The NFT Market Health This Week

The non-fungible token market has slightly fallen this week, following the recent dropdown in the profile picture ‘PFP’ market. The market downturn started mid-this week after non-fungible token market platform OpenSea halted creator royalty enforcement.

In an August 17 blog post, OpenSea, the second most traded marketplace after Blur, announced that it would soon disable creator royalty enforcement on its platform. Its sudden move has attracted anger among the NFT community, including Yuga Labs and Mark Cuban.

In the wake of OpenSea stance on creator royalties, Yuga Lab has threatened to delist its NFT collection from the OpenSea NFT market platform. Yuga Labs is the digital asset firm behind Bored Ape Yacht Club, Mutant Ape Yacht Club, and more. The Yuga Labs and OpenSea rivalry have left the majority of floor prices to crumble.

Data compiled by CryptoSlam.io, an on-chain data aggregator, shows that the global non-fungible token market has plummeted slightly this week. In the past seven days, the NFT market has amassed a trading sales volume of $107 million, representing a 2.57% drop from the past week.

The NFT market trend reveals that many crypto investors are taking advantage of the recent bear, with the number of collectors accumulating NFTs pumping 75% this week. NFT transactions have also pumped 31% to over 3.8 million from the past week.

Non-fungible tokens collection hosted on Ethereum, the largest blockchain for NFTs, continues dominating the NFT sales market this week. Ethereum NFTs have amassed a trading sales volume of $66 million in the past seven days, representing a 5% rise from last week.

This week, digital collectibles hosted on Solana have the second most traded NFT collection. The NFT collection has attracted a trading sales volume of $9.6 million, representing a 3.31% spike from the past week. This week, Polygon NFTs were the third most traded NFTs, attracting a trading sales volume of $8.3 million. Polygon NFTs have plummeted 38% in sales this week.

Five Most Traded NFTs In The Past 7 Days

Source: CryptoSlam.io, top five NFT collections.

1. DeGods NFTs

DeGods is an NFT collection from the digital asset firm Dust Labs, featuring a limited edition of 10,000 NFTs hosted on the Ethereum network. The NFT collection has been the most traded NFT this week, amassing a trading sales volume of $6.5 million. DeGods has pumped 35% in sales.

2. DMarket NFTs

DMarket is an NFT collection from The DMarket, the digital marketplace that revolves around esports and in-game collectibles like skins, weapons, and armor. The marketplace features multiplayer games and RPG ‘role-playing games’ like CS: GO, Team Fortress 2, DOTA 2, Rust, Maincast, and more. DMarket NFTs have been the second most traded NFTs this week. It has attracted a trading sales volume of $6.2 million.

3. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club, an NFT collection from the digital asset firm Yuga Labs featuring a fixed set of 10,000 NFTs hosted on Ethereum, has been the third most traded NFT collection this week. In the past seven days, Bored Ape Yacht Club NFT has attracted a trading sales volume of $6 million.

4. God Unchained NFTs

Gods Unchained is an NFT collection from Gods Unchained, a free-to-play tactical card game that gives players true ownership of their in-game items by using NFTs on the Ethereum Blockchain and Immutable X. Gods Unchained has been the fourth most traded NFT this week. It has amassed a trading sales volume of $4.3 million.

5. DraftKings NFTs

DraftKings is an NFT collection from the digital asset marketplace DraftKings hosted on the Polygon network. These NFTs launched earlier this month and are the fifth most traded NFTs this week. Draft Kings NFTs have recorded a trading sales volume of $3.6 million.

Top Five NFT News This Week

1. OpenSea NFT Royalties Change Spurs A Heated Debate

Earlier this week, OpenSea, the once the largest NFT marketplace by trading volume and Blur market rival, revealed plans to stop enforcing creator royalty fees on secondary trades. Mark Cuban, the billionaire investor and Bored Ape Yacht Club creator Yuga Labs was among the major players speaking out their disappointment against NFT trading platform OpenSea, over the company’s Thursday announcement that it intends to sunset enforcement of creator royalties.

We launched our Operator Filter so creators could restrict secondary sales to web3 marketplaces that enforce creator fees.

But we relied on opt-in by the entire ecosystem, which didn't happen. So we’re making a few changes to our approach to creator fees. 🧵⬇️

— OpenSea (@opensea) August 17, 2023

2. Infernal Drainer Attacks Again – Steals 13 NFTs

On August 17, Infernal Drainer, a crypto phishing service provider specializing in multi-chain scams, drained thirteen NFTs on the Blur NFT market platform. PeckShield, a blockchain security company, confirmed that Infernal Drainer disappeared with thirteen non-fungible token collections, including a Cool Cat and a Beanz.

#PeckShieldAlert #Phishing 13 NFTs, including #BEANZ #18726 and #CoolCat #9951 were stolen by #InfernoDrainer on #Blur https://t.co/KrMcLWF3rY pic.twitter.com/ZFK3CFYInD

— PeckShieldAlert (@PeckShieldAlert) August 17, 2023

3. Nickelodeon NFTs Creator Recur Accused Of Hard Rug Pull

Recur, the digital asset firm and the team behind non-fungible token collections such as Hello Kitty and Nickelodeon, announced shuttering its platform. The digital asset firm has launched some of the most popular NFT projects, including, Rugrats, Hello Kitty, Star Trek, Hey Arnold, and Nickelodeon NFTs. The digital asset firm has been accused of rug pull.

Today, with heavy hearts, we must share some difficult news.

After much contemplation and consideration, we’ve decided to deprecate the RECUR platform, effective November 16, 2023.

Learn more: https://t.co/5NbiTQSAGo

— RECUR (@RecurForever) August 18, 2023

4. Magic Eden x Polygon Launched $1M NFT Creator Fund

Magic Eden, the digital market platform for multi-chain non-fungible tokens, and Polygon, an Ethereum scaling network, collaborated to launch a $1 million creator fund to boost the MATIC-NFT ecosystem further. Magic Eden believes that the allocated funds will strengthen the quality of new projects, allowing them to focus on their collections’ product, community, and roadmap elements.

5. The Wall Street Memes Presale Raises $26M

The Wall Street Memes is another crypto project making headlines this week after raising over $26 million from its crypto token presale. The project was launched in June by the legendary crypto community group Wall Street Memes. In 2021, Wall Street Memes launched an NFT collection that sold out in just 32 minutes. In May this year, the same team launched the Wall Street Bulls, an ordinal NFT collection that did remarkably well.