Market UpdateNFT Market Update - Week 38, 2022
Market Drops Again
This week we have seen a major pullback and selloff in the markets. The Dow Jones Dropping 800 points closing the week out. This is primarily due to the Fed raising interest rates again. The rate hike may have been the cause but the following were all contributing factors to the economic state we face. The war in Ukraine, covid overspending, food import shortages, rising fuel costs just to name a few. These all have played a role in the rapid inflation we are facing. The NFT world over the last two months has primarily decreased in volume and sales week after week. We see tiny swings within 5-10 million per week. With no major increase of an additional 100 plus million in volume returning anytime soon, as investors are still feeling very bearish. This has continued to create major declines in the NFT market including Blue Chip projects. For those that are still active and trading, this has created various good entry points for projects that are producing through this bear market.
This week we saw 77.97 Million in funds across all NFT markets this was down by (2.68%) 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 $59.63 million. Compared to last weeks final total, this figure increased by 16.45%.
OpenSea NFTs Daily Volume
- Monday - Users 25.3K | Volume 8.99M | Transactions 60.1K
- Tuesday - Users 26.67K | Volume 10.2M | Transactions 59.9K
- Wednesday - Users 24.527K | Volume 8.81M | Transactions 53.6K
- Thursday - Users 25.15K | Volume 8.96M | Transactions 56.6K
- Friday - Users 24.54K | Volume 8.5M | Transactions 56.1K
- Saturday - Users 15.08K | Volume 4.84M | Transactions 32.3K
We can see by the numbers that this week the unique Users Increased by 5.66% and the trading transactions Increased by 13.67% from last week. All this during a stock market 52 week low for many of the top stocks.
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
CryptoPunk #7273 for $495.97K
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
More investor pain is inbound, The Fed and its chairman, Jerome Powell, stated that the Fed will aggressively continue to raise the interest rates and not stop until inflation hits the 2% mark. Based off this statement alone more volatility is certainly going to be seen in the coming months. This although not wanted by investors in my opinion is needed to force the hard reset, I spoke of last week. Without this we could see this drag out for another year plus in my personal opinion. In addition, the current Meta seems to be focused on lower supply projects this week. So, keep your eyes on all projects with low supply (under 1K) as we could see some good flips here.
Remember my constant advice take this time to study projects that have been around and continue to deliver through this bear market. Whether it’s stocks, crypto or NFT’s position yourself to come out the other side of this with gains. Stack cash and wait to buy all-time lows. Invest wisely and never with money you can not afford to lose.
The Fear index has returned to a state of Extreme Fear, which is a decline over last week. 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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