NFT Coin News: Here’s What You Need to Know!

Since the cryptocurrency market has been moving sideways since last week, the NFT coin market has also been unable to perform differently. However, the new news is ambitious enough to change investor sentiment. Here are the current statistics and news from the NFT market.

OpenSea implemented Avalanche NFT coin support

OpenSea, one of the largest NFT platforms for the arts, now supports NFTs of seven different networks. These are Ethereum, Polygon, Klaytn, Solana, Optimism, Arbitrum and now Avalanche. NFTs are located in Avalanche’s C-Chain or X-Chain.

Stepn downsizes his team as player count dwindles

NFT running and trainers game Stepn is laying off contract staff as player numbers shrink. More than 100 community moderators of the game’s social media channels have canceled their contracts with Find Satoshi Labs.

The NFT that Logan Paul paid for $623,000 is currently $10

The popular YouTuber had purchased a special NFT from Azuki for $623,000. Wall Street Silver, a global authority, estimates that the same NFT that Logan Paul paid for over $600,000 is now worth just $10.

Three times more NFT trademark applications were filed this year than in 2021

NFT trademark filings have tripled this year compared to 2021, according to statistics gathered by trademark attorney Mike Kondoudis of the U.S. Patent and Trademark Office.
The number of NFT trademark applications peaked in March but has been in decline ever since.

NFT market analysis

The price of Etehreum, one of the largest NFT platforms, has dropped 4.20% this week. It is currently trading between the $1,360 resistance area and the $1,270 support area. However, NFTs also continue to move sideways. During the week, the number of sales fell 32.57 percent to 19 thousand. Likewise, the total of sales fell to $10 million, down a notable 12.16%.

This week’s total market cap fell massively by 28.17%, while market cap remained with a slight increase of only 0.89%. Compared to last week, most of the blue-chip NFTs are doing well, with the exception of CryptoPunks.

This week, the number of traders decreased by 10.65%. On the other hand, the number of NFT holders remained almost the same as in the previous week. Whales currently hold NFT worth 1.67 million ETH (same as last week). Thus, they occupy 17.09% of the global market value of 9.76 million ETH.

NFT coin market, user and trading volume of networks

OpenSea

A total of 294.28k transactions were processed on OpenSea smart contracts this week. This was 29% less than last week. The trend continues as overall transactions are still bearish. OpenSea recently implemented Avalanche NFT support.

Left (LEFT)

On the other hand, Solana failed to debut this week. It is currently trading at $30.5, down 5.71% on the weekly chart. For a positive uptrend, its price must stay above the $30.5 support level and the daily RSI above the neutral 50 level. Otherwise, a retest of the main support level at $28 is possible. As vendors dominate the market, SOL’s technical indicators often present a bleak picture.

In addition, the total weekly trading volumes of all Solana marketplaces excluding Solanart decreased significantly. Volume in the Solanart market also rose this week. The Solana NFT burst is fading, albeit a bit slowly.

Tezos (XTZ)

XTZ settled below the $1,399 support line and it is now trading sideways at $1.35. Meanwhile, it traded less than $500,000 weekly across all NFT markets on Tezos. Unlike the previous week, there was a noticeable decrease in the number of traders. Tezos NFTs have not yet received much attention.