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NFT trading volume rose 230% in Q1, Nansen finds

  • NFT trading volume rose 230% in Q1, 2023 with over $4.54B in sales compared to $1.97 billion in Q4, 2022.
  • According to Nansen Data Journalist Martin Lee, the NFT marketplace Blur accounted for most of the volume in the quarter.
  • The number of NFT users also grew significantly during the quarter, although the past few weeks are seeing a decline in volume and user numbers.

An analysis of the NFT market by Nansen, a leading blockchain analytics firm, has hinted at a resurgence in the sector in the first three months of the year. Data comparing market performance in terms of trading volumes shows sales surged over 230% in Q1, 2023 vs. Q4 2022.

According to Martin Lee, a Data Journalist at Nansen, the significant increase is observable in both ETH and USD metrics. A new player in the NFT marketplace ecosystem accounted for a large share of the trading volume, the analysis reveals. 

“The increase has largely been driven by the rise of Blur,” Lee noted in an analysis shared with CoinJournal.

NFT trading volume rose 230% to over $4.54 billion in Q1

In Q4, 2022, over 1.5 million ETH, or more than $1.97 billion worth of NFTs was transacted. This amounted to NFT sales volume of 9,036,778 during the period. In comparison, the NFT market recorded a significant increase in transacted volume in Q1, 2023 with market volume hitting over 2.83 million ETH, or $4.54 billion.

The total transacted in the quarter was 11,498,022 NFTs, with the volume increasing 230% in Q1, 2023 compared to Q4, 2022.

Although Q1, 2023 showed significant increase in sales volume compared to Q4, 2022, Nansen data shows there was a lull in April. While $1.7 billion was transacted in March, the next 30 days saw a dip in volume with approximately $1.2 billion generated. The trend is also being observed in May as shown below.

Data shows a decline in NFT volumes in April and May. Source:Nansen

There’s also a slight decline in the number of users, with data for the past few weeks lower than what was recorded in the past year. Notably though, Q1 saw 13,999,528 in users, compared to 11,233,872 in Q4, 2022. 

A visualization of NFT sales and wallets between January,2022 and April, 2023. Source: NansenThe decline comes amid a surge in interest in meme coins, with the likes of Pepe (PEPE) and Floki Inu (FLOKI) top performers in the last month.

OpenSea saw $200 million worth of NFT sales volume in Q4, 2022

In the last quarter of 2022, the NFT market observed noteworthy sales figures, particularly for OpenSea. The platform accounted for 219,992.50 ETH in volume, equivalent to $272,415,866.4. The total NFT sales across the platform during the quarter was 1,413,780 NFTs.

During this period, other platforms that recorded significant volumes were LooksRare, Mint, CryptoPunks, and X2Y2.

Blur emerges as key NFT marketplace, Q1 volume surpassed OpenSea’s

During the first quarter of 2023, Blur emerged as a prominent player in the NFT market. While OpenSea sales volume was 661,547.79 ETH, or approximately $1.02 billion from 3,727,299 NFTs sold, Blur’s volume was nearly three times higher.

According to the Nansen analysis, Blur saw its remarkable growth translate to over 1.8 million ETH, or $2.93 billion worth of NFT sales. The platform accounted for 1,999,688 of the quarterly NFT sales.

Blur, launched in October 2022, is now one of the leading NFT marketplaces. The Ethereum-based platform looks to offer traders and collectors a top marketplace that highlights a community-driven ecosystem.  

Blur’s growth in terms of sales volume demonstrates the continued expansion of the NFT market, with traders and collectors keen to explore the best of both established and emerging platforms.

The post NFT trading volume rose 230% in Q1, Nansen finds appeared first on CoinJournal.

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Microsoft joins BNP Paribas, Goldman Sachs and others on new blockchain network

  • The new platform is a privacy-enabled blockchain dubbed the Canton Network.
  • Canton Network allows for interoperable and synchronised transactions in finance, unlocking efficiency and innovation.
  • Microsoft is a supporting partner and joins companies such as BNP Paribas, Deutsche Börse Group, and Goldman Sachs.

Microsoft is among several global tech and finance companies looking to advance interoperabiloty in the financial markets via a new privacy-enabled blockchain network.

The institutional-focused blockchain is dubbed the Canton Network and will offer access to a decentralised infrastructure targeted at unlocking the potential of synchronised financial markets, according to details shared in a press release on Tuesday.

