NFT Market Weekly Update | November 11

NFT Market Weekly Update | November 11

Your weekly recap of the most critical developments in the NFT market. Covering the top news, market statistics, and upcoming project trends to watch.


In this Report:

  • FIFA World Cup NFTs
  • Instagram Becomes an NFT Marketplace
  • Leonel Messi Partners up with Sorare
  • OpenSea Enforces Royalties
  • Market Statistics - How FTX pitfall affected NFTs
  • Bored Ape Yacht Club Updates

Top News of The Week:

  • Instagram is slowly becoming an NFT marketplace! Starting this week, Instagram allows minting, buying & selling NFTs directly inside the app. This feature has only been available for selected digital artists. During the weekend, Polygon’s token, $MATIC, Polygon pumping up to 25%. It’s been an excellent year for Polygon as they partnered with big names, such as Starbucks, Reddit, and Instagram! Instagram will support multiple blockchains. Including Ethereum, Polygon, Flow, and Solana. Here's a well-written article by NftNow.

  • The first popular mint took place earlier this week by the popular artist Drift It sold out in 10 seconds. The collection opened at a price of $1.000 USD. A few hours later the collection items were trading at a price of approximately $4K USD in OpenSea. We are expecting more NFT releases through Instagram this week. So far, it's been positive for the NFT community!
  • The Fifa World Cup NFTs are on fire! As we approach the beginning of the most popular sports event in the world, the hype on NFT related to sports is also rising! Opening great opportunities for NFT investors, football fans, and celebrities. Hype is building up, and we have seen a few NFT collections selling out quickly! Sorare, a blockchain-based gaming platform partnered with top footballer, Leonel Messi. Last year Sorare received $680 million in funding to develop the fantasy sports platform.
SoRare Marketplace
SoRare Marketplace
  • OpenSea, the largest Marketplace, announced via a tweet that they will be supporting creator royalties by enforcing them in their platform. Do you think Royalties should be enforced? Or shall they be optional? Creators get income from royalties, and it's a monetary incentive for artists and NFT creators. On the other hand, investors prefer saving money on royalties, and marketplaces with optional royalties have become more popular.

NFT Market Statistics

What a week this was from Crypto! Here's an update on the top NFT collections on Ethereum.

ETH NFTs
Ethereum NFTs

HIGHLIGHTS:

  • Discount day! The FTX downfall has hit all markets, and NFTs are bleeding. Do you think we have hit bottom yet? Perhaps now could be an exciting entry point to enter some of the top collections.
    Art Gobblers taking a big hit. -78% decrease in floor price this week, currently trading at 3.4 Eth.
  • The Bored Ape Yacht Club with a -8% decrease in price this week! The cheapest Bored Ape is selling now for $84K. YugaLabs also announced its own platform for official news.
  • Azuki, CloneX, Otherdeed by Otherside, and many of the top collections, decreased on average -18% this week! Ouch!

By looking at the total volume traded in NFTs, we are at the lowest point since the last bull run. Here's a representation of the weekly traded volume on NFT. Have we hit the bottom yet?

OpenSea volume in 2022
OpenSea volume in 2022

It's been a tough week for the entire crypto market. But large profits are made during market recessions. Perhaps now could be an excellent time to enter some of the blue-chip NFT collections, as most are discounted. Stay safe, and remember to always do your research before investing!

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