Despite the US Commodity Futures Trading Commission (CFTC) taking action against crypto giant, Binance, Bitcoin briefly reached $29,000 on March 30th, setting a new high for the year. And with the Shanghai upgrade for Ethereum coming up in just two weeks, what will happen to the second-largest cryptocurrency?
With such a big event upcoming, let’s look at the state of the NFT market leading up to this event.
1) NFT Market Cap & Volume
Sales have slightly increased by 2.86% from 45K to 46K, while Sales USD fell 9.55% from $129.8M to $128.4M.
Along with a 2.55% decline in Primary Sales, the Primary Sales USD fell from $5.32M to $4.33M, for a ratio of 29.70%. The overall value of active market wallets increased slightly by 1.87%.
As march comes to an end, the month saw a minor 0.07% decrease in the NFT Market Cap to 9.57M ETH. This decline was the smallest compared to the seven-day volume of NFTs traded, which fell by 25.59% to 166.41K ETH.
2) Gains in Crypto not yet Poured into NFT Market
The NFT holders have grown marginally by 0.41% to just over 4.3M. It seems like the gains we witnessed in crypto have yet to reach the NFT space.
Even though the number of buyers fell by 1.04% to a total of 52.76K, there was a surge in sellers to more than 65.2K by 11.14%. The number of trades increased by 5.88% to approximately 96.05K. This shows that users are devoting time to trading when looking at the 7-day timeframe.
3) NFT OpenSea Trading Continues to Fall
With only 154.35k transactions recorded, OpenSea saw a drop of 8.19%. Moreover, the marketplace’s trading volume has fallen by 24.22% to $48.84M, indicating that users have traded much less on the platform than in the third week of March.
However, the OpenSea smart contracts balance increased by just 0.63% to 71.08K and remained relatively stable.
4) Decline in Blur Activity Continues
Blur has experienced declines in several crucial areas over the same timeframe. The marketplace recorded 104.12k transactions, a substantial drop of 16.57%. Blur’s trading volume has also decreased by 11.01%, falling to $279.05M.
In addition, Blur’s Smart Contract balance has fallen by 4.83% to $126.36M. These declines in UAW, transactions, volume, and balance offer insightful data about investor attitudes toward Blur and the market sentiment.
5) Solana NFTs
The current state of NFT marketplaces in Solana could be better, with only a few platforms showing positive growth. The average price of NFTs in Solanart has plummeted by 19.53%, with a 4.47% decline in its Volume to $35K. But despite this decline, the platform’s traders grew by 32.83%.
Meanwhile, OpenSea experienced a decrease in both its trading volume and the number of traders. The trading volume has decreased by 31.1% to $10.22K, and as a result, the number of traders has also reduced by 35.36% to 265. The average price increased slightly by 2.64%, showing a rise of $42.76.
6) Polygon NFTs
OpenSea, the leading marketplace in the Polygon NFT scene, has seen a significant decline in average NFT prices of $9.09 by 86.24%, a 60% contraction in the number of traders, and a substantial drop in trading volume by 98.17%.
Despite facing a decline in traders and trading volume by 20% and 54.56%, respectively, Jump.trade has experienced considerable growth in average NFT prices by 3.5%.
Also, Decentraland witnessed a dip in all three categories. There was a decrease of 0.85% in the number of traders, accompanied by a decline of 60.59% in trading volume and a significant drop of 62.91% in the average price.
So, the average price and weekly volume on OKX NFT Marketplace increased by 55.5%, while the number of traders on the platform dropped by 76.55%.
7) Actionable (Non-Financial) Advice
Every week we will offer some actionable tips for those that want to get more involved within the NFT market. The sections will vary but we’ll be bringing you something everyweek.
Discords servers that you do not want to miss:
1. Moon Base NFT By the Dedicated Team
This discord tracks on chain and off-chain NFT activity of major NFT collectors trading in and out of collections. It also shows what mints are popping off and when the whales and smart wallets are offloading their collections. With other 100 tracking bots and 500 wallets being tracked you most definitely need this service within you toolset. It’s a MUST HAVE.
The discord is free for now with an upcoming mint of the ETH equivalent of $150
2. Cribbit Gang
This team is planning big things. Lots will get fooled by the “Degen” stigma that surrounds Pepe and Pixel art; however, this is something that’s aiming to be a LOT more than just art, degen, Pepe, or anything you can even imagine if you tried. The road is long for it and the aspirations are great.
Upcoming mints that should be on your radar
Delabs Games is your portal to the fun side of Web3. Led by the former CEO of Nexon, we’re building fun Web3 games for everyone.
Their first game, Rumble Racing Star (RRS), is a casual racing game that unites PFP projects on the track. RRS will be a free-to-play game where players can race as PFP characters as well as enjoy RRS-original in-game Web3 elements. Their upcoming lineup also includes a survival roleplaying RPG and a character collection RPG with an anime art style.
2) DOKA
DOKA is the premier new IP representing Studio 9 Lives’ foray into Web3. Studio 9 Lives is one of the top anime studios in the world, having worked on household IPs from Dragon Ball Z to Pokemon, and even modern Anime like Fire Force and Castlevania.
Quick News Round-Up
1. Accidental Destruction of NFT Collector Reported CryptoPunk Sells for $129K in Recent Transaction.
- A person who collects NFTs accidentally destroyed a CryptoPunk NFT worth $129,000 by sending it to a “burn” address.
- The incident highlights the need for caution and careful thought when investing in NFTs. It casts doubt on the durability and worth of digital assets in the absence of a physical form or tangible backing.
2. Moving from Solana to Polygon as Expected for NFT Collection Y00t’s
- The well-known NFT collection Y00ts has made the long-awaited switch from the Solana blockchain to Polygon, noting issues with Solana’s high gas costs and congested network.
- As the Y00t expands its user base and looks into new possibilities for growth and development on a more approachable blockchain network, the shift to Polygon is anticipated to draw even more attention to the collection.
3. Following Fanatics’ divestment, Candy Digital advances new MLB NFTs.
- Following Fanatics’ acquisition of the league’s licensing rights, Candy Digital, a joint venture between Major League Baseball (MLB) and digital collectibles platform Candy, is moving ahead with plans to issue new MLB non-fungible tokens (NFTs).
⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ Check out our most up-to-date research, NFT and Metaverse buy, and how to protect your portfolio in this market by checking out our Altcoin Buzz Access group, which for a limited time, is FREE. Try it today.
