As we kick off the month of July, Bitcoin and Ethereum have continued to make waves with their price movements. However, this week brings a slight twist in their fortunes. Bitcoin has experienced a dip, settling at $30,102.55 with a decrease of 0.5%. Similarly, Ethereum has also taken a step back, at the time of writing trading at $1,856.09, marking a decline of 0.5%.
It begs the question: Will this downward trend persist, or are we in for a surprise turnaround? And more importantly, how has this affected the NFT market? Let’s delve into the details and uncover the unfolding story of the NFT market this week.
1) NFT Trade Volume Showing No Sigh of Recouping
It is still a tough opening for the NFT market in July. The NFT market continued to face ongoing challenges, mirroring the preceding weeks. Despite attempts to tackle these issues, the market still grappled with obstacles, necessitating a thorough analysis of its dynamics and components. This week, the total trading volume stood at $84.95 million, experiencing a moderate decline of 16.67%. The dip in trading volume highlights the prevailing difficulties and hints at waning interest and involvement from traders, underscoring the need for further exploration and adaptation in the market.
2) Holders Keeps Up Holding
This week, we observed a steady growth in individuals embracing NFTs as investments, as NFT holders reached 4,568,380. This figure showcases an encouraging increase of 0.37%, which is on par with the previous week’s progress.
The number of active NFT traders experienced a slight decline, with a decrease of 2.82%. The trading activity in the NFT market has been experiencing a downward trajectory. Similarly, the count of sellers also saw a minor decline, settling at 31,403, representing a decrease of 0.98%. This decrease in sellers further supports the notion of a temporary deceleration in the market.
3) NFT OpenSea Trading – Decline Continues Crucial Parameter
During the previous week, the OpenSea platform observed a reduction in significant metrics. The total count of distinct and active wallets engaged in transactions decreased by 6.08%, reaching 60.69k. This decline indicates a continuation of the trend witnessed in the preceding week. Moreover, the number of transactions on the platform experienced a substantial drop of 10.18%, settling at 144.22k. Similarly, the trade volume saw a minor decline of 4.51%, amounting to $28.84M. However, there was a positive development in the smart contract balance, which increased by 1.23% to $66.51k. This rise suggests an incremental growth in the overall funds held within smart contracts on the OpenSea platform.
4) Mixed Numbers In Blur Activity
This week’s data highlights a continuation of the ongoing fluctuation and dynamics within the Blur market, showcasing some interesting developments in trading activity. There has been a contradiction of the trend observed last week, with a decrease in several key aspects. The total number of unique active wallets currently stands at 15.92k, with a decline of 5.72% compared to the previous week. This indicates a sustained decrease in the number of participants engaged in trading on the market.
The number of transactions experienced a significant drop of 14.4%, totaling 50.01k. This is a decrease in the overall value of transactions on the market. The smart contract balance showed a significant bounce of 4.11%, currently at $116.16M.
5) Solana NFT
This week, the trading volume for Solana NFTs is 19.74k, representing an increase of 5.17% compared to the previous week. The trading volume has experienced a positive growth trend. The graph below suggests that Solana NFT’s trading volume may continue to rise in July.
6) Polygon NFTs
The NFT market has witnessed noteworthy changes across various platforms in the past week. Let’s analyze the statistics from the previous week and compare them with the latest data.
- OpenSea:
OpenSea, one of the prominent NFT platforms, experienced a significant decline in the average NFT price, dropping by 35.61% to settle at $16.51. However, there was an encouraging increase in the number of traders, which rose by 12.9% to 8,335. Despite this rise, the trading volume saw a modest decline of 9.64%, amounting to $347.55k.
- OKX NFT Marketplace:
At the OKX NFT Marketplace, the average NFT price declined by 13.62% to $32.91. The number of traders witnessed a slight decline of 2.39%, settling at 490. Conversely, the trading volume showed a 10.14% decrease, totaling $24.3k.
7) Quick News Round-Up
1. NFT Prices Plummet as Azuki Drops 11% and Bored Apes Decline by 16%.
- The NFT market experienced a significant downturn, with Azuki and Bored Apes suffering double-digit losses.
- Factors like oversupply, market saturation, and decreasing demand contribute to the NFT price crash.
2. DeGods NFT Project Breaks Away from Traditional Roadmaps, Embraces Facebook-Inspired Strategy
- DeGods NFT project abandons conventional roadmaps, adopting a forward-thinking approach inspired by early Facebook.
- The project aims to create a vibrant community by prioritizing user engagement and organic growth.
3. Delayed Cryptozoo NFT Refunds Spark Controversy as Logan Paul Faces Backlash
- Logan Paul receives criticism as purchasers of CryptoZoo NFTs endure extended refund delays.
- CryptoZoo NFT buyers express frustration while waiting for reimbursements six months after purchase.
- Dior Partners with Ethereum for Men’s Sneakers, Embracing Luxury Fashion and Blockchain Technology.
- Luxury brand Dior collaborates with Ethereum to launch a collection of men’s sneakers, embracing blockchain innovation.
- Dior’s new line of men’s sneakers incorporates Ethereum’s technology, highlighting the intersection of fashion and digital currencies.
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