• Mon. Oct 3rd, 2022

NFT Market Update | CoinCodeCap’s Weekly

CoinCodeCap Weekly brings you an entire week’s market updates and news in one article. Got no time to stay updated during weekdays? No worries, we got your covered!

Weekly Data recorded:

Number of sales: 192,533

Sales USD: 219,240,670.48$

Average USD (Average price of an NFT): 1,138.74$

Active Market wallets: 80,680

Primary Sales: 74,591

Primary Sales USD: 8,895,523.55$

Secondary Sales: 117,942

Secondary Sales USD: 210,345,146.93$

Unique Buyers: 54,543

Unique Sellers: 39,396

Source: https://nonfungible.com/market-tracker

Dear all,

We should keep in mind that we are still in the bearish phase of the market. However, it must be taken into account that it’s not just the NFT market that has crashed, other markets including crypto and stocks have also shown the same behavior. This is due to various reasons including the global financial crisis.

We should also know that the market travels in phases and this is just one of those phases. Considering this phase as the downfall of the NFT market would be foolish, as the end of every phase leads to the beginning of a new phase.

Now let’s take a look at the market’s weekly data:

Total Volume and Sales:

If we talk about the volume, 28M$ plus worth of sales were recorded at the beginning of the week, this was the lowest daily volume of the week. Moving forward throughout the week till Friday, each daily volume recorded was higher than the previous one. On Friday, the highest volume of the week was recorded which was 34.8M$. Reaching the end of the week, the daily volume showed a decrease since Friday and got back to where it was at the start of the week, 28M$ plus.

Moving forward to the number of sales, the daily records show a fluctuation in the data. However, we can say that there has been an overall decrease in the daily number of sales recorded. The daily sales recorded on Monday were 27.7k while the data recorded on Sunday was 25.6K. The highest number of sales recorded on Wednesday was 32.6K, and the lowest number of sales recorded on Thursday was 24.7K.

Active Market Wallets:

The number of market wallets that were active daily showed a fluctuation in data throughout the week. The highest number of active market wallets was recorded on Wednesday which was 19.6k while the lowest number of active market wallets was recorded on Sunday which was 16.5k.

Unique Buyers and Unique Sellers:

The data for both the metrics didn’t show a major change and their daily data fluctuated throughout the week. The highest number of unique buyers was recorded on Wednesday, which was 12K. Wednesday’s data was almost the same as Monday’s data but it was still higher. The lowest number of unique buyers was recorded on Friday, which was 10.6K. The Friday data was similar to that of Sunday’s data; however, it was lower.

On the other hand, if we talk about the number of unique sellers, the highest data was recorded on Wednesday which was around 10K, and the lowest data was recorded on Sunday which was 7.6K. The daily data recorded at the start of the week was 8.6K. Also, we should know that every day, the number of buyers remained to be higher than the number of sellers.

Primary Sales and Volume:

The number of primary sales fluctuated throughout the week with the highest number of sales recorded on Wednesday which was 11.9K, and the lowest number of sales recorded on Thursday which was around 9K.

On the other hand, we can see a major change in the daily data of Primary Volume on Wednesday. The data got tripled compared to the data of the previous day. This major change happened on a single day, then the daily data kept on decreasing, reaching its lowest value on Sunday which was 770K. The starting daily data of the week was recorded to be 953K.

Secondary Sales and Volume:

The highest number of secondary sales was recorded on Wednesday and the number of secondary sales was 20.6K. On the other hand, the highest secondary sales volume was recorded on Friday which was 33.6M$. The lowest volume was recorded on Monday which was almost 27.5M$ while the data at the end of the week was 27.9M$. The lowest number of secondary sales recorded on Sunday was almost 14.5K while the data at the start of the week was almost 16.4K.

Average Price of an NFT:

The daily average price data of an NFT remained close to 1K$ throughout the week. However, the highest data was recorded on Thursday which was 1.3K$ and the lowest was recorded on Wednesday which was 995$. The weekly average price recorded was around 1.1K$.

Conclusion:

Most of the metrics showed a fluctuating pattern throughout the week. Considering all the metrics, Wednesday was a good day for the market with a pump in almost every metric. A huge increase in the Primary Sales Volume was noticed on Wednesday with a little increase in the number of Primary sales, this shows that a number of high-value NFTs were minted that day.

The number of secondary sales showed a significant increase on Wednesday. However, the relation between secondary sales and their volume was the opposite of that of the relation between primary sales and their volume. The secondary sales volume also increased on Wednesday but the increase was a lot less. Therefore, it can be determined that a lot of low-value NFTs were traded on the secondary market on Wednesday.

This huge increase on Wednesday in the Primary Sales Volume also reflects the health of the market. People are still interested in buying into the market if there are strong projects being launched. Along with this, the daily number of buyers remains to be higher than the daily number of sellers, showing a positive sign for the health of the market. The average price of an NFT didn’t show a huge fluctuation which determines that NFTs continued to hold their value throughout the week.

Although the daily number of buyers remains to be higher than the number of sellers throughout the week, the overall active market wallets showed a decrease in the daily data throughout the week reflecting people’s lack of interest in the market.

The information above does not constitute investment advice, and the author does not ask you to either buy or sell any of the assets mentioned in the article.


NFT Market Update | CoinCodeCap’s Weekly was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.