Even though big events are running right across all Crypto related communities this week, like Coinbase IPO, Mad Dog Jones at Phillips, and The Great Pak at Sotheby’s, money in the NFT space is still moving slowly compared to exuberant March.
But, let’s look at some of the trading activity from this week in the NFT markets.
Big Sales of the Week
- The Switch by Pak for $1.4M
- The Pixel by Pak for $1.3M
- Autoglyph #508 for $237k
- Prisoner’s Dilemma for $221k
- Autoglyph #220 for $187k
The first two sales were from Pak auctions that lasted for 3 days in total, there was a high bid the first day, and after that, it moved slowly. People expected a higher bid, but to be fair, $1.4M for a pixel seems like a big deal and probably answers the art debate.
New Collectible Launches
As of last week, there is no new collectible project with high enough volume that really catch an investors eye. There are a couple of upcoming projects like ShadowPeople, but they have less than $70k in volume.
What Collectible Market Data Is Telling Us
Top 4 Collectibles
As a quick summary, the market is up, but AxieInfinity lost its 4th place ranking, and now it’s on position number six; CryptoPunks are in the 1st place for this week due to the mention of the Christie’s auction. Crypto markets are going up as we speak, so due to exuberant March and the slow money moving currently in the market, it could be expected that in the following months, we will see some of that new money flow again into the NFT space.
CryptoPunks made $36.5M in sales with 295 buyers and 538 transactions, almost a 336% increase in sales volume from last week.
NBA Top Shot made $22.2M in sales with a total of 54k buyers who transacted 290k times – a 7% decrease in sales volume from last week.
Alien Worlds just climbed its way up in the leaderboard to third place; let’s see if they can retain that spot for next week. They made $3.2M in sales with a total of 20,354 buyers who transacted 158k times. This entails an increase of 396% sales volume from last week.
Sorare made $2.2M in sales with a total of 3,742 buyers who transacted 11,427 times – a 26% increase in sales volume from last week.
The biggest NFTs markets or marketplaces where you can buy technically any NFT standard in the Ethereum network are OpenSea and Rarible.
OpenSea made $36M in sales with 12,324 buyers, almost a 55% increase in sales volume from last week.
Rarible made $10M in sales with 5,046 buyers, a 12% decrease in sales volume from last week.
What CryptoArt Is Telling Us
April has been a slow month in comparison to March’s weekly record-breaking transactions. By March 14th, Nifty Gateway already had almost $80M in sales, almost 1/4th of what we have today.
There is still potential out there with the Pak release of burn.art and what goes with it, but it is clear that the buying pressure has been slowing down by a lot.
What NFT-Related Cryptocurrencies Are Telling Us
The market has been going up this week, and the Top 10 NFT cryptocurrencies on CoinGecko are mostly up and recovering.
Fear & Greed Index, which helps us understand what market participants feel at different stages.
Last week, Greed levels were 73, which indicates that the markets are getting hot. This week, we are over 79, almost 80 at the extreme greed levels, so this means markets are getting hotter. Let’s evaluate the action more closely in the next upcoming weeks and remember this is just an indicator to help us get a feel of the general markets.
There still so much happening in the NFT space, and related communities continue to grow; each week there are new builders, developers, creators appearing in the scene. My guess is that 2-4 years from now, we will not be able to recognize this space, so let’s build together on top of strong foundations.
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Entrepreneur. Software Engineer. NFTs enthusiast. #NFT