Market UpdateNFT Market Update - Week 51, 2022
Merry Christmas - Gary Vee Is Back
Crypto Update
| ETH: $1,219 (2.55%) | BTC: $16,844 (0.40%) | SOL: $11.29 (-9.63%) |
Non-fungible token (NFT) trading volume has seen a sustained increase over the past five weeks, even as the overall market remains in a bearish trend. This week’s continued volume increases are largely due to the recent Yuga Labs lore updates and the continued Hype of last week’s Trump Digital Trading Cards, which has since seen a significant influx of volume.
The Trump cards have gained and continue to increase in popularity due to its unique nature and the fact that it has been widely discussed and shared on social media. Its value had a bit of a mini moon trip due to its perceived meme potential, with many people continuing to buy into the collection. It has cooled down quite bit and currently sitting around 0.22eth
Tweet Of The Week
"Ladies and gentlemen, the one and only Gary Vee is back in action! You know him, you love him, you can't get enough of him. And boy oh boy, is he excited to dive back into the world of NFTs. Christmas Eve, he sent out a tweet that sent the internet into a frenzy (and no, it wasn't just because of his dashing good looks).
He's planning on buying up all the NFTs in sight next week, JK But he's back to buying and trust me, you don't want to miss out on this action. But seriously, if there's one person who knows their stuff when it comes to NFTs, it's Gary Vee. His involvement in the space has been known to send projects soaring to new heights (and floors, but let's not get too technical here). With his return, we can only hope for the best as he's got a pretty optimistic outlook on the future of Web 3. So keep an eye on his wallet, because you know he's going to be making some serious moves.
**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 Top 5 NFT Markets by Volume
Weekly Top OpenSea Projects
Weekly Top Sale
The Highest Single Sale this week was,
Utopia XCopy - $393.17K
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
The NFT market has been doing relatively well for the last 4 weeks. Crypto has been pretty much holding steady with minor up's and downs. Which has been good for swing trading Crypto. I do feel like this is unsustainable based on the recent volume we have seen enter the market. Pair that volume increase with the fact that the holidays are approaching rapidly and we continue to be in a state of fear. This shows that people are willing to buy in when they find a project and see or believe the volume action will be positive. But this is dangerous in times of uncertainty, because projects can drop in value quicker then they increased in value. Remember to be safe and don’t get attached and cloud your trading judgment. Get out, profits are profits don’t be greedy and get stuck holding other people’s bags.
The Fear index
It is no surprise that the index has been in a state of fear for over a seven weeks now, as we are currently experiencing a bear market. In addition, the Federal Reserve has been raising interest rates in an effort to control and prevent a potential recession, further contributing to the uncertainty in the economic world.
As long as there is a state of uncertainty and instability in the market, it is expected that the Crypto Fear index will continue to fluctuate. It is important for investors and market participants to be aware of the current economic conditions and to implement risk management strategies in order to mitigate potential losses and protect against market downturns.
While the extended duration of the fear index at such a high level is concerning, it is crucial to remain vigilant and cautious in the face of market instability. It is advisable to stay informed about the current state of the market and to be mindful of potential indicators of shifts in sentiment. By taking these precautions, investors can navigate the uncertain economic climate with greater confidence and success.
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 between the two you shouldn’t be buying either.
My reports are for informational purposes only.
Socials:
If you enjoyed this or found it useful please follow the Socials below
Marz - Twitter