Markets are crashing everywhere and the US Dollar is soaring. So, selling your cryptos to get out of the market and into cash might be a bad idea. It is perhaps not a good time to buy USD. But what about NFTs?
Now let’s examine the strong Dollar’s impact on the NFT ecosystem. Before we do, we need to visit the leading NFT blockchain: Ethereum.
Ethereum NFT Market Sentiment
Ethereum found support near $1,250 and has recovered above $1,300. From a technical perspective, ETH rose above the 50-day Moving Average and is no longer in a downtrend. That said, the Stoch RSI and CCI numbers are on the rise currently, which can provide sell signals to day traders seeking a quick profit. If ETH fails to rise above the $1,355 resistance, it could start a fresh decline.
The current market sentiment, like the previous week, remains cold as investors try to recoup their previous losses.
NFT Market Cap & Volume
From last week, the number of sales hit a peak of 44k. But as the week closed it settled around 32k. The number of sales this week when compared to last week increased by 12%. Looking at USD values, sales increased by a staggering 60% (to $23M).
The NFT market cap remained steady. We saw less than a 1% increase. We can look at this in a positive light as money does not seem to be leaving the NFT space. However, if we are to look at the volume it is a different story. When compared to the previous week, the 7day market volume decreased by 7.5% to 64.24K ETH.
Also, the market cap and volume of the blue-chip NFT collections like Bored Ape Yacht Club, CryptoPunks, and Mutant Ape Yacht Club seem to have considerably increased. CryptoPunks in particular had a 230.84% spike in volume this week.
NFT Holders and Traders
The holders and traders graph follow the same trend as the previous week. The holders are becoming more prevalent while traders are on the decline this week as well. 1,434 whales hold NFTs worth 1.82M ETH, occupying 18.60% of the global market cap of 9.81M ETH. Many of the metrics are on the decline and unfortunately, this means the bear market is still going strong.
Solana NFTs Trends
The declining trend in the volume on Magic Eden seems to have plateaued. While the volume decreased from $31M to $26.1M in the previous week, this week it decreased by only 4%. Solanart, on the other hand, had a massive increase of about 150% in its total volume. Traders on all marketplaces except OpenSea seem to have surged in numbers. Despite the challenging market conditions, user adoption in the Solana NFT space is still on the rise.
A report by Defiant has drawn attention to the surge in NFT transactions on the famed Ethereum killer Solana. NFT transactions on the network passed 1 Million, an all-time high, for the first time during the second week of September.
Quickfire NFT News Roundup
1) CryptoPunks NFT sold for $4.5M in the Bear Market
- CryptoPunks NFT #2924 sold for nearly $4.5M worth on September 28th.
- When measured in ETH, It’s the fourth-highest CryptoPunks sale
- It was sold for 3,300 ETH
— CryptoPunks Bot (@cryptopunksbot) September 28, 2022
2) Tyler Hobbs’ QQL NFT Project Raises Nearly $17M
- QQL, a collaborative generative art experiment, raised nearly $17M in a successful mint this Wednesday.
- NFT project is a collaboration between visual artist Tyler Hobbs and Dandelion Wist, co-founder of the generative art platform Archipelago.
- The project quickly sold out, with 900 NFT mint passes selling for 14 ETH (about $18,600) apiece.
- According to Nansen data, the project raised more than 15,176 ETH (about $20.3 million) within hours of its mint, swiftly surpassing bluechip projects like CryptoPunks and Bored Ape Yacht Club in terms of trading volume in secondary sales.
3) Disney is Looking for NFT Attorneys
- The Walt Disney Company revealed it is looking to hire a corporate attorney who will, among other duties detailed in the job description, provide legal counsel and support for global NFT products.
- According to the recent job posting by the entertainment conglomerate – Disney is searching for someone who can assist it in navigating legal risks and opportunities while also ensuring that its NFT products are compliant with current U.S. and international laws and regulations.
- GemSet, a premium NFT company, has added a group of NFT lawyers to their advisory council with the same goal in mind.
4) Apple’s App Store wants a 30% cut on NFT sales
- Tech giant Apple has imposed a 30% commission on NFTs sold through apps on its marketplace.
- However, some have criticized the commission rate as being “grotesquely overpriced”, especially in light of the fact that regular NFT marketplace commissions are roughly 2.5%.
- Epic Games CEO Tim Sweeney tweeted that Apple is “crushing” another nascent technology that “could rival its grotesquely overpriced in-app payment service.”
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