The Impact of the US SEC Regulatory Commission on the NFT Market
The non-fungible token market has slightly retracted in sales volume this week after speculation about the United States Securities and Exchange Commission rejecting Bitcoin Exchange Traded Funds began to spread. The bearish narrative has indirectly impacted the NFT market.
Market Resilience of the NFT Market Amid Fear, Uncertainty, and Doubt
The regulatory commission is slated to either approve or reject Bitcoin ETF applications this coming week. Despite the instilled fear, uncertainty and doubt in general crypto, the NFT market has continued to showcase strong market resilience. Below, we have listed some of the top-selling NFTs this week.
Top-selling NFTs This Week
Pudgy Penguins, an NFT collection from the digital asset firm Pudgy Penguins, has been the top-selling NFT collection this week, with a trading volume of 2,924 ETH and a market cap of $219 million.
Blue-chip Azuki, an NFT collection from the digital asset incubation studio has been the second most-selling NFT collection this week, amassing a trading sales volume of 2,065 ETH and a market capitalization of $137 million.
Mutant Ape Yacht Club from Yuga Labs has been the third most traded NFT collection, recording a trading sales volume of 1,938 ETH and a market capitalization of $218 million.
Bored Ape Yacht Club from Yuga Labs has been the fourth most traded NFT collection, attracting a trading sales volume of 1,180 ETH and a market capitalization of $590 million.
DeGods, an NFT collection from Dust Labs, has been the fifth most-traded NFT collection, raising a trading sales volume of 762 ETH and a market capitalization of $70 million.
NodeMonkes, a new NFT collection hosted on the Bitcoin blockchain network, has been the sixth most traded NFT collection, recording a trading sales volume of 26.99 BTC and a market cap of $116 million. Pixelmon, an NFT collection from Pixelmon, an NFT game built on the Ethereum blockchain, offering players the opportunity to trade and train small creatures, has been the seventh most-selling NFT collection, with a trading sales volume of 246 ETH and a market capitalization of $47 million.
Milady Makers, an NFT collection from the digital asset firm Remilia, and Matr1x KuKu NFT Collection have been the eighth and ninth most-selling NFT collections, respectively. The tenth most-selling NFT collection this first week of January is Ringers, a collection from the digital artist Dmitri Cherniak.
Hot Take
The NFT market has shown its resilience despite the uncertainty caused by the US SEC potentially rejecting Bitcoin ETF applications. This week’s top-selling NFTs have experienced significant trading volumes, indicating continued interest in the NFT market despite broader market uncertainty.
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