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On April 23, at the TIMEDAY event hosted by Tencent Smart Mobility, Tang Daosheng, Senior Executive Vice President of Tencent Group and CEO of the Cloud and Smart Industries Group, stated that competition in the automotive industry is being redefined by AI. In the future, the difference between automakers will no longer depend on whether they possess intelligent technology itself, but rather on who can more quickly and systematically implement AI on a large scale.On April 23, the Hong Kong Securities and Futures Commission (SFC) disclosed that it had reached an agreement with PricewaterhouseCoopers (PwCs Hong Kong operating entity) to set aside HK$1 billion to compensate eligible independent minority shareholders of China Evergrande Group (China Evergrande) for the falsified financial statements in 2019 and 2020. Meanwhile, the Accounting and Financial Reporting Council (AFC) of Hong Kong disclosed that it had imposed a HK$300 million fine and a six-month professional restriction on PwC for its audit of Evergrande, and a total fine of HK$10 million on two of its former registered officers. PwC responded that the business restrictions imposed by the AFC would not affect the firms existing clients, and the restrictions only apply to its inability to undertake audits of new Hong Kong public interest entities within six months.Markets are increasing bets on a Bank of England rate hike, with expectations of a 62 basis point increase this year.Shell (SHEL.N): Every refinery in Europe is operating at full capacity to produce aviation fuel.Shell (SHEL.N): The Pernis refinery is maximizing jet fuel production.

Crypto Market Sell-off Delivers NFT Trading Volume Boost

Cory Russell

Apr 13, 2022 10:06


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The crypto market sell-off has aided the growth of OpenSea NFT trading volumes.


Trading volumes on OpenSea fell in February and March as the crypto market rose.


As more mainstream businesses join the NFT area, the prognosis for the NFT market remains positive.

NFTs and OpenSea had a strong start to 2022, with trade volumes reaching an all-time high in January. The upward trend provided a positive picture for the next year.


ETH trade volume reached $4.97 billion in January, according to Dune Analytics statistics. The previous all-time high for OpenSea came in August, when trade volume reached $3.42 billion.


However, the crypto market's recovery from late January lows to early April highs was underwhelming in February and March.


Conditions in the NFT market look to be improving, with the recent crypto market sell-off providing support.

Trading on OpenSea with ETH under $3,000

March saw $2.49bn in ETH-based NFT trading volumes, down from $4.97bn in January and $3.58bn in February.


ETH trading volume is at $1.30bn. A continuing ETH decline would encourage demand for NFTs, notwithstanding the lack of a straight line.


After a January low of $2,161, ETH hit $3,500 in April before slipping down to sub-$3,000. ETH has declined in 6 of 9 sessions, with ETH-based NFT trading on OpenSea returning to sub-$3,000.


Because NFT trade volumes for Polygon (MATIC) and Solana (SOL) are so small, ETH remains the major emphasis.


This month's active traders have risen. From 546,145 in January to 451,767 in March, active ETH-based NFT traders. This month, there were 281,546 active ETH-based NFT traders.


Active traders may reach January's all-time high, boosting OpenSea and NFTs.

Beyond ETH Value's Influence on Trading Volume

Competition, illegal conduct, new NFT launches, and regulatory scrutiny will all have an impact on OpenSea trading activity.


LooksRare (LOOKS) debuted in January this year, and Coinbase is ready to join the NFT field via CoinbaseNFT.


Acceptance of fiat money as a form of payment will be a last important driver for NFT transaction counts. Coinbase and Mastercard announced a cooperation at the start of the year that would enable mainstream payments for NFTs.


The ability to accept mainstream payments eliminates the need for potential NFT collectors to open digital wallets and acquire cryptocurrency under risky market circumstances. The move by Coinbase to accept Mastercard payments may drive other NFT markets to do the same.


The good news for the NFT industry is that major corporations are continuing to investigate and join the digital asset market. Investors will be watching how Solana-based NFTs work for OpenSea.


However, there are also downside concerns, such as illegal activities and increasing governmental supervision. Regulatory monitoring must be helpful rather than punishing in order to make the NFT market more accessible. The actions of regulators on NFTs may be connected to unlawful activities in the NFT sector.

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