The first week of December is finally over. Even amid the crypto winter, brands like Porsche are entering the Web3 and NFT space, and Brazil recently enacted legislation making crypto payments legal across the country.
In November, over 60 venture capital deals were still completed, injecting $800 million in fresh funds into the market. Although many incredible things are being developed in this period of uncertainty, it is difficult to overlook the current state of the NFT and crypto market.
1) Ethereum Sentiment
Ethereum remained well over the $1,220 zone and is now trading above the $1,250 support level and the 100 hourly simple moving average. A close above the $1,300 resistance can induce an upward movement. The next major resistance of ETH is at the $1,320 level, above which ETH can get the gas to propel above $1,400.
2) NFT Market Cap & Volume, Recovery Wave Cooling Off
This week’s sales stayed at 97K, nearly unchanged from the prior week. Additionally, sales (USD) decreased somewhat by 3.91% from $74 million to $71 million. The unique sellers fell by 2.21%, while active market wallets reduced marginally by 1.64%. The recovery wave that we saw last week has cooled off.
The total market cap contracted slightly by 0.12% to 10.29 million ETH. The volume, on the other hand, grew slightly by 4.09% to 72.67K ETH.
3) NFT Holders Hold Steady Whilst Traders Are Slowing
Holder numbers remain stable with minimal increases as usual. Surprisingly, the number of NFT traders dropped slightly by 4.03%. The number of buyers, on the other hand, remained constant. Over the past few weeks, the number of sellers had dominated the number of buyers.
4) NFT Users and Transactions on OpenSea Increase
236.98k transactions were recorded by OpenSea smart contracts this week. Over 5.85% greater than the previous week. OpenSea saw an increase in the volume of approximately 15%, reaching $44.32 million dollars. And $56.27K was still the balance in the smart contract.
5) Solana NFTs
Even as other altcoins make some comeback, SOL continues to struggle. Despite the price holding around $13, a low trading volume shows that buyers are avoiding SOL. Even if the consolidation is positive and might allow buyers the time to drive prices higher, the token is nevertheless under pressure. Moreover, the weighted social sentiment remains pessimistic for Solana. To establish a price rebound, SOL must trade above the $15 psychological resistance level.
The Solana NFT market is bleeding red. Magic Eden’s volume plunged by more than 50%, while traders fell by more than 30%. There was a 75% decline in Solana NFTs in OpenSea and Solanart.
6) Tezos NFTs
XTZ failed to stay above the $1 psychological level. It needs to break above 1$ for any possible upside movement. The Tezos NFT market is in turmoil as its volume keeps decreasing. Even the average prices are down, as are the overall traders.
Objkt.com continues to dominate the Tezos NFT market with approximately $228.5K in weekly trade volume. It still lacks in contrast to NFTs on Ethereum or Solana, though.
7) Quick News Round-Up
1. OpenSea revises its position on NFT royalties following more creator criticism
- Following complaints from some creators and builders, OpenSea has announced a number of adjustments to how it enforces the payment of creator royalties.
- Along with other adjustments, the company has extended the deadline within which creators of new NFT projects must use its tool in order to properly enforce royalties.
2. Coca-Cola partners with Crypto.com to release FIFA 2022 NFTs
- 10,000 distinct NFTs will be created using “heatmaps” from tournament matches.
- The digital artist GMUNK will design the NFTs.
3. Court in China recognizes NFTs as virtual assets under protection
- According to the court, the NFT collection should be classified as virtual assets because it is a type of virtual art work produced by an artist’s distinctive expression and has intellectual property value attached.
4. Starbucks launches NFT loyalty program for beta testing
- The blockchain-based loyalty program and NFT community, Starbucks Odyssey, is open to its first group of U.S. beta testers.
- The experiential program test combines NFT collecting, customer loyalty rewards, and other gamified aspects.
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