Market UpdateNFT Market Update - Week 46, 2022
FTX Fallout, Puts Exchanges On Edge, As People Struggle With Rising Fear & Trust Issues!
This week we saw, The Stock market drift backwards a bit after last week’s Friday rally to close out the week. This Friday the market did close on a good note after the PPI report was released and better than expected. A closing rally of about 200 points. Overall, the market is up for the month and in a good position to make some more gains.
The Crypto and NFT Markets are still suffering from the FTX fallout. People just don’t feel their investments are safe. FTX shattered the trust of millions as people show this by continuing to liquidate their holdings in Crypto and NFT’s. This has put a tremendous strain on all exchanges. We will see if any others drop during these challenging times. Binance announced this week that they were going to create a rescue plan for deserving and strong projects that experience liquid issues. Not sure exactly how projects would qualify, but this news gave Crypto prices a nice bounce earlier in the 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 $33.7 million. Compared to last weeks final total, this figure Decreased by 14.87%.
We can see by the numbers that this week the unique Users Decreased by 1.9% and the trading transactions Decreased by 3.37% from last week.
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
BAYC #8633 for $738.13Thousand
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
The last two weeks have been very bad for Web3. Crypto has declined across the bord and NFT’s have seen the same fate. People are liquidating their assets in the masses due to the FTX debacle. All this happening during a bear market which has already been struggling to hold investors.
Just as an example BAYC is at a 50 Eth floor price which is down from about 150 Eth, 7 months ago. Blue Chips have continued to lose value through this bear market. However, due to this decline we have seen many notable entry points for those that were financially able to get involved.
There is defiantly still money to be made in this market, It just requires more patience and zero emotional attachment. Make the right moves when the opportunities are available. Don’t get caught holding someone else’s bags because you were attached and afraid of missing out. Trading without good tools for analytics, rarity & sniping is just throwing money away. It is an absolute must to know how to use and trade with these tools in the current market conditions.
The Fear index has remained in a state of extreme fear due to the FTX fall out which we continue to see. Until this is finished and settles down we will hold this position. 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 these two points.
- Not your keys, Not your Crypto or NFT's so if you're not actively trading put your holdings in a secure wallet.
- If you buy stock, you’re an investor. If you buy Crypto or NFT's, you’re a customer. If you don’t know the difference you shouldn’t be buying either.
My reports are for informational purposes only.
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