Market UpdateNFT Market Update - Week 33, 2022
Two Week Mini Bull Run, Gets Bear Slapped.
We had a quick Bullish resurgence in the market over the last two weeks, just to watch that Baby Bull get beat down by the Bad Ass Bear. We will continue to see these ups and downs with Ethereum trading sideways between $1,500 and $2,000 plus or minus a little bit. At this point an educated guess would be this can last at least the next 6 months at a minimum. However, as you have clearly heard me say multiple times in past reports the market is unpredictable. So, trade responsibly and always take profits when they are there. This being said everything can change direction by just one noteworthy event, whether it be bullish or rumored.
This week we saw 107.79 Million in funds across all NFT markets this was down by (17.94%) from the prior week.
**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 OpenSea Volume
Weekly OpenSea volume reached $71.28 million. Compared to last week, this figure Decreased by 17.46%.
OpenSea NFTs Daily Volume
- Monday - Users 22.28K | Volume 9.58M | Transactions 46.3K
- Tuesday - Users 23.41K | Volume 10.63M | Transactions 49.4K
- Wednesday - Users 24.01K | Volume 13.44M | Transactions 49.1K
- Thursday - Users 25.67K | Volume 12.27M | Transactions 55.5K
- Friday - Users 24K | Volume 10.73M | Transactions 51.2K
- Saturday - Users 24.47K | Volume 10.92M | Transactions 54.6K
Market Size
We can see by the numbers that this week the unique Users Decreased by 6.27% and the trading transactions Decreased by 10.72% from last week. People have fallen back into a state of Fear.
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
BAYC #5383 for $1.46 Million
This Weeks Notable Projects
Wednesday was the largest day of Volume on OpenSea. The Wednesday uptick was mostly created by the Hype around Genuine Undead and the Overwhelming apeing in that resulted from this hype.
Genuine-Undead OpenSea Link 10K Supply
We All Survived Death NFT minted out yesterday and holds this weeks Top Mint spot. This project has hit 237 Eth in secondary volume in just over 24hrs.
We All Survived Death NFT OpenSea Link 10K Supply
So of course, I saved the Best for Last. If you’re reading this you should Know that Team Wen Moon hosted our First Incubator Project Launch yesterday. We would like to congratulate the Artist behind The Pixel Puppers NFT "Malav" for the incredibly successful Launch and completely minting out. This was a Free Mint project that is delivering real solid utility.
Pixel Puppers NFT OpenSea Link 5,555K Supply
Conclusion
The last two weeks were short lived, it’s clear the Bear is here to stay for a while. I am fairly certain we will see Ethereum trade sideways between the marks mentioned above for the foreseeable future. We will also see many projects level out and others mainly Bluechips strengthen a bit. There will be many good opportunities to come our way. Practice safe investing and remember projects that are building something real during this Bear Market will prosper when we return to a Bullish Market.
The Fear index has returned to a state of Fear. This after two straight weeks of being neutral with increased trading volume. As long as there is a state of uncertainty in the economic world we will see these ups and downs continue.
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