Market UpdateNFT Market Update - Week 41, 2022
Inflation is at a 40 Year high, but don’t worry because the true definition has changed and there is no need for concern.
The Dao Jones closed out the week with a 400-point rapid decline. Stocks are at the lowest levels we have seen in the last year. Month after month they continue to dip.
The Fed is set to continue raising interest rates to prevent a recession. Consumers are feeling the pain and higher cost of goods across the board.
The NFT market has plummeted by 99% over the last 5 months. The largest topic of discussion currently is the zero percent royalties that are being adopted by trading platforms. Although we understand as a business why platforms have chosen to adopt, purely survival due to loss of market share. We also know that loss of royalties is devastating for the industry and artists.
Hopefully we see a reversal or additional ways for projects and small artists to create solid revenue. Which is needed to build and grow in this market.
This week we saw 69.39 Million in funds across all NFT markets this was down by (13.28%) 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 $48.3 million. Compared to last weeks final total, this figure Decreased by 16.96%.
OpenSea NFTs Daily Volume
- Monday - Users 16.33K | Volume 7.17M | Transactions 28.1K
- Tuesday - Users 18.4K | Volume 5.99M | Transactions 32.9K
- Wednesday - Users 20.56K | Volume 6.28M | Transactions 38.8K
- Thursday - Users 22.94K | Volume 8.6M | Transactions 43.6K
- Friday - Users 22.62K | Volume 7.17M | Transactions 43.9K
- Saturday - Users 21.02K | Volume 7.14M | Transactions 42.5K
We can see by the numbers that this week the unique Users Decreased by 14,58% and the trading transactions decreased by 31.84% from last week.
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
CryptoPunk #8958 for $426,020 Thousand
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
NFT’s have struggled this week, BlueChip projects have continued to see Floor prices drop through this bear market. We also have seen a little spike with Degens and Free mints bring in some small gains with short lived mini pumps.
Making money is still possible by staying ahead of the meta and watching volume along with the market trends. Just remember if you buy stock, you’re an investor. If you buy an NFT, you’re a customer. If you don’t know the difference you shouldn’t be buying NFT’s at all.
Currently my biggest gains are being stacked from swing trading, solid projects. The market is in a place of extreme fear and this has increased volatility
The Fear index has remained in a state of Extreme Fear for for 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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