Bitcoin and other crypto assets were trading green even as the US Federal Reserve raised interest rates by another 25 basis points. And the turmoil in the traditional financial sector sparked a resurgence in the NFT market.
As the markets digested the US Fed hikes in rates, Bitcoin rose more than 9.3% to reclaim the $28,000 level. Meanwhile, Ethereum gained about 6.1% and reclaimed the $1,800 mark. Let’s look at the state of the digital collectible market.
1) NFT Market Cap & Volume
Sales have dramatically increased by 16.10% from 39K to 45K, and sales USD surged by 5.70% from $128M to $135M.
Primary sales have risen by 71.64%, from 8K to 14K, with Primary Sales USD jumping by 21.39%. The overall value of active market wallets increased by 18.27%, from 26K to 31K, indicating that users are actively interacting in the market. Moreover, despite a slight decrease, Unique sellers have remained stable at 14k.
Source: NonFungible.com
Also, the NFT market cap dropped by 3.23% compared to the third week of March, and the metric now lies at 9.6M ETH. On the other hand, the seven-day volume of NFTs traded rose by 5.74% to 217.05K ETH.
Source: NFTGo
2) NFT Buyers and Sellers are Falling
The NFT holders have grown marginally by 0.33% to more than 4.28M. It seems like the gains we witnessed in crypto have yet to reach the NFT space.
Moreover, the number of buyers and sellers has also dropped, with buyers falling by 3.04% to a total of 52.2K and sellers falling by 9.58% to a total of 57.7K. Overall, traders declined by 5.80%, indicating that users were less interested in the digital market during the timeframe.
Source: NFTGo
3) NFT OpenSea Trading Volume is Falling
OpenSea only logged 7.1k transactions, registering a 44.5% drop. Moreover, the marketplace’s trading volume has fallen by 58.09% to $1.65M, implying users have traded significantly less on the platform.
Nevertheless, the OpenSea smart contracts balance remained relatively stable at 72.36K, with a marginal increase of 1.54%.
Source: DappRadar
4) Decline in Blur But Not As Bad As OpenSea
Blur has experienced declines in several crucial areas over the same timeframe. The marketplace recorded only 104.12k transactions, a substantial drop of 16.57%. Blur’s trading volume has also decreased by 11.01%, falling to $279.05M.
In addition, Blur’s Smart Contract balance has fallen by 4.83% to $126.36M. These declines in UAW, transactions, volume, and balance offer insightful data about investor attitudes toward Blur and the market sentiment.
Source: DappRadar
5) Solana NFTs
The current state of NFT marketplaces in Solana is far from ideal, with only a few platforms showing positive growth. Unfortunately, this growth pales in comparison to its previous successes.
The average price of NFTs in Solanart has decreased by 17.02%. But despite this decline, the platform’s traders grew by 81.65%, and its volume surged by 79.19% to $36K.
Besides, OpenSea also recorded positive gains in its volume and traders. The number of traders in the marketplace grew by 5.45% while its volume jumped by 26.15% to $15.1K
Source: DappRadar
6) Polygon NFTs
OpenSea, the leading marketplace in the Polygon NFT scene, has seen a decline in average NFT prices of 10.61%, a 33.29% contraction in the number of traders, and a significant drop in trading volume by 58.98%.
On the other hand, Jump Trade has experienced considerable growth across all three categories, with a 69.97% boost in trading volume, a 20.87% surge in traders, and an 18.13% gain in average NFT prices.
Despite a slight dip in the number of traders by 3.65%, Decentraland witnessed a remarkable surge in average NFT prices by 1006.51% and a colossal upsurge in trading volume by 1,141.3%.
On OKX NFT Marketplace, the average NFT price, the number of traders, and the volume of trades have all decreased drastically. While the traders plunged by 61.22%, the average price and the platform’s weekly volume plummeted by 89.27% and 93.49%, respectively.
Source: DappRadar
7) Quick News Round-Up
1. NFT Trading Volumes Affected After SBV Bank Collapse.
- Silicon Valley Bank (SVB) collapsed, freezing the accounts of many crypto companies, including NFT marketplaces.
- The NFT market remained resilient through a brief dip, becoming increasingly attractive to new investors and generating high-value sales. This includes the record-breaking $69 million sale of a Beeple NFT and the $2.9 million sale of a Twitter CEO NFT.
2. Sony Patents NFTs for Game-Console Transfers.
- Sony had taken a significant step towards utilizing non-fungible tokens (NFTs) by filing a patent application for using such tokens to transfer virtual items between games and consoles.
3. NFT Now Announces Details for The Now Pass Mint Initiative.
- The NFTs, produced by the N3 Foundation, are scheduled to be launched on nowpass.xyz through three separate minting phases.
- Starting on March 23rd at 10 am ET, Phase One will kickstart the release of the NFTs, followed by Phase Two at 2 pm on the same day. Finally, Phase Three, which involves the public sale of the NFTs, will begin on March 24th at 9 am ET.
4. Sony Sets Its Sights on Web3 With Latest NFT Patent For PlayStation.
- Sony’s most recent Web 3 patent indicates it may want to move its PlayStation gameplay platform toward Web3 tech.
5. Holders of MAYC, BAKC, and OtherDeed NFTs to Receive Prize-Pool from Undeads.
- There will be three rewards given in the competition. The coveted MAYC NFT is the first prize, followed by the Bored Ape Kennel Club NFT as the second prize, and the Otherdeed NFT as the third prize.
- The ongoing contest, which offers a reward pool of 11ETH, is set to continue until April 10th.
6. Yuga Labs discloses Team Captains for the Otherside Metaverse.
- Upon joining Otherside Metaverse 2nd Trip, users will be allocated to one of the four teams randomly, namely Luster (yellow), Crimson (red), Veldan (green), or Glacial (blue).
- As per the announcement, Jimmy Wong, Brycent, Lowbellie, and Cordell Broadus (also known as Champ Medici and the second son of Snoop Dogg) – all NFT enthusiasts – have been appointed as the team leaders for the Otherside Metaverse Second Trip.
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