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Home Crypto

The Daily Dip – A Week in Review of the NFT and Web3 Space

BlockNews Team by BlockNews Team
November 4, 2022
in Crypto, Guides, NFT
Reading Time: 6 mins read
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The Daily Dip – A Week in Review of the NFT and Web3 Space
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Disclaimer: The following publication will review current market sentiment and activity using data from various analytical sources. Points made within this article are my thoughts and opinions and are in no way financial advice.

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Today’s Topics

  • Intro
  • Weekly Market Statistics and Analytics
  • Top Gainers/Losers Over the Last Week
  • Polygon Weekly Trading Volume
  • Other News Over the Last 24 Hours

Intro

Congratulations, you made it to Friday! For today’s post, let’s take a step back and look at some market metrics covering the last week in the NFT space. Doing this will give you a broader understanding of how markets are moving week-to-week compared to the day-to-day. The end of today’s post covers some important news from the last 24 hours, so you have the best of both worlds. Enjoy!

Weekly Market Statistics and Analytics

The following are the top performers on OpenSea over the last seven days via trading volume. As you can see, 60% of projects on this week’s list are in the red regarding weekly trading volume, with double-digit losses across the board.

To no surprise, Art Gobblers dominated this week’s chart, clocking in around 10,000 ETH in trading volume on OpenSea over the last week. To put that into perspective, that is nearly more volume traded than the following seven projects on this list combined and is over 2x the trading volume of the next project on this list, CrypoPunks. Compared to the other projects in red with week, CryptoPunks is the only project with a single-digit loss in weekly trading volume, as we see 20-40% losses across the board for the remaining collections.  

Yuga Labs/BAYC projects have taken a big hit this week, as the three biggest losers in terms of trading volume are BAYC (-39%), Otherdeeds (-29%), and MAYC (-26%). This downtrend is likely due to the radio silence from Yuga Labs over the last few months. However, the next iteration of the Otherside play-tests is set to happen this Q4, which could pump some life back into the ecosystem and overall NFT space. 

As far as winners go regarding trading volume, there is only one, that being Chromie Squiggle by Snowfro. Chromie Squiggle has continued to perform exceptionally well over the last week, as they are up nearly 100% in trading volume and up 13% in floor price. The following is a Chromie Squiggle #9352, which sold for 50 ETH ($77,107) around 18 hours ago, around 3x the collection’s current floor price. 

Believe it or not, market-wide trading volume is up 94% over the last seven days, clocking in at 100.85K ETH ($166.4 million) in total volume traded, the highest it’s been over the previous three months. 

However, this volume is likely highly unsustainable, as most came from a single project. As shown in the snapshot above, a good chunk of this week’s volume was on October 31st, the same day Art Gobblers exploded onto the scene. As shown in the snapshot below, Art Gobblers accounted for 38% of all volume traded across all ETH-supported marketplaces over the last seven days. That’s more volume than the rest of the top 10 projects combined, and the combination of every other collection in the space excluded the rest of the top ten—What a showing. 

Top Gainers/Losers Over the Last Week

Bear market or not, this week consisted of massive floor price swings amongst a handful of projects. The following are two snapshots showcasing the top 10 gainers and losers via % floor change over the last seven days via Flips.Finance. 

– Top Gainers

– Top Losers

Polygon Weekly Trading Volume

With Polygon $Matic up 33% over the last three days, I thought it would be a good idea to look at Polygon’s NFT trading volume over the previous week. Considering Polygon’s recent accomplishments involving Reddit NFTs, Instagram NFT integration, and JP Morgan trading on their platform, there is a chance the network will see an influx of activity over the next week, which I want you to be ready for.

In the snapshot below, you will find a chart showcasing Polygon’s daily trading volume on OpenSea over the last few months. The sudden spike in volume represents the start and peak of the Reddit NFT trend, as trading volume fell by over 66% in two days. Following the initial spike, you can see that lower lows continued to form until yesterday, likely due to the Instagram integration news. Unfortunately, it seems the Instagram news had little effect on the trading of Polygon NFTs, as most of the attention went towards the network’s currency, $Matic. Nonetheless, a win in my book. 

Other News Over the Last 24 Hours

  •  Yuga Labs Announces Launch of MB1
  •  Kraken Launches 70 Ethereum, Solana NFT Collections on New ‘Gasless’ Marketplace
  • Meta to use decentralized data storage protocol Arweave to store NFTs from Instagram
  • Snoop Dogg and Billy Ray Cyrus To Launch An NFT… Yes Really!
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