If you have been around at least since January in the NFT space, you can see that the markets are starting to trend down since the peak in March. This is normal in any market, and it allows you to dive into the markets and buy an NFT that you liked or could not afford before but are now cheaper, that’s if you are willing to put up the big gas fees which consider to hinder progress and sales of NFTs in general.
This article will explore the NFT market from a high-level overview to see what’s going on in different places. Let’s get started with the big sales.
Big Sales of the Week
- Stay Free (Edward Snowden, 2021) for $5.27M
- CryptoPunk #2484 for $1.02M
- Pepe the Frog NFT Genesis for $1.02M
- CryptoPunk #2306 for $981k
- #11. Money factory for $499k
A General Overview On The Markets
Crypto Markets, in general, were crushed last week. Billions of dollars were liquidated from the markets, and it happened in an already slow month (relative to March) for the NFT space. Big markets like Rarible and OpenSea had an average of 50% less volume than last week, and Nifty Gateway drops suffer a little bit from lack of new money. It seems that after the March correction, people are a little bit more conservative when buying NFTs, but in time we will recover.
What Collectible Market Data Is Telling Us
Top 4 Collectibles
As a quick summary, the market is down a lot compared to last week, and there is a new collectible from WAX chain in the 4th place ranking; CryptoPunks are in the 1st place for this week. Crypto markets got hit really badly last week; billions of dollars vanished in hours, making the NFT collectible space take a huge hit.
CryptoPunks made $21M in sales with 141 buyers and 258 transactions, almost a 42% decrease in sales volume from last week.
NBA Top Shot made $15.8M in sales with a total of 54k buyers who transacted 291k times – a 22% decrease in sales volume from last week.
Alien Worlds just climbed its way up in the leaderboard to third place last week, and it’s still holding it. They made $3.3M in sales with a total of 45k buyers who transacted 290k times. This entails a small increase in sales volume from last week (last week was $3.2M).
Topps MLB made $2.5M in sales with a total of 7,635 buyers who transacted 100k times.
The biggest NFTs markets or marketplaces where you can buy technically any NFT standard in the Ethereum network are OpenSea and Rarible.
OpenSea made $15.3M in sales with 8,537 buyers, almost a 60% decrease in sales volume from last week.
Rarible made $5.8M in sales with 3,251 buyers, a 40% decrease in sales volume from last week.
What CryptoArt Is Telling Us
As stated last week, people are more careful with the NFTs they buy; we are currently 72% down in Nifty Gateway (market leader) in sales volume compared to March. At the end of March, we had $139M in art sales on Nifty Gateway. Clearly, we are far from that target, but to put your mind in perspective Nifty Gateway sold $9M in January 2021 and $75M in February 2021. Compared to those numbers, we are doing good.
What NFT-Related Cryptocurrencies Are Telling Us
The market is down due to the recent crash, and the Top 10 NFT cryptocurrencies on CoinGecko are down on average 20%.
Fear & Greed Index, which helps us understand what market participants feel at different stages. Not financial advice.
Last week, Greed levels were 79, almost 80, which indicates extreme greed levels, and we had a big pullback in price. Coincidence? This week we are at more reasonable levels, which are 65, so there is potential for upside from here, be it the NFT markets and the crypto markets.
Remember, this is just an indicator to help us get a feel of the general markets.
Markets got hit badly, but the consensus is that we are still in a bull run, and founders, artists, and content creators are still building in the space. Let’s not lose sight of our long-term goals, and let’s keep working hard.
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Entrepreneur. Software Engineer. NFTs enthusiast. #NFT