Market UpdateNFT Market Update - Week 45, 2022
FTX Scandal, Fucks It’s Holders & Triggers A Crypto & NFT Blood Bath. Sending The Entire Web3 World Into Chaos
The FTX scandal has certainly gotten worse in the last 72 hours. Prepare for this blood bath to continue as we learn more by the day. FTX seriously fucked its holders by using deposited funds to back loans in an effort to invest and try to make more money. When this was revealed and people started pulling their funds from FTX it became perfectly clear that the statements were accurate as they couldn’t cover the withdrawals and locked it down. This resulted in the price of FTX crashing even further, resulting in millions of people globally losing their investments.
FTX’s list of investors spans powerful and well-known investment firms: NEA, IVP, Iconiq Capital, Third Point Ventures, Tiger Global, Altimeter Capital Management, Lux Capital, Mayfield, Insight Partners, Sequoia Capital, SoftBank, Lightspeed Venture Partners, Ribbit Capital, Temasek Holdings, BlackRock and Thoma Bravo.
Even the rich and famous Kevin O’leary, Tom Brady, Steph Curry, and Naomi Osaka all stand to lose big. Number 12, Tom Brady may endure the biggest loss, as its been reported by multiple news sources that Brady and his wife, may have invested their entire fortune into FTX? If true this could be upwards of $650,000,000 Million.
This entire event has caused a blood bath in the cryptocurrency world causing the whole market to crash across the board. We are just now beginning to see this fallout enter the NFT space and I expect it to get much worse. NFT holders are liquidating assets to recoup losses. With FTX being the largest Solona investor, the entire Soul ecosystem is on the verge of collapse. The question is will they survive with their Soul intact.
With all of that said, This was a Hell of a week for us here in Web3. So, let’s deliver some good news. The Stock market skyrocketed with its largest one-day gain since the covid crash. This was largely due to the CPI report, which was released on Thursday. The report came in better than expected. This has many investors forecasting that the Feds will start dialing back on the interest rate hikes that continue to hinder the market. The S&P 500, Dow, and Nasdaq soared 5.5%, 3.7% — or 1,200 points — and 7.4%, to close out the day. There are many undervalued plays out there as Example Amazon, Google, Apple, Meta, Microsoft all are certainly undervalued at time of writing.
This week we saw 62.18 Million in funds across all NFT markets this was down by (26.78%) 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 $35.78 million. Compared to last weeks final total, this figure Decreased by 44.29%.
OpenSea NFTs Daily Volume
- Monday - Users 18.25K | Volume 8.52M | Transactions 33.7K
- Tuesday - Users 14.59K | Volume 5.83M | Transactions 24.4K
- Wednesday - Users 12.99K | Volume 5.06M | Transactions 21.5K
- Thursday - Users 13.61K | Volume 5.19M | Transactions 22.7K
- Friday - Users 15.9K | Volume 5.56M | Transactions 28.5K
- Saturday - Users 10.46K | Volume 2.38M | Transactions 18.6K
Market Size
We can see by the numbers that this week the unique Users Decreased by 11.71% and the trading transactions Decreased by 11.59% from last week.
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
BAYC #5718 for $560.56 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
With the FTX news being as bad as it is and expected to only get worse. These are my takeaways.
- The Crypto and NFT markets will continue to decline, short term for two reasons. This has sent the market into a state of extreme fear and people will be pulling liquid from where ever they can.
- The Crypto & NFT world will survive and be rebuilt by big players. They will now enter the space and get it built correctly.
- Be prepared because this is the moment in time that will mark history as the true beginning of this movement and the real creation of Web3. So keep building, show your value and stay loyal to your team and beliefs.
- We will now see a push for real regulations and they will come quickly as the United States will not allow this to happen again.
- I expect a Federally regulated and audited stable coin to be the first agenda to be handled
- With this we will also see investors remember why crypto was created as they have become to trusting in companies. Decentralized means you are the bank not FTX, Binance, Coinbase or even Robinhood.
- Not your Keys not your Crypto or NFT’s so if you’re not actively trading get your money into your bank. Crypto Wallet that is independently controlled by you alone.
The Fear index has dropped back into extreme fear expect it to hold until thie FTX fall out is finished. 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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