nft news february week 3

Crypto rallied on Thursday, shrugging off a more stringent stance from the U.S. regulatory bodies. Ethereum is up over 10% and has broken beyond the $1,600 threshold. ETH could keep rising if it overcomes the $1,700 resistance area soon.

It looks like this pattern of mounting sentiments and rising prices will last for some time. Is it the bull market? And how is the NFT space fairing? Let’s look at the weekly statistics starting with the NFT Market Cap.

1) NFT Market Cap & Volume

According to NonFungible, this week’s sales stayed at 49K, 3.34% higher than the prior week. The Sales USD also increased by 3.80% to $124M. Additionally, Primary Sales grew by 15.56%. The unique sellers fell by 5.88%, while active Market wallets reduced by 3.40%. They sit at 17K and 33K, respectively.

The euphoric waves we saw in the rest of the web3 have yet to reach the NFT space.

NFT Market Cap & Volume
Source: NonFungible

The total market cap expanded slightly by 1.66% to 10.13M ETH. The volume also grew by 3.51% to 151.69K ETH. Evidently, the market cap and volume grew substantially more after Feb 15.

Market Cao & Volume
Source: NFTGo
2) NFT Sellers Drop, Buyers Increased

As usual, the number of holders remains stable with minimal increases. Surprisingly, the number of Sellers dropped by 1.26% this week. The number of traders declined marginally by 0.67%, while buyers increased somewhat by 3.25%.

Holders & Traders
Source: NFTGo
3) NFT OpenSea Transactions are Up

This week, the OpenSea smart contracts recorded 285.4k transactions, more than 9.13% higher than the prior week. The volume at OpenSea decreased by about 14.12% to reach 80.74 million dollars. And the smart contract’s balance remained at $74.05K.

NFT Users and Transactions on OpenSea
Source: DappRadar
4) Solana Stuck In Range, Solanart The Marketplace of Choice

Since February 9, SOL has been trapped between the moving averages, indicating that both the bulls and the bears are unsure of their positions. But as of late, bulls appear to be in control of the market’s direction. But the $24 resistance level is proving too challenging for SOL to break. The token currently trades above $23.84 and must maintain this level to move upward.

The Solana NFT market, though, is bleeding red. Magic Eden no longer dominates the Solana NFT scene. Solanart has seized the throne. That said, the volume of Solanart has declined considerably. It is down 30% from last week. The volume of MagicEden, on the other hand, has more than doubled. Will a reshuffle happen once again in the Solana NFT marketplace scene?

Solana NFTs
Source: DappRadar
5) Tezos NFT Marketplace Finally Green 

This week, XTZ could maintain above the psychological $1 mark. It currently trades above $1.15 and must surpass $1.175 to move higher.

The Tezos NFT market is bleeding red. The volume of declined by more than 18.27%, with the average price down by 28.19%. Hic et nunc’s volume declined by 55.66% and is now a measly 9.93K dollars. Other marketplaces’ volumes are ridiculously small and can be ignored.

Can the Tezos NFT scene make a comeback? It can if a bull market is on the horizon.

Tezos NFTs
Source: DappRadar
6) Quick News Round-Up

1. NFT Exchange Hadeswap is the New Owner of Solana Monkey Business.

  • Solana NFT marketplace Hadeswap revealed that it had purchased the project’s IP rights.
  • The platform also intends to incorporate the project within the ecosystem of the Hadeswap and HADES tokens.

2. Jury Finds NFT Artist Liable In Trademark Infringement Lawsuit

  • The Creator of MetaBirkins is found to be liable under trademark law
  • The jury specifically determined that Rothschild was responsible for trademark infringement, trademark dilution, and illegal cybersquatting.

3. Blur urges NFT creators to reject OpenSea in the royalties dispute

  • NFT marketplace Blur declared that it will enforce full creator royalties for any collection that restricts trade on OpenSea.

4. Blur’s Token Hits $500M Trading Volume Following Airdrop

  • Users of the Blur marketplace were airdropped BLUR tokens, with the quantity of each airdrop based on the overall activity, network volume, and individual users’ transactions.

5. Square Enix Partners With Polygon for NFT Art Project

  • The publisher of the Final Fantasy video games is stepping up its efforts in Web3 gaming through a new NFT project, Symbiogenesis.

6. Magic Eden Teams Up With MoonPay to Offer Credit Card Payments

  • Users of Magic Eden can buy NFTs from different chains using their credit or debit card, Apple Pay, or Google Pay.

7. Bored Ape Owner Burns $169K NFT to Move It to Bitcoin

  • The owner of BAYC #1626 destroyed the NFT to symbolically transfer the NFT’s existence from Ethereum to Bitcoin,
  • However, Yuga Labs claims that it is an illegitimate ape.

⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.

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