Market UpdateNFT Market Update - Week 31, 2022
Could A Bull Run Be Coming?
For the last two weeks, I’ve been hesitant to say the market is turning a corner. But now I actually may be seeing signs that the beginning of a Bull Run just might be approaching. In the last week Ethereum has traded sideways. In the coming week If it breaks the $1,850 mark, for me this would confirm a game over moment for the Bears and off to the races for us Bull Lovers. At least for a little while.In addition, we seen a much smaller decrease of funds (1.47%) entering the NFT Market this week. Some notable paid drops with the continued Free Meta. The data still states that our economy is possibly in recession mode. But the power of the people is stronger than the data and those that have some expendable funds are using it to get ahead or back to even which is driving the direction of the charts for now.
**This Market Report is Not Financial Advice, This is my Personal Opinion of the current conditions and you should Always Do Your Own Research**
This Weeks Open Sea Volume
Weekly OpenSea volume reached $107.38 million. Compared to last week, this figure Decreased by 1.47%. essentially holding steady with last week.
OpenSea NFT Weekly Highs
- Friday held all 3 spots this week.
- Friday had the highest OpenSea User Activity of the week.
- Friday was OpenSea’s largest day of Volume this week.
- Friday recorded the largest day of OpenSea Transactions this week.
OpenSea NFTs Daily Volume
- Monday - Users 24.793K | Volume 11.77M | Transactions 51.9K
- Tuesday - Users 24.11K | Volume 10.26M | Transactions 50.2K
- Wednesday - Users 24.29K | Volume 11.26M | Transactions 53.3K
- Thursday - Users 23.69K | Volume 10.34M | Transactions 49.8K
- Friday - Users 25.9K | Volume 13.65M | Transactions 58.6K
- Saturday - Users 15.04K | Volume 5.82M | Transactions 29.3K
Market Size
We can see by the numbers that this week the unique Users decreased by 3.22% and the trading transactions increased by 6.6% from last week. People are spending almost equal to last week with and uptick in transactions, from the low floor prices of the continued Free Meta.
Weekly Top Sales
The Highest Single Sale this week was,
CryptoPunk #7622 for $427.3k
Weekly Top OpenSea Projects
Weekly Top New OpenSea Projects
Friday was the largest day of Volume on OpenSea and we seen a lot of new projects, make their way into the space. Due to overall market conditions some of projects struggled to mint out and ended their day by cutting supply. The following are my Top 3 projects from Friday. Keep your eyes on these over the next week to see how they play out.
Life's A Joke OpenSea Link 5.6K Supply
Dream World OpenSea Link 3.3K Supply
Bottle Heads OpenSea Link 3.3K Supply
Conclusion
Still not much of a change over the last couple weeks. Ethereum had a recent boost and has basically traded sideways over the last two weeks. I do feel we could now see a push through the $1,850 mark and if we do well, we could have a nice ride through the end of the month.
The NFT Market has still declined slowly over the last two weeks. But as I stated we as buyers appear to be over it. Showing that we have derisked the recent news events. As this Free Mint Meta dwindles down and continues to fizzle out. We will see the return of Good paid projects with real utility for the holders. This will result in increased volume.
The Fear index now has us as Neutral improving week by week. Just last week we were still in a state of Fear and a month ago Extreme Fear. Remember as I have previously stated over the past two weeks, this industry is unpredictable. So, enjoy the highs when they come and always practice safe investing. Dollar cost average in and take profits on the way up, don’t get caught holding someone’s bag.
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