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to share more details with you soon. For the Love of the Game (Market Commentary) |
We’re at a pivotal
time for the markets in Web3 as traders try to figure out what meta is cycling in next. We had Bitcoin ordinals in February, memecoins on Solana in March, and more ordinals action in the past two weeks leading up to the launch of a rune ecosystem, and now the space feels like it’s gearing up to shift another way. Where it’s heading is the question.
Traders follow the liquidity and right now a few ecosystems are promising quite a bit of it. Last week Blast’s gold rewards were distributed to dApps, and are now working their way to traders' wallets. Blast also has a Blur integration coming soon, along with the end of Blur Season 3 farming. Combined, these will be strong draws for traders who are about to see some of the biggest traders in the space flex 8-figure rewards from these platforms.
Base’s simmering NFT ecosystem is about to do the same with the promise of the hot $DEGEN token drop, combined with the upcoming FriendTech V2 launch and $FRIEND token. Base is already attracting artists and PFP collectors, and got a pretty
significant buff last week with Magic Eden integrating the chain. $FRIEND trading at 3.39 on pre-sale markets at - Source Solana’s memecoin ecosystem could pop off at any moment again, and the hot SPL404 token standard (like the ERC404 that gives collectors both a fungible and non-fungible token), could bring NFT trading to the forefront of an ecosystem that mostly revolves around fungible tokens. Ethereum has the $EIGEN drop coming on May 10, which has suddenly gone from mega bullish to mega bearish following news that the token will be locked for a period once claimed, and also that traders in the US will not be eligible to claim. And then there’s Bitcoin, whose ordinals have proven to be
very lucrative in airdrops for collectors. With Rune mania just getting started, there’s plenty of chat about collectors taking positions in anticipation of stacking more Runes. What is clear now is that NFT sales have suffered at the expense of fungible tokens. NFT sales came in last week at $203.18M, the lowest of 2024, and actually the lowest since the first week of November. Activity ramped up as sellers saw a 17.21% increase, and buyers a 20.70% increase, while total transactions were nearly flat. Buyers in particular at 431,005 was the 2nd highest we’ve seen since Feb 2023. This reflects more traders
participating in the market but also may be a sign that the same traders are creating extra wallets in preparation for airdrops. Either way, “number go up” looks good. As we’ve talked about before, we’re in uncharted waters, with so many blockchains competing for the same traders. Whoever makes these traders feel rewarded for their efforts will win their activity, so all eyes are on the next few weeks of token
drops. It should be revealed at the very least. Arenas are LIVE on the FLOW blockchain! Compete against other players with NO PURCHASE NECESSARY and compete head to head to win valuable rewards! - The general Ordinals collection and other Bitcoin collections like Nodemonkes have continued to take a hit as volume in Runes is now outpacing Ordinals sales. Sales fell -22.28% in the Ordinals collection and -31.06% in Nodemonkes in the past 7d in a trend that may continue as long as Runes heat up.
- CryptoPunks saw yet another major alien punk sale. This time it was CryptoPunk #635 selling for 4,000 $ETH ($12.4M), marking the third eight-figure alien Punk sale this year.
- Bored Apes had a fantastic week, seeing a 25% increase in buyers, along with their floor price climbing to nearly 17 $ETH as the community rallied behind the
OGs. It wasn’t all sunshine in the BAYC though, as the team laid off multiple employees again to shift focus back on their core community.
- Mad Lads basically represent the rest of the Solana NFT ecosystem which has struggled tremendously the past week. Sales fell -36.13% as average sale prices also declined
to as low as $13.5K yesterday, a significant decline from $28K on April 1.
- Pudgy Penguins have a new licensing deal on their OverpassIP platform, and their CEO Luca Netz announced that it is soon to be Pudgy Summer. Hype is returning in this
and other top ETH collections, so keep your eyes out for movement on the charts.
- Ethereum topped Bitcoin this week as big NFT sales combined with top ETH
collections major news drove sales up 38.42%.
- Bitcoin’s slowdown may last longer than many ordinals holders were hoping for. Sure they were cheering for the arrival of Runes, but did they realize it may come
at the expense of their ordinals bags? We’re also watching for the Merlin L2 unlocks to increase listed supply in the top ordinals collections, so watch for falling prices to possibly drive more volume but at lower prices.
- Solana NFTs continue to struggle to gain traction as NFTs on Base, Blur, and of course, ETH and Bitcoin threaten to steal many traders away. There are only so
many traders to go around, and at this point, they’re spread thin. NFT sales fell -10.76% as Solana held onto the #3 spot with $30.5M in sales.
- Yuga Labs laid off multiple employees as they worked on unraveling the corporates that had taken over the company. Their CEO Garga
stated that they lost their way, and are working to lean up to deliver things that delight with a quick turnaround time. These growing pains should help the Bored Apy Yacht Club in the short term, but are never pleasant to go through.
- Azuki’s highly anticipated anime called Enter in the Garden launches today and boasts talents such as Junichi Yamamoto (The Legend of Zelda: Tears of the Kingdom) and Kinu Nishimura (Street Fighter). Azuki’s NFTs saw a 120% increase in sales, now up to $1.63M in the past 7d.
- Moonbirds, who are now owned by Yuga Labs, announced that their NFTs will no longer be CC0 after holders are dropped new art. Holders are also receiving 3d avatars, IRL
parties, and more benefits to come. The collection is now up over 254% with over $822K in sales this week.
- Lil Pudgys will soon be bridgeable to the Solana blockchain according to Pudgy Penguins CEO Luca Netz.
- Solana saw a new collection called Pangelz mint out and then soar on secondary markets, as the collection traded for over
$2.5M.
- The Quantum Cats’ push for OP_CAT integration in the Bitcoin blockchain gets one step closer this week as the OP
code gets implemented on the signet testnet today.
The Forkast 500 NFT Index reflects another week of losses, now down -5.59% on the week after the crypto market took another beating. NFT floor prices have failed to find new heights but have remained stable enough to keep value from entering a
total free call.
With liquidity-injecting events like $EIGEN next week, and both $FRIEND and $DEGEN coming this week, there’s still plenty of hope that NFT’s turn in the spotlight is coming soon. Will that be on Blast, Base, Solana, Ethereum or Bitcoin is anyone's guess. Right now NFT traders will take it anywhere they can get it. 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 new daily Web3 live show called Chain Reactor.
Have a MEGA GM! — Yehudah Petscher |
Snapshots refer to an exact moment where a project or platform takes a “picture” of wallets who hold their asset. Usually before a token airdrop or claim, a snapshot is taken so it is known who is eligible for the reward. Typically, traders hold an asset until a snapshot is taken and then sell the asset now that they
are included in the photo. Some traders will actually plan to trade an asset right before the snapshot since it is the moment when the asset may be at its most valuable because of FOMO.
Get familiar with the term and how platforms utilize snapshots, because there’s a good chance you have been included in one many
times already. Happy researching! Received this from a friend? Sign
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