NFTs remain flat due to macro and market sentiment. When compared to Bitcoin, Ethereum came down harder over the weekend.
However, Ethereum managed to hold onto 50 and 100 daily moving averages. The $1,550 level remains important as this is where previous support and the moving averages are currently. Let’s dive into this topic more, along with other NFT news.
What Does It Mean for NFTs?
Usually, if Ethereum saw positive price action, NFTs would benefit. If Ethereum dropped, NFTs wouldn’t usually react as much. But things are different now. With Ethereum’s Merge expected in September, investors are actively buying into the news. Many are hoping for Ethereum to continue appreciating post the network upgrade. NFTs, on the other hand, remain illiquid. It’s easier to sell Ethereum than it is to sell an NFT. Those that are looking for liquidity are forced to accept lowball offers.
NFT Market Cap & Volume
Recent months have seen a sharp decline in trade volumes and waning interest in NFTs. Since our weekly update, last week’s trading volume has decreased by nearly 9%. The NFT market remains at around $23 billion with very little change from last week.
Quickfire News Round-Up
To wrap up this week’s NFT news, here are some other stories that have made waves in the NFT space this week.
- Elliptic, the blockchain analytics firm, reported that $100 million was stolen in NFTs during the last year.
- There will be a limited edition of M&Ms candy inspired by the BAYC.
- The SudoRare NFT platform vanished with around 520 Ethereum in user funds.
- With BendDAO’s new liquidation mechanism, popular NFT collections like Bored Apes might be offered for sale at a discount.
- The Pudgy Penguins NFT collection floor price has nearly doubled in the past two weeks.
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