NFT Weekly Recap - April Week2


A weekly recap of the NFT market, covering basic stats and notable news.

Hello guys,

Hope you all had a great weekend. Welcome to this week's NFT market recap, covering basic stats and notable news with my observations. If there is anything else you'd like to see in the recap, please let me know. DMs are open.

Basic Stats

As usual, let's begin with numbers.

No party lasts forever.

NFT trading volume has come down following the Azuki/BEANZ hype last week. This is clear in the bar chart above. But total OpenSea trading volume (as measured in ETH) still managed to increase 1.5% on a weekly basis. The 7-day moving average is ~54.4k ETH per day, which is much higher than the volume during early March.

The number of daily active traders increased by a remarkable 19% last week. April 3rd was the first time the trader count broke 60k since Feb 26th. This week, the 7-day average is 60,112. As you can see from the line chart, unlike volume, trader count didn't decrease towards the end of the week.

In terms of floor price, things are looking less appealing. Azuki dropped further to 22.5 ETH, recording a 13% weekly loss. Doodles dropped as well. Clone X showed more resilience, which was down by less than 1 percent. Most projects saw small green or red arrows, with the exception of Gh0stly Gh0sts, Goopdoods, and Loser Club. Gh0stly Gh0sts pioneered the concept of ominichain NFTs. But the hype died down already in less than a week. Goopdoods and Loser Club give mfer/Cryptoadz vibes. It's worth keeping an eye on them when the selling pressures (12%+ listings) are absorbed.


Notable Events

Azuki's Rise and Fall and Rise and Fall


When Azuki first broke 15 ETH floor at the beginning of February, many early holders decided to take a profit. Its floor price immediately fell back to under 10 ETH. Azuki floor price fluctuated between 8 and 15 ETH during the NFT bear, until the $APE airdrop that brought additional liquidity to the market. The Azuki party and "check your wallets" pushed Azuki to break 35 ETH. Surely another session of profit-securing is expected.

There are many ways to trade in this market. But, whatever you do, don't be this guy who bought Azuki at 33 ETH a week ago and now tries to get rid of it for 29.99.

Source: OpenSea

There were definitely people like this guy back in February, who bought Azuki at 15 ETH and sold for less than 15 ETH soon after. They could've made 30 ETH (+200%) from holding that Azuki for 2 months (15 ETH from Azuki floor increase, and 15 ETH from 2 BEANZ airdrop).

There is a lot of volatility in the NFT market. Azuki is just one example. You could buy an Azuki for 8 ETH a month ago, or you could buy it at 22.5 ETH now. Azuki is the same project all along.

Is there a strategy that could possibly increase your profits? Try trading against your emotions.

Sell when you feel like taking a screenshot, buy it back when it feels like it's going to 0. (@fishxbt)

Gh0stly Gh0sts and frankfrank

Gh0stly Gh0sts and frankfrank were both omni-chain NFTs, a concept that was hyped up during the week.

Source: Gh0stly Gh0sts

Gh0stly Gh0sts claims to be the first chain-agnostic NFT collection. But it remains unclear whether there is a real demand to move NFTs across different blockchains. Even when that day comes, Gh0stly Gh0sts is probably already forgotten.

Frankfrank has no website, no roadmap. It has nothing but 2000 gifs. But frankfrank was trading at above 1 ETH before falling back to 0.3 ETH floor.

Source: frankfrank

Frankfrank's rise was a combination of hot concept and great meme. If a project of such quality can top volume charts on major NFT marketplaces, I don't know if I can find any better evidence to show that the March NFT bear is long gone.

The Power of Aggregators

I discovered an interesting trend on For expensive collections, most of the listings around floor are happening on LooksRare now instead of on OpenSea. Because it is very easy to choose various NFT marketplaces to buy/sell on Gem, LooksRare becomes a better choice for traders because it charges 0.5% less for transactions.


Aggregators like Gem have the potential to help de-monopolize NFT trading. LooksRare is already gaining much more volume after Gem integration. The marketplace landscape may look very different six months from now.

Other News

Some other news you might be interested in learning more:

  • Cozomo de' Medici acquires Life and Death by DeeKay for 310 ETH (roughly $1 million).
  • Sky Mavis, the parent company of Axie Infinity, raises $150 million from Binance and others.
  • LooksRare now offers public API.


Trader count and trading volume are going up while ETH is going down. January 2022 déjà vu?






trying to learn, think, and write

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