The NFT market continues its bottom trend, even crypto prices stabilize, increase to $ 97,000 with bitcoin, while the atherium is stable around $ 2,688 (see below) around $ 2,688.
The comprehensive crypto market has seen a slight recovery, with a total market cap to $ 3.13 trillion from last week to $ 3.24 trillion.
New traders show interest in spite of low volume
As Cryptosalam Data, NFT (non-fungble token) sales volume has fallen to $ 112.7 million. This is a decline of 35.15% from last week. Although a significant increase in participation in the market has been observed, increasing interest from new traders has been suggested despite low overall values.
The market data shows an interesting contrast between volume and participation:
- NFT sales content fell from $ 119.5 million to $ 112.7 million
- NFT buyers increased from 624.41% to 203,994
- NFT seller rose 519.61% to 158,805
- NFT transaction declined from 1.41% to 1,443,007 to 1,443,007
Ethereum NFT sales quantity falls 41.25%
- Ethereum (Eth) remains the market leader, but the sales saw a decline of 41.25%. The wash trading of the network fell 78.20% to $ 12.0 million, although the number of buyers rose 81.43% to 30,598.
- The mythos chain finished second in sales of 4.66%with $ 13.9 million.
- Solana (Sol) finished third with $ 11 million despite a reduction of 32.56%.
- Polyigon (pole) showed strength in fourth place with $ 8.1 million, growing by 10.76%.
- Bitcoin (BTC) came to fifth place with $ 6.7 million, falling 71.42%.
Dmarket NFT leads sales
Dmarket took a 7.98%lead in sales with $ 8.7 million. The collection maintained strong activity with 322,241 transactions and 24,413 buyers. The courtyard saw $ 7.3 million, increased by 25.78% and increasing the number of buyers by 122.44%.
Despite a fall of 30.01%, Cryptopank finished third with $ 5.2 million. Pudi Penguin fell 55.29%to fourth place with $ 5.1 million. Azuki reduced the top five down 79.17%with $ 5 million.
Top sales of the week include:
- Uncategorized Ordinals #8912771: $ 7,749,449 (80.1296 BTC)
- Cryptopank #2550: $ 331,955 (125 Ath)
- Cryptopank #793: $ 146,683 (53.5 Ath)
- Cryptopank #9634: $ 128,988 (47.5 Ath)
- Cryptopank #9701: $ 122,883 (45 Ath)
What happened?
NFTs were hot in 2021, but the market became rapidly saturated. Sales collapsed, but shown signs of return in October.
But space is flooding with thousands of projects, many that lack unique price proposals, buyers more alert about speculative investment.
Initial propagation of NFT, including a series of photo-shop images hyped by fuel-donald Trump by high-profile endorsement, has begun to make-when he was campaigning. Many early adopted eclipses have become disillusioned with projects that failed to give long -term values, while others face reality of uncertain values.
As a result, the interest in NFT trading has slowed down, especially as economic uncertainty – including increasing inflation and the possibility of recession – caused consumers to be pulled back from betting assets.
Despite these challenges, NFT space is developing. Interest in NFT with real utility is increasing, especially those who are bound by metavors and gaming ecosystems, suggests that the market is moving towards more functional assets than speculative collections. While the market is cool, more quality than quantity is becoming a factor defined for future NFT success.
For more coverage on NFT, see the episode six of Crypto.
