Market UpdateNFT Market Update - Week 1, 2023
2023 Kicks Off with a Bullish Bang
Crypto Update
| ETH: $1,266 (5.26%) | BTC: $16,937 (2.00%) | SOL: $13.52 (35.47%) |
Welcome to the first week of the new year! It's been a wild ride in the world of crypto and NFTs, and things really picked up after a slow start following the holiday break.
So, let's talk about Solana. Last week was a tough one for the platform, but it looks like it's starting to recover thanks to a little help from a new dog-themed meme coin called $Bonk. Solana saw a 35.47% increase in the past seven days, largely due to This $Bonk meme coin airdropping half of its total supply to the Solana community. This generated a lot of buzz within the community and pushed its value up quickly. Leaving many to wonder if it would be the next Shiba Inu or maybe even Doge. The coin has since retraced significantly so this is very doubtful.
As for NFTs, the first day of the week was slow, but things really picked up after that. The highly-anticipated Memeland mint had a fantastic launch, and we've seen other big events like Azuki's one-year anniversary approaching and the BAYC Trial of Jimmy driving a lot of activity in the market. It looks like we're in the midst of a mini bull run, with plenty of volume and value increases for both blue chip and mid-level projects that are providing real value. Let's hope this trend continues, with profits flowing down to smaller projects that deserve it.
Tweet Of The Week Twitter Link
DeLabs, the company behind popular Solana NFT collections DeGods and y00ts, announced that it has received a $3 million grant to move y00ts to the Polygon network. The funds will be used to hire new team members and launch a crypto incubator to support the growth of the NFT ecosystem. DeLabs founder Frank, also known as Rohun Vora, made the announcement on Discord. Click the twitter link above to read the tweet in its entirety.
**This Market Report is Not Financial Advice, This is my Personal Opinion of the current conditions and you should Always Do Your Own Research**
Weekly Top 5 NFT Markets by Volume
Weekly Top OpenSea Projects
Weekly Top 5 NFT Sales
This Weeks Notable Projects
Top Mint of The Week OpenSea Link
Top Weekly Volume Growth OpenSea Link
Top Weekly Floor Growth OpenSea Link
Top Volume This Week OpenSea Link
Conclusion
Can you believe week one of the new year is already behind us? Time sure flies when you're having fun, and I know I've been having a blast this week keeping up with all the exciting developments in the NFT space. And it looks like there's even more in store for us this month – lot’s of bullish events taking place this month.
Now, I know we're technically in a bear market, but that doesn't mean we can't see some big things happening with trusted projects that consistently deliver value. And when those big players succeed, it's good news for all the mid-level projects that are following their lead and working hard to innovate and advance Web3. That's what it's all about, right? Building, growing, and producing value to achieve success.
So, let's enjoy this bullish period while it lasts, because let's face it, it's probably not going to be around very long. And as always, it's important to be cautious when trading NFTs - we can expect some shakeups this year for sure. But if we keep our wits about us and focus on the projects that are doing things the right way, I have no doubt we'll all have a profitable and successful year. Happy trading, everyone.
The Fear index
It's the first week of 2023 and things are looking up in the NFT and crypto world - both NFTs and crypto closed out the week in the green. But even though we have reason to be hopeful, it's important to remember that the Crypto Fear index is still fluctuating. After eight weeks of being in a state of fear, the index has now slipped into a state of extreme fear.
That's why it's crucial for investors and market participants to stay informed and implement risk management strategies. While it's never fun to see the fear index at such a high level for an extended period of time, we can weather any economic storms that come our way by staying vigilant and cautious.
So let's start the new year off on a positive note and keep an eye on those indicators of shifts in sentiment. With a little bit of preparation and awareness, we can all navigate these uncertain times with confidence and success. So, as i said above here's to a profitable and exciting year in the NFT and crypto world!
Disclaimer Investing in anything, whether it's stocks, crypto, or NFTs, always carries some level of risk. In fact, it's been estimated that about 99% of all NFT projects will go to zero at some point. Yikes, right? That's why it's so important to always do your own research and invest wisely.
And here are a couple of key points to keep in mind:
Not your keys, not your crypto or NFTs: This is a reminder to keep your holdings in a secure wallet if you're not actively trading. You don't want to lose access to your assets because you didn't hold the keys!
If you buy stocks, you're an investor. If you buy crypto or NFTs, you're a customer: It's important to understand the difference between these two roles, as they come with different levels of risk and potential rewards.
Finally, just a friendly reminder that my reports are for informational purposes only. They're not financial advice, and you should always do your own research and make investment decisions based on your own goals and risk tolerance.
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