There is a belief from traders that markets will rise in the short to medium term. In some trading corners, there is a sentiment that this could have been the last sell event needed to trigger a pump. NFTs are flat, but is this the whole story? Let’s dive in.
The NFT collection DigiDaigaku has been gaining a tremendous amount of traffic ever since the owner of DeGod’s NFT collection went on the Proof podcast and tipped it as a project to watch out for. The DigiDaigaku team has announced the purchase of a commercial spot during Super Bowl LVII. This will feature DigiDaigaku NFTs. This is a huge step for the project and the whole space. NFTs are far from dead.
Ethereum NFT Market Sentiment
ETH is down 4.20% this week and is trading between the $1,360 resistance zone and the $1,270 support zone. ETH might gain bullish momentum if it can make a clear break above the $1,300 level. That said, a downward decline will be inevitable if it fails to recover above the $1,300 resistance.
NFT Market Cap & Volume
Ethereum and other digital assets are trading sideways, and NFTs are doing no better either. The number of sales over the week plummeted by 32.57% to 19K. Likewise, the sales (USD) total suffered a notable decrease of 12.16% to $10 million.
While the total market volume of this week decreased drastically by 28.17%, the market cap, however, remained untouched with only an insignificant increase of 0.89%. Compared to last week, most of the blue-chip NFTs, except CryptoPunks, seem to be doing well.
NFT Holders and Traders
The number of traders this week decreased by 10.65%. On the other hand, holders remain practically the same as that of the previous week. The whales currently hold NFTs worth 1.67 million ETH (same as the last week), occupying 17.09% of the global market cap of 9.76 million ETH.
NFT User and Transactions on OpenSea
This week had a cumulative of 294.28k transactions in the OpenSea smart contracts, 29% less than the recent week. The trend continues as the overall transactions are still on the decline. OpenSea recently implemented Avalanche NFT support, but with the small size of the ecosystem, a huge influx of new users is unlikely to happen any time soon. But who knows, maybe it can explode like the Solana NFTs did.
SOL has failed to break out and is now trading at $30.5, suffering a 5.71% loss on the weekly chart. Its price needs to stay above the $30.5 support level and daily RSI above the neutral 50-level for a positive uptrend. Otherwise, a retest of the major support level at $28 is possible. As sellers predominate the narrative, SOL’s technical indicators offer a mostly gloomy picture.
The total weekly trade volumes of all Solana marketplaces, except Solanart, has decreased considerably. The volume in the Solanart marketplace has risen this week as well. The Solana NFT boom seems to be deflating back, albeit a bit slowly.
$XTZ fell below the $1.399 support line and is currently trading sideways at $1.35. We might see a massive plunge in price if XTZ fails to trade above the strong support at the $1.33 price range.
Less than $500K was traded weekly across all NFT marketplaces on Tezos. Unlike the previous week, there was a noticeable decline in the number of traders. Tezos NFTs have yet to gain much traction.
Quickfire NFT News Roundup
1) Stepn lets go of contract workers as player numbers shrink
- NFT jogging and trainers game Stepn terminating contract workers as player numbers shrink.
- More than 100 community moderators of the game’s social media channels had their contracts with Find Satoshi Labs canceled.
- Stepn, marketed as a “move-to-earn” app, enables users to purchase and exchange NFT trainers and in-game cryptos.
2) OpenSea implements Avalanche NFT support
- The largest NFT marketplace for art, OpenSea, now supports NFTs from seven different blockchains: Ethereum, Polygon, Klaytn, Solana, Optimism, Arbitrum, and now Avalanche.
- Avalanche is an open-source network featuring three distinct blockchains, one of which is known as the C-Chain, and the native token AVAX. NFTs can exist on either Avalanche’s C-Chain or X-Chain, although the C-Chain is optimized for Ethereum interoperability and smart contracts, which are used by NFTs.
3) The NFT that Logan Paul paid $623,000 for is currently worth $10
- The former YouTuber who is now a boxer purchased a particular NFT from the Azuki line for $623,000.
- Wall Street Silver, a global authority, estimates that the identical NFT that Logan Paul paid over $600,000 for is now only worth $10.
4) This year, there have been three times as many NFT trademark applications than there were in 2021
- Compared to 2021, this year has seen a threefold increase in NFT trademark filings, according to statistics gathered by trademark lawyer Mike Kondoudis from the U.S. Patent and Trademark Office.
- The number of NFT trademark applications reached a peak in March but has since been on the decline.
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