The Canton Network consortium includes crypto platform Digital Asset, investment banking providers BNP Paribas and Goldman Sachs and auditing giant Deloitte. Other partners are Cboe Global Markets, Cumberland, Deutsche Börse Group, EquiLend, Moody’s, and Paxos among others.

Harnessing the power of blockchain technology

Created as a ‘network of networks’, Canton will see previously siloed systems within the financial markets ecosystem interoperate – with industry players benefiting from aspects such as proper governance, privacy, and permissioning applicable to the highly regulated sector.

Apart from harnessing the power of blockchain, the project will also look to advance integration of Web3 and AI in the financial industry.

Rashmi Misra, the General Manager AI & Emerging Technologies, Business Development at Microsoft, said:

“We are excited to be a supporting partner of the Canton Network. We look forward to helping the financial community build and scale cloud enabled Web3 applications on Azure while harnessing the power of AI to improve the user experience and drive developer adoption.”

Canton Network participants are set to test the interoperability capabilities of the platform starting in July. Users will be able to execute atomic transactions across multiple smart contracts, with rapid cross-chain settlement, privacy and security.

Adoption of blockchain technology and digital assets among financial institutions and payments providers has picked up again after a lull that came with the turmoil of the crypto winter and regulatory uncertainty.

Recent moves in this direction have been made by companies like Visa and Mastercard.

The post Microsoft joins BNP Paribas, Goldman Sachs and others on new blockchain network appeared first on CoinJournal.

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In the year of the meme coins will DOGEs growth be eclipsed by TOADS?

  • DigiToads (TOADS) is a play to earn full utility meme coin.
  • DigiToads (TOADS) is currently ongoing.
  • 2023 has seen new meme coins like PEPE overtake former meme coin stars like DOGE.

Dogecoin (DOGE) became arguably the most famous meme coin buoyed by social media hype over the past few years. Millionaires were created out of nowhere, and thousands of other meme coins sprung up to try and capitalize on increased demand for the “next big thing” in the crypto world. 

However, only some of these meme coins have succeeded. This, combined with wider economic pressures and a general slowdown in the entire crypto market, has led some investors to look elsewhere. 

But the meme coin boom isn’t over. It’s just getting started following the launch of new trending meme crypto projects like DigiToads (TOADS).

What is DigiToads (TOADS)?

Savvy investors think that DigiToads (TOADS) is a win-win proposition. Unlike many other meme coin success stories, it’s actually got a ton of solid fundamentals built-in to an incredibly innovative ecosystem that’s rewarding, fun, and primed for growth. Memecoin hype can only get you so far, but TOADs has both the fun marketing appeal and the long-term profit potential investors have been crying out for.

DigiToads leads the charge as one of the hottest P2E cryptos in the crypto space, thanks to its extremely enjoyable swamp battle arena that lets users train and battle with a range of TOAD companions. The best-placed competitors will receive regular rewards in the form of TOADS tokens, which can then be used to buy food, train, and customize your companions to take them to the next level.

The TOADS ecosystem has been built from the ground up with a community-focused ethos at the core of everything it does.  It is currently conducting its presale which provides early investors with long-term gains thanks to heavily discounted prices and sustainable passive income potential thanks to top NFT staking capabilities. You can participate in the DigiToads presale here.

With prices already soaring during TOADS’ presale phase, the token price is locked in to go even higher before its official launch thanks to staggered increases. With the increased popularity and number of investors flocking to purchase the new TOADS token, DigiToads could surpass well-known meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).

Dogecoin (DOGE) market performance

Dogecoin hype and price performance over the years have certainly shown what sort of gains are possible in the meme coin world. It also showed other crypto projects how much marketing power a few tweets from famous followers can get you. 

However, DOGE could not solidify those huge gains, and its long-term journey has been slightly less appealing to investors. Analysts have suggested that this comes down to fundamentals: social media hype can only get you so far, and credible investors need credible crypto options. 

Conclusion

While DOGE remains a viable option for your crypto portfolio since it could still surge back to its former highs, experts think that TOADS also has everything needed to become the next meme coin.

The post In the year of the meme coins will DOGEs growth be eclipsed by TOADS? appeared first on CoinJournal.

