NFT News | OpenSea Volume Increasing | January Week 4

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ETH has turned deflationary, and data from ultrasound.money shows that over the last seven days, about one-fourth of the Ether burned was due to NFT trades. ETH began a new surge and, at the time of writing, is currently trading above the pivot level of $1,600.

But how is the market doing right now in the midst of this somewhat positive price action? Let’s find out.

1) NFT Market Cap & Volume

Sales fell to 99K this week, 4.5% less than the last week. In addition, sales (USD) fell slightly by 2.83%, from $118 million to $115 million. While active market wallets shrank by 3.22%, unique sellers dipped by 6.24%.

The January effect on NFTs seems to lag compared to other assets.

Source: NonFungible

Market capitalization increased marginally by 0.5% to 10.25 million ETH. On the other hand, the volume diminished marginally by 6% to 110.5k ETH. The performance of Ethereum’s blue-chip NFTs was subpar. The volume of collections like BAYC, CryptoPunks, Azuki, and Art Blocks significantly decreased.

Source: NFT Go
2) NFT Sellers Outnumber Buyers 

Holder numbers remain stable with minimal increases as usual. The number of traders plunged by 13.04%. The number of buyers was also not different. It declined by 15%. Besides, 464 whales hold NFTs worth 1.28 million ETH, occupying 12.50% of the global market cap of 10.25 million ETH.

Source: NFT Go
3) NFT OPENSEA Volume Grew by Nearly 26% 

There were 271.74k total transactions in the OpenSea smart contracts this week, somewhat smaller than the previous week. The balance in the smart contract stayed at $67.66K even as the volume in OpenSea grew by 25.73% to $85.98 million. And the number of unique wallet addresses interacting with OpenSea slowed slightly by 2.73%.

Source: DappRadar
4) Solana Pumping, NFT Markets Dumping 

Solana’s 250% rally to $25 stunned many in the crypto space. At the time of writing, SOL is trading above $24 and could surge more. Moreover, the weighted societal sentiment is also favorable for Solana.

While $SOL had a great week, the Solana NFT market was in shambles. Magic Eden’s volume plunged by around 19.85%, and traders fell by more than 8%. The volume of Solana NFTs in OpenSea declined only by 1%, whereas that in Solanart dropped by 40%.

Source: DappRadar
5) Tezos NFT Marketplace Finally Green 

Tezos is seeing traders hurrying up to cash in those last ample profits as the rally is flashing warning signs. Although there is some upward potential for XTZ, bulls are using up their gasoline quickly, making it very challenging to keep ahead of the bears.

Most likely, once they succeed in crossing the $1.138 threshold, XTZ could take a hit. With all that said, XTZ must remain above 1$, or things might go south.

Source: DappRadar

All NFT marketplaces in Tezos are in red. The volume of Objkt.com declined by 16.5%, while that of Hic et Nunc declined by 7%. Teia’s weekly volume dropped by 10%, while the volume of  Fxhash plunged by 52.8%.

With a weekly transaction volume of over $334K, Objkt.com is still the market leader for Tezos NFTs. However, in contrast to NFTs on Ethereum or Solana, it still falls short.

6) Quick News Round-Up

1. BINANCE Tightens NFT Listing Restrictions

  • Beginning in February, the exchange will delist NFTs with minimal trading volume that was listed before the new KYC regulations.
  • Additionally, starting on January 21, 2023, NFT artists are only permitted to mint a maximum of five digital collectibles each day.

2. Doodles to Launch Doodles 2 on Flow Network

  • , the Web3 platform most known for sports NFT projects like NBA Top Shot and NFL All Day, will host the project’s debut.
  • The release of Doodles 2 NFTs will be linked to the Dooplicator NFTs already available on Ethereum, which were given away for free to current Doodles NFT holders in June.

3. Kevin Rose’s NFT Wallet With 40 High-Value Collectibles Drained

  • The Proof CEO was the victim of a phishing fraud that sucked off rare tokens valued at millions of dollars.
  • Rose’s hack is the most recent in a string of high-value exploits targeting prominent Web3 individuals.

Fractal, the Platform for Game-Related NFTs, Is Expanding Into Polygon

  • Twitch co-founder’s gaming NFT marketplace to support Network.
  • Polygon Labs will also make a strategic investment in Fractal.

Doodles Acquires Emmy-Nominated Animation Studio

  • Ingi Erlingsson, the project’s founder, joins Doodles through the acquisition of Golden Wolf.

Porsche NFT Drop Failed?

  • After the mint opened on Monday, fans of the German automobile maker raged against its high price and limited supply.
  • The pricey NFT mint was derided as “clueless” by collectors, but the sports car manufacturer went ahead nonetheless, producing a rubberneck-worthy in Web3.

Regulation and Society adoption

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