In July 2023, the NFT market continued to experience volatility, with declining trading volumes. However, despite this, certain sectors, such as gaming and music NFTs, showed determined growth and resilience. This resurgence is reflected in the increasing number of unique users engaging with these niche sectors. To gain a comprehensive understanding of the NFT ecosystem in July, we have collaborated with Footprint Analytics to provide an insightful report.
This report aims to delve into key indicators such as market capitalization, trading volumes, user engagement, and the delicate balance of buyer and seller activity across prominent chains like Ethereum and Polygon. By analyzing leading platforms and marketplaces, as well as the NFT funding market, we aim to provide an in-depth analysis of the market as a whole.
Beyond the data, our report also highlights significant milestones and breakthroughs that occurred in July. For instance, we feature the story of artist Jack Butcher, who created an Opepen NFT as a heartfelt tribute to ThreadGuy. These stories go beyond numbers and statistics to illuminate the cultural weight and spirit of collaboration that underpins the NFT space, even in times of market turbulence.
The data for this report was obtained from Footprint’s NFT research page, which offers an easy-to-use dashboard containing vital stats and metrics to understand the NFT industry. It provides real-time updates on trades, projects, fundings, and more.
Here are some key points from the report:
Crypto Macro Overview:
– The value of bitcoin remained mainly in the range of $29,000 – $31,000 throughout July.
– Bitcoin ended the month at a lower value of $29,230, down around 4% from its opening price of $30,587 on July 1.
NFT Market Overview:
– The market cap of the NFT market remained stable at around $100 billion in July.
– There was a decline in trading volume following the Azuki falls, indicating a possible cooling of market activity.
– The number of unique users engaging with NFTs showed a slight increase compared to the previous month.
BlueChip Index:
– The Blue Chip Index is in a downtrend, signaling a deeper bearish sentiment in the market.
– Major bluechip NFT projects such as Azuki and Bored Ape Yacht Club (BAYC) experienced significant price declines.
Chains & Marketplaces for NFTs:
– Ethereum continues to dominate the NFT market, accounting for 98.03% of the total volume.
– The NFT trading volume on the Ethereum blockchain reached a two-year low of $660.1 million in July.
– Polygon surpassed Ethereum in terms of unique users, indicating the growth of practical use cases in the NFT market.
NFT Investment & Funding:
– The NFT market has been subdued in recent months, with only three funding rounds totaling $15.85 million in July.
– However, capital continues to flow actively into the NFT sector, particularly in the combination of music and NFTs.
Hot Topics of the Month: Opepen:
– The incident involving Opepen highlighted the genuine spirit and kindness of the community, emphasizing the importance of recognizing creators in the evolving realm of NFTs.
Overall, despite the volatility and declining trading volumes in the NFT market in July, there are sectors, such as gaming and music NFTs, that continue to show growth and resilience. The report highlights the nuanced landscape of the NFT market, providing insights into key indicators, significant milestones, and breakthroughs. It aims to provide a holistic understanding of the market and its potential for the future.
In conclusion, the NFT market in July 2023 experienced volatility but also demonstrated its resilience in certain sectors. The report provides a comprehensive analysis of the overall market, including key indicators, notable milestones, and breakthroughs. It aims to shed light on the evolving landscape of the NFT market and its potential for growth in the future.
