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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

How NFTs Forecasted A Crypto Recovery, Nansen Report Claims

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Crypto NFT NFTs

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Crypto research firm Nansen published a report shared with NewsBTC, on non-fungible tokens (NFTs) and their performance amid the persistent bearish trend across the industry. NFTs have been a hot sector since 2021 as they facilitated broader adoption of digital assets but have taken a toll as Bitcoin and other cryptocurrencies trend to the downside.

Related Reading | Axie Infinity Sales Record A Massive Slump, Losing Over $120 Million

Ethereum ETH ETHUSD NFTs
ETH’s price trends to the downside on the 4-hour chart. Source: ETHUSD Tradingview

According to Nansen, their NFT Blue Chip-10 and NFT 500 Indexes displayed strength last month. At that time, Bitcoin and larger cryptocurrencies were on the brink of recording yearly lows. BTC’s price crashed to a multi-year low of around $17,500.

In the meantime, the Nansen Blue Chip-10 reported a 23.6% increase as early as June 2022 and possibly hinted at a decrease in selling pressure for the industry. In June, the crypto market saw a capitulation event as major crypto investment firms became forced sellers as they defaulted on standing debt obligations.

NFTs operated as an indicator of future activity for the crypto market. As Nansen’s Indexes trended in the opposite direction throughout June, the positive performance extended and hinted at the formation of a local bottom for Bitcoin and Ethereum.

The report claimed the following on the general sentiment across the crypto market and how NFTs have been outperforming even in periods of turmoil and persistent selling pressure:

Blue Chip NFTs led the trend reversal in June (…). Although the last week of June saw a bear market rally within the broad crypto market, it appears that this uptrend started earlier in the NFT market. All Non-Fungible Token (NFT) sectors recorded a bounce in June (when measured in ETH), except for Gaming NFTs at the end of Q2 2022.

In July, the crypto market has seen some relief with the price of Bitcoin trading above its 2017 all-time high, north of $20,000. However, BTC’s price has been losing steam and seems poised for another period of sideways movement and consolidation.

What NFTs Spell For The Crypto Market In The Short Term

Additional data provided by Nansen claims the recovery in this sector might be unsustainable. Despite the positive performance in June, these digital assets record a decrease in trading volume, transaction count, and active users, as seen below.

NFT NFTs
Source: Nansen

This decrease in sector activity corresponds with NFTs investors reducing risk and adapting to current macro-economic conditions. Nansen noted:

(…) Within the Ethereum (ETH) DeFi sector, we are witnessing a dramatic deleveraging event with a sizable investor base realizing historically significant losses. A ‘risk off’ sentiment is still highly evident in the NFT market and the limited liquidity in the NFT market hints that this uptrend might not sustain (…).

Related Reading | Negative CPI Report Causes Bitcoin Market Cap To Lose $15 Billion In 10 Minutes

However, the sector records an increase in first-time buyers and a decrease in its Buyers-Seller Ratio. This metric is used to measure the general sentiment across NFT investors which seems to be more optimistic than in the overall crypto market and, according to Nansen, “highlights the development of NFTs as a sector”.

NFT NFTs Nansen 2
Source: Nansen
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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