non-fungible token(NFT)  News | non-fungible token’s (NFT)  and the ETH Merge | September Week 3

2 min

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. , the network may face a sudden surge once once more, which would impact the non-fungible token(NFT)  space. That stated,  (ETH) is on the decline this  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 yet, but steep exchange inflow typically signifies traders are getting ready to sell. It could be anything from investors hedging to preparing to collect airdropped   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.

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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.

Source: Nonfungible

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  .

On the other hand, the chances of that 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.

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Source: Nftgo

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 .

Source: Nftgo

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 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.

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Source: Dappradar

Quickfire non-fungible token(NFT)  News Roundup


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