Oxalus Insights Weekly Allstars

Weekly Allstars #3: Market Sales Decline During Financial Market Turmoil

Weekly Allstars Mar 12 2023

Welcome to Weekly Allstars, the series where we explore the latest trends in the NFT market and showcase the top collections of the week. In this edition, we will analyze market volatility and its impact on the collection ranking. Join us as we take a closer look at the latest trends shaping the non-fungible token space and highlight the most coveted NFT collections of the week.

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This week, MG Land remains in first place despite a decrease in trading volume of nearly 4k ETH compared to the previous week, along with a 26% decrease in the 7D floor price. Otherdeed is in second place with a trading volume of about 3.8k ETH, while the 7D floor price is down slightly by about 4%. The recent boost in Otherdeed’s popularity is said to be motivated by an exciting event. The parent company of Bored Ape announced that up to 10,000 holders of Otherdeed NFTs would be allowed to participate in the second gamified test of its Otherside metaverse platform. The top 3 for this week have a new face, but it has been predicted since its release. Specifically, the Gitcoin Presents collection featuring Ethereum creator Vitalik Buterin has seen a 3.3% increase in the floor price and a volume of 3k ETH in the last 7 days.

On the other hand, some trendy collections from last week experienced sharp declines. Sewer Pass and Holoself, for example, saw floor prices drop by 51% and 54%, respectively, from the previous week. In particular, Owls lost more than 80% of its value in just one week, a decline that we predicted before through on-chain data.

In blockchain ranking, there were no significant changes from last week. However, except for ImmutableX, all blockchains saw a significant decrease in the number of buyers, with Polygon experiencing the highest fall of up to 87%. Additionally, the past week saw a lot of bad news in the financial markets, leading to a massive Bitcoin dump below $20k. The NFT market also suffered a similar shock, causing many people to sell off their assets, in contrast to the bright view last week.

The NFT market has experienced a significant decline in sales, losing more than half of its sales compared to two weeks ago. Despite this, Blur’s airdrop event has remained active and successful. However, we must consider the possibility that, once the airdrop wave is over, Blur may suffer the same fate as LooksRare or X2Y2, marketplaces that also relied heavily on huge airdrop programs to attract users. Additionally, Bitcoin Ordinals is emerging as a competitor to other blockchains, with the potential to attract a large number of users. We will need to wait and see what happens next week.

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