October is usually a bullish month for crypto. Many are hoping that NFTs will pump too. Last year, we had a record-breaking rally in October, but will this month be an “Uptober” too?
The global cryptocurrency market cap managed to break one trillion this week. BTC is showing positive signs and has managed to trade above $20,000 resistance level – we will be monitoring to see if this will hold. NFT traders are waiting to see if that growth will be mirrored within the NFT space.
Ethereum NFT Market Sentiment
Ethereum has managed to break above a major bearish trend line with resistance near $1,355 on the hourly chart and is now trading above the $1,350 resistance level and 100 MA. If ETH manages to break the major resistance near the $1,500 level, the price could gain bullish momentum. But a downside correction is also possible if it fails to climb above the $1,400 resistance.
NFT Market Cap & Volume
While the price of Ethereum and other digital assets are up, it’s a different story for non-fungible tokens this week. The number of sales over the week plunged by 22.48% to 26K. The sales (USD) were no different and suffered a significant decrease of 34.41% to $10 million.
The global NFT market cap seems to have slightly increased by 1.44% this week. Market volume also increased by 2.85%. The volumes of quite a few blue-chip NFTs have experienced declines of up to 55%.
The decline of blue-chip NFTs could be related to the recently launched collections of “Kitaro World Official” and “QQL Mint Pass” and the recent pump of “RENGA by DirtyRobot.” RENGA by DirtyRobot currently has the largest seven-day volume in the market and is almost double the volume (seven days) of CryptoPunks this week.
NFT Holders and Traders
The number of traders and holders are practically the same as that of the previous week. The whales currently hold NFTs worth 1.67 million ETH, occupying 16.92% of the global market cap of 9.84 million ETH. If all goes well for BTC and other major cryptos, we might see a positive impact on the NFT space as well.
NFT User and Transactions on OpenSea
This week had a cumulative of 415.6k transactions in the OpenSea smart contracts. While it is 11.6% more than the previous week, the overall transactions are still on the decline. OpenSea’s once-firm grip over the NFT market is loosening as users are flocking to X2Y2 and Solana marketplaces.
SOL is closely mirroring BTC price action and is now trading at between $33 and $34, as well as around the 100 hourly simple moving average. SOL has formed an ascending triangle and a price explosion is possible if it can break out of the triangle and close above the next major resistance level at $35.
The total volume of the Solana marketplaces has decreased slightly by 2%. Like the previous weeks, the volume of Magic Eden decreased while that of Solanart increased. It seems that the decreased volume in Magic Eden seems to have a direct correlation with the increase in volume of the Solanart marketplace.
$XTZ has not yet broken the downward trendline and is trading sideways at $1.44, below the 100 hourly simple moving average. $XTZ needs to break the resistance level at $1.67 to see any major gains.
Tezos NFTs have yet to see a sprout in growth as the Solana NFTs had. The total weekly volume of the NFT marketplaces in Tezos is less than $500K. Even though the total number of traders in the space has increased this week, some of the marketplaces like Fxhash, Kalamint, and 8bidou are left desolate.
Quickfire NFT News Roundup
1) Users Can Now Submit Bulk NFT Orders Through OpenSea
- Users will now be able to bulk list and bulk buy up to 30 digital collectible items on the platform, according to a tweet from OpenSea, a digital marketplace for crypto collectibles and non-fungible tokens (NFTs).
- Customers can add up to 30 items from the same chain to their basket on the platform before completing their purchases in a single transaction, which will reduce gas fees and make the process more convenient and straightforward.
2) Meta Opens NFT Sharing on Instagram and Facebook to All U.S. Users
- Users can connect wallets from Coinbase, Dapper Labs, MetaMask, Rainbow, and Trust to Instagram.
- Instagram users can also crosspost their NFTs to their Facebook accounts.
3) McLaren Racing Launched Comic NFTs on Tezos
- Formula 1 powerhouse McLaren Racing has launched a seven-page comic NFT series on the Tezos blockchain
- Tezos is also an official Technical Partner of the team.
- The drop began at the Singapore Grand Prix 2022 (October 2) while the final piece will be dropped at the Japan Grand Prix 2022 (October 9).
- Meine Nguyen, the Vietnamese multi-disciplinary designer and specialist in cyberpunk illustration, created the 7-page comic series of NFTs.
- For $9.99 a page, 400 editions of each page will be made available on the McLaren Racing Collective website.
4) Starry Night NFT Wallet Is Acquired by Three Arrows Capital’s Liquidator
- It’s estimated that Three Arrows Capital spent $21 million for the collection.
- Three Arrows Capital filed for bankruptcy in July, citing “extreme fluctuations” in the cryptocurrency markets and as a part of the proceedings, Teneo, a consulting firm, is working to recover all of Three Arrows’ assets.
- Analytics company Nansen estimates the portfolio is worth 625 ether, or about $840,000, while DappRadar pegs the value at just over $3 million.
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