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Ethereum ecosystem predictions: The Shanghai upgrade, scaling and a potential peak

Since its launch, Ethereum has become the second cryptocurrency in the world in terms of market capitalization and the most popular altcoin globally. Its good reputation is also because the blockchain is well-recognized for its innovative qualities, being a pioneer in the fields of decentralized applications and finance. Over the last year, its native currency, Ether, was badly hit by the crypto winter and bear markets that affected the digital finance ecosystem.

However, in 2023, the market is on the mend, and investors are beginning to remake their portfolios. Considering that cryptocurrencies are still recovering from the difficulties of 2022, it’s time to examine some ways the digital asset environment could change over the following months.

The Shanghai Upgrade 

Over the years, Ethereum has been at the forefront of innovation and technological development within the cryptocurrency backdrop. Recently, on April 12th, it finally launched its much-awaited Shanghai upgrade. As a result, the price has climbed over $2,000, the highest level in nearly a year, since May 2022.

In the days since the upgrade has gone live, exchanges have recorded an approximate inflow of nearly 180,000 ETH, the rough equivalent of $375 million. Between the 13th and the 19th of April, traders deposited over one million coins, compared to the 921,579 tokens that were removed. This has been the most significant net inflow in a month.

As for the effects this might have on the price point, analysts have pointed out that investors transferring coins to exchanges is a clear indicator they are preparing to sell, which can contribute to a price decline. The latest update has also enabled the withdrawal of staked contracts. Shortly before Shanghai was implemented, many investors were worried that this would cause the market to become flooded with millions of coins, leading to an inevitable crash.

While those grim predictions have thankfully not become a reality, it is still too early to determine the long-term implications of this latest upgrade and how it will impact both the Ethereum blockchain and the larger crypto environment.

Network congestion 

The blockchain is an outstandingly large collection of immutable data that is stored in individual blocks. And while there are many advantages that come with its system, including transparency and the fact that nobody holds complete access to the body of information, one of the problems is the network’s scaling. The recent crypto rallies have proved yet again that this problem needs to be solved.

When the price of Ethereum climbed back up, an unprecedented number of new users rushed to the blockchain. As a result, the network slowed down, which is bad news for the traffic-based fees that power transactions on the Ethereum blockchain. The congestion caused these figures to reach exceedingly high levels, and the high prices, unfortunately, make cryptocurrencies, something that should be readily available for everyone, inaccessible to most. These factors could also cause Ethereum to lose its spot as a hub of decentralized finance to other networks that operate better in this regard.

Ethereum developers have been looking into methods to boost the blockchain’s core to increase speed and decrease fees. However, the impact has been modest so far, and gradual changes are expected to intervene over the following years. After they are completed, investors will be able to say that the blockchain has achieved its full potential. 

Hacker attack 

Unfortunately, the cryptocurrency world is no stranger to hackers. Cybercriminals are drawn in by the chiefly digital aspect of the assets, and cryptocurrency wallets are some of the most coveted prizes by hackers. Generally, investors can protect their assets by taking the necessary security measures, such as ensuring they don’t share their private passwords with anyone.

However, since December, many Ethereum users have been targeted by hacker attacks that drain their wallets. So far, an estimated $10 million, or 5,000 ETH, has been extracted from traders, many of whom are either whales or early investors. What’s even more baffling is that the attacks are focused on hardware wallets, traditionally believed to be much more secure than the software-based alternatives.

While the cause and reason for these attacks are currently not well understood, researchers have claimed that the person behind the attacks may have accessed a considerable data cache dating back a few years ago and proceeded to use it as a means to drain the cryptocurrency wallets of investors with substantial crypto holdings. While this educated guess can offer an educated guess as to what is going on, nobody can be sure of the hacker’s identity.

For those concerned about the safety of their assets, the best advice is to avoid keeping everything under a single key over several years. Moreover, ensure you don’t store your secret passcodes anywhere online or on any device directly connected to the internet. Hackers can get access to your funds via this channel. If you’ve been an investor for quite some time and you’re not 100% confident that you’ve been very careful about security measures in the past, consider creating a new wallet.

Sandwich bots 

The concept of sandwich trading refers to a process during which a bot is programmed to spot when an investor is attempting to make a purchase on the blockchain. The bot then proceeds to place an order on the same token. Recently, one sandwich bot connected to a wallet named “jaredfromsubway.eth” has been using this tactic on investors betting on tokens, particularly chad and pepe. The meme coins don’t have intrinsic value but became popular due to the intervention of social media.

