NFT Market Sentiment Index: A Snapshot of the Current NFT Market
According to the report, according to NFTGo data, the current NFT market sentiment index is 44, and the rating is \”ordinary\”. In the past 24 hours, there are 1…
According to the report, according to NFTGo data, the current NFT market sentiment index is 44, and the rating is “ordinary”. In the past 24 hours, there are 18703 buyer addresses and 22474 seller addresses in the NFT market. The number of profitable addresses in the past 30 days was 117741, and the number of loss-making addresses was 374393.
The current NFT market sentiment index is 44, and the rating is “ordinary”
Analysis based on this information:
The Non-Fungible Token (NFT) market has been creating quite a buzz in the digital art and collectible world. The use of blockchain technology makes the tokens unique and difficult to replicate, thereby increasing their value. According to NFTGo data, the current NFT market sentiment index is 44, which is considered “ordinary”. This rating suggests that the NFT market is not experiencing any extraordinary bullish or bearish trends.
The market sentiment index is a way to keep track of the overall market sentiment that prevails among buyers and sellers. This index is calculated based on the number of addresses buying and selling NFTs in the past 24 hours. The higher the number of buyers compared to sellers, the more bullish the market is deemed to be, resulting in a higher market sentiment index. Conversely, if the number of sellers surpasses the number of buyers, the market is deemed more bearish, leading to a lower market sentiment index. However, in this case, the ratio of buyers to sellers seems to be balanced, causing the market sentiment index to remain in the ordinary range.
From the data, it is clear that there are more seller addresses than buyers, indicating that the NFT market is experiencing an oversupply of NFTs. However, what is more interesting is the large number of loss-making addresses compared to profitable ones. In the past 30 days, only 117741 addresses were profitable, whereas 374393 addresses incurred losses. This disparity in numbers suggests that the market has shifted in favor of the sellers as buyers are not willing to pay high prices for NFTs.
In conclusion, the NFT market sentiment index provides a quick snapshot of the present and future state of the NFT market. The present market sentiment index of 44 suggests that the market is in a neutral state, and there is not much bullish or bearish movement. However, the number of loss-making addresses compared to profitable ones indicates a shift in market dynamics. The oversupply of NFTs has made it challenging for sellers to make a profit, and buyers are not willing to pay high prices for them. Despite this, the NFT market remains an exciting space to witness the potential of blockchain technology in the world of digital art and collectibles.
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