top of page
  • Writer's pictureGerard Kavanagh

There are no limits to what can be achieved

We live and operate in a dynamic and vibrant space and system, the crypto-verse, and as a result, change is perpetual and adjustments are constantly needed. It's the tip of the spear. It's exciting, and it can be an emotional rollercoaster. The newsflow of late certainly attests to that. We have the WSJ suggesting the NFT market has flatlined, the FT's Alphaville team cast aspersions frequently on anything crypto-related and BAYC offerings led to skyrocketing transaction fees on Ethereum which generated a lot of happiness. Firstly criticism is good, it helps concentrate minds, fuels improvement, and generally leads to better outcomes. Some criticism is factually incorrect, you are torturing data to fit your argument, but it can still have a positive outcome as it inspires change. The WSJ article did torture data to fit its argument, the NFT market is not flatlining but rather is consolidating, but as the BAYC issue showed there are clear problems with the Ethereum blockchain from a gas expense perspective (improvements are coming, so we keep being told, but as yet that has not happened) - so there are other opportunities and blockchains making inroads/improvements. We will let this Cointelegraph article explain: WSJ says ‘The NFT market is collapsing,’ but the data says otherwise ( "An article in the Wall Street Journal has claimed sales of nonfungible tokens (NFTs) are “flatlining” — in the same week that the top five collections alone accounted for more than $1 billion in primary and secondary sales. The article cited data from NFT market analysis platform Nonfungible suggesting the number of NFT sales has fallen by 92% since an all-time high in September 2021. Wallets active in the Ethereum NFT market were also said to have declined by 88% since a high in November 2021.

“The NFT market is collapsing,” the article concluded.

However, on-chain data from Dune Analytics’ dashboard suggest that the NFT market is still robust, with information showing that NFT users and transactions are much higher than what’s reported by Nonfungible.

Analytics also show that volume per day in United States dollar on Ethereum NFTs over the week is some of the highest seen since February, with popular marketplace OpenSea seeing nearly $550 million in volume on Sunday alone.

Analysis from Tom Schmidt, partner at venture capital firm Dragonfly Capital, shows a similar story when focused on OpenSea transactions and USD volume.

Subsectors within the NFT market are emerging, and while some areas of the oversaturated market are in a downturn, others are seeing major gains. Nansen’s analytics platform, which indexes NFT collections by type, shows that “Blue Chip” NFTs — established and highly prized brands such as the Bored and Mutant Ape Yacht Club and Azuki tokens — are far outperforming art or gaming tokens. The Nansen Blue Chip-10 Index tracking the top 10 NFT projects is up 81% year to date (YTD), while comparatively, the indexes tracking the top art and gaming NFT collections are respectively down 39% and 49% YTD. This phenomenon of NFT market capital consolidating into the top collections was pointed out in an analysis by NFTstatistics.eth, which shared a chart in late April showing the top five collections are driving the Ethereum NFT market.

“There’s clearly a trend right now that five or six of the most successful projects are sharply outperforming while the rest are flat to down,” pseudonymous NFT market analyzer NFTstatistics.eth told Cointelegraph. The data from Nonfungible shows a spike on Sunday with the number of sales and active wallets that day hitting numbers not seen in their data from November 8, 2021, directly correlating with the record-breaking (and Ethereum breaking) Otherside metaverse land sale by Yuga Labs again contradicting the claim that NFT sales are “flatlining.” t’s not clear why the Nonfungible data the WSJ relied on is misaligned with Dune’s data. However, it could be due to the inclusion of sales volume from the play-to-earn (P2E) game Axie Infinity by Nonfungible. Volume for the popular play-to-earn hit an all-time high of over $40 million on November 4, 2021, before a gradual decline to its current levels of around $500,000, according to CryptoSlam data. But, the collapse in popularity of a P2E game, as NFTstatistics.eth said that it “is an extremely different message from ‘NFTs are collapsing.’”

While the current debate focuses on Ethereum NFTs, Solana is fast becoming a popular blockchain for this type of asset and is the second-largest blockchain behind Ethereum for NFT sales volume. Last week, the Solana NFT project “Okay Bears” topped OpenSea’s 24-hour sales tracker for the first time and holds fourth place behind the Mutant Ape Yacht Club in seven-day sales volume on CryptoSlam with over $47 million worth transacted." As we say this is an ever-changing world, it's doing so at breakneck speed and is constantly seeking to improve as well as grow. So yes there will be problems, but there have also been great advancements. We believe our project is another leap forward in the development of the crypto-verse, and a unique, incisive, and high-growth addition to the overall NFT market. There are no limits to what can be achieved. Whoo, Whoo ..... All aboard!

For a short overview of the FIX00 project 🙂 please use this link: The Start of something new

If you still have questions, we are happy to have you join us. We take great pride in our company and the revolutionary change it heralds. Please feel free to contact us if you need further information or have further questions:: Contact Us

If you don’t want to miss out and are ready to buy NOW, please CLICK here: Coinsbit

The future is filled with promises for us all. We're glad you're with us.

We look forward to growing together:

1 view0 comments

Recent Posts

See All
bottom of page