EUR/USD 1.14859
0.096%
Gold 4376.53
0.805%
Oil 95.469
-1.085%
USD/JPY 156.726
0.486%
GBP/USD 1.33935
0.269%
GBP/JPY 209.919
0.759%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
French President Macron: France supports a closer relationship between the EU and Canada, and supports Canadas associate membership.On September 21, the Israel Defense Forces and the Israel Security Directorate (Shin Bet) issued a joint statement on the 20th, saying that the Israeli military killed three Palestinian Islamic Resistance Movement (Hamas) militants in the Gaza Strip, two of whom had participated in the October 7, 2023 attack on Israel.The Russian Ministry of Defense announced on September 20 that Ukraine launched a large-scale attack using drones and Flamingo cruise missiles on September 19-20 in an attempt to disrupt the State Duma (lower house of parliament) elections. Over the past day, Russian air defense forces shot down 1,951 attack drones and 8 cruise missiles over multiple regions of Russia. One Ukrainian cruise missile veered off course and crashed in an uninhabited area. The Ministry of Defense stated that all Flamingo cruise missiles launched by the Ukrainian forces were destroyed before reaching civilian infrastructure in the Moscow area. The large-scale attack attempt against Moscow failed, and the Ukrainian forces did not achieve their objectives. The Ministry of Defense emphasized that in response to the Ukrainian attacks on civilian infrastructure within Russia, the Russian Armed Forces will continue and intensify their use of high-precision weapons to strike military targets in Kyiv.Joint Maritime Information Center: In the past 72 hours, the U.S. Navy assisted in 97 transits through the Strait of Hormuz.The Russian Ministry of Defense announced that in response to attacks on civilian infrastructure by Ukrainian armed forces, the Russian military will intensify its strikes against military targets in Kyiv.

Crypto Market Sell-off Delivers NFT Trading Volume Boost

Cory Russell

Apr 13, 2022 10:06


微信截图_20220413094918.png


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.

Suggestion