The crypto space continues to struggle. A combination of a consumer price index (CPI) report on February 14 showing higher-than-expected inflation and stricter enforcement of securities laws by the United States Securities and Exchange Commission (SEC) has also led to the current downturn.
But how will this affect NFTs? Ethereum extended its downside correction below the $1,640 support. If it does not clear the $1,700 resistance, the downside correction could extend. The NFT rollercoaster saga continues in reaction to the recent prominent headlines. Surprisingly, federal judge Victor Marreo denied a motion to dismiss a 2021 lawsuit accusing Dapper Labs of selling NFTs as unregistered securities.
With everything that is going on, let’s take a peek at the NFT market, shall we?
1) NFT Market Cap & Volume
This week’s sales rose to 62K, 20.93% higher than the prior week. Sales (USD) also surged substantially by 55.57% from $128 million to $199 million. While primary sales USD declined by 18.68% to $5 million, the secondary sales USD surged by 59.11% to $195 million.
The unique sellers rose by 13.66%, while active market wallets increased by 8.81%. These values lie at 20K and 12K, respectively.
The recovery wave we saw in the crypto market in this month has finally reached the NFT market.
The total market cap expanded slightly by 1.55% to 10.21 million ETH. The volume, on the other hand, surged 200.69%% to 539.08k ETH. This spike in volume could be attributed to an evolving market in which upstart marketplace Blur (thanks to its token air drop) has overtaken leader OpenSea, with traders rapidly flipping valuable NFTs like no tomorrow.
2) NFT Traders on the Rise
Holder numbers remain stable with minimal increases as usual. The number of traders rose by 12.04%. Surprisingly, the number of buyers and sellers also rose by 8.66% and 12.08%, respectively.
3) NFT OpenSea Transactions Are Down
OpenSea smart contracts recorded 249.72k transactions this week. Over 12.5% lower than the previous week. Nevertheless, the marketplace saw an increase in volume of approximately 22.68%, reaching $99.05 million. And $73.84K still remains as the balance in the smart contract.
4) Blue Triumphs Over OpenSea
Blur has generated $600.39 million worth of NFT trades over the past seven days — a 186.82% surge over the previous span. The upstart marketplace recorded over 289.91k transactions during this time frame.
However, it doesn’t seem like traders selling off their BLUR tokens and buying and holding high-value NFTs is what’s causing the spike in trading activity at Blur. Instead, whale traders with sizable NFT holdings seem to be flipping NFTs more frequently than before in an attempt to raise the odds that token reward distributions in the future will maximize.
5) Solana Is Still Relevant
As bearish momentum has invaded the market recently, Solana is also in a downtrend. $SOL is currently trading near $23.74 and shows a weakening buying pressure in the market, and traders can expect more bearish pressure from this level. The coin must stay above the $23.20 resistance level and break the resistance at $24.75 for any possible upside moves.
The Solana NFT market is finally showing signs of recovery. Although Magic Eden’s volume plunged by more than 64.91%, the volumes of Solanart and OpenSea increased by almost 30% and 4.6%, respectively. Moreover, Magic Eden amounts to only $5.22K in sales this week.
Contrary to past trends, Solanart has overthrown Magic Eden and OpenSea as the leading marketplace for Solana NFTs.
6) Tezos NFTs Are Struggling
After experiencing a brutal bearish trend, the $XTZ token has recently been trading exceptionally bullish. $XTZ made a 45% comeback and briefly tested support at the $1.044 level. Tezos is currently trading at the $1.40 support zone, and the coin needs to break the $1.50 barrier to reaffirm its bullish stance.
Tezos marketplaces are in red as usual. The volume of Objkt.com, which holds the lion’s share of the Tezos NFT market, declined by 5.01% to $538K. Volumes of fxhash and Teia declined by 21.69% and 3.17%, respectively. On the other hand, the volume of Hic et Nunc surged by 65.77%.
Objkt.com is still the market leader for Tezos NFTs; however, fxhash is closing in.
7) Quick News Round-Up
1. Titanic relics will be tokenized as NFTs.
- Artifacts recovered from the wreckage of the Titanic will be tokenized by a three-way collaboration with RMS Titanic (RMST), Hong Kong-based Venture Smart Financial Holdings, and Web3 firm Artifact Labs.
2. Blur co-founder ‘Pacman’ doxxes himself.
- The anonymous figurehead explained in a Twitter thread why he decided to doxx himself and reveal his identity to the public.
3. Coinbase signals it’s not backing away from its NFT marketplace despite the weak volume.
- Less than three Ethereum have been traded in the last week on Coinbase’s NFT platform.
4. Amazon is allegedly planning to announce its NFT initiative in the spring.
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- According to a Blockworks report, the leading internet retailer in the world intends to launch a “digital assets enterprise.”
5. Spotify is testing “token-enabled playlists” with its NFT partners.
- Only Android users in the United States, United Kingdom, Germany, Australia, and New Zealand have access to the pilot at this time.
6. Judge says that NBA-branded “Top Shot Moments” NFTs may be securities in Dapper Labs case.
- The judge stated it was “narrow” to say that what Dapper Labs provided qualified as an investment contract under Howey.
7. Uniswap’s NFT marketplace allows any token on the Ethereum blockchain for trading.
- Uniswap is attempting to out-engineer the competition by enabling traders to purchase NFTs using any Ethereum-based currency.
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