Crypto expert Shuab Akhtar looks at how recent developments in the crypto market are affecting NFT Token metrics and assesses the state of the NFT market.
1) NFT Token market cap and volume
In the third week of April, the NFT market cap fell 1.98% to $9.32 million, indicating a slight decrease in the value of NFTs. Meanwhile, the seven-day volume of traded NFTs fell by a significant 24.42% to 121.04 thousand ETH.
2) Mixed counts continue in the NFT Token market
The third week of April shows a similar trend to the second week in the NFT trading market. NFT holders rose 0.27% to 4.352 million. However, the number of traders decreased by 34.44% to 67,795 thousand. This indicates a slowdown in trading activity.
In addition, in the third week of April, the number of buyers and sellers decreased by 32.03% and 39.32%, respectively, to 37.83 thousand and 43,798 thousand. This indicates that consumer interest in NFTs may be waning, which may be influenced by a variety of factors including market sentiment, price changes and changes in consumer behavior.
3) OpenSea NFT trading continues to decline
The OpenSea platform saw a significant drop in the number of uniquely active wallets (UAW), a 29.77% drop to 49.81k. There was also a significant slowdown in trading activities on the platform, with the number of transactions down 44.87% to 109.92 thousand. Also, trading volume on the platform fell 21.1% to $41.65 million, indicating that users were trading less in the third week of April. However, during the same period, OpenSea’s smart contract balance increased by 1.19% to $74.37K. These numbers may indicate a potential drop in user interest or a shift from one NFT trading platform to another.
4) Blur activity is missing
The number of active users on the Blur platform decreased by 29.08% to 20.37 thousand, while the number of transactions decreased by 34% to 67.19 thousand. In addition, the smart contract balance fell 23.5% to $98.99 million. These numbers may indicate a decline in investor interest or that investors are withdrawing funds from the platform.
However, trading volume increased by a significant 18.44% to $289.87 million. An increase in trading volume may indicate that fewer traders are making larger trades or that new traders are entering the market despite a decrease in active users and trades.
5) Decrease in Solana NFTs
In the third week of April, Solanart and OpenSea experienced a significant drop in the NFT market. The average price for Solanart fell 21.61% to $53.64 with only 140 traders. Trading volume fell by 82.96% to $11.15,000. OpenSea, on the other hand, dropped 62.32% in average price to $27.55, and trading volume fell 7.41% to $26.81k. However, the number of traders remained stable at 361.
6) Polygon NFT Tokens
In the third week of April’s NFT market data, OpenSea took the top spot in terms of number of traders and trading volume in the NFT market. The platform’s average NFT price rose 39.04% to $49.78, while trading volume rose 27.87% to $5.52 million. The average cost of NFTs fell notably on Rarible, down 90.72% to $14.17. Despite this, the platform’s number of investors increased by 828.76% to 6,975, while the trading volume decreased by 8.18% to $96.47K.
The average NFT Token price on the OKX NFT Marketplace rose 225.53% to $24.43, while trading volume rose 791.11% to $29.29k and number of traders increased 179.77% to 484. On the other hand, the average price of NFTs on Jump.trade rose only a small 20.79% to $25.60. While the trading volume increased by 216.86% to $19.61 thousand, the number of investors reached 371 with an increase of 84.58%. In Decentraland, the average price of NFTs rose marginally 3.1% to $3.78. However, the number of traders fell 15.79% to 192, while the trading volume fell 33.93% to $1.09k.
7) Applicable (non-financial) recommendations
Every week we will present some actionable tips for those who want to be more involved in the NFT market. Episodes will change, but we’ll have something to offer you each week.
Helix Metaverse
Helix Metaverse is a blockchain-based game that is rapidly gaining popularity in the gaming industry. The game, which recently released its Alpha 2.0 version, was founded by industry veterans from Rockstar, Ubisoft, and Activision, and has raised $10 million this year.
The Founders card is a good introduction to the ecosystem as you can expect airdrops of assets you can keep or sell.
acrocalypse
Acrocalypse’s mission is to make the NFT lives of croc owners more convenient and profitable by offering tools that are both beginner-friendly and sophisticated. Together, Acrocalypse and the innovative paperhands project give users instant access to detailed information on the status of any project they invest in.
Also, they have a token called PAPER. It is earned by staking NFT and can be traded for whitelist opportunities and other rewards.
Cribbit Gang
Cribbit Gang is a new NFT Token project that aims to bring credibility and authenticity to the Pepe meme NFT environment. The collection is divided into two gangs, Ribbit and Frogz, each with several tiers. Cribbit Gang CC0 and free for anyone to reproduce, reuse or repurpose NFTs or art.
The collection is a parody and the team has no affiliation with anyone. The team also has big plans but remains quiet for now. Supported by a team of solid NFT veterans, the project discord has just been launched. Although the publication date has not been announced, it is useful to act early on this issue.
Quick NFT Token news summary
- cryptocoin.comAs you follow, Helium has joined the Solana Blockchain and has printed nearly 1 million NFTs.
- Crypto Family unveils game-changing rent-to-earn model for NFTs
- Thoughtworks explores metaverse advertising by buying digital land on Jump.trade.
- Aventus and Polkadot have teamed up to bring The Wolf of Wall Street NFT experience to life.
The opinions and recommendations in the article belong to the experts and are definitely not investment advice.
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