May’s fourth week in the cryptocurrency world was uncertain. Investors were cautious in the crypto markets due to concerns over US debt ceiling talks and UK inflation. Bitcoin and Ethereum both saw a fall in value, with Bitcoin falling 3.46% to $26,253.42 and Ethereum dropping below $1,800.
Other cryptocurrencies like Litecoin, Polkadot, and more were affected. Crypto enthusiasts and analysts were looking forward to the next moves in the uncertain cryptocurrency landscape. Let’s now delve into the weekly NFT report to see how the crypto movement affected the NFT space.
1) NFT Market Cap & Volume
NFT’s market cap rose by 0.59% in the fourth week of May to $4.14M. In addition, the trading volume for NFTs saw a significant increase of 9.97%, bringing the total volume of ETH traded to 74.15K.
2) NFT Trading Activity is down
There has been a slight increase in the number of NFT holders, bringing the total to 4.43M. Unfortunately, there was a 13.95% drop in NFT traders, leaving only 46.35K traders.
Additionally, there was a 6.60% dip in the number of buyers to 25.228K, suggesting a decline in buying activity. There was a decrease in selling activity during this period as the number of sellers decreased by 16.04% to 28.819K.
3) Unique Active Wallets saw a significant increase
The OpenSea platform exhibited significant growth and activity during the fourth week of May, with the unique active wallets (UAW) surging 19.21%, totaling 76.01K active wallets. The surge in user engagement was impressive, as a substantial rise in the number of transactions accompanied it.
Furthermore, the trade volume on the platform displayed a robust increase of 12.36%, totaling $28.67M. However, the smart contract balance experienced a slight decrease of 1.65%, bringing it down to $67.57k. The balance experienced a slight decline, but overall trends suggest a thriving and positive market on the OpenSea platform in the fourth week of May.
4) Positive Numbers In Blur Activity Continue
During the fourth week of May, the trading activity in the Blur market showed a combination of positive and negative numbers. There was a 14.62% rise in Unique Active Wallets (UAW) from the previous week, resulting in 13.62K wallets. Furthermore, a remarkable surge of 26.09% in transactions resulted in 40.87K transactions.
Nonetheless, there was a significant drop in the trading volume, declining by 24.36% to $106.42M. Although volume has decreased, the smart contract balance has dipped by 3.39% to $113.34M. This suggests that there has been a slight reduction in the overall amount of funds that are being held within the platform.
5) Improvement In Solana NFT
Notable shifts were noticed in the NFT markets of OpenSea and Solanart during the fourth week of May. There was a significant increase in the average prices of NFTs on OpenSea, rising by 82.08% to reach $198.92.
Also, there was a significant rise in the number of traders on OpenSea, as the total number increased by 29.97% to 503. In addition, there was a 25.19% increase in trading volume on OpenSea, which reached $341.95K.
In a similar vein, Solanart experienced significant advancements in its market. The cost of NFTs on Solanart has experienced a substantial increase, with an average price surge of 374.89% to $130.05.
There was a significant increase in the number of traders on the Solanart platform, with a rise of 426.15%, resulting in 342 traders. Furthermore, there was a substantial surge in trading volume on Solanart, with a staggering increase of 608.26% to $43.86K.
6) Polygon NFTs
NFT prices and trader behavior fluctuated in the fourth week of May. OpenSea NFTs fell 63.13% to $11.13, and the traders increased by 52.72%, bringing the total to 61.544K. Despite the price drop, trading volume fell 34.16% to $2.26M, indicating that NFT enthusiasts were less enthusiastic.
In contrast, the OKX NFT Marketplace maintained a consistent performance, with the average NFT price increasing by a modest 10.53% to $36.5. The number of traders on the platform increased by 18.75%, reaching an impressive 1,925 traders. Furthermore, there was a significant increase in trading volume, which increased by 26.86% to $213.64K.
Jump.trade experienced a significant increase in the average NFT price, which rose by 21.12% to $27.07. Further, the trading platform experienced a surge in the number of traders, with a remarkable 244.08% rise, resulting in 843 active individuals. As a result of this increase, the trading volume experienced a significant surge of 231.76% to $107.25K.
Moreover, Rarible saw a significant dip in the average price of NFTs, plummeting by 90.14% to $17.89. However, the platform successfully drew many traders, with a growth rate of 19.74% to 1.753K. Additionally, the trading volume experienced a significant decline, dropping by 87.56% to $50.87K.
Aavegotchi has experienced a significant 64.21% drop in the average NFT price, reaching $191.73. While the trading volume plummeted by 76.03% to $34.46K, the number of traders remained the same.
7) Quick News Round-Up
- Bitcoin Climbs to Second Place in NFT Market as Sales Volume Soars, Challenging Ethereum’s Dominance
- Bitcoin has become the second-largest blockchain for NFTs in sales volume, trailing behind Ethereum, driven by the success of organized collections such as Space Pepes and Bitcoin Frogs.
- The surge in Bitcoin NFTs sales volume indicates the growing influence of the seasoned blockchain, with BRC20 tokens and increasing numbers of Bitcoin NFTs paving the way for a potential “flipping” in the NFT market.
2. Kakao and Naver Back GoodGang Labs, Enabling NFT Avatars and Interactive Experiences.
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- South Korean messaging giant Kakao invested $2 million in GoodGang Labs, enabling users to interact through animated avatars and NFTs, demonstrating support for the potential of NFT avatars.
- Singapore-based GoodGang, backed by Naver and Naver Z, introduces the GoodHouse platform, allowing users to interact through NFTs and supporting 2D and 3D assets from multiple blockchains.
3. Herencia Artifex Launches Groundbreaking NFT Project, Facilitating Cross-Genre Artistic Collaborations and Unveiling First NFT ‘Gizan Katoh’.
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- Herencia Artifex sells its first NFT, “Gizan Katoh,” in collaboration with artist Gizan Kato, aiming to pass on outstanding artists and crafts through NFT technology.
- The project announces its upcoming collaboration with renowned nail artist Mei Kawajiri, expanding the genre-transcending artistic collaboration in Web3.
4. IOGINALITY Launches as the First NFT Platform for Emerging Galleries, Revolutionizing the Art Market.
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- IOGINALITY, the first art NFT platform for emerging galleries, launches, offering a fully compliant and seamless platform for galleries and collectors to transact and benefit from tokenized art.
- IOGINALITY’s simplified fee structure and smart contract-powered platform align selling prices and royalties and facilitate instantaneous transactions, addressing transparency and fraud issues in the NFT market.
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