Market UpdateNFT Market Update - Week 12, 2023
Magic Eden: Takes Bitcoin Ordinals to the Next Level
NFT Market Update - Week 12, 2023
**This Market Report is Not Financial Advice, This is my Personal Opinion of the current conditions and you should Always Do Your Own Research**
Welcome to this week's market report, where we bring you the latest updates on the stock market and the world of cryptocurrency. Last week was full of ups and downs for the stock market, with some sectors performing better than others. Meanwhile, the cryptocurrency market continued to attract attention and investment, with some exciting developments in the world of NFTs. So, grab a cup of coffee and let's dive into the details.
Stock Market Update
| Dow: 33,072 (1.4%) | S&P: 4,019 (1.6%) | Nasdaq: 13,138 (1.8%) |
Last week was eventful for the stock market as the Dow Jones, S&P 500, and Nasdaq indexes experienced gains. The Dow Jones closed at 33,072 with a 1.4% increase, while the S&P 500 and Nasdaq closed at 4,019 and 13,138 respectively, with 1.6% and 1.8% increases. The growth in these indexes was largely driven by strong performances in the technology and healthcare sectors. The recent troubles in the banking industry have affected the markets, with investors preferring more defensive sectors. Despite this, there are still opportunities for growth in both the equity and bond markets. While there may be some volatility in the near future, there are currently no significant indications of widespread contagion or systemic risk in the US banking system.
| BTC: $27,840.13 (0.83%) | ETH: $1,765.01 (-1.81%) | SOL: $20.82 (-5.55%) |
In the cryptocurrency market, Bitcoin "BTC" increased by 0.83% over the last week, with a current price of $27,840.13. Ethereum "ETH" saw a small 1.81% decrease, with a current price of $1,765.01. Solana "SOL" experienced a negative trend with a 5.55% decrease and a current price of $20.82.
NFT Market Update
| Blur: $287.24M (-6.85%) | OpenSea: $63.72M (-25.54%) |
Looking at the top five NFT marketplaces by volume, we can see that Blur remains in the top spot, with a trading volume of $287.24M, down 6.85% in the last 7 days. OpenSea continues to hold second place, with a trading volume of $62.86M, down a significant 26.86% in 7-day volume. CryptoPunks keeps the third spot, with a 5.05% decrease in active traders and a 29.71% drop in 7-day volume, resulting in a trading volume of $9.83M. X2Y2 is in fourth place, with a 15.42% increase in active traders and a 5.31% increase in 7-day volume, bringing their trading volume to $9.34M. Finally, Immutable X Marketplace suffered a 44.71% drop in 7-day volume, with $4.28M in trading volume and 11,256 active traders.
Mint Of The Week
Nakamigos is a collection of 20,000 NFTs. With over 27,398 successful transactions on secondary markets, the project's floor price currently stands at approximately 0.0938 ETH. These Nakamigos are pixelated characters that represent crypto investors and come with commercial rights similar to those of Cryptopunks. This art and community-driven project has generated a lot of buzz since it launched. As of now, the project has accumulated nearly 3 million in sales on secondary markets, with 1.34 million of that total in the last 24 hours.
Sony, the company behind the PlayStation brand, has filed a patent for an NFT framework allowing users to transfer and use NFTs across multiple game platforms. Sony's NFT framework aims to integrate NFTs into gameplay, representing skins and other popular in-game functionalities. The patent filing states that the NFT's ownership could be transferred to other end-user entities for their own use across different simulations and platforms. Once implemented, PlayStation 5 users will be able to experience NFT use cases via mainstream gaming titles. Sony's interest in crypto has been evidenced by numerous partnerships and trademark registrations over the years.
Tweet of The Week
Magic Eden has officially done what many thought couldn’t be achieved so quickly. They have successfully launched their new Bitcoin marketplace for collectibles, becoming the first audited and secure marketplace for Ordinals. They built the platform within a month and partnered with Hiro and Xverse for wallet transactions. Magic Eden decided to support Bitcoin to explore emerging markets, challenge the status quo, and support the Bitcoin culture. They are also planning to open source key pieces of their marketplace infrastructure in the future to help the ordinal ecosystem flourish. However, Magic Eden has decided to launch on Bitcoin without royalty support for now but is actively looking into developing an on-chain, permissionless royalty standard.
Web3 Uncovered YouTube Release
Thanks for reading this week's market report! It's been a fun week in both the stock market and cryptocurrency world. The Dow Jones, S&P 500, and Nasdaq indexes saw gains, thanks to strong performances in the technology and healthcare sectors. Meanwhile, the cryptocurrency market had some interesting developments in the world of NFTs, including Sony Interactive Entertainment's patent for an NFT framework that allows users to transfer and use NFTs across multiple game platforms. But the most exciting news came from Magic Eden, which has successfully launched its new Bitcoin marketplace for NFT inscriptions, becoming the first audited and secure marketplace for Ordinals. Who knows what next week will bring? I'll be here to report it to you!
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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