The first week of June saw a decline in Bitcoin prices by 1.78%, with a low of $26,472 being reached. The decrease was ascribed to surging inflation and apprehensions regarding an economic downturn. Additionally, Ethereum experienced a decline of 1.97%, bringing its value down to $1,756.
We’ll dive into how this has affected the NFT in our weekly NFT market review and outlook.
1) Dip In NFT Trade Volume continue
NFT trading volume declined in the first week of June, continuing the downward trend in earlier weeks. The total trading volume for this week was $81.71 million, a slight 1.97% decline from the prior week. Overall the NFT market still has issues with trading activity but we are beginning to see an increase. It’s critical to watch market dynamics and variables.
2) Holders Are Holding
The number of NFT holders increased to 4.48M in the first week of June, an increase of 0.93%. The number of NFT traders significantly increased as well, rising by 18.61% to 57.8K traders.
Additionally, there was a noticeable increase in the number of buyers, which increased by 25.12% to 32.659K over the same seven-day period. Similar to the increase in buyers, there was an increase in sellers, which increased by 18.55% to 37.025K.
3) Mixed Numbers In NFT OpenSea Trading Continue
The NFT trading activity on the OpenSea platform displayed a variety of trends during the first week of June. The total of 73.49k unique active wallets (UAW) represents a slight decrease of 2.76%. Further, the number of transactions slightly decreased, dipping by 2.88% to 224.79K.
A notable development was the trade volume, which increased by 5.77% to $26.58M, indicating increased trading activity on the platform. On the other hand, the smart contract balance dropped by 3.12% to $66.93k, showing a slight decline in the total amount of money held in smart contracts on OpenSea.
4) Mixed Numbers In Blur Activity Continues
The Blur NFT market’s trading activity during the first week of June generated mixed results. Unique Active Wallets (UAW) increased by 21.96%, reaching 15.48K, which indicates that the market is attracting a growing number of competitors. Indicative of increased trading activity, the number of transactions increased by 31.53% to 49.81K.
In contrast, the trading volume decreased by 2.35% to $96.63M, indicating a decline in the total transaction value. However, the smart contract balance increased by 0.85% to $118.36M, indicating modest growth in the funds held within smart contracts. These disparate figures demonstrate the dynamic nature of the Blur market in the first week of June.
5) Solana NFT
In the first week of June, the trading volume for Solana NFTs reached $8.17M, reflecting an 11.07% decrease compared to the last week of May. Moreover, the graph below indicates a possible increase in Solana NFT’s trading volume as we approach the second week of June.
6) Polygon NFTs
The average NFT price in OpenSea increased significantly, rising by a stunning 55.68% to $18.65. The number of traders did, however, experience a slight decline of 15.38%, settling at 42.382K. On the positive side, the trading volume showed a modest increase of 10.24%, reaching $2.6M.
At the OKX NFT Marketplace, the average NFT price fell by 58.17% to $22.99. Despite this, trading activity remained stable, with 1.343K traders showing a slight increase of 0.75%. The trading volume, however, fell significantly by 46.5% to $98.2K.
7) Actionable (non-financial) Advice – Minting Now
MICE MEDIA NFT was founded on utility and value. The collection prioritizes digital asset “utility” and “value” over “art/jpeg” value. Yet the art and jpeg value is truly detailed, fashioned beyond the detail seen within most collections.
While the team embraces and implemented all of the traditional web3 utilities, the team goes beyond that. The collection leans into the functional utility within their MICE MEDIA network ecosystem and future utility. By leaving the door open, the collection is to add more utility to benefit holders as this brand and market develops. Owning the NFT provides:
- Access to all paywalled content.
- Access to a full suite of creator tools.
- Access to all IRL and digital events (past events have included: Super Bowl 2023, NFT Paris).
- Opportunity to create passive income in the form of $CHDDR tokens.
- Voting on select brand decisions and future utilities.
- Increased $CHDDR earnings via NFT staking.
- Potential for future profit sharing of different revenue streams.
In addition, owning MICE Media NFT gives you access to the MICE MEDIA network platform, including creative tools, without paying for them. The number of MICE you own will affect on-chain voting, allowing the MICE community to influence MICEMEDIA. Definitely, a collection that should be on your radar.
Here are its Twitter, Discord, Website, and Mint site.
8) Quick News Round-Up
- Foundation Introduces Dynamic Pricing Feature to Simplify NFT Pricing for Creators.
- NFT marketplace Foundation launches Dynamic Pricing, leveraging a Rebate Dutch Auction mechanism, offering creators greater control and transparency over pricing.
- The feature allows gradual price reduction, enabling collectors to purchase at reasonable prices while providing rebates to early buyers.
2. NFT Lending Platforms Tap into Growing Market Amidst Slumping NFT Trading Volumes.
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- Platforms like Blur, Binance, and Astaria introduce NFT lending options to boost liquidity, but critics warn of risks and predatory practices.
- Traders support NFT lending for extra yield, but concerns arise regarding liquidation, lending mechanics, and the vulnerability of new traders to predatory behavior.
3. SEC Files Lawsuit Against Binance and Coinbase, Labels Popular Tokens as Potential Securities.
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- SEC files lawsuit against Binance and Coinbase, accusing them of securities violations, including mismanagement of funds and unregistered operations.
- The SEC identifies popular tokens, including ADA, ALGO, and SOL, as potential securities, stating that holders reasonably expect to profit from their investments.
4. Agoria Empowers Fans with Shared Royalties for Upcoming Song Launch.
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- French DJ and artist Agoria is giving his community, the “Agorians,” a shared stake in the royalties from his upcoming song as a token of appreciation.
- Agoria collaborates with Bolero, a blockchain-based music platform, to distribute recurring payouts to NFT holders based on song downloads and streams.
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