The second week of May has been quite eventful in the crypto world. We saw a broad sell-off in cryptocurrencies, rising interest rates, and concerns about the sustainability of the NFT market. Some analysts believe that the NFT market is in a bubble that is about to burst, while others believe that the market is simply consolidating after a period of rapid growth.
Let’s dive in and have a closer look at the NFT news market this past week.
1) NFT Market Cap & Volume
The second week of May saw an increase in the NFT market cap of 8.88% to $4.6M from the first week. However, the NFT trading volume over the past 7 days only increased by 0.72% to 86.9K ETH, a negligibly small amount.
This may indicate that although the market cap has increased, NFT demand and trading activity have not significantly increased.
2) Downward Trend in NFT Market Continue
The number of NFT holders increased slightly by 0.18% to 4.38M in the second week of May. In contrast, during the same period, there was a notable decline in the number of NFT traders, which decreased by 26.82% to 35.94K.
Furthermore, there has been a reduction of 26.42% in the number of buyers and a decrease of 27.74% in the number of sellers.
3) Dip in NFT OpenSea Trading Continues
In the second week of May, there was a notable decrease in the number of unique active wallets, transaction volume, and trading volume observed on the OpenSea platform.
The number of unique active wallets experienced a reduction of 29.33%, resulting in a total of 57.7k. Additionally, transaction volume underwent a decrease of 50.85% to 153.57k. Further, trading volume experienced a decline of 9.36% to $30.19M.
Despite the decrease in trading activity, the smart contract balance exhibited a relatively stable trend, with a minor decline of 4.84% to $68.47k. Collectively, these statistics indicate that the NFT market could be encountering a deceleration in trading activity and consumer interest.
4) Mixed Numbers In Blur Activity
During the second week of May, trading activity in the Blur marketplace has shown mixed results. Despite the 31.99% decrease in transaction volume, which reached 28.41k, there has been an increase of 4.8% in trading volume to $150.48M. The decline in the balance held in the Smart Contract has resulted in a drop of 9.09% to $107.46M.
The increased trading volume on the platform could be a sign that some investors are still actively trading and holding onto their assets, despite the decline in transaction volume. The future is uncertain as to whether the increase in trading volume will persist or if the decrease in trading activity will continue in the upcoming weeks.
5) Solana NFTs are Recovering
During the second week of May, OpenSea and Solanart underwent some positive changes in their NFT markets.
On OpenSea, the average price of NFTs surged by 480.16%, reaching a value of $267.59. Additionally, the number of traders on the platform also increased by 4.71%, totaling 422 individuals. The trading volume experienced a notable increase of 45.02% to $16.25k.
On the other hand, the average price of NFTs on Solanart went up by 273.47% to $187.95. However, the platform saw a 16.47% dip in traders to 71, while trading volume increased by a smaller percentage of 29.56% to $4.87k.
6) Polygon NFTs
NFT markets had a mixed performance in the second week of May. OpenSea, the platform with the most traders, saw a 23.86% decrease in average NFT price to $159.7, a 66.7% drop in the number of traders, and a 20.09% decline in trading volume to $2.98M.
In contrast, the average NFT price on OKX NFT Marketplace increased by 12.68% to $35.58, but the number of traders decreased by 33.51%, and trading volume decreased by 42.1% to $46.1k.
Similarly, Aavegotchi saw a 22.52% drop in average NFT price to $53.98, but the number of traders remained relatively stable with a 0.675% decline, and trading volume fell by 32.48% to $23.8k.
The average NFT price on Jump.trade and Rarible fell slightly, with Jump.trade at $41.88 and Rarible at $22.89. Jump.trade saw a 34.4% reduction in traders and a 31.69% decrease in trading volume, whereas Rarible saw a 42.89% drop in traders and a 50.8% decrease in trading volume.
7) Quick News Round-Up
- Pudgy Penguins NFT raises $9M after leadership change and IP focus.
- Pudgy Penguins raises $9M in seed funding led by 1kx following a change in leadership to scale its intellectual property and team.
- Entrepreneur Luca Schnetzler bought Pudgy Penguins rights for $2.5M in 2022 and evolved the NFT project to include live events, physical goods, and licensing deals, leading to an all-time high floor price and team.
2. GO2NFT Platform Revolutionizes Corporate NFT Authentication for Physical Products.
- Go2NFT sells over 50,000 NFC/NFT tags globally, providing a corporate NFT platform for product authentication.
- The platform simplifies NFT creation and connects physical products to their virtual counterparts, providing businesses with an easy-to-use tool for value authentication.
3. Alo Yoga Offers In-Store NFT Claims With MoonPay.
- Alo Yoga and MoonPay team up to offer in-store NFT claims featuring daily affirmations on Polygon, encouraging digital ownership in familiar environments.
- The NFTs provide access to mental health resources and future benefits such as token-gated event access or exclusive sales.
4. King Charles’ NFTs by Trevor Jones Minted by 20,000 Collectors.
- Nifty Gateway’s free mint of Trevor Jones’ King Charles NFT, “The Oath,” attracts 20,000 collectors paying homage to King Charles’ coronation, with holders receiving a chance to win “The Crown.”
- Scottish-Canadian NFT artist Trevor Jones, known for his work on Bitcoin and cryptocurrency, creates King Charles NFTs and breaks a record for the most expensive open-edition NFT artwork.
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