Bitcoin has surpassed $30,000 and the price has reached its highest point since June 2022. This price surge reversed the bearish trend of the cryptocurrency market over the past few months. It caused Ethereum to appreciate, as well as other cryptocurrencies. However, how has the NFT market been affected?
What happened to the NFT market cap and volume?
The market trend followed a mixed course in the second week of April. While sales decreased by 24.36 percent to 32 thousand, sales in US dollar terms decreased 19.80 percent from 110.8 million dollars to 91.3 million dollars. While sales in the primary market decreased by 25.66 percent to 9 thousand, the USD value of these sales increased slightly by 2.45 percent to 3.24 million. In addition, the total value of active market wallets decreased by 18.97 percent to 23.6 thousand.
NFT Market Cap decreased by 1.06 percent in the second week of April to 9.54 million ETH. However, the seven-day volume of NFTs traded fell sharply by 17.13 percent to 151.6 thousand ETH, exhibiting the same pattern.
How about NFT trading in the market?
Compared to the first week of April, the activity in the NFT trading market has generally decreased in the second week. In the second week of April, the number of traders in the NFT market increased by 0.35 percent to 4.33 million, while the number of NFT holders decreased by 13.27 percent. In addition, while the number of sellers decreased by 17.18 percent, the number of buyers decreased by 4.92 percent. These numbers may indicate that consumers’ interest in NFTs is waning. However, the fact that we are seeing a sharp decline in sellers and various factors such as changes in consumer behavior, market sentiment and price changes for NFTs can also influence this trend.
Transactions on OpenSea have dropped
The number of transactions in OpenSea decreased by 2.5 percent to 197.38 thousand. In addition, the trading volume of the marketplace decreased by 12.89 percent to $52.53 million; which means users are trading less aggressively on the platform compared to the first week of April. Also, OpenSea’s smart contract balance rose 2.33 percent to $74.8k in the second week of April.
Blur also experienced a loss of activity
The Blur platform has seen fewer users actively trading, as evidenced by a 7.29% drop in transactions to 101.68k on the platform. The notable 12.32% drop in trading volume to $251.15 million indicates that investors are less willing to invest in the platform. Additionally, some investors may have withdrawn their money, given that the smart contract balance was down 0.15 percent to $128.09 million.
Solana NFTs are also down
Average price and number of traders decreased on Solanart, but trading volume increased slightly in the second week of April. The average price of NFTs on Solanart fell 13.64 percent to $70.12. Despite the decline, Solanart remained the leading NFT market in terms of trading volume. OpenSea recorded a significant increase in the average price and transaction volume of NFTs, rising 271.5 percent to $76.15 and up 218.31 percent to $28.71K, respectively. Also, OpenSea trader count dropped 19.63 percent to 351.
Transaction volume declines on Polygon NFTs
Despite the average price of NFTs falling by 23.89% from $35.89, OpenSea maintained its position as the top NFT marketplace in terms of both trader count and trading volume. In addition, trading volume decreased by 28.9 percent to $4.33 million. The number of traders, trading volume and average price decreased significantly on Jump.trade. The number of investors fell 35.31 percent to 218, trading volume fell 81.96 percent to $6.42k, and the average price of NFTs fell 28.19 percent to $21.21.
The average price of NFTs on the OKX NFT Marketplace rose 117.45 percent to $7.85. Although the number of investors decreased by 13.24 percent to 177, the trading volume decreased by 38.4 percent to $3.43 thousand. Decentraland saw a significant drop in the number of traders and trading volume with a decrease of 38.57 percent and 41.81 percent, respectively. The average price of NFTs rose 61.9 percent to $3.76. Element’s popularity has grown significantly across the board. Also, the average price of an NFT rose 631.3 percent to $3.34, while trading volume was up 567.4 percent to $140.43.
NFT projects to consider
Due to the recent events in which the SVB went bankrupt and the macro environment in which the FED tightened liquidity, problems are affecting the NFT field. That being the case, many projects are trading appropriately from where they were traded just a few months ago. Some experts point to Goblintown, Moonbirds, Doodles and The Dev’s NFT as the new NFTs that have received attention recently.
Key events of the week
- Solana outperformed Polygon in NFT sales: Solana outperforms Polygon in the NFT market due to its higher transaction speeds and lower fees, and both platforms are trying to attract crypto asset creators and buyers.
- Shibuya and Bruce Lee became partners: Legendary martial artist and actor Bruce Lee’s assets have joined forces with NFT-focused video platform Shibuya to establish a presence in the Web3 ecosystem. The collaboration will result in the production of unique Bruce Lee NFTs and the launch of a Shibuya channel showcasing Bruce Lee-related content.
- NFT creator Azuki from Chiru Labs collaborates with LINE Friends for their new NFT collection: Chiru Labs, creator of the popular NFT character Azuki, has partnered with international character company LINE Friends. As part of the collaboration, new NFT collections featuring LINE Friends characters will be produced and sold on the Chiru Labs platform.
- Razer will build its Metaverse platform on Web3: Razer, a high-end gaming hardware manufacturer, plans to build its Metaverse platform on Web3. Project Hazel creates a decentralized virtual world that allows users to interact securely and effectively with each other and digital/crypto assets. Razer’s entry into the metaverse highlights the growing interest and investment in Web3 technologies aimed at building decentralized and user-controlled systems.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.