Market UpdateNFT Market Update - Week 36, 2022
OpenSea Revenue Plummets 99% in Just 4 Months
This market continues to decline and It could take a while to recover. For the last several weeks, NFT trading has been literally Hell. There is still plenty of money to be made trading NFT’s. However, it now requires a more cautious approach by targeting specific projects with good secondary volume. What used to be simple task where just about any project could be flipped for profit, has taken a turn to unpredictable swings in trading behavior. Remember OpenSea recorded its highest single day of transaction volume back on May 1st at $2.7 billion. Now just 4 short months later, they have seen their revenue plummet by over 99%. Resulting in Floor prices hitting all-time lows for several projects including many of our beloved Blue-Chip projects.
This week we saw 86.76 Million in funds across all NFT markets this was down by (9.19%) 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 $70.16 million. Compared to last weeks final total, this figure decreased by 16.52%.
OpenSea NFTs Daily Volume
- Monday - Users 23.14K | Volume 9.24M | Transactions 49.6K
- Tuesday - Users 22.55K | Volume 8.75M | Transactions 47.8K
- Wednesday - Users 26.07K | Volume 10.12M | Transactions 58.1K
- Thursday - Users 24.85K | Volume 12.3M | Transactions 52.3K
- Friday - Users 23.74K | Volume 8.81M | Transactions 49.3K
- Saturday - Users 22.39K | Volume 7.39M | Transactions 49.3K
We can see by the numbers that this week the unique Users Decreased by 3.82% and the trading transactions Decreased by 3.87% from last week. As Bearish sentiments continue to rise.
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
Otherdeed for Otherside#11599 for $310.17 Thousand
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
The NFT Market just ended another week in the red. The sentiment of Fear lingering, among the economic struggles and uncertainty of the news coming In the week ahead which will be very eventful and surely have an impact on all markets. We will see the impact of the scheduled Ethereum merge. This could cause some volume but if the events below are not favorable it will indeed be short lived.
- On 9/13, the Labor Department’s CPI (Consumer Price Index) latest update on inflation.
- On 9/14 The PPI (Producer Price Index) latest update on price change of raw goods & Services.
- On 9/15 The (U.S. Census Bureau) latest update on retail consumer sales figures.
- On 9/16 The MCSI (Michigan Consumer Sentiment Index) latest update on consumer confidence
- U.K. to release latest inflation and GDP growth numbers this week as well.
The Fear index has entered a state Fear, which is a slight improvement over last weeks level of Extreme Fear. As long as there is a state of uncertainty in the economic world we will see these ups and downs continue for the foreseeable future.
Disclaimer Always remember, that 99% of all projects will go to zero. This is why it’s so important for you to always invest wisely and do your own research. My reports are for informational purposes only.
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