Market UpdateNFT Market Update - Week 2, 2023
The Bull that Refuses to Quit
NFT Market Update - Week 2, 2023
Crypto Update
| ETH: $1,552 (22.60%) | BTC: $20,869 (23.21%) | SOL: $23.31 (71.89%) |
This week has been one wild and crazy ride in the crypto world! The market has been on fire, hotter than the recent Solana Summer.
First off, Polygon and Uniswap have been making moves as if they're trying to make a real name for themselves. And let's not forget about NFTs, they had some nice volume early on in the week.
But the real stars of the show this week were all the degen plays. The degen meta is back and it's better than when my Blue Chip sent me a fanny pack. So not cool! With crypto climbing the charts faster than I can climb my stairs, people are looking for cheap ways to get in on the NFT action, like they did last week with those shit coins. And with some big events coming up, like the Azuki anniversary and the BAYC mint, the market is sure to keep heating up at least until we get through this month.
Now, let's talk about crypto prices. BTC and ETH have both seen some serious jumps in the past week. BTC rose over 23% and is currently sitting pretty, hovering around $21k, and ETH has climbed nearly 22% and is hanging out around the $1.5k mark. But, as crypto continues to see these big jumps, we may see some additional falls in the NFT market. Like, we saw happen as this week closed out, there's usually an inverse relationship between crypto and NFTs, so keep that in mind.
Web3 News Of The Week
El Salvador, a country known for being crypto-friendly, just passed a bill that will establish the "Volcano Bond," a bond backed by Bitcoin. The bond will be used to fund a proposed "Bitcoin City," which will be a renewable crypto mining hub powered by energy from a local volcano. Talk about innovative thinking! El Salvador has always been a leader in the crypto and Web 3 space, so it'll be interesting to see how this new project develops.
And if that wasn't enough, the Ethereum team has been working hard and just released a new developer network called "devnet 2" in preparation for the upcoming Shanghai upgrade. They're also looking at a shadow fork to get ready for future updates.
Tweet Of The Week Twitter Link
The Azuki ecosystem has a new project in the works called Hilumia. Dubbed the "crossroads of the Garden," Hilumia looks like it's going to be the metaverse for Azuki created by the holders. This is huge news for all Azuki holders and it looks like it's proving once again why Azuki is the Bluechip Leader of anime projects.
**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
It's been an eventful week in the Web3 world with Polygon and Uniswap making moves, NFTs seeing some volume, and the Degen meta making a comeback. BTC and ETH have seen some significant gains, but it's important to remember that there will continue to be swings in the crypto & NFT markets. Take those profits when they are available and take advantage of the swings in volume. Use it to your benefit.
With more big events on the horizon, it's shaping up to be an exciting time in the markets. So Hodl tight, and let's see what next week brings! And remember it's important to be cautious when trading NFTs and crypto. Stay informed and focused on projects that are doing things the right way.
The Fear Index
It's great news that we're seeing a positive shift in the crypto and NFT markets, with crypto closing out the week in the green. Though trading volume for NFTs was down, we have reason to be hopeful with all the exciting Bluechip mints coming soon, which will drive NFT volume. However, it's important to remember that this momentum may not last due to current economic conditions.
That's why it's crucial for investors and market participants to stay informed and implement risk management strategies. By being vigilant and cautious, we can navigate these uncertain times with confidence and success. So let's enjoy the current positive trend while it lasts, and be prepared for any potential storms on the horizon.
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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