CryptoPunks at Three-Year Low—Is the Ethereum NFT Era Over?
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CryptoPunks at Three-Year Low—Is the Ethereum NFT Era Over?
Everything will pass, all things shall pass.
Navigating Web3 tides with focused insightsBy: Cookie
Welcome to today's BlockBeats "Runes + NFT Watch" by TechFlow. To begin today’s piece, I want to discuss a topic:
Is the Ethereum NFT era over?
I believe that if you're someone who consistently reads this column, like me, you're an NFT enthusiast. Owning a CryptoPunk was the ultimate dream for many of us when we first entered the NFT space.
Now, the floor price of CryptoPunks has dropped below 30 ETH—the first time since August 2021.
Another thing that strikes me deeply is that Three Arrows Capital’s complete set—comprising a full set of golden-skin BAYC, 2 MAYC, and BAKC, four Yuga Labs NFTs purchased in August 2021 and March 2022 for around 140 ETH total—will be auctioned at Sotheby’s on June 18. At the peak of the NFT market, this collection would have been worth over 1,000 ETH. Today, BAYC’s floor price is under 12 ETH.
According to data from cryptoslam.io, over the past 30 days, the top four blockchain networks by real transaction volume are Bitcoin, Ethereum, Solana, and Polygon. In the last 30 days, Ethereum NFTs generated less than $160 million in trading volume, ranking third. Meanwhile, Solana and Polygon combined surpassed $148 million, nearly matching Ethereum—a scenario once unimaginable. Although Bitcoin NFTs lead in volume by only a slight margin of over $10 million, since March, Bitcoin NFTs have consistently outperformed Ethereum in monthly trading volume.
Granted, cryptoslam.io includes BRC-20 inscription-related transactions in its Bitcoin NFT volume figures, making the numbers somewhat impure. But in my view, the Bitcoin NFT community inherently blends images, runes, and BRC-20 tokens together. This integration is precisely why I believe Bitcoin NFTs are currently winning.
I’ve never believed that the golden age of NFTs is gone forever. I believe continued development will eventually reflect in market performance—just like the NFT value curve shared by Pizza Ninjas founder @TO. We will return, as if we never left.
Yet, all things pass. Everything must pass. Perhaps, the golden era of Ethereum as the absolute center of NFTs has come to an end.
With that discussion concluded, let’s move on to project observations.
New NFT Project Watch
Writ of Passage by The Beacon
The Beacon @The_Beacon_GG was once a viral blockchain game on Arbitrum, exploding in popularity at the end of 2022. We covered it extensively back then (see: The Beacon: The ‘Dungeon’ Game on Arbitrum and TreasureDAO).
Now, a year and a half later, The Beacon recently launched a new event called “The New Frontiers.” By completing various gameplay and social tasks, players earn points to unlock treasure chests containing future The Beacon rewards, $ARB tokens, in-game items, and notably, whitelist access to their upcoming NFT series “Writ of Passage.”
Writ of Passage functions somewhat like a battle pass within The Beacon ecosystem. Holding one allows users to complete tasks to upgrade it, unlocking more The Beacon token airdrops, access to Phase 2 and 3 of “The New Frontiers,” and priority access to future versions or even new games from The Beacon.
Total supply and mint price remain unknown, but the mint is expected in early July. Whitelist eligibility comes from participating in “The New Frontiers”—the more points earned, the higher the chance. Interested readers should act quickly.
Qio
Qio @QioLabs is the first blockchain social app built for Apple Vision Pro. It’s quite a pioneering angle, which is why I included it. The project’s investors include Folius Ventures, Merit Circle, The Spartan Group, Animoca Brands, and Galaxy—impressive backing.
No further details are available yet.
The Sports Meta
The Sports Meta @TheSportsMeta is an Ordinals PFP collection with a total supply of 3,000. Mint price and date are unannounced. The project aims to build a Web3 sports community, serving as the foundation for a gamified social platform called “Dot Game” and a fashion brand named “DXNK.”
Their advisory team includes notable figures from the NFT and crypto world such as @andr3w and @jonnydegods, co-founder of DeGods and artist.
Scribbles
Scribbles @Scribblesby0xVM is the NFT project by @0xVM_BTC. 0xVM describes itself as a “modular Bitcoin execution layer,” with partners including Razer, Jump Crypto, Huobi, and Zentry.
Based on released art previews, it’s unclear whether this is a traditional PFP series. However, benefits mentioned include future 0xVM token airdrops, presale priority, and partner ecosystem perks, so I’ll classify this as a utility Pass card for now.
Total supply: 888. Free mint.
Bitcoin Keys
Bitcoin Keys @keysbitcoin aims to become an Ordinals staking platform that doesn’t require transferring NFT assets. Using snapshot mechanisms, Bitcoin NFT holders can stake while keeping their inscriptions.
Initially, the platform will be exclusive to Bitcoin Keys holders. Total supply: 1,000. Mint price TBA.
Runes Watch
In previous editions, we’ve discussed REX. Memes are undoubtedly a core part of the Runes ecosystem, but beyond memes, I also hope to see some innovative use cases. So this week, I’ll highlight two interesting Runes projects. First, however, note that a free Rune airdrop will go live in approximately 13 hours.
FOR•THE•CHILDREN
Earlier this month, hip-hop legend and Wu-Tang Clan member Ghostface Killah changed his profile picture to Bitcoin Puppets. Clearly a fan of Ordinals, he’s now promoting the rune FOR•THE•CHILDREN.
The ticker’s origin traces back to the 40th Grammy Awards in 1998. That year, Wu-Tang Clan lost the Best Rap Album award. The late Ol' Dirty Bastard stormed the stage as Shawn Colvin accepted Song of the Year, grabbed the mic, declared Wu-Tang Clan the best, and famously proclaimed, “Wu-Tang is for the children”—creating a legendary moment in Grammy and music awards history.
If you hold top-tier Ordinals projects, don’t forget to check whether you’re eligible to claim this Rune airdrop in about 13 hours. (Link)
NO•ORDINARY•KIND
This is the 120th Rune deployed by Seize CTRL @SeizeCTRL. As Dr. Gold Dog puts it, “CTRL positions itself as a Bitcoin-native cultural brand for the post-fiat era.” CTRL is undoubtedly an OG in creating art on rare sats—for example, this series entirely inscribed on Uncommon sats, limited to 404 units, now has a floor price of 0.075 BTC.
Last week, Seize CTRL launched a new parkour-style mini-game called “Stack Sats.” Playing it offers a guaranteed whitelist spot for the new “n0k” series and boosts your chances of receiving a larger allocation in the NO•ORDINARY•KIND Rune airdrop. Definitely worth checking out.
THE•INFINITE•MONEY•GLITCH
They @TheInfiniteXYZ create pretty solid memes, so much so that I had to double-check whether they were actually building a degenerate game on Bitcoin. In the end, I concluded they are—because their pinned tweet ends with a video hinting at a “Game Item Mint.”
This is a Pre-Runes project, meaning it features pre-mining via “mining rigs.” I won’t detail the corresponding mining setup here—interested readers can research it themselves. I’m keeping an eye on their planned gameplay, though the exact nature of the game remains unclear for now.
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