Thread
What's going on in the NFT market, and what's next?
A must-read for NFT collectors.
🧵 (1/20)
A must-read for NFT collectors.
🧵 (1/20)
In this thread, I will provide an overview of the NFT market, where it's headed, and what you need to know to navigate it.
Let's dive in! 👇
(2/20)
Let's dive in! 👇
(2/20)
Blue Chip Index:
The Blue Chip Index has had highs and lows, reaching 9.1K ETH in Jan and dropping to a new low of 7.7K ETH by mid-Apr.
It means that the NFT market has been in a bear trend with decreased liquidity and buyer interest.
Data @nftgoio
(3/20)
The Blue Chip Index has had highs and lows, reaching 9.1K ETH in Jan and dropping to a new low of 7.7K ETH by mid-Apr.
It means that the NFT market has been in a bear trend with decreased liquidity and buyer interest.
Data @nftgoio
(3/20)
Volume & Traders:
Mid-Feb saw a 126.19% increase in NFT trading volume, but sellers outnumbered buyers and traders decreased.
This isn't good, as we need to increase exposure, and sustainable models are needed for the next ATH.
(4/20)
Mid-Feb saw a 126.19% increase in NFT trading volume, but sellers outnumbered buyers and traders decreased.
This isn't good, as we need to increase exposure, and sustainable models are needed for the next ATH.
(4/20)
Top Collections & Trending Projects:
@cryptopunksnfts leads in trading volume, followed by MAYC and @BoredApeYC.
Trending projects this Q1 2023 include:
🔸 @Nakamigos
🔸 HV-MTL
🔸 @MGLandOfficial
🔸 Open Edition
🔸 @checksNFT
(5/20)
@cryptopunksnfts leads in trading volume, followed by MAYC and @BoredApeYC.
Trending projects this Q1 2023 include:
🔸 @Nakamigos
🔸 HV-MTL
🔸 @MGLandOfficial
🔸 Open Edition
🔸 @checksNFT
(5/20)
Marketplaces: Blur vs. OpenSea:
@blur_io has doubled @opensea's trading volume in this Q1 of 2023.
Blur's multi-phase airdrop approach did raise engagement and trading volume.
But will it still work when the incentives stop? 🤷♂️
(6/20)
@blur_io has doubled @opensea's trading volume in this Q1 of 2023.
Blur's multi-phase airdrop approach did raise engagement and trading volume.
But will it still work when the incentives stop? 🤷♂️
(6/20)
Blur's Impact on the NFT Market:
The upcoming Blur Halving event may have a negative impact on the NFT market as bidding points decrease, possibly causing a drop in floor prices.
Learn more about it in @waleswoosh's thread 👇
(7/20)
The upcoming Blur Halving event may have a negative impact on the NFT market as bidding points decrease, possibly causing a drop in floor prices.
Learn more about it in @waleswoosh's thread 👇
(7/20)
Ethereum "Shanghai" Upgrade:
The Shanghai upgrade could help the NFT market with 18M ETH, but it's had a negative effect so far.
I feel this might roll up gradually, and some liquidity may be injected. Only time will tell.
(8/20)
The Shanghai upgrade could help the NFT market with 18M ETH, but it's had a negative effect so far.
I feel this might roll up gradually, and some liquidity may be injected. Only time will tell.
(8/20)
Opensea Pro & Liquidity:
@opensea launched @openseapro, a new MP aggregator, and rewarded previous Gem2 traders with NFTs.
Users got a fair reward, but @blur_io's airdrop was better.
Its daily transactions exceed Blur's, perhaps improving liquidity.
(9/20)
@opensea launched @openseapro, a new MP aggregator, and rewarded previous Gem2 traders with NFTs.
Users got a fair reward, but @blur_io's airdrop was better.
Its daily transactions exceed Blur's, perhaps improving liquidity.
(9/20)
DeLabs Migration & NFT Impact:
Multi-chain interaction was shown by the bridge of @DeGodsNFT & @y00tsNFT from SOL to ETH and MATIC.
I believe this will encourage cross-chain cooperation and give people more options, which will help the market grow.
(10/20)
Multi-chain interaction was shown by the bridge of @DeGodsNFT & @y00tsNFT from SOL to ETH and MATIC.
I believe this will encourage cross-chain cooperation and give people more options, which will help the market grow.
(10/20)
Bluechips New Developments:
@yugalabs drives NFT market growth, with Maras, Vessels, and Koda decoupling.
YugaLabs has attracted more creators and collectors.
While @Azuki has had huge sales and a highly anticipated event in Las Vegas.
(11/20)
@yugalabs drives NFT market growth, with Maras, Vessels, and Koda decoupling.
YugaLabs has attracted more creators and collectors.
While @Azuki has had huge sales and a highly anticipated event in Las Vegas.
