NFT news march week 3

After a brief price drop, the cryptocurrency market experienced another bullish surge. No exception was made when it came to Ethereum, whose price soared. The price of ETH broke the crucial $1.7K resistance mark. Will it hold and what does that mean for NFT market?

Let’s take a peek at the NFT market.

1) NFT Market Cap & Volume

This week’s sales have taken a hit, plummeting from 44M to 38M, a decrease of 13.50%. Similarly,  the sales USD fell sharply by 15.04%, with primary sales declining by 8.87% from 9K to 8K and secondary sales dropping by 14.68% from 35K to 30K.

The unique sellers declined by 9.82%, while Active Market wallets also noticed a drop of 11.16%, with figures at 14K and 26K, respectively. This week, the NFT market has seen a dip in sales and activity, which could be problematic for those involved.

NFT Market Cap & Vol
Source: NonFungible

While the total market cap of the NFT market decreased dramatically by 0.59% to 9.94M ETH, the volume plummeted by 27.09% to 198.57K ETH. Demand has decreased because only a few people buy and sell NFTs.

A change in the market or a decline in the value of crypto markets are just a few possibilities for a decrease in market cap and volume.

Market Cap & Vol
Source: NFTGo
2) NFT Buyers & Sellers Falling

Even though there was a general decline in traders, there was a 0.19% rise in holders, showing that few investors opted to hang onto their assets rather than trade them. Additionally, with 2.33M and 2.35M, respectively, buyers and sellers fell by 20.85% and 21.11%.

Holders & Traders
Source: NFTGo
3) NFT OpenSea Transactions Continue to Fall 

The number of transactions for OpenSea smart contracts this week was 12.94K, a sharp drop of 78.78% from the previous week. The volume in the market also decreased, falling by about 82.96% to $3.99M. With a balance of $69.3K in ETH, the Smart Contract has experienced a slight increase of 8.02%.

OpenSea Transactions
Source: DappRadar
4) Blur Slumps Records Lower Transactions Than Previous Week  

Blur recorded 124.8K transactions, a 44.78% decline from the previous week. The marketplace also experienced a drop in volume, with a dip of approximately 14.06%, resulting in a $313.56M volume. Additionally, the smart contract kept a minimum balance, increasing by 1.42% from the previous week.

Blur Numbers
Source: DappRadar
5) Art in Solana Holding On

Solanart’s average price for an NFT is $255.26, representing a market growth of 19.05%. But over the previous week, Solanart’s trading turnover fell by 39.1%, and the number of active traders also fell by 21.76%. This might result from changes in the Solana coin market’s volatility or shifts in the demand for NFTs.

The volume of OpenSea fell 32.06%, while the average price of NFTs fell 11.94%. The number of traders dropped by 21.76% in the previous week to 374. On average, Magic Eden costs $40.93 per NFT. Despite a volume of $532.09, the number of traders has surged by 100 percent in the past week.

Solana Marketplaces
Source: DappRadar
6) Tezos NFTs Marketplaces are declining has the most users and is still in first place, but it fell 9.68% to 394.15k than last week. While close behind, Fxhash dropped its volume by 12.40%.

The volume of Teia and Versum went down by 16.85% and 17.13%, but the volume of Hic et Nunc went down by only 1.44%. Rarible had the most significant drop in sales, 45.07%, which put it in sixth place.

Tezos Marketplaces
Source: DappRadar
7) Quick News Round-Up

1. The SVB collapse diminished NFT trading volumes, as reported by DappRadar:

  • Following SVB’s failure, NFT trading volumes considerably dropped, with a drop in daily sales of 27.9% and less activity from NFT traders.
  • The floor price of the Moonbirds collection on OpenSea dropped 35.3% due to the team’s exposure to SVB, resulting in 700 Ether in sell-offs.

2. NFT Platform from Uniswap Spurs Discussion on DeFi Centralization.

  • The recent introduction of Uniswap’s NFT platform, Uniswap NFT, has sparked debate in the DeFi community regarding the degree of centralization of the platform.
  • Uniswap NFT’s decentralization is defended by its use of current liquidity pools, but critics say it’s too centralized because it relies on a few major NFT market participants.

3. Phygital Stores: Bringing NFTs into the Real World.

  • More and more businesses are opening “phygital” stores that merge the digital and physical worlds, such as those that sell NFTs and actual goods.
  • Due to the unique features of NFTs and the opportunity to own a digital asset with actual value, these stores appeal to regular shoppers and crypto enthusiasts.

4. Ape Sewer Pass NFTs Turn into Mechs.

  • Sewer Pass NFTs from Bored Ape Yacht Club (BAYC) can now transform into “Mechs,” bringing a new level of utility to the well-liked NFTs.
  • This latest innovation is part of BAYC’s ongoing efforts to make its NFTs more than souvenirs, potentially increasing their value and attracting more buyers.

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