The market values of both Bitcoin and Ethereum fell in the third week of April. Bitcoin’s decline below the $29,000 support level indicates a potential short-term negative trend. Additionally, Ethereum has experienced a decline recently, but it appears to have stabilized around the $1,900 level. This could potentially pave the way for a recovery in the coming days.
For now, let’s see how it has affected NFTs and look into the state of the NFT market.
1) NFT Market Cap & Volume
In the third week of April, the NFT market cap fell by 1.98% to $9.32M, indicating a slight decline in the value of NFTs. Meanwhile, the seven-day volume of NFTs traded dropped significantly by 24.42% to 121.04K ETH.
2) Mixed Counts in NFT Market Continue
The third week of April shows a similar trend in the NFT trading market to the second week. NFT holders increased by 0.27% to 4.352M. However, the number of traders fell by 34.44% to 67.795K, indicating a slowdown in trading activity.
Furthermore, the number of buyers and sellers decreased by 32.03% and 39.32%, to 37.83K and 43.798K, respectively, in the third week of April. This suggests that consumer interest in NFTs may be diminishing, which could be influenced by various factors such as market sentiment, price changes, and changes in consumer behavior.
3) Drop in NFT OpenSea Trading Continues
On the OpenSea platform, there has been a significant drop in the number of unique active wallets (UAW), which has decreased by 29.77% to 49.81k. A significant slowdown in trading activity on the platform was also seen in the number of transactions, which fell by 44.87% to 109.92k.
Furthermore, trading volume on the platform fell by 21.1% to $41.65M, indicating that users traded less frequently during the third week of April. However, in the same period, OpenSea’s smart contract balance increased by 1.19% to $74.37k. These figures might point to a potential decline in user interest or a move away from one NFT trading platform in favor of another.
4) Loss in Blur Activity
The number of active users on the Blur platform fell by 29.08% to 20.37k, while the number of transactions dropped by 34% to 67.19k. In addition, the smart contract balance decreased by 23.5% to $98.99M. These figures may suggest a decline in investor interest or investors withdrawing funds from the platform.
However, trading volume increased significantly by 18.44% to $289.87M. The increase in trading volume may indicate that fewer investors are making bigger trades or that new investors are entering the market, despite the decline in active users and transactions.
5) Decline in Solana NFTs
During the third week of April, Solanart and OpenSea saw a significant drop in the NFT marketplace. The average price for Solanart dropped by 21.61% to $53.64, and there were only 140 traders. The trading volume drastically decreased by 82.96% to $11.15k.
OpenSea, on the other hand, saw a 62.32% decline in average price to $27.55 and a 7.41% decline in trading volume to $26.81k. The number of traders, however, remained stable at 361.
6) Polygon NFTs
In the third week of April’s NFT market data, OpenSea held the top spot for the number of traders and trading volume on the NFT market. The platform’s average NFT price went up by 39.04% to $49.78, and the trading volume increased by 27.87% to $5.52M.
The average cost of NFTs fell noticeably at Rarible, falling by 90.72% to $14.17. Despite this, the platform saw an 828.76% increase in traders, reaching 6,975, while trading volume dropped by 8.18% to $96.47k.
The average NFT price on OKX NFT Marketplace rose by 225.53% to $24.43, and there was a remarkable increase in trading volume of 791.11% to $29.29k and a surge of 179.77% in the number of traders to 484.
On the other hand, the average price of NFTs on Jump.trade increased only slightly, by 20.79%, to $25.60. While the trading volume increased by 216.86% to $19.61k, the number of traders increased by 84.58% to 371.
In Decentraland, the average price of NFTs increased marginally by 3.1% to $3.78. However, the number of traders fell by 15.79% to 192, and the volume of trades dropped by 33.93% to $1.09k.
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.
– Bargains to be had within the NFT space
a) Helix Metaverse
Helix Metaverse is a blockchain-based game that is quickly gaining popularity in the gaming industry. Having recently launched their Alpha 2.0, the game was founded by industry veterans from Rockstar, Ubisoft, and Activision, and has raised $10 million this year.
