s bad loans on Blur that are pulling the
project’s prices down.
- Mad Lads and Froganas are maybe indicators that Solana is on the upswing, as the only two Top Ten collections (other than Bored Apes) to see an increase in sales. Meme coin trading on Solana is reaching a fever pitch and bringing in liquidity that should flow to NFTs.
- Blast NFTs are now tracked on CryptoSlam, so as the NFTs in this ecosystem take off
(and you better believe they will), we’ll be there to cover it all. In the new L2 blockchain’s first week, NFT sales already saw over $2.18M in sales volume.
- Ethereum is shockingly still your top blockchain this week, even with endless FUD and talk that traders are pricing NFTs in USD. The continued price discovery
in NFTs and gamified trading platforms like Blur still are driving sales, which this week came in at $142M, down 19.61% from the prior week.
- Bitcoin was one of the biggest losers this week with sales falling 40.92%. Again, it’s $BTC’s new ATH that caused a pause in ordinals trading, and it’s fair to
say it was due for a pullback after thousands of new wallets started trading ordinals over the past few weeks.
- Solana sales came in at $62.1M, nearly even from where they were last week. That’s actually pretty impressive compared to how sales finished on the other major
chains. Call it a hunch, but the red-hot meme coin action on this chain is soon to flow to Solana NFTs.
- Bodoggos on Solana are ready for primetime and up over 485% this week after their founder NFTNick became an overnight internet celebrity. His viral “Choose rich” videos caught the
attention of influencers, and even Dave Portnoy had Nick as a guest on his daily trading show this morning.
- Mutant Apes prices are taking a beating from all of the Yuga Labs FUD and now have fallen below their 3 ETH mint price for the first time
ever.
- Yuga Labs’ Dookie Dash launched in closed beta last week, and for a period was knocked off of Apple’s App
Store due to the huge volume of downloads. Turns out, people really like this game!
- The Sappy Seals’ new Lil Sappys collection was minted on Cardano yesterday and has already traded for over $409K. A big Ethereum brand now on Cardano… Are $ADA collectors about to “choose rich”?
- A massive 10M loan was taken out against 60 CryptoPunks with 5,000 unique lenders. NFTFi is
here.
- Kevin Rose from Proof (recently sold to Yuga Labs) has been dumping his NFT collection and burning his ENS addresses. He said he’s not leaving NFTs and is just reallocating his portfolio, but burning his ENS is sus.
- Jack Butcher announced that the Opepen collection will evolve into V2 on March 20th, with an improved UX and a new opt-in mechanic.
- Portal Coin just may be the trojan horse that brings gamers into NFTs. Last week they announced a massive
worldwide DOTA2 tournament that will expose gamers to crypto, and almost certainly NFTs.
- The Taproot Wizards team announced that some quantum cats are upgradable to be a Taproot Wizard.
Instantly the first eligible cat was auctioned at Sotheby’s and is expected to fetch up to $120K.
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! |
Traders are sometimes rewarded for selling on a platform, but what if you want rewards without selling your prized NFTs? Wash Trading is a simple solution that gives you the best of both sides, keeping your NFT and giving you the promised rewards. There are many more applications for Wash Trades, so we encourage you
to DYOR (do your own research) and learn all about the controversial practice that is making waves today.
Happy researching! Watch all of our episodes on Youtube. Don't have time to watch? Listen! All of our episodes are available to listen on Spotify and Apple Podcasts. Received this from a friend? Sign
up for this twice-a-week CryptoSlam VIP newsletter. |
|
