7-Day Market Moves
📉 NFT Market Overview: In the recent NFT market’s turbulence, the Forkast 500 NFT index took a 2.73% dip week-over-week. On the brighter side, the Solana and Cardano NFT markets showcased increases, underlining some measure of stability in the otherwise dynamic scene.
🦍 Ape Collections Lead the Pack: Bored Ape Yacht Club (BAYC) took the lead in the race with its trading volumes soaring by 19.85% to hit $3.49 million. Hot on its heels were the Mutant Ape Yacht Club (MAYC) and Azuki.
💸 Liquidity Issues and Blur's Struggle: Despite the appeal of low prices, a liquidity crunch seems to be keeping investors at bay, marking a cautious approach towards capitalizing on the current low rates across blockchains. Concurrently, NFT marketplace Blur's recent efforts to attract traders—like a 50% cut in gas fees and a new "trait bidding" feature—haven't quite hit the bullseye, with a drop in total value locked post the launch of its V2 platform. The prevailing market sentiment suggests that platforms need to bring more to the table to entice traders amid these challenging times.