The Ethereum (ETH) Merge is eventually here. The switch to PoS will make Ethereum (ETH) 99 % more energy efficient. Ethereum (ETH) will enter a new era of possibilities because of this. The transition from proof-of-work (PoW) to proof-of-stake (PoS) could deliver two visible changes to NFTs.
First, users will see a dramatic shift in energy consumption. second, the network may face a sudden popularity surge once once more, which would impact the non-fungible token(NFT) space. That stated, ethereum (ETH) is on the decline this coming week. The transition to the proof-of-stake system was successfully completed just after 2:30 a.m. ET, or 5:30 a.m. GMT, at block 15537391. While The Merge didn’t have a major impact on the price of Ether, on-chain data shows an inflow of $1.2 billion onto exchanges.
There isn’t a consensus yet, but steep exchange inflow typically signifies traders are getting ready to sell. It could be anything from investors hedging positions to preparing to collect airdropped crypto tokens from the expected Ethereum (ETH) PoW fork. Ethereum (ETH) is down 8.3 percent in the last 7 days. Most projects are still in the red.
non-fungible token(NFT) Market Capitalization & Volume
The number of sales this coming week decreased to 12.3k from 35k (September 8) and the sales (USD) decreased to $3.66 Million from $16.2 Million in the same time period. This represents a 64.80 percent decrease in the number of sales and a 77.44 percent decrease in sales (USD) this coming week. Whales hold non-fungible token’s (NFT) worth 1.82 Million ETH, occupying 19.30 percent of the global market capitalization of 9.44 Million ETH.
Seven-day market volume is down by 8.48%, while last week there was an additional significant decline of around 20%. The market financial resources is still largely untouched with a negligible increase of 0.64%. With the absence of the usual August non-fungible token(NFT) pump, non-fungible token(NFT) speculators are hoping for September with a run-up to the end of the year to turn bullish.
On the other hand, the chances of that happening are slim as the market is not seeing such volume. Compared to January 2022 or May 2022, the market volume is still at present in a declining phase. Only time will tell what’s in store for the speculators.
Holder & Traders
The number of holders has experienced a dramatic increase in its price. It rose from 3 Million at the beginning of September to 3.2 Million now (September 15). And the overall trading activity in the non-fungible token(NFT) space seems to be down. The number of traders, buyers, and sellers experienced a considerable decrease of about 20%, 19%, and 24%, respectively.
Just like the past few weeks, the majority of the metrics have been showing a noticeable decrease in their value. This is a negative sign for the market as it shows the to continue of the bear market.
Solana (SOL) Spotlight
Even though the volume of the non-fungible token’s (NFT) built on Ethereum (ETH) is enormously larger than that of the non-fungible token’s (NFT) in the Solana (SOL) space, non-fungible token’s (NFT) in the Solana (SOL) space have performed better than Ethereum-based NFTs. Regardless the tough market conditions, user adoption has grown substantially in the Solana (SOL) non-fungible token(NFT) space.
The Ethereum (ETH) Merge may make the further battles in the middle of Solana (SOL) Polygon, and Ethereum (ETH) for minting new non-fungible token’s (NFT) interesting. These so-called Ethereum (ETH) killers previously could use this staking feature to their advantage. Nonetheless, as Ethereum (ETH) gas fees after The Merge will remain similar, they will still have those advantages.
Quickfire non-fungible token(NFT) News Roundup
- Immutable X and Rariable partner up, allowing the Rariable non-fungible token(NFT) marketplace to offer gaming NFTs.
- non-fungible token(NFT) creators are trying to gain over regulatory authorities with non-fungible token’s (NFT) in China.
- Are non-fungible token’s (NFT) going mainstream? The New York Museum of Modern Art is looking to buy NFTs.
- The bear market is taking more casualties – Rentable, the non-fungible token(NFT) renting platform, sees no demand.
- Art that served as the basis for Damien Hirst’s 1st non-fungible token(NFT) collection, The Currency, is about to get burned.
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