CryptoSlam is evolving, and we’re 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) |
Welcome to MEMECOIN MANIA! If you’re into NFTs, chances are you’re into meme coins too. Or at the very least you’d like to be. Right now these dime-a-dozen fungible tokens are popping up across blockchains, and in an instant, some go from worthless to worth a bill overnight. If you’re wondering how to spot the difference between a winner and a loser,
I’ll just tell you, anyone who knows that is either retired or in jail. The real answer to that is it’s almost all down to luck. There is something interesting brewing on the NFT side which entangles NFTs with fungible tokens and actually may make it easier to pick the winners out ahead of time. I’m not talking about ERC404s though, I’m talking about NFTs that reserve holders with a token allocation.
As
Bitcoin gears up for the halving next month, and the incoming Runes protocol that arrives with it, projects are beginning to prepare for memecoin token launches by dropping NFTs ahead of time that will lead to token allocations.
This started with RSIC METAPROTOCOL earlier this year, and last week we saw it with the largest airdrop in Bitcoin history with the creation of
Runestones.
These Runestones were given for free to any wallet that held 3 or more non-text inscriptions from the first year of Bitcoin ordinals’ young life. As of now, there is no specific token allocation that’s set in stone, but the promise that there will be a Rune token airdrop to holders has traders frenzy-trading on secondary
markets.
I have to say, I quite like this new meta. With NFTs that arrive pre-token launch, traders now have time to understand the story behind a token, the art, the mechanics, and an endless number of other factors that all become make-or-break components of a token. Will this meta become the standard, or is the NFT-to-token process just a way to build some hype before Runes goes live? Only time will tell, but in many ways, it’s not much different from PFP NFT collections that release their own tokens.
For now, it's safe to say that its impact on the market comes at a much-needed time when NFT sales and prices are beginning to really struggle. In the past week, NFT sales have fallen -12.38%, while sellers, buyers, and transactions fell almost equally along with it. What you’re seeing in the market is traders favoring meme coin trading, and until traders start losing on fungible
tokens, that’s exactly where they will stay. With crypto’s major losses over the past few days, the market is now set up for another crypto rebound, and those profits cycled right back into meme coins. Basically, it could be a while before NFTs get some attention again. - Nodemonkes are on a tear again, climbing to a .7 $BTC floor price and seeing their USD value flip the Bored Apes.
- Bored Apes sales are steady even though their price is not. Average sale prices have fallen to around $50K, down from an average of $63K in early
March.
- Mad Lads just keep winning. From holders getting a 16K $W token airdrop to rewards from the Backpack exchange’s preseason, the collection’s demand just continues to grow.
Sales are up 69.38% this week to $12.41M.
- Milady Maker is ripping this week, with sales up 42.38% to $4.98M. The project that promises nothing is enough for most collectors, so their new token launch on Solana is
just icing on the cake.
- The Captains are starting to see the utility of their $MEME token, with the announcement of their new Stakeland platform last week. Captains with attached $MEME coins are
in high demand, and you can see that demand as sales are up 23.75% to $4.63M this week.
- Bitcoin is the king of NFTs again, and if we add in Runestones sales (currently
onboarding onto the site), it’s not even close. Bitcoin saw over $133.29M in sales this week, and Runestones added another $42M to that total. Buyers were also up 96.68%, showing that traders are back to Bitcoin in a big way.
- Ethereum sales fell -22.58% this week to $107.25M, but buyers saw a 51.28% increase. You could argue that things are actually looking up for Ethereum NFTs, but
crypto’s free fall for now is holding NFTs down.
- Solana is playing the slow and steady game, and seeing sales increase 10.11% to $66.65M while most of the focus has been on meme coins is pretty darn bullish. At
this point, there is an expectation that the meme coin liquidity will flow back to NFTs. Does Solana have enough appealing NFTs to attract it though?
- BNB Chain and Polygon are neck and neck this week with $8.24M and $8.13M respectively. BNB Chain gets the edge though not just with sales, but also with its 169.30% increase in buyers compared to Polygon’s 114.29% increase.
- A massive sale this week bridged the meme coin phenomenon with NFTs when the original photo that inspired the $WIF dogwifhat token sold as a 1/1 NFT for $4.3M.
- The Solana marketplace, Tensor, announced a new platform token called $TNSR as a reward for its marketplace traders. The Tensorians collection saw a 23.15% increase in sales in the past week from the news.
- DeGods and Y00ts’ travels continue, both in their prices racing towards 0, and in moving across blockchains. Their project founder Frank tweeted that he didn’t care about the value of the NFTs and instead is focused on building, but also said that both collections will be able to be bridged back to Solana.
- NFTNick’s new internet fame from his “Choose Rich” videos has led to the creation of multiple multi-million dollar MC meme coins, and also his Bodoggos NFT collection’s prices to soar. Sales are up 58.12% this week, with average sale prices climbing to over $1,200 from as low as $616 earlier this month.
- Runestones on Bitcoin have quickly become one of the largest NFT collections in the world. Less than 7 days old, these bitcoin ordinals have traded for over 667 $BTC ($42M) since being airdropped to nearly 100k wallets. Runestones will give holders a meme coin token allocation once the Rune protocol goes live.
The NFT market is in the midst of one of its most drastic losses of value we’ve seen since the FTX collapse in late 2022. While NFT floor prices have been falling, now crypto prices are falling along with it. The combination makes for a perfect
storm that even bull market trading action can’t offset. This feels like a temporary setback though, as the market re-adjusts to Bitcoin’s recent all-time high price last week. Still, with the bitcoin halving coming in about 4 weeks, expected volatility in crypto, and probably another meme coin run, NFTs may be on the back burner for a while. C'est la vie 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! — Yehudah Petscher |
The term “open metaverse” refers to a persistent digital world where digital assets are owned (usually as NFTs) and become interoperable between platforms, stores, locations, etc. Ideally, the open metaverse is more decentralized than the traditional idea of a metaverse and allows for greater connectivity and freedom
for those who participate. With many metaverses on the horizon, it’s best to be prepared for the opportunities that will follow.
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