The market is on the brink of a recovery this week. The total market cap rose over one trillion dollars while Bitcoin surged to a six-week high. With Apple and Reddit making moves with NFTs, is this the start of something big and a new bull market?
We cover this and the NFT market sentiment in this weekly recap.
Ethereum NFT Market Sentiment
Ethereum was finally able to breach the crucial $1,500 level and is trading at $1,550. ETH might eye more upsides above $1,600 once it breaks the major resistance near $1,580. A downside break below the $1,450 zone could start a fresh decline to $1,400.
NFT Market Cap & Volume
Ethereum and other digital assets have finally stopped bleeding and are now showing green. Non-fungible tokens also experienced a short market boom. Unlike the previous weeks, the number of sales over the week rose by 26.5% to 17K. The total sales (USD) doubled to $18 million.
The total market volume of this week declined by 17.4%. As usual, the market cap remains practically unchanged at 9.72 milion ETH. Bluechip NFTs are doing pretty well this week. Floor prices of all major collections are in green. However, the same cannot be said about the volume. Volumes of BAYC, MAYC, and Azuki have dropped considerably. After weeks of high volumes, the volume of ENS seems to have shrunk this week.
NFT Holders and Traders
In contrast to previous weeks, the number of traders this week dwindled by 21.5%. The number of holders had a negligible 1.4% increase. Similar to prior weeks, the whales hold NFTs worth 1.67 million ETH, occupying 17.22% of the global market cap of 9.72 million ETH.
NFT Users and Transactions on OpenSea
The number of transactions in the OpenSea smart contracts this week totaled 240.17k, almost 20% lower than the last week. Volume in OpenSea declined by 21.5% to 30K ETH. The balance in the marketplace increased slightly by 10% to 12.68 ETH. The number of Unique wallet addresses interacting with OpenSea dropped slightly by 8%.
With BTC pumping up, SOL also managed to break the resistance and is trading green this week. It needs to break the resistance at the $32.16 level for more upside gains. SOL is trading at $31.30. The number of traders has also plummeted.
The condition of the Solana marketplace is bleak. Volumes of all the Solana marketplaces have decreased more than 50%. In the last week, reports suggested NFT traders were running from Solana to Cardano due to network advantages. This scenario became even more conspicuous this week.
$XTZ staged a massive price correction since October 21, rising from a low of $1.3033 to the current price of $1.44. It needs to stay above the $1.43 resistance level for further upside movement. The next strong support of $XTZ is at $1.35.
The total weekly trading volume on Tezo NFT markets seems to increased slightly compared to the last week. Volume of the Objkt marketplace increased slightly by 9.4%. In contrast, the volumes of the rest of the marketplaces had a noticeable decline.
Quickfire NFT News Roundup
1) Controversy arises over Apple’s new NFT policy
- Apple has changed its App Store guidelines to permit some applications that use non-fungible tokens (NFTs).
- The policy only enables NFTs without in-app functionality and forbids redirection to outside services.
- The new policy received mixed reactions from the tech and crypto communities.
2) With more wallet holders, Reddit NFTs see a rise in trading volumes
- According to reports from Polygon and Dune Analytics, the transaction volume of Reddit NFT avatars has topped US$1.5 million.
- About 2.8 million wallets are holding Reddit NFTs.
- The only Reddit project to enter the top 10 on the seven-day sales volume chart is Spooky Season, which is presently placed sixth and has sold 880 ETH ($1.2 million) worth of tokens.
4) Singapore court considered NFT as a physical property like “luxury watches”
- A judge from Singapore’s High Court granted a motion to prevent a defendant from selling a BAYC NFT by referring to current property rules.
- Janesh Rajkumar, the plaintiff in the case, claims that defendant chefpierre.eth violated the terms of an NFT loan arrangement by prematurely foreclosing on the token.
5) NFT-backed golden skateboard sale helps Azuki raise $2.5 million
- Azuki auctioned off eight golden skateboards that may be burned for “physically backed tokens,” a novel idea that combines tangible and intangible assets.
- The auction raised $2.5 million ETH in sales volume.
- The auction is linked to the debut of what Azuki is calling its “physically backed tokens,” or PBTs.
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