There is no denying that a series of high scandals that occurred in 2022 undermined the faith of web3 users, particularly NFT collectors and investors. NFT projects with staying power are the ones that are experimenting with utilities beyond art.
Global companies continue to flood the market; last week, Rolling Stone, LG, BMW, Shopify, Mastercard, and others made headlines for their forays into the web3 and NFT landscape. Moreover, the markets are feeling upbeat as many collections are pumping. So far, everything is looking good.
2023 has gotten off to a green start for cryptocurrency. Altcoins surged, BTC briefly climbed beyond $19,000, and enthusiasts anticipate a small bull run. Similarly, Ethereum climbed above the $1,400 resistance zone and is consolidating gains to rise further toward the $1,500 level. But how is the NFT market doing? Let’s have a look!
1) NFT Market Cap & Volume Increase – Unique Sellers Decreasing
This week’s sales stayed at 97K, 14.25% lower than the prior week. Additionally, Sales(USD) decreased somewhat by 9.1 % from $143M to $130 million. The unique sellers fell by 9.19%, while active Market wallets reduced by 5.24%. The recovery wave that we saw during the first week of this month has cooled off.
The total market cap expanded slightly by 0.34% to 10.4M ETH. The volume also grew slightly by 7.65% to 150.2k ETH. It is relieving to see the weekly trade volume finally back to triple digits.
2) NFT Holders Continue to Hold & Whilst Buyers Increase
Holder numbers remain stable with minimal increases as usual. The number of traders rose by 7.8%. Surprisingly, the number of buyers also rose by 6%. Over the past few weeks, the number of sellers has dominated the number of buyers. So, we are beginning to see buyers come into the market and holders continue to hold this combination is bullish for the NFT space.
3) NFT Users and Transactions on OpenSea are on the Increase
This week, 333.23k transactions were tracked by OpenSea smart contracts. This is 6.78% more than the prior week. OpenSea saw an increase in the volume of approximately 35%, reaching 75.93 million dollars. And the smart contract’s balance remained at $60.6K.
4) Solana Pumping NFT Markets Dumping
SOL had a fantastic new year. The token was trading below 10$ last December and now has recovered above the $15 psychological resistance level. SOL is currently trading above 17$ and is poised to move upward. Moreover, the weighted social sentiment is optimistic for Solana.
The Solana NFT market is in shambles. Magic Eden’s volume plunged by more than 13%, while traders fell by more than 12%. The volume of Solana NFTs in OpenSea declined by half while that in Solanart dropped by 35%.
5) Tezos NFT Marketplace Finally Green
Even as other altcoins make a comeback, XTZ failed to break the $1 psychological level. It needs to stay above this zone for any possible upside movement.
This week, the XTZ price is expected to test and maybe breach $0.90, which coincides with the 55-day SMA and is the first significant test to determine whether the current rally has the strength and legs to continue.
The Tezos marketplace seems to have recovered compared to the last few weeks. The volume of Objkt, which holds the lion’s share of the Tezos NFT market, is finally in green. With a weekly transaction volume of over $353K, Objkt.com is still the market leader for Tezos NFT. However, it still falls short of NFTs on Ethereum or Solana.
6) Quick News Round-Up
1. Class action lawsuit against Hollywood Celebs for promoting NFTs
- The list includes Justin Bieber, Madonna, Kevin Hart, Snoop Dogg, etc.
- The plaintiffs demand a jury trial requesting damages for all buyers of Yuga’s NFTs or its cryptocurrency, ApeCoin, after April 23, 2021, who experienced financial losses.
2. Edward Snowden to Drop an NFT advocating Press Freedom
- The drop will be a collaboration of Edward Snowden and Daniel Ellsberg
- The Pentagon Papers leak by Ellsberg in 1971 is the main focus of the drop.
3. National Geographic plans to release nature-themed NFTs
- National Geographic filed patents for NFTs on January 6.
4. Polygon paid y00ts $3 million to leave Solana.
- DeLabs will use the funds for hiring initiatives and the setup of a cryptocurrency incubator.
5. Yuga Labs’ announced a Skill-Based NFT Mint
- The multi-step, one-of-a-kind drop starts on January 17 with a free mint dubbed Sewer Passes for current members of the BAYC and MAYC.
- These tokens are needed to play the skill-based game Dookey Dash, which launches on January 18.
6. Donald Trump Zoom Call NFT Passes are going for less than $25.
- Each Zoom call, according to the NFT description, will have a maximum of 2,000 participants and continue for 20 minutes.
7. VIP Passes for the Tribeca Film Festival will be sold as NFTs.
- The passes will come with exclusive access to screenings, events, and other benefits owing to a collaboration with the cryptocurrency exchange OKX.
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