(11/20)
NFT NYC 2023 Recap:
The week of @NFT_NYC was full of enthusiasm and optimism, despite the market downturn.
NFT communities and Web3 projects showed their strength and belief.
#DeFam dominated the headlines at NFT NYC.👇
(12/20)
The week of @NFT_NYC was full of enthusiasm and optimism, despite the market downturn.
NFT communities and Web3 projects showed their strength and belief.
#DeFam dominated the headlines at NFT NYC.👇
(12/20)
ETH Price & Market Correlation:
Ethereum's price has topped $2100, signaling increased trust in the crypto sector.
ETH price is closely tied to the NFT market.
Crypto up = NFTs down 🤔
However, this isn't always the case.
(13/20)
Ethereum's price has topped $2100, signaling increased trust in the crypto sector.
ETH price is closely tied to the NFT market.
Crypto up = NFTs down 🤔
However, this isn't always the case.
(13/20)
Meme Coins & NFT Market:
NFT traders are switching to meme coins like $PEPE, resulting in significant profits.
I think this profit potential might boost NFT market investment and volume.
Will people roll their profits into #NFTs? 🤷♂️
(14/20)
NFT traders are switching to meme coins like $PEPE, resulting in significant profits.
I think this profit potential might boost NFT market investment and volume.
Will people roll their profits into #NFTs? 🤷♂️
(14/20)
NFT Bullish Case:
🔸 Multi-chain interaction fosters innovation, boosting NFTs and cross-chain collabs.
🔸 Big NFT projects increase exposure, driving growth.
🔸 NFT NYC 2023 shows the NFT community's resiliency.
🔸 $PEPE may boost NFT investment.
(15/20)
🔸 Multi-chain interaction fosters innovation, boosting NFTs and cross-chain collabs.
🔸 Big NFT projects increase exposure, driving growth.
🔸 NFT NYC 2023 shows the NFT community's resiliency.
🔸 $PEPE may boost NFT investment.
(15/20)
NFT Bearish Case:
🔸 NFT bear trend could decrease buyer interest and liquidity.
🔸 @blur_io's Halving may cause floor pricing to fluctuate and decline.
🔸 Crypto corrections impact NFT floor pricing, although the link is not always clear.
(16/20)
🔸 NFT bear trend could decrease buyer interest and liquidity.
🔸 @blur_io's Halving may cause floor pricing to fluctuate and decline.
🔸 Crypto corrections impact NFT floor pricing, although the link is not always clear.
(16/20)
NFT Market Outlook:
@blur_io halving, ETH correlation, and bearish trends may affect NFT prices.
However, a strong community, new initiatives, and adoption are favorable.
Cross-chain interaction and blue-chip initiatives might boost development.
(17/20)
@blur_io halving, ETH correlation, and bearish trends may affect NFT prices.
However, a strong community, new initiatives, and adoption are favorable.
Cross-chain interaction and blue-chip initiatives might boost development.
(17/20)
Personal Thoughts #1:
I believe the NFT market has potential, but may face short-term challenges from Blur halving or crypto corrections based on macroeconomics.
ETH may flow into NFTs post-Shanghai upgrade and Meme Coin season.
(18/20)
I believe the NFT market has potential, but may face short-term challenges from Blur halving or crypto corrections based on macroeconomics.
ETH may flow into NFTs post-Shanghai upgrade and Meme Coin season.
(18/20)
Personal Thoughts #2:
With all being said, market caution is essential.
I've taken profits on NFT flips but still hold Blue Chips since I expect a future rise.
65% of my portfolio is on stablecoins, lowering risk.
NOT financial advice and DYOR.
(19/20)
With all being said, market caution is essential.
I've taken profits on NFT flips but still hold Blue Chips since I expect a future rise.
65% of my portfolio is on stablecoins, lowering risk.
NOT financial advice and DYOR.
(19/20)
TL;DR:
The NFT market fluctuates with negative trends.
Blur halving & ETH correlation might affect the market.
Solid community, innovative initiatives, and rising adoption are positive signs.
Precaution is required due to market volatility.
(20/20)
The NFT market fluctuates with negative trends.
Blur halving & ETH correlation might affect the market.
Solid community, innovative initiatives, and rising adoption are positive signs.
Precaution is required due to market volatility.
(20/20)
What are your thoughts on the NFT market? 🤔
Are we headed up or down? Let me know in the comments.
Thanks for reading! Please RT and Like to help spread the word in the NFT community.
Follow @kouk_web3 for more #NFT insights. See you at the next one! 💜🫡
Are we headed up or down? Let me know in the comments.
Thanks for reading! Please RT and Like to help spread the word in the NFT community.
Follow @kouk_web3 for more #NFT insights. See you at the next one! 💜🫡
