As we progress further into August, Bitcoin and Ethereum continue to fluctuate. Both are seen dipping, with Ethereum at just under $1850 and Bitcoin at $29500. With crypto stuck in a range, the NFT market is struggling to see any uplift.
So, is it an adverse phase for investors? Or will the market rise like a phoenix? And how much did the market suffer? We have you covered. Let’s dive into the NFT Market and check what we found!
1) A Steady Week For NFT Trade Volume
This week, the NFT market showcased a consistent performance, with a total trading volume of approximately $53.55 million. This figure marks a decrease from the previous week’s activity, potentially indicating a shift in market dynamics. Despite the lower trading volume, it’s important to note that this might not directly signify reduced trader engagement, as alternative factors could be at play.
It’s plausible that the market’s foundation is solidifying, and the current participants are predominantly engaging in internal exchanges. Notably, the influx of fresh investments has been scarce, causing trading volume to circulate within various collections and blockchain networks.
Source: THE BLOCK
Source: Dune
2) Holders Holdings Are Seeing Results
This week, amidst the continued intriguing fluctuations, the NFT landscape displayed a slight uprise. The NFT market brought hope to market enthusiasts. Notably, NFT holders surged to 4,625,012, reflecting a modest 0.24% uptick. However, active NFT traders rebounded at 3.84%, while sellers increased by 3.86%, reaching 21598. A remarkable 7.33% rise was observed in the total of buyers. These metrics hint at evolving market dynamics, potentially indicating a temporary transition phase.
Source: Global NFT Market Overview | NFTGo
3) NFT OpenSea Trading Trudge
During the current week, OpenSea‘s key metrics displayed some fluctuations on the key metrics. The count of active wallets engaging in transactions decreased by 4.01% to 9.5k. Transactions dropped by 5.97% to 17.41k, and trade volume decreased by 2.11% to $2.42 million. However, On a positive note, the smart contract balance grew by 0.29% to $67.83k, demonstrating consistent augmentation in held funds. These variations are different from the previous week’s patterns, and they point out both difficulties and slight gains in OpenSea’s performance.
Source: OpenSea | DappRadar
4) Dip In Blur Activity Continues
During the current week, developments in the Blur market continue to depict a shifting pattern. In stark contrast to the prior week, key indicators displayed a mixed trajectory. The count of distinct active wallets declined, diminishing by 2.71% to 2.65k. Similarly, the number of transactions experienced a decrease of 6.32%, settling at 4.7k, signifying subdued market participation.
Fortunately, transaction volume showed mild improvement, rising by 1.07% to $10.53M, which may indicate that market liquidity is slowly but steadily on the mend. The smart contract balance demonstrated a marginal increment of 0.35% to $91M. These variations underscore the altering nature of the Blur market, emphasizing the necessity for adaptive strategies in response to evolving trends.
Source: Blur | DappRadar
5) Solana NFTs
The last 7 days saw $4.21 million worth of Solana NFTs changing hands, a decrease of 0.52 percent from the previous week. This small dip reinforces the thinking around the same traders transacting and moving from one collection to another.
Source: THE BLOCK
6) Polygon NFTs
This week’s changes in the Polygon NFT market environment revealed fascinating characteristics across many platforms. OpenSea, particularly, stood out with impressive performance. Noteworthy statistics from this week underscored OpenSea’s dominance, showcasing a winning streak. The average price of Polygon NFTs on OpenSea experienced a substantial boost of 24.11%, soaring to $33.05. This robust increase signals heightened demand and substantial value appreciation for NFTs hosted on the platform.
OpenSea had a tremendous increase in market participation, with an increase of 55.08% in traders (2.83k sellers and 3.05k buyers). This uptick indicates a growing number of people are interested in the platform. The site’s attractiveness was reinforced by a 25.44 percent increase in trade volume, bringing the total to $421.88 thousand. This increase in trading activity indicates OpenSea’s growing status as the primary trading venue for Polygon NFT fans.
In contrast, other platforms within the Polygon NFT ecosystem experienced varied outcomes. Rarible, for instance, faced a modest setback with a 14.37% decline, resulting in an average NFT price of $81.66. Nonetheless, the platform welcomed a 2.24% increase in traders—169 buyers and 158 sellers. Meanwhile, trading volume exhibited resilience, growing by an impressive 48.84% to $23.07k, indicating that Rarible still holds appeal in transactional activity.
This week’s observations reflect the ever-evolving nature of the Polygon NFT market. OpenSea’s remarkable performance drives its popularity, while other platforms like Rarible and OKX adjust to changing tides. These transformations underscore the dynamic nature of the NFT landscape, where value, demand, and participation interplay to shape the narrative.
Source: Polygon | DappRadar
7) Quick News Round-Up
- Amazon to Offer Exclusive NFTs to Prime Subscribers: Expanding Digital Benefits
- Amazon plans to provide free NFTs to Prime subscribers, enhancing the value of the membership with digital collectibles.
- The move reflects Amazon’s effort to tap into the growing interest in NFTs and bolster its subscription services.
- Superchief NFT Galleries: Expanding Digital Art Space
- Superchief NFT Galleries extends its virtual art realm, hosting diverse NFT artworks, and fostering creative exploration.
- Artists and collectors connect within immersive exhibitions, shaping the future of online art experiences.
- Bolero Song Shares Model Envisions NFT-Fueled Music’s Bright Future
- Bolero introduces NFT-backed music shares, offering fans direct involvement and revenue from artist success.
- The innovative model reimagines music distribution, empowering artists and creating engaged fan communities through blockchain technology.
- NFT Project Y00ts Moves from Polygon to Ethereum, Returns $3M Grant
- NFT project Y00ts shifts from Polygon to Ethereum, prompting the return of a $3M grant.
- The move aims to leverage Ethereum’s ecosystem for enhanced NFT development and market reach.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
