Market UpdateNFT Market Update - Week 34, 2022
NFT Volume Continues To Crash Hard
This Bear Market needs to hibernate, unfortunately It could be here for a while as predicted. The month of August was not a turning point. In fact, things just got worse. In July we saw a volume of about $673.5 million. August will close out around $370 million. This will be a decrease of $300 million. Almost a 50% loss over the previous month. As I stated last week, we will continue to ride this wave up and down. Hot spots will come and go for the immediate future.
This week we saw 101.36 Million in funds across all NFT markets this was down by (5.42%) 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 $73.08 million. Compared to last week, this figure increased by 11.58%.
OpenSea NFTs Daily Volume
- Monday - Users 26.43K | Volume 13.73M | Transactions 56.6K
- Tuesday - Users 26.67K | Volume 12.07M | Transactions 59.5K
- Wednesday - Users 25.08K | Volume 11.27M | Transactions 52.7K
- Thursday - Users 25.36K | Volume 14.75M | Transactions 52.3K
- Friday - Users 23.36K | Volume 10.05M | Transactions 47.8K
- Saturday - Users 23.62K | Volume 8.07M | Transactions 53.3K
Market Size
We can see by the numbers that this week the unique Users Increased by 4.01% and the trading transactions Increased by 6.24% from last week. People are still trading in a state of fear.
Weekly Top OpenSea Projects
Weekly Top New Projects
Weekly Top Sale
The Highest Single Sale this week was,
Don't Panic by XCOPY for $805 Thousand
This Weeks Notable Project
OpenSea Bio:
EZU is an NFT collection powering the research and development of a Wear2Earn lifestyle application.
With EZU enabled clothing, brands will be able to compensate their customers with a combination of exclusive rewards.
Based on the current product roadmap detailed on the EZU website, EZU NFT holders will receive an increased fungible token multiplier, governance access to the EZU app, exclusive access to NFTs physical drops by Wear2Earn enabled brands, discounts on Wear2Earn enabled products, access to all additional collection activities including free mental health services by a third party, events, access to physical product activations and more.
EZU OpenSea Link
Conclusion
The last week was up a bit for OpenSea volume but down across all markets. The current market volume is in line with 2021 lows. Overall, the market is down by 98% from its all-time high which was recorded on May 1st 2021 which was $628 million.
All of this is due to the economic conditions globally and the state of fear for investors. Projects that are building real value during these conditions are where you will want to focus your attention.
Many of us cannot get into the existing Blue Chips due to the price point. So, we need to look at projects that are of high Blue-Chip potential. These types of projects are few and far between.
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.
The Fear index has remained in a state of Fear for the second week in a row. As long as there is a state of uncertainty in the economic world we will see these ups and downs continue.
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