The third week of May sees NFT make a resurgence. With new initiatives and marketplaces catering to various niches, NFT activity is increasing. NFT buyers and sellers are drawn to well-known platforms like OpenSea, Nifty Gateway, and SuperRare.
Despite a trading low of $1783.78 during the week, Ethereum’s strength stands out when compared to other crypto. Let’s check on the weekly NFT report.
1) Decline In NFT Market Cap & Volume
The NFT market cap decreased by 6.66% in the third week of May compared to the prior week, falling to $4.15M. In addition, the trading volume for NFTs fell noticeably by 26.99% to 64.85K ETH, indicating that the market cap and trading activity for NFTs decreased during this time.
2) Rise in NFT Market
NFT holders increased by 0.86% to 4.422M in the third week of May, reflecting a slight increase over the prior week. Additionally, the number of NFT traders increased significantly during the same period, rising by 41.67% to 51.238K.
Buyers rose by 30.32% to 25.615K, indicating higher buying activity. Sellers too increased significantly by 46.39% to 32.548K, meaning more people were selling NFTs during this time.
3) NFT Trade Volume Drops but Transactions are up OpenSea
The number of unique active wallets (UAW) on the OpenSea platform significantly increased by 10.16% in the third week of May to 63.98K. In addition, the number of transactions also increased by 9.8% to 169.51K.
However, trade volume dropped within the same period, falling by 15.79% to $25.58M. The smart contract balance, on the other hand, increased minimally by 0.66% to $68.92K, showing a generally steady trend.
4) Mixed Numbers In Blur Activity Continues
Positive trends in trading activity were observed in the third week of May on the Blur market. Unique Active Wallets increased by 19.21% to 11,96K total. Furthermore, the volume of transactions increased by 14.1% to 32.58K.
The trading volume did experience a slight reduction, though, falling by 6.77% to $139.94M. However, the smart contract balance increased positively by 9.17% to $117.32M, demonstrating an increase in the total amount of funds stored within the platform.
These figures indicate that the Blur market gained in UAW and transactions despite a minor decline in trading volume. The smart contract balance’s upward trend suggests that investors’ interest in the platform is still strong and could remain so.
5) Solana NFTs
OpenSea and Solanart experienced changes in their NFT markets during the third week of May.
The average price of NFTs on OpenSea surged by 101.01% to $48.83. However, there was a 24.12% decline in the number of traders while the trade volume increased noticeably by 79.2% to $31.51K.
NFTs’ average price on Solanart dropped from 64.3% to $28.77. However, Solanart saw a 12.32% decrease in the number of traders and a 10.14% marginal rise in trading volume to $6.08K.
6) Polygon NFTs
The average price of NFTs on OpenSea fell by 8.4% to $30.16. However, the number of traders climbed by 4.75% to 36.859K, while trading volume decreased by 14.22% to $2.97M.
The average price of NFTs on Rarible skyrocketed to $215.67, an increase of 637.57%. This increase in value caused the number of traders to rise significantly by 129.06% to 1.182K, which was a considerable increase. Additionally, the trade volume surged by 1,699.49% to $404.72K. Rarible stands out as a platform with outstanding growth and market interest in NFTs throughout this time.
During the third week of May, the OKX NFT Marketplace experienced tremendous growth and increased trading involvement. The average price of NFTs in the OKX NFT Marketplace increased noticeably by 39.95% to $ 33.59 and a significant increase of 137.13% in the number of traders to 1.558K. Additionally, the trade volume significantly increased by 183.03% to $155.32K.
The average price of NFTs in Aavegotchi increased significantly, jumping by 260.7% to $578.09. The number of traders fell by 1.97%, to 149, while the trading volume increased substantially, by 465.5%, to $142.48K.
On the other hand, the average price of NFTs dropped by 2.68% to $22.84 on Jump.trade. The number of traders fell by 32.11% to 241, but the trading volume rose by 24.89% to $31.2K.
7) Quick News Round-Up
- Mattel’s Fast & Furious Collection drives the NFT market.
- Mattel will launch the Hot Wheels NFT Garage x Fast & Furious collection on May 22nd, featuring cars from the movie franchise, providing fans with unique digital collectibles on the Flow Blockchain.
- The Fast & Furious NFT collection offers the opportunity to own physical die-cast versions of the cars, bridging the gap between the digital and tangible realms for collectors.
2. Curious Addys and Zeneca Introduce HeyMint: Beginner-Friendly NFT Platform for Artists.
- Curious Addys and Zeneca partner to launch HeyMint, a beginner NFT platform, enabling artists to easily mint and sell their creative assets on Ethereum and EVM-compatible chains, aiming to onboard new entrants to Web3.
- HeyMint offers an accessible, equitable, low-cost creative tool, allowing creators to upload their artistic assets, enforce royalties, and conduct allowed list presales. It also eliminates fees for listing collections and charges collectors $1 per mint.
3. Chinese Prosecutors Target “Pseudo-Innovation” and Inflated Prices in NFT Market.
- Chinese prosecutors plan to crack down on pseudo-innovation in the NFT market, citing risks of illegal pyramid schemes and inflated prices triggered by marketing methods.
- The Supreme People’s Procuratorate aims to separate “true innovation” from “pseudo” in the NFT market to protect investors and address financial, security, and legal risks.
4. Kenny Schachter’s Pop Principle Sets the Stage for Traditional Artists vs. Digital Creators in NFT Battle.
- Kenny Schachter’s new NFT project, Pop Principle, sets up a battle royale between traditional art players and digital art creators to determine the most minted character, showcasing the clash between the two art worlds.
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