According to crypto expert Shuab Akhtar, it is necessary to look at the NFT market as a whole. In this case, it is possible to understand the current emotion and where it might go next. The expert states that the Solana ecosystem is experiencing explosive growth and evaluates the NFT market.
NFT market cap and volume
As you follow on Kriptokoin.com, when it comes to Merge, most people are predicting a bullish run for Ethereum. But could it just be about buying the rumor and selling the news? This uncertainty is never good for the NFT ecosystem. NFTs perform best when there is ample liquidity, good vibes, and crypto Twitter is in a happy place. The price is usually high and those in the game usually get good deals to sell the hype. However, times are different right now. It is difficult to find liquidity as well as energy and freshness. Most blue chip projects are red. Also, anyone with a long-term view can benefit from it.
Over the past seven days, there has been very little movement in market capital. It remained flat at around $22.6 billion. On the other hand, the volume continues to bleed. We are seeing quite significant decreases from week to week. Last week’s volume was just over $99 million. This week’s volume is down more than 20% to just under $85 million.
source: nftgoHolders and Traders
Looking at the Holders vs. traders chart, this is not good data. Holders are holding strong in the current situation. Little has changed from last week. There is a reason for this. Traders, as well as buyers and sellers, are on the decline. With around 20% bearish moves, I’m a bit curious as to what’s actually keeping the market cap high.
source: nftgoBy zooming out the weekly view, it is possible to see that the traders are still there. The movement is less violent and the real trader numbers are stagnant. This suggests that the NFT collections themselves are devalued. This is consistent with the volume number and reinforces that there are bargains to be had.
Source: DuneSolana NFT marketplace continues to grow
Last week was a great week for the Solana NFT scene. Pretty much the same this week. The user base has grown from 90k to 109k. This is important as Ethereum-based NFTs continue to struggle. Weekly numbers were up more than 20%. Even better is the volume. Last week at Magic Eden, we saw a seven-day volume of over $19 million. That has nearly doubled this week. Great considering macro market conditions.
Source: DappRadarHowever, this may be an explanation for the explosive growth. The highly anticipated Y00ts NFT collection arrived this week. Founded by the same team behind DeGods, Y00ts is looking to rank second on the Solana NFT charts. Frank, the founder of Degods and Y00ts, talked on the Proof podcast about challenges, experiments, and bringing people from the Ethereum NFT space to Solana. He promised them they could have fun with NFTs again. Also, Solana’s weekly user growth and volume suggest some liquidity is coming into Solana NFTs.
Quickfire NFT news summaries
- The National Basketball Association (NBA) has partnered with European NFT platform Sorare to develop a fantasy basketball game.
- Indre Viltrakyte, co-founder of Robert Kalinkin Fashion House, celebrates the winning of a landmark censorship lawsuit. The Rebels NFT project was launched with the aim of enabling creative expression in the blockchain space.
- Meanwhile, Ethereum Name Service (ENS) has surpassed the immensely popular Bored Ape Yacht Club as the best collection of NFTs in OpenSea in terms of seven-day volume.
- STEPN has announced plans to open a Hong Kong-based office. Also, STEPN has become one of the main monetization platforms.
- The final auction for the Queen Elizabeth II Ethereum NFT Tribute Project is taking place. The long-reigning queen passed away on Friday at the age of 96.
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