Market UpdateNFT Market Update - Week 39, 2022
Market Continues to Bleed
This week we continued to see the markets decline and investors liquidate their holdings driving the price of stocks down to even lower lows. The S&P 500 closed out its worst month since March 2020 The Dow Jones Industrial Average and the Nasdaq Composite fell 8.8% and 10.5%, to close out the month.
This week we expect negative news from the nonfarm labor report and a couple of speaking engagements from Loretta Mester, The Cleveland Fed President. If negative news comes from these events, we will see no end in October to the recent declines in trading.
This week we saw 79.86 Million in funds across all NFT markets this was up by (1.65%) 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 $59.73 million. Compared to last weeks final total, this figure increased by 0.88%.
OpenSea NFTs Daily Volume
- Monday - Users 22.47K | Volume 7.37M | Transactions 51.3K
- Tuesday - Users 23.5K | Volume 8.12M | Transactions 51.4K
- Wednesday - Users 23.8K | Volume 10.07M | Transactions 51.3K
- Thursday - Users 24.3K | Volume 9.38M | Transactions 53.4K
- Friday - Users 24.59K | Volume 8.38M | Transactions 54K
- Saturday - Users 25.1K | Volume 8.69M | Transactions 62.6K
We can see by the numbers that this week the unique Users Decreased by 3.5% and the trading transactions Decreased by 4.44% from last week.
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
CryptoPunk #2924 for $4.44 Million
Weekly Top New Drops
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
Although we are most defiantly in for a Thriller this month being October and all we will continue to see The Markets Bleed Out. This being the norm currently due to rate hikes and recession fears looming.
The NFT trading world may begin to see a slow but steady rise again. Trading volume has decreased by over 75% recently, but the unique users continue to climb. In Q3 of 2022, unique users increased by 36% compared to Q3 of 2021. Despite trading volume plummeting in Q3, total sales volume in the NFT market are expected to grow by 6% in Q4 closing 2022 with a little pump.
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 remained in a state of Extreme Fear for two straight weeks now, which has been the current trend. 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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