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) |
I hope you’re not tired of hearing about Ordinals,
BRC-20s, and Runes yet because you’re going to be hearing a lot more about them today and over the coming year. What started as a novelty to most in late 2022, or early 2023, has now bloomed into the biggest ecosystem for “NFT'' sales, and is soon to be a competitor in the memecoin markets as
well.
Last week we discussed traders' continued focus on memecoins, and how NFT collections are finding success when embracing them too. I’m here to tell you that even more projects are planning to embrace fungible tokens, and many of them have plans to do so on Bitcoin. Right now there’s speculation that 0N1 Force on Bitcoin has an incoming Rune token, and these days most collections launching on Bitcoin are dangling Runes in front of their holders. After the success of BRC-20s, and now Rune facing Ordinals collections like Runestone and RSIC, who could blame them? Runestones, Rune Pups, and RSIC are your key fomo drivers in Bitcoin this past week, with each promising a Rune memecoin once the protocol goes live on April 20. Runestones in particular traded for 435 $BTC ($30.5M) in the past week, while
Bitcoin Pups saw 163 $BTC ($11.4M) in sales and RSIC 79 $BTC ($5.6M). It’s important to understand why the focus on Bitcoin memecoins is reaching a fever pitch. The $WIF token on Solana launched not even 4 months ago and currently has a 3.6B market cap, while last year’s darling memecoin, $PEPE has a
respectable $2.9B MC. Right now the Runestone market cap is roughly $600M, which means it can run over 6x if it were to reach $WIF levels. Now imagine if it reached SHIB or DOGE’s MC. In order for this to happen a few major components line up, like Runes getting listed on centralized exchanges. Last week Binance announced that they are ending support for Bitcoin Ordinals and BRC-20s, so it won’t be happening there. OKX currently supports BRC-20s and Ordinals, so there’s a good chance we’ll see Runes listed there. Our biggest sign yet that CEX listings may happen arrived last week when Coinbase announced that they’ll be listing the $ORDI
BRC20 perpetual futures on their International Exchange and on Coinbase Advanced. Whatever happens when Runes arrives, we’ll be watching a major milestone on Bitcoin unfold. As Franklin Templeton puts it, Ordinals, BRC-20s, and Runes put positive momentum in Bitcoin innovation and a renaissance in activity.
Memecoins, there’s maybe nothing that drives activity quite like them. Well, other than NFTs in the bull market. While it’s not an NFT bear market right now, it’s fair to say that the NFT bull is still on pause. In fact, it was quite the mixed bag last week, with NFT sales falling -4.86%, txns down -6.37%, but sellers, buyers, average sale price, and profits all up. While NFTs continue to find their place and their footing, I still believe that the fungible token meta will lead traders right back to the much more personal NFTs. When we emerged from the bear market, most traders were quick to pick up an NFT from their favorite NFT collections that they either had let go of or couldn’t afford in the past. There’s a real attachment that comes with these jpegs, as silly as that may sound, and that attachment will, without a double, pull
collectors right back into NFT mania again one day. Maybe even soon. Arenas are LIVE on the FLOW blockchain! Compete against other players with NO PURCHASE NECESSARY and compete head to head to win valuable rewards! - Bitcoin Ordinals are absolutely cooking this week, up over 105% thanks to red hot Rune facing collections like Runestones, RSIC, and now dozens more. Bitcoin
Puppets in particular saw nearly $15M in never-ending sales, which included a 26 puppet sweep by 1 wallet.
- Nodemonkes rallied this week, up over 101% after the Bitcoin Puppets threatened to flip the Monkes’ floor price. Nodemonke holders rallied, buying up the floor and
pushing the collections up to .54 $BTC vs Bitcoin Puppets’ .405 $BTC floor.
- The Tensor Foundation had its major $TNSR token launch yesterday, and the Tensor marketplace’s Tensorians avatars saw a
massive 155% increase because of it. Holders of these NFTs get multipliers on the marketplace’s points rewards.
- Pandora dropped some game-chaining news this weekend when they announced a new ERC-404 launchpad. Imagine your favorite memecoin with an NFT baked into the trading
mechanics. Ya, that’s what’s coming.
- Avalanche’s Dokyo has returned to the top ten with sales increasing 147%, and showing the diversity in PFPs, now with 5 different
chains represented in the CryptoSlam Top Ten Collection Rankings.
- CryptoPunks sales ripped this week with one sale in particular standing out. CryptoPunk #2306, a rare Zombie CryptoPunk, sold for 320 $ETH ($1.09M). This was the lowest Zombie punk sale in ETH value in over 2 years, but its USD value is up from the previous $500k-$600k sales.
- Bitcoin was your top blockchain in the past week, but the separation between
Bitcoin and the rest was even greater than it appears. Over $35M in additional sales took place in Runestones and RSIC (both collections are currently onboarding onto CryptoSlam), putting Bitcoin’s total sales closer to $140M
- Ethereum sales are down almost 10% in the past week, but sentiment seems to be shifting maybe back towards ETH NFTs as Solana’s blockchain has become almost
unusable due to high trading volume.
- Solana is struggling. Sure sales are up 2.66%, but really they’re closer to flat due to nearly 75% of transactions failing from the extra memecoin volume. Keep an
eye on this chain to see if traders begin to move away in the short term.
- Avalanche has a massive week of sales, up over 104% to $4.5M, thanks to Dokyo’s recent resurgence in sales.
- The Doodles had a major announcement last week, revealing a new animation that will be dropping this summer, with contributions by
Lil Wayne, Pharrell Williams, and Coi Leray. The big news brought excitement to the community, but sales only saw a 26% increase, up to $1M.
- Gods Unchained on Immutable continues to be a consistent top performance in NFTs, this week with $3.44M in sales. I’m keeping an eye on their upcoming expansion and collaboration with Guild of Guardians, as cross-project collabs are often positive for price action.
- OG crypto artists XCOPY has had a massive week of sales, especially yesterday when we saw The Deadness sell for 29.5 $ETH, DISRUPTOR for 26.9 $ETH, No Favour (cold) for $26 $ETH, Siphon for 25 $ETH, E X P O S U R E for 15 $ETH, Rabble 1 for 18 $ETH, Disintegration for 12 $ETH, and over a dozen other artworks selling for 1-7 ETH.
- Runestone’s saw over $30.5M in sales in the past 7d as the race towards Runes heads up. Last week the Runestones founder, Leonidas announced that the first Runestone memecoin will be called Dog, and also that Runestone holders won’t receive just 1 memecoin drop. Instead they will receive 3 over the next year.
The NFT market saw a down and then up week over the past 7d, as crypto prices plummeted, and then recovered early this week when multiple Chinese funds filed for Bitcoin ETFs.
Still, that recovery
wasn’t enough to erase the week’s total losses, as the Forkast 500 NFT Index reflects that the NFT market has lost 3.47% of its value.
The biggest factor in NFTs’ continued declining value is simply that traders are favoring memecoins. Solana and Base both currently have booming memecoin ecosystems, and with token drops like $W, $TNSR, and more on the horizon keeping traders liquid, there’s no catalyst in sight for traders to return to
NFTs.
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 and live show with Inside NFTs.
Have a MEGA GM! — Yehudah Petscher |
On the blockchain, a validator is a node or machine that verifies blockchain transactions. Different blockchains operate in different ways, and validators' functions may vary by blockchain. Typically, validators earn token rewards for their work, so on Ethereum for example, if you stake 32 ETH to run a validator node,
you earn $ETH as your reward. Running a validator is a great way to learn blockchain and earn, so do some digging to learn about running validators.
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