Market UpdateNFT Market Update - Week 3, 2023
Bull Trap Or, Is The Bear Hibernating?
NFT Market Update - Week 3, 2023
Crypto Update
| ETH: $1,619 (4.50%) | BTC: $22,514 (8.02%) | SOL: $24.00 (3.06%) |
It's been another wild week in the world of digital assets and I've got the scoop for ya. First things first, the crypto market continues to climb, but as always, be cautious when things seem too good to be true. It's usually because it’s a Bull Trap.
Just in case your new here, a Bull trap in the world of crypto is when investors think the market is on the rise and they're about to make big gains, but in reality, the market is about to take a big dip and they'll be left feeling like a bull caught in a trap
So, let's talk about that volume as of now BTC is on the door of the 23k mark and Ethereum is trying to make it to $1,700.
On the NFT front, open edition projects saw some good action this week and there were lots of Degen plays to stack that ETH. Check Punks, a derivative of Cryptopunks, The Pencil Case Project, and Hasbulla NFT had very strong mint days. The blue chips have consolidated this week due to Crypto volume sucking out all the liquid from the NFT market.
Mints & News Of The Week
- BAYC's long-awaited Sewer Pass mint, which did not disappoint. With over 9,400 sales on secondary and a floor of 1.9 Eth, this pass will allow holders to participate in the skill-based minting game experience Dookey Dash. These will likely continue to fluctuate depending on how people enjoy the game.
- Second up has to go to a KID called BEAST V2 With over 8,700 sales on secondary and a floor of 0.5 Eth, This project looks to have successfully created an NFT, despite initial doubts from others. The project's focus is on building a strong community, utilizing AR technology, an apparel line, and incorporating music while promoting innovation throughout Additionally, they have already achieved over 5 million in secondary volume.
- Polygon also made significant strides this week with a successful hard fork update that made the network run more smoothly and quickly, showing that the Polygon team is working hard to make their network even better. Polygon is worth keeping an eye on for its advancements in blockchain technology.
- And Instagram Goes All In on NFTs: Artists Selling Out in Seconds Instagram is now allowing users to mint and sell NFTs directly on the platform, making it a game-changer for the NFT market. Early sales have been incredibly successful, with collections selling out quickly, showing the huge potential for NFTs on the platform.
Tweet of The Week
So, we must explain this Tweet which was about Llama Labs launch of their Subscription-based NFT Whitelist Ping currently sitting at a floor of 0.115 Eth, This project notifies you by SMS/Email for projects that you have been allocated a White List spot, so you never miss a mint again losing potential gains. The project suffered a minor Dev error during the initial minting and quickly received fud from potential minters. Ultimately the supply was cut from 8k to 1k. By doing this Llama has created scarcity for a long needed killer tool that will now come with enhanced utility for those holding. So my advice is don't Fade NFT Llama's proven track record which consistently delivers true innovation. Who else does this like them? You could argue BAYC does but they have the deepest pockets in the space so, is that even a fair comparison?
**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
We had another eventful week in the world of digital assets and NFTs. While the crypto market continues to climb, it's important to remember to always be cautious just in case this is a bull trap. The NFT market saw some positive developments, with open edition projects and Degen plays gaining traction. Additionally, Polygon's recent hard fork update, Instagram's integration of NFTs, and Llama Labs' launch of a subscription-based NFT whitelist all show the potential and innovation in the NFT market. As always, it's important to do your own research and invest responsibly. Thanks for reading and stay tuned for next week's market update.
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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