In a new round of events, Amazon is entering Web3 by launching an NFT marketplace sometime during April. Meanwhile, China’s parliament member, Feng Qiya, will propose an NFT regulation framework at ‘Two Sessions’ – the nation’s most important annual political gathering.
Only time can reveal what the future holds for the NFT space. For now, let’s peek at the state of the NFT market this week.
1) NFT Market Cap & Volume
This week’s sales rose to 62K, 20.93% higher than the prior week. Sales (USD) also surged substantially by 55.57% from $128 to $199 million. While primary sales USD declined by 18.68% to $5 million, the secondary sales USD surged by 59.11% to $195 million.
The unique sellers rose by 13.66%, while active market wallets increased by 8.81%. These values lie at 20K and 12K, respectively. So, the recovery wave we saw in the crypto market in this month has finally reached the NFT market.
Sales dropped to 45K this week, 17.92% less than before. Additionally, the Sales USD fell significantly by 24.76% from $188 to $141 million, with primary sales rising by 11.64% to $5 million and secondary sales plummeting by 25.62% to $136 million.
Unique sellers experienced a 10.64% dip, and active market wallets saw a reduction of 11.70%, with numbers at 15K and 29K, respectively. These figures may be alarming, but they offer a rare chance for investors to research the market and acquire NFTs at perhaps more attractive rates.
The NFT market’s overall market cap shrank marginally by 0.07%, dwindling to 10.29M ETH, but the volume fell noticeably by 19.81%, amounting to 264.71K ETH.
This decline in volume mirrors the somber undertones permeating the market as the broader negative sentiment and regulatory concerns loom overhead like a dark cloud. How long will this drop last?
2) NFT Buyers & Sellers Falling
While the number of traders has fallen, the number of holders has rose by 1.07%. It suggests that some investors anticipate a forthcoming price rise and prefer to retain their assets rather than dump them.
Also, the number of buyers and sellers fell by 3.90 % and 2.86 % respectively, conforming to the overall market sentiment.
3) NFT OpenSea Transactions fall by a massive 64%
OpenSea smart contracts logged 74.69K transactions this week, a staggering drop of 64.86% from the week before. Moreover, the marketplace also saw a significant decline in volume, with a downturn of roughly 63.11% to $29.83M. It’s interesting to note that the Smart Contract still holds a balance of $65.6K in ETH.
4) Blur Slumps In Volume But Still Beating OpenSea
Blur witnessed 230.03K transactions, an uptick of 10.7% from the prior week. The marketplace also saw a volume slump, reducing roughly by 15.54% to $384.55M. So, despite the dip, it’s worth pointing out that the smart contract still has a sizable balance of $138M, which represents a 5.92% decrease from the previous week.
5) Solana Is Going Through an Art Phase
Solana lost its primary support at $20, and it is now rapidly declining. At the time of writing this article, SOL was trading at $16.29. Sol has the best chance of halting this selloff at $15.
The Solana NFT market is finally showing signs of recovery. Although Magic Eden’s volume plunged by more than 64.91%, the volumes of Solanart and OpenSea increased by almost 30% and 4.6%, respectively. Moreover, Magic Eden amounts to only $5.22K in sales this week. Contrary to past trends, Solanart has overthrown Magic Eden and OpenSea as the leading marketplace for Solana NFTs.
The Sol token’s bearish sentiment has also permeated the Solana NFT scene. Given the pitiful stats on the different marketplaces, it seems very few traded NFTs on Solana this week.
Also, the volume of Solanart, currently leading Solana marketplace, has declined considerably over the past few weeks. Last week alone, it plunged by 9.83% to $44.12K. The volume of OpenSea is no different. It currently only has a volume of 20.37K, an 82.72% decline from the prior week.
6) Tezos NFTs Are Struggling
$XTZ declined by about 17% last week and is now trading above $0.97. The $1 level is a critical support zone for the token. A breach of this level will mean an even deeper plunge.
Tezos marketplaces are still red. The market leader in Tezos NFT, Objkt.com, saw a rise in the volume of +16.19% to $405.77K. Conversely, the volume of fxhash fell by 39.6%, while the volume of Hic et Nunc grew by 7.56%.
So, Objkt.com continues to dominate the Tezos NFT scene, but despite the recent challenges, fxhash is picking up steam and appears to be able to overtake the others.
7) Quick News Round-Up
1. NFT regulation to be proposed at China’s ‘Two Sessions’ by parliament member
- The parliament member Feng Qiya at the current “Two Sessions” in China, the largest yearly political meeting in the country, will propose a regulatory framework for non-fungible tokens (NFT).
- Feng will suggest establishing a precise legal definition of digital collectibles, setting guidelines for NFT trading platforms’ market entry, and strengthening copyright protection for NFTs.
2. Galaxy predicts $4.5 billion by 2025 for the Bitcoin NFT market.
- According to a Galaxy Research report, the recent rise in value of Bitcoin Ordinals is just the beginning.
3. Auction for Yuga Twelvefold Bitcoin NFT Brings in $16.5 Million
- Yuga Labs’ buzzed-about and controversial sale of its first Bitcoin NFT collection came to a close on Monday, with 288 winning bidders claiming the same number of the limited-edition pieces after shelling out a total of $16.49 million in Bitcoin.
4. Amazon to launch an NFT marketplace in April
- According to unnamed sources quoted by Big Whale, Amazon will debut 15 NFT collections together with its NFT marketplace on April 24th.
5. Animoca Brands’ NFT project, Mocaverse, hits $5.5m in trade volume
- Animoca Brands has reported that the NFT minting event for Mocaverse has concluded, with an estimated US$5.5 million worth of ETH traded for the NFTs.
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