The Domino effect of the FTX saga and other big firms’ crises have left the market at a standstill. The market is yet to make a significant move, leaving many concerned about where prices will go. This is especially true for NFTs.
So, the last few weeks have been filled with turbulence in the NFT space, as many NFTs have struggled to show strength. Even blue-chip NFTs are trading way below their usual floor prices.
1) Ethereum Sentiment
Ethereum is slowly moving higher and is on the brink of clearing the $1,220 resistance zone. ETH should stay above the $1,150 support level and break beyond the $1,250 resistance level to start a recovery wave and gain bullish momentum.
2) NFT Market Cap & Volume is Decreasing.
Over the course of the week, sales decreased by 20.65%, from 115K to 92K. The sales (USD) decreased by 27.14% from the previous week’s $79M to $57M. The active market wallets also dropped by 16.6%. The digital market decline shows no signs of slowing down.
The overall market volume continues to be bloated. It lowered slightly by 7.72% to 62.42K ETH. Meanwhile, the market cap rose to 10.13M ETH.
Also, bluechip NFTs performed poorly this week. It is apparent that many users have left the Solana NFTs market because the trading activity has declined significantly. The volume of most of the blue-chip NFTs in Ethereum dropped more than half.
3) NFT Holders and Traders Decreased
This week, the number of traders shrank by 13.6%. The number of holders continues to be virtually stable. It climbed by just 1.05%. The whales hold NFTs worth 1.69 million ETH, accounting for 16.65% of the 10.13 million ETH global market cap.
4) NFT Users and Transactions on OpenSea Freezed.
Like the prior week, OpenSea smart contracts logged 194.76K transactions this week. Similarly, the volume in OpenSea and the balance in its smart contract remained constant at $34.75M and $54.28K, respectively.
It seems that the market activity of OpenSea is at a stalemate.
5) Solana NFTs
Solana has yet to recover from its catastrophic crash earlier. SOL is mostly trading sideways at $14.5. It needs to close above the 15$ resistance level to even dream about possible bullish price action.
The total volume of MagicEden, the largest Solana marketplace, only dropped by 3.4%. Although other marketplaces have shown an upsurge in their volume, it holds very little significance when viewed in the broader context.
6) Tezos NFTs
XTZ is struggling to stay above the 1$ as bears pull the coin down. Its next immediate resistance is near $1.04. Tezos will have to close above $1 for a lesser bearish outlook. So, 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.
Object.com still dominates the Tezos NFT market. The marketplace had a volume of $198K last week. But in contrast to NFTs on Solana or Ethereum, it still falls short.
7) Quick News Round Up
1) Despite the bear market, a bored ape sells for nearly $1 million
- Bored Ape Yacht Club NFT #232 sold for $927,000 worth of ETH
- Deepak Thapliyal, CEO of Chain, who had earlier paid a record-breaking $23.7 million for a CryptoPunks NFT, sold the BAYC.
2) WME talent agency signs artist Valfré as a part of Instagram’s NFT push
- Despite the recent downturn, WME remains dedicated to working with web3 creators.
- As part of Instagram’s trial NFT-marketplace program, Valfré has been selected to showcase, mint, and sell digital collectibles.
4) The Macy’s Thanksgiving Day Parade will take place in the metaverse with NFT design contest
- To mint a virtual gallery pass, the retailer is charging $50 and donating all proceeds to Big Brothers Big Sisters of America.
- Starting at 9:00 a.m. Eastern Time on Thanksgiving Day, Macy’s will host the virtual parade inside the OnCyber metaverse.
5) NFTs and crypto banned from Grand Theft Auto fan servers by Rockstar Games
- NFTs and cryptocurrencies are no longer permitted on the Grand Theft Auto V online servers, according to Rockstar Games.
- NFTs and/or cryptocurrency tokens are sometimes used by online servers to signify ownership of exclusive rights to resources.
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