From a macro perspective concerns over the US debt ceiling caused a slight decline in the value of cryptocurrencies in the fourth week of May. Bitcoin experienced an increase of 2.2% to $26,955.25 while Ethereum maintained its position above $1,860.
Analysts expect the crypto market to be volatile in the coming weeks, especially if the debt ceiling bill is undecided. With that in mind, we’ll explore how it has affected NFT landscape.
1) Dip In NFT Trade Volume but a Recovery is Brewing
NFT marketplace saw a decrease in trading volume in the fourth week of May (21st-28th) When compared to the prior week, it was a dip of 40.05% to $83.35M, while it was $139.04M in the third week of May. The outlook for the current week will end on 4th June and looking at the chart below NFT volume looks to have increased across the different blockchains. Bitcoin NFTs are what is attracting the volume.
2) Holders Are Holding
NFT holders increased slightly in the fourth week of May to 4.438M, representing a 0.17% increase from the third week of May. NFT traders, on the other hand, were fewer, with only 44.496K traders, representing an 8.96% decline over the week.
Additionally, there was a decline in buying activity as the number of buyers fell by 9.50% to 24.104K over the same seven-day period. The number of sellers fell by 7.39% to 28.08K, reflecting a similar decline in selling activity.
Source: Global NFT Market Overview | NFTGo
3) Mixed Numbers In NFT OpenSea Trading Continue
The metrics on the OpenSea platform fluctuated during the fourth week of May. Compared to the prior week, there was a slight decline in the number of unique active wallets (UAW), which fell to 75.35K.
Additionally, there was a decline in the number of transactions, which fell by 2.81% to 226.93K.
A more noticeable decline was seen in the platform’s trade volume, which fell by 11.33% to $25.13M. The smart contract balance, however, increased marginally by 2.38% to $69.09K.
Source: OpenSea | DappRadar
4) Mixed Numbers In Blur Activity Continues
The Blur market’s trading activity displayed mixed results in the fourth week of May. Unique Active Wallets (UAW) decreased by 6.68% to 12.69K wallets.
Additionally, there was a decrease in the number of transactions, which fell by 7.38% to 37.87K. Further. The market’s trading volume fell by 6.73% to $98.96M.
However, the smart contract balance, which rose to $117.36M, saw a slight increase of 2.46%.
Source: Blur | DappRadar
5) Solana NFT
The Solana NFT market saw a noticeable increase in trading volume during the fourth week of May, reaching $9.180M. This represented a sizable increase of 29.29% from the prior timeframe, demonstrating an uptick in activity and interest in the Solana NFT market at that time.
Source: THE BLOCK
6) Polygon NFTs
The NFT markets saw noticeable changes during the fourth week of May. The average NFT price in OpenSea increased marginally, rising 12.22% to $12.15. The trading volume, however, fell by 15.02% to $2.08M, and the number of traders fell by 22.04% to 48.163K.
While this happened, the OKX NFT Marketplace demonstrated strong performance with a notable average price increase of 17.63% to $55.89. Despite this, the platform saw a significant drop in trading volume of 46.12% to $175.67k and a decline in traders of 31.85% to 1.335K.
Moreover, Jump.trade’s average NFT price decreased slightly to $25.38, while the number of traders fell by 37.32% to 529, and the trading volume dropped by 15.11% to $93.87k.
Despite a 53.51% decline in trader volume to 556, Rarible stood out with a remarkable average price increase of 902.26% to $207.36, and a 1.4% decline to $48.61k also seen in the trading volume.
7) Actionable (non-financial) Advice
While this week has shown some buying interest coming back to NFTs it is a good opportunity to take a look at bluechips on Solana. Why blue-chips?
These collections time and time prove themselves. And a couple are coming into zones of interest. 2 collections stick out at the moment – and could be a solid investment or the perfect opportunity for a long-term investment or 20+ Sol flip.
a) Degenerate Ape Academy
All-time high: 101 Sol
Target entry: 40-45 Sol
b) Smyths
All-time high: 139 Sol
Target entry: 50-55 Sol
8) Quick News Round-Up
- All Nippon Airways Launches ANA GranWhale NFT Marketplace.
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- All Nippon Airways (ANA), Japan’s largest airline, launches ANA GranWhale NFT Marketplace, offering aeronautical-themed NFTs created by Luke Ozawa to explore the intersection of airlines and Web3.
- ANA plans to expand the NFT product line, starting with NFT image conversion of their first Boeing 787, enhancing customer experience, and commercializing NFTs to improve value.
2. NFT Artist Fewocious Unveils “Fewos” Collection in Web3 Universe.
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- NFT artist Fewocious announces the upcoming release of the “Fewos” collection, featuring 20,000 unique character NFTs from the Fewoworld Web3 universe, available for minting in late August.
- The 20-year-old artist, known for previous successful NFT collections, offers a variety of hand-drawn and 3D converted characters, with mint pass holders gaining access to FewoFashion wearable collection.
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3. Getty Images and Candy Digital Collaborate on City Diaries NFT Collection.
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- Getty Images and Candy Digital team up again to launch City Diaries, a collection of digital photographs capturing iconic cities worldwide, offering collectors a glimpse into urban narratives.
4. Another World: A 3D Metaverse Game Bringing NFT Avatars Together.
- Another World, a metaverse game, enables players to showcase their NFTs from projects like Bored Ape Yacht Club and Azuki in a 3D environment inspired by their respective aesthetics.
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