This week’s NFT market outlook brings a notable shift in the prices of Bitcoin and Ethereum. Bitcoin has shown a positive trend compared to prior weeks, with an increase of 13.3% in the last 7 days, currently at $30,359.50. Ethereum, on the other hand, also experienced a slight upward shift by reaching a price of $1,873.78 with a gain of 8.4% in the last 7 days.
In contrast to the previous week’s decrease, Bitcoin has regained some of its value with a tiny increase. Similarly, Ethereum has also demonstrated a minor recovery, showcasing a positive trajectory after the previous week’s decline. For now, Let’s dive into the weekly NFT market outlook.
1) NFT Trade Volume Is Still Weak
The trading volume on the NFT market has decreased once more this week, continuing the decreasing trend seen in prior weeks. Despite efforts to address the problems with trade activity, the market still faces difficulties, necessitating a careful examination of market dynamics and components. The overall trading volume for this week was $63.48M. When comparing this number with the previous months, trading volume is still low.
This could suggest a lack of persistent interest and participation from traders. With more NFT collections collecting royalties, this eats into any potential trading profits – thus backing up what we are seeing with lower trading volumes.
Source: THE BLOCK
2) Holders Are Still Holding
In the past week, the number of NFT holders slightly increased by 0.15% to reach 4,518,901, indicating a continuing interest in owning NFTs. The number of NFT traders, which fell by 17.54% to 49,696 traders, was declining. The number of purchasers also fell by 17.92% to 28,152, indicating a decline in the demand for NFT purchases.
Accordingly, there were also 30,810 fewer sellers, a decrease of 18.62%. These numbers show a change in the dynamics of the NFT market, with less trading activity and less demand for NFTs, possibly pointing to a short-term halt in the market’s pace.
3) Decline In NFT OpenSea Trading
The OpenSea platform witnessed a decline in key metrics during the current week. The total number of unique active wallets (UAW) dropped by 8.66% to reach 66.02k, indicating a decrease in user engagement. Additionally, the number of transactions experienced a substantial decline of 21.62% and settled at 176.23k, reflecting reduced trading activity on the platform.
The trade volume also saw a minor decrease of 0.509%, amounting to $19.81M. However, there was a positive development in the smart contract balance, which increased by 11.78% to $67.51k, indicating a rise in the total funds held within smart contracts on OpenSea.
Source: OpenSea | DappRadar
4) Mixed Numbers In Blur Activity Continues
Throughout the current week, numerous facets of trading activity on the Blur market have decreased. The number of unique active wallets decreased by 5.81%, reaching a total of 14.25k. This indicates a reduction in the number of competitors participating in the market. Moreover, the trading activity decreased by 11.04%, with the number of transactions totaling 42.36k. The trading volume also experienced a significant decline, falling by 17.2% to $90.23M, reflecting a decrease in the overall transaction value.
In contrast, there was a notable increase in the smart contract balance, which grew by 7.32% to $120.71M, suggesting a rise in the funds held within smart contracts. These figures highlight the ongoing fluctuation and dynamics within the Blur market during the current week.
Source: Blur | DappRadar
5) Solana NFT
The trading volume for Solana NFTs this week was $17.09M, down 0.12% from the week before. The graph below suggests that Solana NFT’s trading volume may rise in the third week of June.
Source: THE BLOCK
6) Polygon NFTs
Several notable changes occurred in the NFT market this week across different platforms. Let’s compare the statistics from the previous week with the current week’s data:
OpenSea:
The average NFT price in OpenSea experienced a significant decrease of 27.78%, settling at $16.3. Despite this decline, the number of traders increased by 5.26% to 7,636. However, the trading volume decreased slightly by 3.08% to $281.67k.
OKX NFT Marketplace:
The average NFT price in OKX NFT Marketplace decreased by 16.03% to $24.13. The number of traders also saw a slight decline of 0.86% to 461. In contrast, the trading volume showed a notable increase of 44.07% to $29.67k.
Source: dappradar.
7) Quick News Round-Up
- Puma, Gutter Cat Gang, and LaMelo Ball to Release NFT Sneakers.
- Puma, the well-known sportswear brand, has partnered with Gutter Cat Gang, a popular NFT project, and LaMelo Ball, a professional basketball player.
- The cooperation intends to launch a range of NFT trainers( most likely a mix of digital artwork and limited-edition virtual items), which are digital assets that represent ownership or access to virtual objects.
2. NFT #8611 Ethereum CryptoPunks Worth $95,000 Ordinals Inscription was burned and reborn on the Bitcoin Network.
- CryptoPunk #8611, valued at $95,000, was intentionally burned on the Ethereum network and symbolically linked to an Ordinals inscription on the Bitcoin network.
- Nathan Stein initiated the endeavor, with backing from the Bitcoin Bandits NFT collection group, to establish fractional ownership representations using Ordinals inscriptions.
3. Ethereum Introduces Ethscriptions, Revolutionizing Blockchain Payments.
- Ethereum’s latest development introduces Ethscriptions, a groundbreaking feature that enables automated recurring payments on the blockchain.
- This feature allows users to set up subscriptions and make regular payments without the need for intermediaries.
4. Nike Collaborates with Fortnite for Airphoria NFT Sneaker Hunt.
- Nike establishes a partnership with Fortnite, a popular online game that aims to offer a digital shoe search known as “Airphoria.”
- Airphoria NFT sneaker’s objective is to engage the gaming community while also giving a one-of-a-kind digital collecting experience.
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