It’s interesting to see how quickly things change in the NFT space. We have figures like Paris Hilton joining the community and Brian Armstrong, Coinbase CEO, doing his first NFT drop. Fundamental changes are happening in the space in a good way, but it seems that sales slowed down compared to exuberant March. Let’s evaluate the data closely to see how we are doing this month.
Big Sales of the Week
- Autoglyph #287 for $679k
- What the hell’s an NFT? for $328k
- 1111 #0263 for $266k
- WorldStar Hip-Hop Chain for $231k
- CryptoPunk #3308 for $220k
New Collectible Launches
WorldStar Hip-Hop is a new interesting collection which launched on OpenSea recently, and the last recorded sale was $243k. WorldStar Hip-Hop is a site for urban and hip-hop media, and they have 5.4M followers on Twitter.
What Collectible Market Data Is Telling Us
Top 4 Collectibles
As a quick summary, the market is mostly down with an average of 25-40%, but AxieInfinity has managed to keep its 4th place ranking. Crypto markets are still recovering, so NFT collectibles will most likely recover soon.
NBA Top Shot made $22.1M in sales with a total of 34k buyers who transacted 173k times – a 38% decrease in sales volume from last week.
CryptoPunks made $8.6M in sales with 101 buyers and 185 transactions, almost a 13% decrease in sales volume from last week. It’s still risky to buy Punks.
Sorare made $1.8M in sales with a total of 3,337 buyers who transacted 9,318 times – a 36% decrease in sales volume from last week.
AxieInfinity got their social media accounts back, and made $1.1M in sales with a total of 1,410 buyers who transacted 3,387 times. This entails a reduction of 6% sales volume from last week. The AxieInfinity market is holding strong.
What CryptoArt Is Telling Us
So far, April is a slow month in comparison to March’s weekly record-breaking transactions. By March 10th, Nifty Gateway already had almost $40M in sales. Even though April seems to be a slow month, we have a possible catalyst event coming up soon – the Pak launch on Nifty Gateway with Sotheby’s. It could trigger “The Beeple Effect” again and create lots of mainstream media talk, increasing the potential sales for CryptoArtists.
What NFT-Related Cryptocurrencies Are Telling Us
The market has been recovering this week, and the Top 10 NFT cryptocurrencies on CoinGecko are down by an average of more than 20-30%.
Fear & Greed Index, which helps us understand what market participants feel at different stages.
Last week, Greed levels were 74, which indicates that the markets are getting hot, and for that same reason, we had a pullback. This is not to be taken as if the index is above 70. It’s a good time to get out. When Bitcoin was going up in January, the index was at the 90 levels for a couple of weeks. This is just an indicator to help us get a feel of the general markets.
April is slow for now, but we still have a big event, the Pak Open Edition on April 12th. And as we know, slow times are good for future growth. In the next editions, we are going to evaluate collectible marketplaces growth like Rarible and Open Sea.
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Entrepreneur. Software Engineer. NFTs enthusiast. #NFT