NFT Volume Is Declining
When it comes to NFTs, Ethereum reigns supreme. Ethereum has had a crazy week, with prices ranging from roughly $1,413 to $1,618. This is where the daily 50 MA is, depending on your exchange. Ethereum outperformed the rest of the market. So far, the anticipated merger has aided ETH’s price action. However, the macro environment remains bleak, with equities continuing to fall. Let’s look at the most recent NFT news.
However, most fail to maintain their price above the early buzz. The market cap is similar to previously, but it has decreased by 2.4%. Volume, on the other hand, has significantly decreased. It is about 20% lower than it was in the preceding seven days. This is important because there was a further fall of roughly 9.1% last week.
Throughout the week, we witnessed more projects sell out during minting. However, most fail to maintain their price above the early buzz. The market cap is similar to previously, but it has decreased by 2.4%. Volume, on the other hand, has significantly decreased. It is about 20% lower than it was in the preceding seven days. This is important because there was a further fall of roughly 9.1% last week. Negative volume in the NFT space is mirrored in holder and trader figures. Buyers have undoubtedly vanished during the last 30 days. Could it be that purchasers were enjoying the sun outside? There’s probably more to it than that—the potential impact of macroeconomic events and the relative illiquidity of NFTs.
Solana NFT User Growth
While Ethereum-based NFTs have underperformed, Solana-based NFTs have done well. Volume cannot equal Ethereum NFTs in a bull market and vice versa in a bear market. What is surprising about Solana NFTs is the number of users. User adoption is increasing significantly. All user numbers are increasing across all markets.
The year 2022 has proven bad for the cryptocurrency industry. The industry has been in a long-term bear market, with the flagship coin, Bitcoin, falling about 70% from its all-time high in November 2021. Nonetheless, market fear has not dampened investor interest in Bitcoin. More than half of investors still hold BTC despite the crypto winter.
