Nansen: One in Three NFTs End Up With Little to No Trading Activity

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Today’s Cryptocurrency Headline

A report released by blockchain analytics firm Nansen shows that, one-third of NFTs ended up with little to no trading activity, based on observations of blockchain-based collectables with fewer than 10 sale transactions in the past 30 days or those that no longer have a listing on a marketplace. Additionally, one-third of minted NFTs had floor prices above their initial minting costs. The profiles of NFT minters also showed a gradual rise in retail or “non-whale” minters. The report also indicates that the amount of Ethereum used to mint NFTs has gradually declined since the beginning of the year, with OpenSea’s transactions and trading activity dropping 67.2% and 23.31%, respectively, over the past month, according to blockchain data dashboard DappRadar. This may indicate a minor pullback in the NFT market.

BingX’s Bitcoin Chart

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According to Trustnode, Tether’s market cap (USDT) surpassed $80 billion for the first time and currently stands at $81,417,623,205. Additionally, since last month, Tether has added about $3 billion new stablecoins into circulation, and another about $4 billion has been authorized but not yet issued. BTC is up more than 3% over the last 24 hours and has climbed to a three-week high of $44,200 earlier on Wednesday. However, the Crypto Fear and Greed index shows the market is under the fear territory, indicating that market sentiment is still weak despite recent price gains. The bulls need to maintain the price above the $44,000 level to challenge the $46,000 resistance level.

 

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