Last month was a breakthrough month for NFTs. In November, NFT sales rose for the first time in seven months despite all the turmoil in the crypto space. It remains exciting to imagine the future of NFTs, but the short-term horizon is becoming hazier.
So, many NFTs struggled to demonstrate resilience last month, turbulence has roiled the NFT space. Let’s see what the NFT market has in store for us.
1) Ethereum Sentiment
Ethereum price has spiked above the $1,300 resistance zone against the US Dollar. ETH has corrected gains but remains under support, near $1,250 and $1,230. The immediate resistance on the upside for ETH is near the $1,290 level. Its first major resistance is at the $1,300 level. If the bulls remain in action above the $1,300 resistance level, it could send the price higher. 
Source: TradingView
2) NFT Market Cap & Volume, Showing Signs of Recovery
The number of sales this week remained at 98K, almost the same as the previous week. Sales(USD), on the other hand, rose by 20.88% from $61M to $73M. Active Market wallets increased slightly by 2%, while unique sellers grew by 6%.
Seeing the market stabilize and show signs of recovery is a great relief.
Source: NonFungible
The total market cap expanded slightly by 1.38% to 10.27M ETH. The volume also rose considerably by 14.52% to 70.38K ETH. PHP collections still hold the lion’s share in the NFT market cap, followed by collectibles and art.
Then, the trading volume for NFTs on ETH, SOL, AVAX, and BNB hit $659M in November, a 28.34% increase from October. SOL and BNB’s NFT volumes increased in November; SOL’s was $115M (+38%) while BNB’s was $6M (+37%). We could potentially see a triple-digit 7-day volume by the start of next year.
Source: NFTgo
3) NFT Holders Hold Steady Whilst Traders are Coming Back
As we have seen in the last few weeks, the number of holders remains stable with a minimal increase. The number of traders, on the other hand, grew slightly by 7.57%. It is slightly worrying to see more percentage increase in sellers than traders.
Source: NFTgo
4) NFT Users and Transactions on OpenSea Increase
OpenSea smart contracts logged 225.75k transactions this week. It is more than 18.37% than the prior week. The volume in OpenSea increased by 12.44% to $38.76 millions. And the balance in the smart contract rose slightly by 4.5% to $56.27K. The market is pulsating and showing signs of life.
Source: Dune
5) Solana NFTs
Since November’s $38.79 peak, the price of Solana has decreased by 65%. As social volumes have declined, the weighted social sentiment has remained negative for Solana. Solana spot market trading volumes are at monthly lows, while futures markets seem to be largely barren.
SOL needs to trade above the $20 psychological resistance level to confirm a price recovery. The total volume on the MagicEden has more than doubled. It rose by a whopping 134.7% to $32M. That said, the number of traders declined by about 15%. Other marketplaces have also experienced an increase in volume, but when taken in a broader context, those figures do not appear to be significant.
Source: DappRadar
6) Tezos NFTs
XTZ has finally managed to stay above $1 psychological level. Its next immediate resistance is near $1.04. To be less bearish, Tezos must trade above $1.1 per token.
The Tezos NFT marketplace is in disarray, as its volume continues to fall. The total traders and even the average prices are on the decline. On the Tezos NFT market, Objkt.com still reigns supreme with over $230.5K in weekly trade volume. However, it still falls short in comparison to NFTs on Solana or Ethereum.
Source: DappRadar
7) Quick News Round-Up
1) Apple Blocks Coinbase Wallet on iOS
- Apple’s claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system.
- Coinbase is requested to pay 30% of all NFT transfer gas fees.
2) MoonPay to launch a “soulbound” NFT loyalty program
- Soulbound tokens, dubbed the “Web3 Passport,” are non-transferable tokens representing a person’s identity using blockchain technology.
- MoonPay has over 10 million customers
3) Timex to launch limited edition watches for 500 BAYC holders
- It follows a similar initiative Tiffany & Co. launched earlier this year for owners of CryptoPunk.
- The 500 watches will be made for BAYC and MAYC holders.
4) Metaverse shortlisted for the Oxford Word of the Year
- The word “metaverse” is one of three in the running to be crowned the Oxford Word of the Year.
5) Pudgy Penguin’s ‘Snowed In’ collection sells out at Sotheby’s auction
- Each of the rare Pudgy Penguins NFTs sold for an average of $12,900.
- It sold over $100 million worth of NFTs the previous year.
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