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.
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.
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%.
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%.
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.
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.
6) Tezos NFTs Marketplaces are declining
Objkt.com has the most users and is still in first place, but it fell 9.68% to 394.15k than last week. While close behind Objkt.com, 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.
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.
⬆️ 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.