Market UpdateNFT Market Update - 2022, Week 30
In the last week Ethereum has increased 7.34% and we have seen a steady decrease in funds rolling into the NFT Market this week. This is mostly a direct result of the stock market having a positive week. (+894.20 )Following the 0.75% rate hike instead of the expected 1% hike. My belief is this Eth price bubble will still pop and return to recent lows. The market always pumps after the end of a Hike, but it’s clear by the numbers we actually may be in a recession with two quarters of data reflecting the definition of a recession. Those in charge are trying to downplay these numbers. I personally feel like this is a trap and we all should be careful with our investments as this continues to plays out.
**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 Open Sea Volume
Weekly OpenSea volume reached $108.8 million. Compared to last week, this figure Decreased by 19.11%.
OpenSea NFT Weekly Highs
- Monday held all 3 spots this week.
- Monday had the highest OpenSea User Activity of the week.
- Monday was OpenSea’s largest day of Volume this week.
- Monday recorded the largest day of OpenSea Transactions this week.
OpenSea NFTs Daily Volume
- Monday - Users 29.03K | Volume 14.46M | Transactions 59K
- Tuesday - Users 25.41K | Volume 11.69M | Transactions 48.8K
- Wednesday - Users 23.71K | Volume 10.85M | Transactions 47.3K
- Thursday - Users 24.53K | Volume 11.79M | Transactions 49.3K
- Friday - Users 22.91K | Volume 13.07M | Transactions 45K
- Saturday - Users 22.88K | Volume 10.37M | Transactions 46.8K
Market Size
We can see by the numbers that this week the unique Users decreased by 7.83 % and the trading volume was down 24% from last week. Money has been moving into the Stock Market as I forcasted in last weeks report.
Weekly Top Sales
CryptoPunk #6874 Highest Sale this week for $513.2k
Weekly Top OpenSea Projects
Weekly Top New OpenSea Projects
Ledger took the #1 spot for most OpenSea Volume this week, in both the existing and new projects categories. This was due to the sucess of their recent launch of The highly anticipated (Ledger Market Pass).
From the description This pass will be a more secure alternative to the Premint Collectors Pass. Ultimately making Ledger a direct competitor of Premint. Let the Battle begin!!!!
Ledger Market Pass - Genesis Edition
Ledger Market is the most secure platform for artists and brands to release their NFTs, where Ledger customers can securely connect through Ledger Live and clear sign their transactions. For first access to exclusive collaborations, and Ledger hardware, software and services, become a [ Ledger ] Market Pass holder. Ledger Market Pass-Genesis OpenSea Link
Conclusion
Not a big change from last week. The NFT Market direction still remains unclear. What I can say is coming off of year lows in June, we may have just derisked the recent news events. The past has shown us the trends, when the stock market is doing well. Crypto & NFT's are on the slower side of the growth. This also changes when the Stock Market levels out, most return with their gains and pump the Crypto and NFT Market. So, if this pattern continues, we may see a little more rebound this week in the price of Ethereum. But my concern still stands and without continued sustainable growth, I see more lows coming.
Maybe I will change my view, if this price action continues for at least the next two weeks.
The Fear index still has us in a state of Fear but improving week by week. as I stated last week, this industry is unpredictable. What we think we know could always be wrong. This could all be a trap as I said in my opening or maybe we have grown and don't care about the dictated numbers and after the year lows in June, we have begone to only see an upside to things.
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