The NFT market continues its downward trend, even while stabilizing the crypto prices, with Bitcoin that focuses up to $ 97,000, while Ethereum is stable around $ 2,688 (see below).
Source: Coingecko
The wider cryptomarkt has seen a modest recovery, in which total market capitalization rose to $ 3.24 trillion compared to last week’s $ 3.13 trillion.
New traders show interest despite lower volumes
According to CryptoSlam data, the sales volume of NFT (non-guilty token) has fallen to $ 112.7 million. That is a decrease of 35.15% compared to the last week. However, the market has seen a remarkable increase in participation, which suggests that growing interest from new traders despite lower total values.
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The market data show an interesting contrast between volume and participation:
- NFT -Sales volume fell to $ 112.7 million from $ 119.5 million
- NFT -buyers rose 624.41% to 203,994
- NFT -Sellers increased by 519.61% to 158,805
- NFT transactions fell somewhat by 1.41% to 1,443.007
Ethereum NFT -Sales volume drops 41.25%
Source: Blockchains by NFT Sales Volume (CryptoSlam)
- Ethereum (ETH) remains the market leader but saw the turnover fall 41.25% to $ 56.0 million. The laundry of the network fell by 78.20% to $ 12.0 million, although the buyer numbers rose by 81.43% to 30,598.
- Mythos chain held second place with a turnover of $ 13.9 million, an increase of 4.66%.
- Solana (SOL) maintained third position by $ 11 million despite a decrease of 32.56%.
- Polygon (Pol) showed strength in fourth place with $ 8.1 million and grew 10.76%.
- Bitcoin (BTC) dropped to the fifth by $ 6.7 million and fell 71.42%.
Darket leads the NFT sales
Darket has taken the lead with a turnover of $ 8.7 million, an increase of 7.98%. The collection maintained a strong activity with 322,241 transactions and 24,413 buyers. Courtyard followed by $ 7.3 million, rose by 25.78% and saw the buyer numbers rise 122.44%.
Cryptopunks took third place with $ 5.2 million despite a decrease of 30.01%. Pudgy Penguins fell in fourth position with $ 5.1 million, and fell 55.29%. Azuki closed the top five with $ 5 million, a decrease of 79.17%.
The best sale of the week included:
- Uncategorized Ordinals #8912771: $ 7,749,449 (80.1296 BTC)
- Cryptopunks #2550: $ 331,955 (125 ETH)
- Cryptopunks #793: $ 146,683 (53.5 ETH)
- Cryptopunks #9634: $ 128.988 (47.5 ETH)
- Cryptopunks #9701: $ 122.883 (45 ETH)
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What happened?
NFTs were hot in 2021, but the market was increasingly saturated. Sales fell, but showed signs of a comeback in October.
But with thousands of projects that flood the space, many who do not miss unique value propositions have become apparently more careful about speculative investments.
The initial hype-driven tree of NFTs, fueled by high-profile notes-included a series of photo-shoped images hyped by Donald Trump while campaigning is fading. Many early adopters are disillusioned with projects that do not deliver value in the long term, while others are confronted with the reality of non-sustainable valuations.
As a result, the interest in NFT trade has been delayed, especially because economic uncertainty – including increasing inflation and recession – fears – ensured that consumers withdraw from speculative assets.
Despite these challenges, the NFT space evolves. There is a growing interest in NFTs with real usefulness, in particular connected to the Metaverse and Gaming Ecosystems, which suggests that the market is shifting to more functional assets instead of speculative collection objects. While the market cools down, quality above quantity becomes the determining factor for future NFT success.
For more reports about NFTS, view episode six of the crypto.news show, with special guest Anika Meier.
Read more: Dapradar: NFTS mark the worst trading year since 2020