The second week of June sees fluctuating NFT trade in the market. Amid the ups and downs, the market is open to new trends with considerably increased NFT activities. Despite a trading low of $68.79M this week, Ethereum’s performance shines out compared to other cryptocurrencies.
Let’s dig into the weekly NFT report to grab more insight.
1) NFT Market Cap & Volume Goes Down With Trading Volume Displaying Opposing Trends
This week showed contrasting changes in the NFT market. The market cap fell by 5.41% to $3.82 million. Despite the decline in market size, the trading volume for NFTs increased by 20.20% to 115.38K ETH. This indicates a shift in market dynamics, with increased trading activity but a lower overall market valuation.
2) Holders Are Holding
This second week of June shows some interesting trends in the NFT market. It was overall a mixed trend this week. NFT holders increased slightly to 4,511,359M, representing a growth rate of 0.64% compared to the previous week. Although the increase is relatively small, it can be identified as an indication of continued interest in NFTs. However, the number of NFT traders declined this week, with the count dropping to 59,228K, reflecting a decrease of 2.61%.
Despite the slight ups and downs, the number of buyers experienced a modest increase of 0.63%, reaching 33,596K, suggesting that there is still a demand for NFTs among a specific market segment. In comparison, the number of sellers decreased by 5.80% to 37,279K.
3) NFT OpenSea Trading Witnesses a Fall This Week
Several essential parameters for the NFT trading activity on the OpenSea platform have significantly decreased over the past week. A decrease in the number of people actively using the platform to trade NFTs can be seen in the total number of unique active wallets (UAW), which fell by 6.31% to 14.53K. 33.15K transactions occurred over the week, a 4.34% decrease in the number of transactions.
Additionally, the trading volume of $3.32M fell significantly from the previous week by 7.95%, indicating a fall in the total value of NFTs bought and sold on the platform. The smart contract balance decreased by 4.45% to $60.39k, possibly indicating a decline in overall demand.
4) Mixed Trading Indicators In Blur Activity Continue
This week’s trading activity in the Blur market showcased a downward trend across most key indicators. Firstly, UAW decreased by 2.25% to 15.13k compared to the previous week. Similarly, the number of transactions experienced a decline of 4.41%, falling to 47.62k of the prior week’s figure of 49.81k. This decrease indicates a decrease in trading activity this week, as fewer transactions were executed than the previous week. In contrast to the decline in UAW and the number of transactions, the trade volume witnessed a significant increase of 12.76%.
The trade volume for this week reached $108.96M, reflecting a substantial rise in the total transaction value. This surge in trade volume suggests that although fewer transactions, they involved more significant amounts of traded assets. However, it’s important to note that the smart contract balance experienced a considerable drop of 9.1% during this week. The smart contract balance decreased from $118.36M to $112.48M, indicating a decrease in the funds held within smart contracts.
5) Solana NFT
The trading volume for Solana NFTs has climbed this week to $14.35 million, a gain of 0.98% from the previous week. This rise in trading activity shows a positive shift in market dynamics and demonstrates that investors and collectors still believe in Solana NFTs despite the SEC identifying the token as a potential security. The graph below indicates the daily marketplace volume on Solana in USD in the second week of June.
6) Mixed Trends On Polygon NFTs
This week’s trading volume of Polygon NFTs saw several changes across different platforms. The average NFT price, starting with OpenSea, dropped to $17.41, a 4.72% fall. This fall could partly be due to the drop in the price of MATIC. However, there was an increase in traders, who increased by 7.08% to reach 46,385k. Despite an increase in the number of traders, the trading volume fell significantly by 32.08% to $1.98M.
At the OKX NFT Marketplace, the average NFT price fell by 17.41% to $19.44. The trading activity, on the other hand, showed a slight increase of 5.84% with 1,430 traders. However, the trading volume dropped significantly by 23.1% to $90.89k.
7) Quick News Round-Up
- COZ and Degenz․WTF have collaborated to introduce a physical NFT collection at the Tribeca Festival for Shadow Brother Sunday.
- COZ and Degenz․WTF team up to launch a physical NFT collection for Shadow Brother Sunday at the Tribeca Festival.
The partnership is to bridge the gap between digital and tangible art, providing collectors and art fans with an unforgettable experience.
2. Snoop Dogg is captivating fans with an innovative offering that will let his fans join him on a world tour employing a non-fungible token (NFT) tour pass.
- Snoop Dogg is launching an NFT virtual world tour pass, providing fans with a digital experience of his global tour.
- The NFT pass allows fans to travel virtually to various tour locations and enjoy exclusive content curated by Snoop Dogg.
3. Minecraft hasn’t banned NFTs despite concerns over copyright infringement and environmental impact.
- Minecraft has not officially banned NFTs, despite environmental and copyright concerns surrounding the tokens.
- The popular game has faced criticism for not taking a stance on NFTs, which is linked to high energy consumption and questionable ownership rights.
4. Kraken’s NFT marketplace taps into growing digital collectible demand, bolstering its crypto offerings.
- The launch of Kraken’s NFT marketplace enables users to buy, sell, and trade digital collectibles, joining the thriving NFT ecosystem.
- The platform offers a diverse selection of NFTs, including artwork, in-game items, music, and more, providing users with ample opportunities to engage in the burgeoning NFT market.
⬆️ 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.