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NFT market slows despite crypto’s ascent

source-logo  cryptonewsz.com 26 October 2023 12:50, UTC

In spite of the fact that there has been a significant increase in the value of digital assets, the overall NFT market is seemingly where it was. Over the last week, Bitcoin has witnessed an increase of 22%; from the figure of $28,000, it has reached $35,000. Bitcoin managed to take the industry further through two assets, Houbi’s HT and Trust Wallet’s TWT. In CoinGecko’s observation, this is among the first 100 in terms of market capitalization, which is in jeopardy.

As per the data released by Nansen, the minimum price for a sole NFT, which is known as the floor price, with regards to prime projects like CryptoPunks and Pudgy Penguins has fallen by 4% and 5%, respectively, over a seven-day period.

In the case of the Nansen NFT-500 index, it is less active, with a present value of 308 as compared to an annual increase of 1,700 that it stood at in October. On October 24, the number of buyer addresses fell to 7,200, whereas in terms of first-time buyers, it stood at 920.

Considering all of this, there still seems to be a vestige of optimism in the air. The volumes related to trading seem to have fallen. On mainnet Ethereum, the volume declined to 29,742 ETH, equivalent to less than $50 million. Later in the week, it was 47,369 ETH worth of NFTs traded, and $85 million worth of NFTs minted.

In addition, there has been a rise in current projects where sales have attained milestones such as 10, 100, and 1,000 ETH. On October 8, extant projects saw 41 aggregates, compared to the current total of 80.