Market UpdateNFT Market Update - Week 42, 2022
Solana Summer Falls To An Ice Storm, Being Dubbed As The Crypto Winter
This week in NFT’s we saw a carbon copy of every week of the last month. Everything is down and many fear this isn’t the bottom and we are in for one of the coldest streaks to hit all markets in years. Experts across the board are warning to stay liquid and safe. This is particularly true when it comes to NFT’s our market of choice has always been extremely volatile and seeing a 97% decline over the 2021 metrics, really shines a spot light on just how volatile it truly is.
The experts all seem to agree that the worst is yet to come, with no known bottom or consensus on how long this crash will last. Varying projections range from anywhere from another 90 days to the spring of 2024.
This week we saw 63.52 Million in funds across all NFT markets this was down by (8.11%) 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 $43.8 million. Compared to last weeks final total, this figure Decreased by 11.35%.
OpenSea NFTs Daily Volume
- Monday - Users 21.51K | Volume 7.63M | Transactions 42.9K
- Tuesday - Users 21.87K | Volume 6.11M | Transactions 42.9K
- Wednesday - Users 20.89K | Volume 6.72M | Transactions 38.9K
- Thursday - Users 19.57K | Volume 6.76M | Transactions 34.7K
- Friday - Users 19.45K | Volume 6.27M | Transactions 35.6K
- Saturday - Users 19.33K | Volume 5.08M | Transactions 36.05K
Market Size
We can see by the numbers that this week the unique Users Increased by 2.63% and the trading transactions Increased by 2.13% from last week.
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
CryptoPunk #9476 for $487,830 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
Conclusion
NFT’s have struggled again this week. As stated above this may be a Crypto Winter, we may see a continued decline in volume, more Crypto Companies, Dapps and projects going out of business. But just as Elon said this week those that close their doors weren’t meant to be here. Just to add to his statement those that were meant to be here, will continue to build and bring value.
It’s my belief that this is the beginning of an evolving industry. When the Bull market returns, we will have a vastly different NFT industry. One that brings utility which provides a true real world use case for holders.
Even in this market, there is money to be made. A little more research and patience is required. Don’t spend your liquid buying someone else’s bags. Be smart and stay patient, most of all no attachments if you want to make money. Get in set an achievable exit and get out. Don’t dwell on selling early. Profit is profit.
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. 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.
My reports are for informational purposes only.
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