The market for non-fungible tokens on the Ethereum network recently exceeded $1 billion for the first time since May 2022, suggesting that the NFT market may be regaining its foothold.
After experiencing January euphoria, investors drove down the prices of most significant digital assets, which led to February worries in the crypto markets. Can March be different? Time will tell. For now, let’s look at the state of the NFT market this week.
1) NFT Market Cap & Volume
This week’s sales declined to 55K, 10.54% lower than the prior week. The sales USD also experienced a marginal drop of 7.64% from $200 million to $185 million, with primary sales taking a hit of 3.41% to $4 million and secondary sales dropping by 7.74% to $181 million.
The unique sellers declined by 12.01%, while active market wallets also noticed a drop of 8.92%, with figures at 17K and 33K, respectively. While these numbers may seem concerning, they also present a unique opportunity for buyers to explore the market and buy NFTs at potentially more attractive prices.
While the total market cap of the NFT market expanded slightly by 0.37% to 10.27 million ETH, the volume experienced a significant drop of 45.6% to 299.65K ETH. This drop in volume could be because the tug-of-war between Blur and OpenSea for the NFT market share has cooled off a bit.
Buyers and sellers may benefit from a more stable and balanced market as the competition eases. But for how long will this peace last?
2) NFT Holders Are Holding
Despite an overall decline in the number of traders, there was a surprising 4.05% increase in the number of holders, indicating that some investors choose to hold onto their assets rather than trade them. Additionally, the number of buyers and sellers decreased by 11.37% and 22.42%, respectively, suggesting a shift in the market sentiment.
3) NFT OpenSea Transactions Are Down
This week, OpenSea smart contracts recorded 213.48K transactions, marking a decline of 14.69% from the previous week. The marketplace also experienced a drop in volume, with a dip of approximately 18.63%, resulting in $81.06 million volume. Interestingly, the smart contract still holds a balance of $71.56K in ETH.
4) Mixed Numbers for Blur
Blur recorded 210.88K transactions, representing a 27.78% decline from the previous week. The marketplace also experienced a drop in volume, with a dip of approximately 23.41%, resulting in a $458.83 million volume. Despite this drop, it is noteworthy that the smart contract still maintains a substantial balance of $147.22 million, marking a 20.83% increase from the previous week.
5) Solana NFTs Rising
After the recent network outage, Solana went on a downtrend. $SOL is currently trading near $21.95, indicating a weakening market buying pressure. The coin must stay above the $21.40 support level and break the resistance at $22.50 for an uptrend to dominate.
The Solana NFT market is finally showing signs of recovery. The volume of OpenSea rose by 485.08%, with average prices of NFTs rising by 65%. OpenSea now reigns in the Solana NFT market scene after overtaking Magic Eden, DigitalEyes Market, and others.
Additionally, Solanart experienced a marginal increase in its weekly trading volume. These findings suggest that while SOL may be experiencing a temporary setback, the NFT market on the Solana network is displaying resilience and growth potential.
6) Tezos NFTs Are Struggling
The Tezos chain and Google Cloud collaboration to build Web3 apps last week empowered the bulls to gather traction and created a new resistance level of $1.470. However, XTZ has since experienced a correction and is trading at $1.16.
Tezos is above the critical area to maintain: the immediate support of $1.100. If it collapses, the coin may again attempt to test the $1.00 mark.
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 14.68% to $388.06K. Conversely, the volume of fxhash increased by 17.8%; on the other hand, that of Hic et Nunc plunged by 50.41%.
Despite the challenges facing the Tezos NFT market, Objkt.com remains the market leader; however, fxhash is gaining momentum and is showing potential to close the gap.
7) Quick News Round-Up
1. Binance’s NFT generator, Bicasso, powered by AI, produces 10,000 mints in 2.5 hours.
- Binance debuted the “Bicasso” AI-powered NFT creator as Beta on March 1.
- Users can input clever prompts to produce a custom image made with AI or submit an image, such as a profile picture, for the AI to work on.
2. Nouns’ 3D-printed apparel line at NFT Paris draws a hit.
- The Nouns DAO financed the initiative, which used 3D-printed materials to create clothing based on the NFT-based open-source property.
- Danit Peleg, the fashion designer, brought five outfits to the conference.
3. Illuvium DAO prevents Su Zhu, the founder of 3AC, from accessing NFT packs.
- The Illuvium community was concerned about the dangers of having ties to Zhu, who has been charged with behaving unethically.
- They stopped a scheduled gathering where Su Zhu, the creator of Three Arrows Capital (3AC), and Kieran Warwick, the CEO of Illuvium, were due to crack open a pack of non-fungible coins (NFTs).
4. Yuga Labs to launch NFTs on Bitcoin.
- A new NFT collection will be released on the Bitcoin network by Yuga Labs, the company behind iconic NFT collections like Bored Ape Yacht Club and CryptoPunks.
5. Whale sells 1,010 NFTs in the “biggest NFT dump ever” in just 48 hours.
- NFT whale Jeffrey Hwang, also known as Machi Big Brother, sold 1,010 NFTs within 48 hours for 11,680 Ether, worth around $18.6 million at the time of the sale.
⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ Check out our most up-to-date research, NFT and Metaverse buy, and how to protect your portfolio in this market by checking out our Altcoin Buzz Access group, which for a limited time, is FREE. Try it today.