NiftyNoon: What Can Save the NFT Market?
As volume and floor prices crater, the future price action of even grail NFTs is now in question (March 24, 2023)
Nifty Thought
It has been a painful week for NFTs. Even the once most coveted NFT collections such as CryptoPunks and Bored Ape Yacht Club NFTs have seen aggressively negative price action. This coincides with a few major market events. From a macro perspective, concerns surrounding hyperinflation necessary to guarantee banks from failing remain. In a world with hyperinflation, it seems unlikely that people would choose to store value in speculative assets such as NFTs. On the crypto side, the price of Ethereum has consistently moved up from lows in the $1300s to highs in the $1800s. Generally as the price of Ethereum moves up, the prices of NFTs goes down so that holders may have the liquidity to sell their Ethereum into USD stablecoins as needed. In the world of NFTs, Blur’s season two double bid and listing incentive is coming to an end. This has seemingly led to many Blur bid walls being pulled back with a decrease in NFT buying pressure across the board.
While the last major NFT dip came as Blur's season 1 ended, it was not met by so many other opposing forces as well. As NFT volume and daily active NFT participants continue to drop, it seems increasingly likely that NFTs will undergo a mass repricing in the same way that they repriced in May and June of 2022. If this is the case, it may be wise to hold liquidity in cryptocurrencies while this all plays out.
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Community News
NFT trading volumes hit new local lows:
Floor prices across the board nuking with more potential downside in sight:
Quick Stats:
OpenSea Daily Volume: 4,363 ETH (▼ 7.11%)
Blur Daily Volume: 11,341 ETH (▼ 27.96%)
BTC: $28,034.29 (▲ 1.24%)
ETH: $1,786.50 (▲ 1.66%)
Solana: $21.61 (▼ 0.72%)
Polygon: $1.11 (▼ 1.32%)
NFT Daily Winners:
🥃 Proof Collective: 9.99 ETH (▲ 2.04%)
🧟 Mutant Ape Yacht Club: 12.08 ETH (▲ 0.84%)
🧬 Clone X: 3.33 ETH (▲ 0.79%)
🐧 Pudgy Penguins: 4.48 ETH (▲ 0.39%)
NFT Daily Losers:
🦉 Moonbirds: 3.62 ETH (▼ 1.25%)
🚬 CryptoPunks: 60.25 ETH (▼ 1.62%)
🦧 Bored Ape Yacht Club: 57.39 ETH (▼ 1.9%)
🏳️🌈 Chromie Squiggles: 9.79 ETH (▼ 2.0%)
🌈 Doodles: 3.42 ETH (▼ 2.81%)
⛩️ Azuki: 12.72 ETH (▼ 3.05%)
🐈⬛ VeeFriends: 2.88 ETH (▼ 7.1%)
🧝🏼♀️ DigiDaigaku: 4.92 ETH (▼ 13.27%)
Notes:
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