7-Day Market Moves
It's a bit of a roller-coaster in the market this week. The Forkast 500 NFT Index is down 1.79%. Meanwhile, the crypto platforms are seeing a divergence in trading volumes. Ethereum's NFT trading volume has dropped nearly 20% to $20.87 million in the last 24 hours, while the Bitcoin network is up by 357.82% rise to reach $13.38 million, according to the latest CryptoSlam data.
Turning to the collections, 'Uncategorized Ordinals,' a subset of Bitcoin Ordinals on CryptoSlam, rose 7.22%. This placed it as the most-sold collection for the day. Next is the newcomer SMB Barrel Raffle. The Solana-based offering, which only began public minting on Thursday, recorded the second-highest daily volume of $5.1 million.
On the flip side, the trading volume of Azuki Elementals dropped 46.5% to $2.95 million, and the original Azuki collection mirrored a similar trend with a 7.76% drop to $2.79 million. To add to the woes, the new Azuki Elementals collection drew criticism for its striking similarity to the original Azuki collection, despite selling out its 20,000 NFTs within 15 minutes of minting. Nansen, a data analytics firm, noted that long-term Azuki and Beanz collectors have begun offloading their NFTs post-Elementals mint. Stay tuned as we continue to monitor these developments.