OpenSea was
forced to lower its fees to zero for a promotional period and introduce 0.5% lower
creator fees to catch up with its major peer Blur that has outrun it by a number
of transactions. After rebranding OpenSea Pro has mostly recovered its status
as the number one marketplace in the NFT segment. These moves led to a spike of
activity both from investors and traders that were allowed to open and close
trades at low fees, maximizing profit.
Large NFT
market players have sold their assets at high prices, watching as others were
trying to sell assets that nobody wants now. Those who got their profit were
not rushing to buy the assets back at lower prices. So, most of the tokens are
now available with a significant discount.
A stalling
interest in NFTs is a fair evolution of the market as many token collections
were created in order to obtain easy money. These NFTs were bought by traders that
were seeking fast sky-high returns. No real creations were made from this
digital art as most of the creators were trying to ride the hyping wave to get
money for nothing. Sometimes creators promised to produce the merch associated
with the NFT like CloneX, or to conduct off-line events with celebrities like
Moonbirds, but this was not something investors were hoping for.
Trading was
rather muted when fees were high, but trading activity erupted once fees were
zeroed. Thus, offhand NFT collections were dumped swiftly. We may expect
elevated turbulence during another wave of crypto market corrections.
BlackRock
CEO, Larry Fink, has sold some of the shares of the fund at $25 million. This
deal was even larger than the one he made just before the 2020 market collapse.
“The world is in a transition. And transitions are frightening. They’re messy,”
Fink said. Some of the firm seniors agree with him and rushed to get rid of
some BlackRock shares from their portfolios. The moment for these sales is
almost perfect as the stock market is close to its all-time highs, certainly
for this year. While no real upside potential for the market can be seen now.
There is a
major sell-off in the crypto market too, despite the fact that many influencers
are spreading positive tunes on social media. Which strategy should be followed
is quite obvious in this regard. The first downside target for BTC is at
$19,600, and more room for a downside is seen.