NFT News | Magic Eden Knocked Off Top Spot | February Week 1

Many people in the NFT ecosystem were beaten down by the bear market of 2022. Sales collapsed, notable players quit, and consumer brands started to shudder at launching their non-fungible products. But the new year, however, has brought about some change.

Since the start of the new year, the NFT market has been trending upward.

According to a DappRadar report from February 2nd, non-fungible tokens saw a trading volume of $941 million in January 2023, up 38% from December and the most since June 2022.

What can the confluence of an ETH pump, an Open Edition resurgence, and Web3 brand initiatives mean for the NFT space? As 2023 Q1 progresses and tax season draws closer, the space may return to being challenging.

However, this trend of rising prices and escalating sentiments appears to possibly continue for a while. Let’s take a look at the weekly stats.

1) NFT Market Cap & Volume

According to NonFungible, this week’s sales stayed at 93K, 6.97% lower than the prior week. Additionally, primary sales stayed similar to last week at $4 million. The unique sellers fell by 6.39%, while active market wallets reduced by 6.75%. They sit at 25K and 18K, respectively.

It seems that the recovery wave that we saw last week has cooled off.

NFT Market Cap & Volume
Source: NFT Market Cap & Volume

The total market cap contracted slightly by 1.09% to 10.09 million ETH. The volume also dropped by 9.32% to 96.15K ETH.

Market Cap & Volume
Source: NFTgo

Blue chip NFTs showed a mixed performance this week. While the floors of collections like Doodles, Azuki, and Pudgy Penguins declined, that of BAYC, MAYC, CryptoPunks, and Meebits increased.

Blurcvhip NFT Floor
Source: NFT OnChained
2) NFT Sellers Drop this Week 

Holder numbers remain stable with minimal increases as usual. Surprisingly, the number of sellers dropped this week. The number of traders declined slightly by 2.92%, and the number of buyers reduced somewhat by 1.28%.

NFT Holders & Traders
Source NFTgo
3) NFT OpenSea Transactions Up 

This week, the OpenSea smart contracts tracked 285.7k transactions; more than 4.76% higher than the prior week. The volume at OpenSea decreased by about 10% to reach $73.48 million. And the smart contract’s balance remained at $71.37K.

Source: DappRadar
4) Magic Eden Solana NFT Marketplace Knocked Off Top Spot

The SOL price has fluctuated wildly since the end of January, hovering near the $25 level. Bulls will try to keep the token above the $24 support level throughout the next 24 hours before breaking into the $26 resistance.

SOL is currently trading at $24.49, slightly above the critical 9 and 21-day exponential moving averages (EMA) and the 9-day moving average.

The Solana NFT market, though, is bleeding red. Magic Eden’s volume plunged by more than 99.92%, while traders fell by a similar percentage. The volume of Solanart also fell by 28%. On the other hand, there was a 19% increase in Solana NFTs in OpenSea.

Solana NFT Market
Source: DappRadar
5) Tezos NFT Marketplace Leading the Way 

The Tezos NFT market has managed a surprising recovery rebound. The volume of surged by more than 18.84%, with the average price up by 30%. Other markets’ volumes are so negligible that they can be disregarded. continues to dominate the Tezos NFT market with approximately $407.21K weekly trade volume. However, it still falls short compared to NFTs on Ethereum or Solana.

Tezos NFT Marketplace
Source: DappRadar
6) Quick News Round-Up

1. OpenSea Launches New Toolkit for NFT Drops Creators

  • The new suite allows select creators to add multi-stage minting phases, allowlist support, and personalized landing pages for their NFT releases.
  • In the next few weeks, the tool will progressively become available to a small group of creators before eventually becoming available to everyone.

2. NFT Lead for Mastercard Quits and Sells Resignation Letter as NFT

3. Cool Cats NFTs to Go Multi-Chain and Add Customizable NFTs

  • The blue chip PFP project updated its branding, distributed gamified NFTs to holders, and is anticipating the release of full-body avatars later this year.

4. Coinbase NFT Suspends New Collection Releases While Denying Closing Down the Marketplace

  • The company acknowledged it is temporarily stopping drops to concentrate on “features and tools” for its NFT marketplace amid rumors circulating on Twitter.

5. Amazon Is Launching NFT Projects and Entering the Crypto Market

  • Several sources close to Amazon claim that the e-commerce titan will unveil an NFT initiative in the spring.
  • Whether Amazon plans to introduce a marketplace is unknown.

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