NFT News | NFTs React to Recent Crypto Sell Off | August Week 4

It’s yet another week, where the crypto market took another dive. Bitcoin and Ethereum are trading toward the bottom of their recent ranges as we approach the end of August.  But How has the contemporary crypto price movement affected NFTs?

In this NFT bi-weekly report, we will cover you with the latest happenings in the market. Let’s jump in.

1) A Slower Week That Usual For NFT Trade Volume

This week, the NFT market exhibited a consistent and steady performance, witnessing a total trading volume of approximately $48.19 million. This volume indicates a slight reduction compared to the previous week’s activity, suggesting a further downturn in the NFT trading volume. The amount of fresh investments continues to be low, leading to a trading volume spread among various blockchain networks and collections.

Source: THE BLOCK

Source: Dune

2) Holders Holdings Are Seeing Results

This week, the NFT market experienced a tiny rise despite the ongoing volume struggle. The number of holders reached 4,650,518, an increase of 0.29%, and the number of active traders increased by 5.8% to 39,549. Additionally, the number of sellers rose by 9.44%, reaching 23,546. However, there was a slight decrease of 0.39% in the number of buyers, reaching 21,886. These numbers show the active traders took the opportunity to perhaps sell some of their holdings.

Source: Global NFT Market Overview | NFTGo

3)  NFT OpenSea Trading Trudge

OpenSea‘s primary key performance indicators have been volatile throughout the week. There was a 3.36 percent drop, with a new total of 10.18k transactional wallets. The number of transactions also dropped by 4.76% to 19k, with transaction volume experiencing a significant 23.01% decrease at $1.69M. The smart contract balance displayed a minor decrease of 1.27% at $60.84k. 

Source: OpenSea | DappRadar

4) Blur Activity gains ground

When compared to Opensea, the Blur market has displayed a positive trend in all key aspects. The count of active wallets has increased by 6.36%, reaching 2.96k, highlighting increased engagement. The number of transactions also saw a rise of 6.4%, now at 4.79k, indicating heightened market activity. Impressively, transaction volume experienced a substantial upswing of 17.76%, totaling $11.81M, underlining improved liquidity. However, the smart contract balance witnessed a moderate 4.01% increase to $69.9M. These developments underscore the evolving nature of the Blur market, necessitating adaptable strategies to navigate changing dynamics.

Source: Blur | DappRadar

5) Solana NFTs

The value of Solana NFTs traded this week was $20.75, down just 0.20% from the previous week. The ongoing upswing is continuing despite this minor setback. Evidence suggests there may be a surge in trade activity during the first week of July.

Source: THE BLOCK

6) Polygon NFTs 

OpenSea, a standout performer, maintained its dominance with remarkable strides. On OpenSea, the weekly average price of Polygon NFTs rose by 8.48% to $15.49. This increase indicates a longer-term upward trend in Polygon NFT values, highlighting the interest in NFTs on this network and platform.

OpenSea also witnessed a noteworthy spike in trading activity, further solidifying its position. There were 2.95k sellers and 2.26k purchasers. This uptick in OpenSea’s user base indicates rising popularity among Polygon NFT fans as a trading venue. Positive signs were also seen in the volume of trades, which increased by 19.66% to $156.98k. The increased volume of trades demonstrates OpenSea’s continuing success and presence in the field.

Source: Polygon | DappRadar

7) Quick News Round-Up

1. The GameWave Hackathon on Oasys: Unlocking the Potential of Next-Generation Gaming

• NFTPlazas announces GameWave Hackathon on the Oasys platform, fostering innovation at the intersection of NFTs and gaming.
• Participants collaborate to develop NFT-based gaming experiences, showcasing the potential of blockchain technology in gaming.

1. To better support digital artists, Rarible has improved its creator royalties for NFT

• To ensure the long-term viability of the NFT artist ecosystem, Rarible has implemented a new and improved royalties system, going against the Opensea decision of recent weeks.
• Improved tools give artists more say over their work, which is good for business in the dynamic NFT market.

1. Trump’s NFT Businesses Do Well Despite His Absence at the GOP Debate

• Despite missing a GOP debate, former President Donald Trump achieved significant NFT success.
• The success of his NFT ventures demonstrates his prominence in the realms of both politics and digital collectibles.

1. Recur, an NFT platform with a $50 million funding round and prominent backers, has shut down.

• NFT platform Recur has announced its shutdown, emphasizing market difficulties despite raising $50 million and having important sponsors.
• The demise of Recur reflects the dynamic and competitive character of the NFT industry, which can cause even well-funded initiatives to fail.

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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.