03/06/2024 Ethereum NFT market faces slump: Any impact on ETH?

Over the past month, interest in Ethereum NFTs has notably waned, with sales experiencing a sharp decline.

Ethereum-NFTs-1000x600.webp
Even though the price movement ofEthereum [ETH]was in a positive direction over the last few days, the ecosystem of Ethereum was facing some major problems.

NFT volumes begin to fall

Over the past month, the total sales of Ethereum NFTs fell by 55%. Popular Ethereum NFT collections such as BAYC (Bored Ape Yacht Club), MAYC (Mutant Ape Yacht Club) and Crypto Punks witnessed a significant decline of more than 40% in terms of sales and floor prices.

NFTs on other networks such as Solana and Bitcoin were gaining traction compared to the Ethereum network.

Source: Crypto Slam

Moreover, the daily active addresses on the Ethereum network also fell significantly over the last few days along with the gas usage on the network, implying declining overall activity on the Ethereum ecosystem.

This maybe a sign that Ethereum’s popularity as an ecosystem was waning significantly.

Even though the interest in ETH due to the hype around its ETF has risen and caused the price to grow, a waning interest in the Ethereum ETF’s could cause a problem for ETH in the long run.

Source: Santiment

At press time, ETH was trading at $3,786.76 and its price had fallen by 0.68%. The network growth around the ETH token had fallen significantly, implying that the number of new addresses interesting with ETH had drastically declined.

A lack of interest from new addresses suggested that the market was not ready to buy ETH at its current price.

Some bulls may wait for a correction before accumulating more ETH in the future.

Additionally, the velocity at which ETH was trading at had grown, indicating that the frequency with which ETH was trading at had risen.

Only time will tell whether the price action of ETH co relates with the rising velocity, giving bulls some hope about the future.

Arts

https://ambcrypto.com/ethereum-nft-market-faces-slump-any-impact-on-eth/amp/

Interesting NFTs
The Complete MF Collection
THE COMPLETE MF COLLECTION by Beeple
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.
The Harvest
An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its “mind” dissociates into a conglomerate of structures resembling feathers, grain, teeth–as well as a radial flower “node”, casting linear rays throughout the composition. To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads “uWu”. Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figure’s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull. The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background. The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).
#28372
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Henna Parent
Sup playa! I'm Henna Parent. I'm a Skydiving Instructor by day, and I like talking about how much I lift by night. I'm often described as brilliant, and I own it. Purrhaps this is the beginning of a beautiful relationship.