The NFT Market Health This Week
The non-fungible token (NFT) market has experienced a slight downturn this week, primarily due to OpenSea’s decision to halt creator royalty enforcement. This move has caused anger within the NFT community, with Yuga Labs and Mark Cuban expressing their disapproval.
The NFT Market Trend
- The NFT market has seen a 2.57% drop in trading sales volume, amounting to $107 million in the past week.
- The number of collectors accumulating NFTs has increased by 75% this week, indicating that crypto investors are taking advantage of the bear market.
- Ethereum continues to dominate the NFT sales market, with a trading sales volume of $66 million, representing a 5% rise from last week.
- Solana has the second most traded NFT collection, with a trading sales volume of $9.6 million, while Polygon NFTs rank third with $8.3 million in trading sales volume.
Five Most Traded NFTs In The Past 7 Days
- DeGods NFTs: This limited edition NFT collection from Dust Labs has generated a trading sales volume of $6.5 million, experiencing a 35% increase in sales.
- DMarket NFTs: The NFT collection from DMarket, a digital marketplace for esports and in-game collectibles, has achieved a trading sales volume of $6.2 million.
- Bored Ape Yacht Club NFTs: Yuga Labs’ NFT collection has attracted a trading sales volume of $6 million.
- God Unchained NFTs: This NFT collection from Gods Unchained, a tactical card game, has generated a trading sales volume of $4.3 million.
- DraftKings NFTs: Hosted on the Polygon network, these NFTs from DraftKings have recorded a trading sales volume of $3.6 million.
Top Five NFT News This Week
- OpenSea’s decision to stop enforcing creator royalty fees has sparked a heated debate within the NFT community.
- Infernal Drainer, a crypto phishing service provider, stole thirteen NFTs from the Blur NFT market platform.
- Recur, the digital asset firm behind popular NFT projects, has announced the closure of its platform, leading to accusations of a rug pull.
- Magic Eden and Polygon have collaborated to launch a $1 million creator fund to support the MATIC-NFT ecosystem.
- The Wall Street Memes presale has raised $26 million, showcasing the success of the project in the crypto market.
Hot Take
The NFT market has experienced some turbulence this week, with OpenSea’s decision causing a stir among creators and investors. However, despite the slight downturn in trading sales volume, the market continues to show resilience with an increase in the number of collectors and the dominance of Ethereum in NFT sales. The NFT space remains dynamic and full of opportunities for both creators and investors.
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