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) |
The value of the NFT market was decimated last week as
bitcoin outflows, for an extended period, outpaced recent record-high inflows from bitcoin ETFs. The massive sell pressure on bitcoin tanked the crypto markets, while at the same time floor prices in NFTs continued to fall like we’ve been watching for most of 2024. The combination of the two led to one of the biggest losses of value we’ve seen in NFTs since the FTX collapse. The good news is that NFT traders now have years of market experience under their belt, and handled the losses with remarkable maturity. Instead of undercutting other traders and lowering their NFT prices even further, they held steady in anticipation of better days in the near future. I’ll even say how surprised I am at traders’ conviction in NFTs, which saw them buying more NFTs than selling, and now floor prices have had an unexpected rebound over the past seven days. 7d Floor price change on Magic Eden - Source Buyers fell just --2.86 % in the past week, and compared to the -16.52% decline we saw the week before, it’s clear that many traders sensed an opportunity in the discounted NFT market. Where we really see the impact of last week’s losses is when we look at global NFT sales, along with the average sale price of NFTs, with both falling drastically. Even with more total transactions than the prior week, sales fell -27.29%, nearly matching the -27.39% decline in average sale price. What a difference a few days can make though, because it looks like we may have a big week ahead of us now. Since Sunday evening, crypto is back to making a major run towards new ATHs, and that’s bringing some stability back to the value of the
NFT market. Last week some called that the top of the NFT market was in, and now this week it feels very much like we’re heading to much higher highs. The reality is we’re heading exactly where we always were, into uncharted waters. Expect it to get bumpy as we ride these highs and lows, but just don’t lose sight of where we’re
going. I don’t have to say where because you already know where. - Ordinals sales fell 63.41% to $24.9M in the past week, but don’t let that fool you into thinking the Bitcoin ecosystem is slowing down. BRC-20s are starting
to heat up, and we’re seeing that in collections like the Pii BRC-20 collection, which did over $9.1M in sales last week.
- CryptoPunks are unlike any other collection in the world. Last week’s $20.4M in sales might make you think a high volume of these grail NFTs were sold, but really, it
was one $16M sale that made up most of the collection’s volume. That’s right, for the second time in 4 weeks we’ve now seen a $16M Punk sale, and like the last time, it was another rare Alien CryptoPunk (#7804).
- NodeMonkes sales are down 44.45% to $8.09M last week, but average sale prices are starting to take off again. After falling to as low as $30k last week, Nodemonke’s
average sale price is now up to $46K in the past seven days.
- Bored Ape Yacht Club is always a top seller even through their recent struggles, but this week we saw some interesting narratives in the collection
like Kevin Hart selling his Bored Ape for a $205K loss.
- Mad Lads continue to be Solana’s most desired PFP, and even with a down week across the board for most NFTs, the lads still saw their average sale price climb from $29K
up to as high as $42K.
- Pudgy Penguins saw their prices collapse last week to 10 ETH, but that was followed by an incredible rebound as their floor price hit as high as 16 ETH. Now they and
the Bored Apes are in a constant flip-flopping contest for the highest floor price. But regardless of price, their decline in overall sales at -14.26% was the lowest decline of any other PFP in the top ten.
- Ethereum is your top blockchain by sales volume this week, even while battling the
narrative that their NFTs still may be too expensive. The truth is NFTs are all about what’s in style, and you better believe Ethereum NFTs will be cool again. Especially if an ETH ETF gets approved this year.
- Bitcoin’s BRC-20 and ordinals ecosystem took a huge hit last week like other chains, largely due to $BTC volatility. Still with $76.4M in sales in a down week,
the stage is set for a massive rebound as $BTC approaches ATH prices.
- Solana is becoming known as the meme coin chain, and while meme coins are back to rocking, traders throttle back from NFT trading. Solana still saw over $46.4M in
NFT sales over the past seven days, so just imagine how things may look when NFTs cycle back into the meta.
- Another massive CryptoPunk sale last week made clear to the world that CryptoPunks are the king of NFTs. For the
second time in just 4 weeks an alien trait CryptoPunk (only 9 exist in the entire collection), sold for over $16M. A cultural phenomenon, historic art, or the future of tech, call it what you want. The truth is, CryptoPunks are all of these things.
- Speaking of NFTs that represent the culture in Web3, Jack Butcher’s Opepen collection got a serious facelift this week as
its doors were opened to all artists. Previously, Jack Butcher and Jalil curated all Opepen artists. Now any artist can submit their work to be part of the Opepen collection, and if the community votes for their art, it becomes the newest Opepen set. With the new mechanics in place, traders drove over $521K in sales, a 197.54% increase from the prior week.
- A new Solana collection, Howdy Hats, was one of the hottest new NFTs in Web3 thanks to their promise of a token
for their holders called $HOWDY. Meme coin mania and NFTs paired together to keep both relevant regardless of where the meta has cycled.
- NFT traders and maybe meme coin traders are paying big bucks to purchase rights to a highly desired NFT called DeezNode. Holding
this NFT gives you access to a custom RPC on Solana that boasts incredibly high performance, and now traders are spending 700 - 1,113 $SOL to own one for themself.
- XCOPY and Neon Glitch brought a swarm of buyers to the Base blockchain last week with an open edition NFT called Mutatio,
which ended up seeing over 1 million NFTs minted.
After last week’s jaw-dropping 11% loss of value in the NFT market, traders can breathe a sigh of relief (although honestly, most weren’t worried) thanks to an incredible rebound. The Forkast 500 NFT Index is now back in the green, up 1.27%, and
as you might expect, it’s crypto prices that are really giving NFTs the recovery they need. Bitcoin, Ethereum, and BNB are each up nearly 7%, while Solana saw a more modest 1% gain. The main takeaway here is, that the quick crypto recovery didn’t just save crypto traders’ bags, it saved NFT traders too. As
we inch closer and closer to the Bitcoin halving, don’t be shocked if we see more volatility leading up to the major event and even after. For the time being, NFT traders are likely to be cautious now that they see how quickly the market can shift. But with NFT NYC coming next week, a splashy announcement or two can really send things flying.
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 |
TLV = Total Value Locked and refers to the total amount of assets locked in a platform, product, smart contract, etc. Lately, this has been used to refer to how much money is tied up in Friend.tech as a signal for the growth of the new platform. This term is common across the financial world and now on the blockchain,
thanks to so many new innovations in the digital economy. Dive in to find out why TLV is important and how to use it as an indicator for growth.
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