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On March 21, according to a customs announcement, on the morning of March 20, Sun Meijun, Director-General of the General Administration of Customs, met with Qu Dongyu, Director-General of the Food and Agriculture Organization of the United Nations (FAO), and his delegation at the Administration. They exchanged in-depth views and reached broad consensus on strengthening cooperation between Chinese Customs and the FAO, assisting in the capacity building of agricultural and food product security in the Global South, promoting international trade facilitation through smart customs, and supporting the Hainan Free Trade Port in playing an international exemplary role. Deputy Director-General Zhang Baofeng also attended the meeting.On March 21, following the conditional easing of US sanctions on Iranian oil, an Axios reporter stated that this move would allow Iran to earn approximately $14 billion in oil revenue. This would be the first time the US has purchased Iranian oil since 1996, all during the war with Iran. However, the New York Times points out that it remains unclear whether the limited lifting of sanctions on Iranian oil will affect global oil prices. Energy analysts believe that most of the crude oil shipped by sea has already been purchased and accounted for, meaning that lifting sanctions on this oil will not significantly increase the supply of oil in the market. Former US Treasury official Daniel Tannebaum stated, "I dont think Iranian crude oil will be imported into the United States." He added, "First, the supply of crude oil is a problem because most of it has already been booked; second, which global bank is funding the Iranian oil trade, regardless of whether such trade is legal?"On March 21, Sun Meijun, Director-General of the General Administration of Customs, met with Lee Myung-koo, Director-General of the Korean Customs Service, who was in China to attend the 20th China-Korea Customs Cooperation Conference. The meeting focused on implementing the important consensus reached by the leaders of China and South Korea, deepening customs cooperation between the two countries, and jointly promoting trade security and facilitation in China, South Korea, and the Asia-Pacific region. Three customs cooperation documents were signed. Following the meeting, Zhang Baofeng and Lee Myung-koo co-chaired the 20th China-Korea Customs Cooperation Conference. Both sides exchanged in-depth views on strengthening the partnership in "smart customs," deepening electronic networking of rules of origin, risk management, customs statistics, intellectual property protection, mutual recognition of Authorized Economic Operators (AEO), inter-customs cooperation, and anti-smuggling enforcement cooperation, reaching broad consensus on cooperation.On March 21, according to the US-based "War Zone" website, the Pentagon confirmed that a US F-35A fighter jet operating over Iran made an emergency return and landed at an undisclosed US military airfield in the Middle East. Video released by the Iranian Revolutionary Guard shows the stealth fighter jet being attacked. Foreign media reports suggest this may be the first time an F-35 has been hit in combat since its introduction, setting a new world record for air combat.On March 21, German Chancellor Merz stated at an event in Bad Duckheim, Rhineland-Palatinate, Germany, on March 20 that he had intended to invite US President Trump to the local wine festival in 2026, but he was unsure if Trump would be willing to attend because Trump is currently "not very happy" with him. Furthermore, Merz said that Germany currently holds "completely different views" from the US on some issues. He also stated that the "Make America Great Again" movement is unrelated to other countries, and that Germany holds different views on American culture, media products, and some democratic ideals.

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.