NFT Market Update | CoinCodeCap's Weekly
CoinCodeCap Weekly brings you an entire week’s market updates and news in one article. Got no time to stay updated during weekdays? No worries, we got your covered!
Data recorded:
Number of sales: 32,608
Sales USD: 32,507,659.02$
Average USD (Average price of an NFT): 995.52$
Active Market wallets: 19,603
Primary Sales: 11,934
Primary Sales USD: 2,563,167.42$
Secondary Sales: 20,674
Secondary Sales USD: 29,944,491.60$
Unique Buyers: 12,043
Unique Sellers: 10,060
Source: https://nonfungible.com/market-tracker
Dear all,
Just like the past few months, we are still in a bleeding market. However, we must take into notice that markets travel in phases and currently overall markets have slowed down due to various reasons. The NFT market has just slowed down but it doesn’t mean that it is reaching its end. We can say that the end of this phase would lead to the beginning of a new phase.
As shown in the chart above, we can see that the number of buyer wallets still remains to be higher than the number of seller markets. This means that more investors are interested in buying in the NFT market as compared to the number of investors who are selling off. Although, it must be taken into notice that both the numbers continue to decline.
Now let’s shed some light on the daily market report. The total volume recorded in the NFT Market is above 32M$ with 30K plus sales. As compared to the previous day we have seen a rise in both the metrics which means that more volume was added in the market today.
If we talk about the wallets, the number of active wallets today was 19K plus. This figure is around 2K more than the previous day.
If we compare the number of buyers and sellers for today, the number of buyers remains to be greater than the number of sellers. The number of buyers recorded was 12K plus and the number of sellers was 10K plus. Both the metrics have seen an increase as compared to the previous day.
Coming to the primary sales, we saw a massive increase of 2x plus in the volume with a little increase in the number of primary sales. This means that some high- value NFTs were minted today.
The secondary market has also seen an increase in activity as both, the secondary sales and its volume, have increased a little bit.
The average price of an NFT which was previously 1,143$ got decreased to 995$, which is a decrease of almost 150$.
Conclusion:
Overall, it was a good day for the NFT Market. We saw an increase in the volume and the number of sales. There were more buyers than sellers which is positive for the health of the market. High-value NFTs were minted bringing a lot of volume to the market. The number of active wallets also saw an increase. Almost all of the metrics have seen an increase which is positive for the market. The
metric which shows the average price of an NFT saw a decrease, this means that today a lot of NFTs were sold at a lower price than their average price.
The information above does not constitute investment advice, and the author does not ask you to either buy or sell any of the assets mentioned in the article.