Despite the fact that the value of digital assets has risen significantly, the overall NFT market appears to be where it has been. Over the past week, Bitcoin has witnessed a 22% increase; from the $28,000 figure it has reached $35,000. Bitcoin managed to advance the sector through two assets: Houbi’s HT and Trust Wallet’s TWT. According to CoinGecko’s observation, this is among the first 100 in terms of market capitalization, which is in danger.
According to the data released by Nansen, the minimum price for a single NFT, known as the floor price, covering top projects like CryptoPunks and Pudgy Penguins has fallen by 4% and 5% respectively over a seven-day period. period of time.
In the case of the Nansen NFT-500 index, it is less active, with a current value of 308, compared to an annual increase of 1,700 in October. On October 24, the number of buyer addresses fell to 7,200, while the number of starters stood at 920.
Taking all this into account, there still seems to be a hint of optimism in the air. Volumes related to trading appear to have decreased. On mainnet Ethereum, volume dropped to 29,742 ETH, equivalent to less than $50 million. Later in the week, 47,369 ETH worth of NFTs were traded and $85 million worth of NFTs minted.
Furthermore, there has been an increase in current projects with sales reaching milestones such as 10, 100 and 1,000 ETH. As of October 8, there were 41 aggregates of existing projects, compared to the current total of 80.