While sandwich attackers aren’t exploitative per se, many within the crypto environment view them as predatory. That’s because the bots skim value from the investors, meaning they can make millions of dollars from an attack. Simultaneously, they drive gas fees up, which doesn’t benefit either the blockchain or its users.

The Ethereum blockchain continues to change and develop. If you’re an investor looking to increase your revenue, it’s essential to be mindful of all these changes and prepare for them. Don’t rush into anything, and don’t make impulsive decisions even if they might seem correct at the moment. You’ll have a lot to be thankful for later on.

The post Ethereum ecosystem predictions: The Shanghai upgrade, scaling and a potential peak appeared first on CoinJournal.

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AltSignals presale accelerates even as Bitcoin cools down and meme interest grows

  • AltSignals token presale is now 66.84% complete

  • The presale happens amid a tepid crypto market and growing interest in memes

  • $ASI could be attractively priced ahead of the token listings

Bitcoin has cooled down after a tepid run to the $30,000 mark. The cryptocurrency trades slightly below $28,000 at a time investors are still showing much interest in other little-known or new tokens like PEPE. This also happens when new tokens on presale, like AltSignals, attract interest, with 66.84% of the tokens sold out. Investors have been looking at AltSignals as a quality project backed by an existing community of traders. You can join the presale and become part of the AI transformation happening in the crypto industry.

Bitcoin slows, but meme interest grows

One of the most watched paradoxes in crypto is the trading behaviour of Bitcoin versus meme cryptocurrencies. Historically, increased interest in meme cryptocurrencies like Dogecoin has caused a slowdown in Bitcoin. This time around, interest is on another little-known coin, PEPE. The frog-themed meme coin debuted in mid-April but has grown exponentially. The market cap rose to $1.82 billion barely a week ago, but it has retraced.

The interest in PEPE has also seen other little-known tokens, such as 4TOKEN, DINO, and CHAD, increase in value. It shows investors’ interest in crypto remains strong despite a prolonged bear market. That’s because meme cryptocurrencies are driven by speculations, meaning investors still hold ground.

The intense interest in new cryptos favours newcomers like AltSignals ($ASI). Beyond the speculative reasons that could spur its uptake, AltSignals token powers a service that is in high demand – AI trading. That makes it a more sound investment compared to the meme predecessors and one that could deliver long-term success. 

AltSignals – Leveraging the power of AI to power trading

AltSignals is a UK-based trading service. Since its inception in 2017, the platform has built a successful business that has attracted thousands of followers on Telegram. AltSignals has been using AltAlgo™, an advanced technical analysis tool, to generate quality signals for its community. The signals cut across forex markets and digital assets. The company has produced over 3,700 signals, with an average accuracy rate of over 64%. The signals have directly benefited over 52,000 traders who use the service.

To capitalise on the early success, AltSignals is launching an artificial intelligence-led trading platform for its community. The platform will be dubbed ActualizeAI and will be powered by AltSignals token $ASI. With AI, AltSignals expects to improve the quality of signals it produces and benefit its community further. There are other utilities the community will enjoy, potentially explaining why the $ASI presale has attracted a lot of interest so far.

Is ActualizeAI and $ASI really a good opportunity?

The world is shifting towards AI, and it’s no coincidence that software like ChatGPT is growing popular. Trading is one of those areas that is projected to benefit immensely from AI. AI trading systems can quickly and more accurately process data, allowing traders to make the right decisions. The systems can filter human emotions, pull data from various sources, and integrate a range of parameters in advanced technical analysis. Thus, a platform like ActaulizeAI could be exciting, especially since it is built from an already existing system by AltSignals. 

Similarly, owning $ASI guarantees access to AltSignals AI platform ActualizeAI. Investors benefit from quality trading signals which they can use to grow their bottom lines. AltSignals also envisions a situation where the trader is in control. They can use $ASI to vote on decisions and be part of beneficial ownership in the AI Members Club. In other words, apart from speculating on $ASI, investors have other range of benefits for investing in ActualizeAI. 

Should you buy $ASI this week?

With less than 35% of $ASI remaining before the presale completes, it could be the right time to invest. After that, the price may rise exponentially as $ASI is expected to list on Uniswap in the second quarter of 2023. It means investing early offers a chance to buy the token at a low price before more investors have access to it.

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