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Daily Bitcoin Price Update: Market Correction Continues

Daily NFT/Crypto Market Update 10/27/2022 | A Thread 🧵🧵🧵

OVERALL TRENDS

After two consecutive days of green, we finally saw a little bit of a correction with some small losses in the crypto market. BTC dropped below 21k while ETH has dipped slightly under 1.5k.

1/ NFTs saw a pretty slow day with not much going on. This can be attributed to Ethereum's rise these past few days, but since it has now dropped we could see a little more volume for NFTs now.

2/ Degen/free mint of the day: OFFICIAL SKULOURFUL

Official @skulourful is a 6666 supply collection that managed to see some action on secondary. With over 2300 sales on secondary, this unfortunately struggled against market conditions as it currently is under 0.01 ETH.

3/ @skulourful is an art project by HATCH, the

moniker of London artist Dave Smith. This will focus on quality lore and artwork, but again the market has been looking very bleak recently.

4/ EVERYBODYS MINT

@EverybodysFun is a 10k collection that minted at 0.033 ETH and

led the market in sales today. Seeing close to 5000 sales for the day, this currently sits at a floor of 0.05 ETH.

Everybodys is another artist collection created by Sean Solomon that

5/ is static right now but plans on transitioning to animation. The @EverybodysFun roadmap consists of animations, physical products, lore and more, so keep an eye on this for more volume tomorrow.

6/ DIGIDAIGAKU x ETHERORCS

@DigiDaigaku and @EtherOrcs announced their long term partnership today and it is pretty bullish. We all know DigiDaigaku as a huge project with massive VC funding, and EtherOrcs is an OG project that was the first 100% on-chain game and ecosystem.

7/ @DigiDaigaku and @EtherOrcs are two amazing projects linking ecosystems, so this will be a huge thing to watch out for in November. Keep an eye on how this goes.

8/ OVERALL THOUGHTS

With crypto's recent volatility, it was expected that we would see lower volume for NFTs. Since NFTs are traded through crypto, their prices not only change when the floor changes, but also when Ethereum changes.

9/ As a result, a rise in Ethereum usually means lower floors or less volume for NFTs to balance out the price. Keep this in mind when investing. Thanks for reading and have a great day Kings. Follow my twitter if you enjoyed! 👑💵

This post is based on this twitter thread.

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