NFT News | NFT Market Hit Hard | November Week 3

Concerns over the FTX-induced bank run continued to send cryptocurrencies into a tailspin this week. The total crypto market cap is struggling to stay above $825 billion as investors weigh in on the possible policy consequences to the digital assets market courtesy of the FTX crisis. We examine how the NFT market endured these circumstances.

As the FTX contagion pummels crypto markets, what has happened to the NFT space? Let’s find out

1) Ethereum Sentiment

Ethereum failed to clear the $1,300 resistance level and is trading below the $1,200 support level. It may start yet another major decline once it slides below the next major support level at $1,170. ETH needs to recapture the $1,245 resistance level and settle above $1,300 for a price movement to the $1,400 level.

2) NFT Market Cap & Volume
NFT Sales 17th Nov
Source: NonFungible

The number of sales over the week declined by 32.72%, from 158K to 106K. From last week’s $112 million in sales, the sales (USD) fell by 26.45% to $82 million. The FTX crash has caused havoc on the digital collectible market.

The total market volume is still in an inflated state. It decreased slightly by 5.70% to 65.78K ETH. On the other hand, the market cap had a negligible decline to 9.49 million ETH (by 0.20% this week and 3.09% compared to last month).

Blue chip NFTs showed mixed performance this week. The trading activity of Solana NFTs has declined significantly. It seems that the weak hands have left the system. Most Ethereum blue chip NFTs showed a massive increase in their volume and number of sales. Nonetheless, their floor price increased only slightly.

NFT Market Cap & Volume 18th Nov
Source: NFTgo
3) Holders and Traders

The number of traders this week declined slightly by 7.2%. As usual, the number of holders remains almost constant. It grew slightly by 1.03%. The whales hold NFTs worth 1.68 million ETH, occupying 17.67% of the global market cap of 9.49 million ETH.

NFT Holders & Traders 17th Nov
Source: NFTgo
4) NFT Users and Transactions on OpenSea

A total of 199.34K transactions have been recorded in OpenSea smart contracts this week. While the volume in OpenSea declined by 6.51% to $33.34 million, the balance in the smart contract remained at $54.74k.

The number of unique wallet addresses interacting with OpenSea declined by 4.13%. It appears some NFT users have moved on.

NFT Users and Transactions on OpenSea 17th Nov
Source: DappRadar
5) Solana NFTs

Solana suffered a massive crash because of its ties to Alameda Research, the trading firm of Sam Bankman-Fried. It lost 60% of its value after the FTX collapse. After spiraling down to $12, SOL is now struggling to stay above $13.

The state of the Solana NFT market is looking grim. The volumes of all the Solana marketplaces have declined considerably. Magic Eden, the largest marketplace in Solana, witnessed a halving of its volume. The majority of the blue chip NFTs in the chain performed poorly this week.

17th Nov Solana Market Places
Source: DappRadar
6) Tezos NFTs

XTZ has spiraled down to $0.967. It has lost almost 14% of its value this week. The next immediate resistance is at $1, and Tezos needs to recover to at least $1 for a possible upside price action.

The state of the Tezos NFTs marketplace looks bleak. While the number of traders increased, the total volume has only declined. still has a monopoly over Tezos NFTs. The total volume of has decreased yet again this week. A measly $270K was left after it declined by 15.85%.

The volume and number of traders over Teia almost doubled this week. However, it still doesn’t compare with NFTs on Ethereum or Solana.

Tezos NFT Market Place 17th Nov
Source: DappRadar
7) Quick news round up

1) Sony’s recent patent release shows interest In NFT gaming

  • The patent suggests that Sony is looking into blockchain and NFT technology for tracking in-game assets in video games.
  • According to the patent description, people find it “meaningful” to own or use unique items related to respected celebrities or activities.

2) Cristiano Ronaldo launches first NFT collection

  • Cristiano Ronaldo, a football icon, entered the cryptocurrency space by unveiling his first NFT collection with Binance.
  • The collection will be available from November 18, 2022, on Binance’s website.

3) Coachella NFTs sold for $1.5 million, but they’re stuck on FTX

  • FTX NFTs users are unable to withdraw assets from the platform.
  • Coachella’s Innovation Lead said the concert festival is “actively working on solutions” to help affected NFT owners.

4) Nike launches .Swoosh – the official Web3 NFT platform of Nike

  • The NFT marketplace is built on the Polygon blockchain.
  • NFTs for all manner of Nike-branded virtual apparel, including iconic sneaker designs, clothing lines, collectibles, and more, will be featured on the platform.

5) Justin Beiber’s $1.3 million Bored Ape NFT lost 88% of its value

  • The floor prices of Bored Ape Yacht Club NFTs have significantly decreased recently.
  • Musician Justin Bieber bought a common Ape for $1.3 million in January. It is now worth about $69,800.

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