Land access is a significant step toward the true decentralization of in-game assets.
HELIX is excited to become one of the first blockchain games to allow holders to access their land.
With our AAA graphics and complex city development, the possibilities for land are endless.
— HELIX Metaverse (@HELIX_Metaverse) April 2, 2023
Here is its NFT Collecion: https://opensea.io/collection/helix-founder-pass-official
The founders pass is a good entry into the ecosystem as you expect airdrops of assets that either you can keep or sell off.
Acrocalypse’s mission is to make croc holders’ NFT lives more convenient and profitable by offering them both beginner-friendly and sophisticated tooling. Together, Acrocalypse and the innovative paperhands project give users instant access to detailed information on the status of any project in which they have an investment.
My latest grabs from @acrocalypseNFT
Don’t sleep on crocs yr soon regret it #chomp pic.twitter.com/hft6eToPws
— Crocs! (@JoeRudd35906120) April 19, 2023
Here is its NFT Collecion: https://opensea.io/collection/acrocalypse
Additionally, they have a token called $PAPER. It is earned by staking the NFT and can be exchanged for whitelist opportunities and other rewards.
Early NFT Project Awareness
a) The Cribbit Gang
Cribbit Gang is an upcoming NFT project aiming to bring credibility and authenticity to the Pepe meme NFT landscape. The collection is divided into two gangs – Ribbit and Frogz, each with several tiers. Cribbit Gang is CC0, and it’s free for anyone to replicate, re-use, or repurpose the NFTs or the art.
🐸NEW MINT DATE + TIMES ARE HERE 🐸
Let's see if the gas gods are with us on the day.
GUARANTEED – 11 AM EST – 1 PM EST
FCFS – 1 PM – 3 PM EST
PUBLIC – 3 PM – 5 PM EST
SEE YOU ON THE 24TH OF APRIL 👇 pic.twitter.com/Kp1BeLsC8c
— Cribbit Gang (@CribbitGang) April 22, 2023
Here is its discord channel: https://discord.com/invite/cribbitgang
The collection is a parody, and the team is not affiliated with anyone. The team also has major plans but is staying quiet for now. Backed by a team of solid NFT veterans, the project discord has just opened. Although the mint date has not been announced it’s worthwhile to get in early on this.
7) Quick NFT News Round-Up
- Helium joins Solana blockchain and mints nearly 1 million NFTs.
- Helium has successfully migrated to Solana, a high-speed blockchain network.
- Helium’s migration to Solana results in even faster transaction speeds and lower transaction fees, which enhances the network’s efficiency and cost-effectiveness. Helium has minted almost 1 million NFTs, showcasing the Solana network’s scalability and capacity to manage large-scale projects.
2. Crypto Family Reveals Game-Changing Rent-to-Earn Model for NFTs
- In a new rent-to-earn model for NFTs introduced by the Crypto Family, NFT holders can earn money by renting their NFTs to other users with a specific use.
- The new model aims to address the NFTs remaining dormant in wallets by providing NFT holders with a new means of earning money while still maintaining ownership of their NFTs. Additionally, it offers a novel method for users who require NFTs for particular use cases to obtain them without making an outright purchase.
3. Thoughtworks Explores Metaverse Advertising with Purchase of Digital Land on Jump.trade
- A global technology consulting company called ThoughtWorks has bought digital land on Jump.trade’s metaverse network.
- The metaverse platform from Jump.trade allows users to trade digital assets, such as NFTs and virtual properties, in a virtual world. The purchase of digital land by ThoughtWorks on the platform demonstrates the company’s interest in discovering the potential of digital assets and the metaverse.
4. Aventus and Polkadot Team Up to Bring The Wolf of Wall Street NFT Experience to Life.
- The Wolf of Wall Street franchise has teamed up with Aventus and Polkadot to release a number of NFTs. The NFT drops will give fans and Web3 enthusiasts access to exclusive content, rewards, and experiences, including new perspectives of classic scenes, cast-member-authentic outfits, props, and other memorabilia.
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