Newsletter #132
Three Metrics Revealing the Current State of the NFT Market
This week’s featured collector is Nando
Nando has a fine collection of Ethereum, Solana and NBA Top Shots NFTs. With lots of interesting artworks, this is worth a look. Check it out at lazy.com/nando
Three Metrics Revealing the Current State of the NFT Market
The NFT market has been a rollercoaster of evolution and speculation over the past couple of years, and understanding its current dynamics is essential for collectors, investors, and enthusiasts alike. Recent data provides us with some intriguing insights. Let's delve into these points:
1. A Lack of Unique Daily NFT Buyers:
While there has been a slight improvement in NFT prices recently, the number of unique daily NFT buyers on Ethereum is trending lower.
2. The Ebb and Flow of Total NFT Marketcap:
The NFT market cap currently stands at a significant 2.63M ETH (~$4.8B). However, putting this in perspective, the market cap had once touched $3T in November 2021, which is about 637 times today's value. This vast difference can be attributed to multiple factors:
ETH Price Volatility: A substantial portion of the decline can be pinned on the fluctuations in ETH prices. As NFTs are often priced in ETH, a decrease in the value of ETH can lead to a proportionate drop in the NFT market cap.
Market Maturation: The initial NFT bull run was a period of extreme exuberance. As with many novel technologies and markets, there's often a cycle of hype, followed by a correction and stabilization as the market matures.
3. Leading Blockchains in the NFT Realm (Last 24 Hours):
Understanding the blockchains that dominate the NFT sales volume is crucial as it provides insights into where most of the activity and innovation are occurring. In the last 24 hours, the top blockchains for NFTs were Ethereum, Bitcoin, Polygon, Solana and Immutable X.
In Conclusion:
The NFT landscape is ever-evolving and difficult to predict. Collectors should always keep an eye on the trends, as they provide valuable insights into the market's direction and potential opportunities. Is there a particular metric that you follow closely? Let us know!
This week’s poll: Which blockchain do you think will have the most NFT sales in November?
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