Ethereum experienced a 1.32% decline, falling to $1,866.98, despite Bitcoin remaining close to $28,000 but still below. NFTs, on the other hand, have seen some activity. Could this mark the start of a resurgence?
Let’s take a closer look at the state of the NFT market and see what is going on.
1) NFT Market Cap & Volume
The market trend started with a decline in all categories in the first week of April. While the sales decreased to 43K by 6.35%, Sales USD overtook the sales with a drop of 10.66% to 113.7 million.
Primary Sales and Primary Sales USD plummeted from 13K and 4.1 million to 12K and 3.1 million by the ratios 6.22% and 24.78%, respectively.
Moreover, the overall value of Active Market Wallets showed an opposite trend than in the last week of March, with a dip of 5.82% from 31K to 29K.
The first week of April saw a minor 0.03% increase in the NFT Market Cap to 9.61 million ETH. However, the seven-day volume of NFTs traded showed the same trend as of March last week, which fell by 2.25% to 174.15K ETH.
2) Gains in NFT Market
The number of traders on the NFT market surged by 23.71% in the first week of April to 4.32 million, while NFT holders increased by only 0.35%. Furthermore, the number of buyers went up by 11.09%, with a significant 32.12% rise in the number of sellers. This indicates increased activity in the NFT trading market and consumer interest in NFTs.
3) Increase in NFT OpenSea Trading
OpenSea experienced a surge in transactions by 31.15% to 201.99k. Furthermore, there was a significant increase in the marketplace’s trading volume by 23.7% to $60.22 million, indicating that users have traded more dramatically on the platform than in the last week of March.
Additionally, OpenSea’s smart contract balance went up to $73.1K, a slight increase of 2.63% in the first week of April.
4) Blur Activity Sees Gains
The Blur platform has witnessed a significant increase in transactions by 17.02% to 109.67k, indicating that more users are actively trading. Investors are willing to invest more in the platform, as evidenced by the remarkable growth of 44.13% in trading volume to $286.44 million.
However, some investors may have withdrawn their funds as the smart contract balance declined by 2.34% to $128.29 million.
Although Blur has experienced a decline, the improvement in investor confidence and market sentiment toward the company is evident through the overall growth in UAW, transactions, and trading volume.
5) Solana NFTs
Solanart’s performance improved in the first week of April 2023, particularly in the number of traders and volume of NFTs. The platform has experienced a 53.31% growth in the number of traders. Furthermore, the volume has surged by 69.4% to $59.86k. However, NFTs’ average price had dropped by 38.33% to $82.23.
Moreover, OpenSea saw a decline in the trading volume and the average price. Despite the 65.4% increase in the number of traders, the trading volume has dropped to $9.04K, a decrease of 9.83%. Also, the average price has plummeted by 50.14% to $20.83.
6) Polygon NFTs
The average NFT prices on OpenSea, the leading marketplace in the Polygon NFT market, have surged by 32.63% to $47.39. The number of traders has dipped by 7.96%, while trading volume has significantly increased by 39.22%.
Jump.trade recorded a 39.89% and 64.06% decrease in the number of traders and trading volume, respectively. On the other hand, the platform has seen a 6.9% increase in the average price of NFTs.
Additionally, the average price and the trading volume of Decentraland experienced a downward trend. The trading volume went down by 31.79% to $2.85K, contributing to the overall decrease in the average price of 54.69%. Despite this, the number of traders on Decentraland has increased by 19.02% to 363.
Consequently, the number of traders and trading volume on OKX NFT Marketplace increased by 54.55% and 29.67%, respectively, while the average price fell by 23.95% to $3.61.
7) Actionable (Non-Financial) Advice
Every week we will offer some actionable tips for those that want to get more involved in the NFT market. The sections will vary but we’ll be bringing you something every week.
1. Discord Servers That You Do Not Want to Miss (Join Now!)
MICE Media’s network is a place for sharing ideas, beliefs, and having open discussions. Viewers, readers, and listeners can access content through a redefined and scalable immersive media experience that is completely decentralized. MICE Media is an ecosystem where holders will have access to future profit sharing of different revenue streams, premium content, and the ability to create content if they wish.
MICE Media is not simply another “NFT brand,” but rather a “brand built on NFTs.” As ONE MICE, the team is disrupting the powers that have controlled the narrative through media and big tech and returning it to the people through the power of true decentralization. Phase 1 has already minted (2k) and Phase 2 is launching soon, bringing it to a 10k collection. Holders of the NFT already had access to Superbowl 2023, NFT Paris, and other digital events. Many BAYC holders are involved and whitelists have opened up to get the BAYC and other communities involved.
(Official links and more info in the Discord.)
With the aim to help legitimize the Web3 space by bringing the sustainable cash flows of Bitcoin mining to NFTs, the Hashlings project the team will leverage the cash flows from a Bitcoin mining operation to issue grants for promising Web3 startup ideas exclusively pitched, and voted on, by community of holders.
(Official links and more info in the Discord.)
2. New NFT Collections That Should Be On Your Radar
AVØLVE
AVØLVE is a Web3 brand focused on creating new standards in the realm of high-end digital fashion. It seeks to offer the best tools and resources for creators, allowing them to bring their digital fashion vision from concept to reality. The team at AVØLVE has completed projects for many notable clients, including Ferrari, Warner Bros., NASA, Nike, Disney, Gucci, Adidas, Sony, Universal, Aston Martin, L’Oreal, and many others.
Steady Stack Legends
Phase 2 of the Stead Stack ecosystem is minting soon. With the Titans collection currently trading at 3.3 ETH, it could be beneficial to get in early on this. Steady Stack is a collective comprised of 2,125 Web3 experts, traders, investors, VCs, and entrepreneurs.
Quick News Round-Up
- Magic Eden Launches Bitcoin Launchpad
- Ordinals, a Bitcoin-based NFT launchpad co-created by Magic Eden and Bitcoin developer Ben Carman, aims to democratize NFTs by enabling their purchase with Bitcoin.
2. Solana NFT Minting Cost Reduced by State Compression
- Solana’s “State Compression” method makes it possible to store and process more data on the blockchain, which, in turn, speeds up transactions and reduces fees.
- Additionally, “State Compression” can be applied to NFTs to produce “compressed NFTs” that use less blockchain space, are cheaper to store and transfer, and allow for larger NFT collections while still using the same amount of space.
3. Find Satoshi Lab Launches AI NFT Creator Tool GNT
- GNT is a new AI-based NFT creator tool from Find Satoshi Lab, which also created STEPN and Mooar.
- The GNT tool develops distinctive NFTs that stand out from existing NFTs, potentially raising their value and collector appeal.
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