NFT Market Update – Crypto Business Show Episode 16
Video Transcript:
Rob: Hello welcome everybody to the crypto business podcast brought to you by TokenMinds. I’m your host Rob Eijgenraam, director TokenMinds, a full-service crypto, and nft agency. In this podcast, we’re discussing any blockchain topic that is relevant for businesses and founders. Today we’re gonna talk about our updated nft infographic. I have in the podcast with me Anchor who’s a veteran crypto marketer for the international as well as the Asian market and Reinhart who is a data analyst working full-time on gathering and analyzing data in the crypto Industry. So I’m just going to walk us through it and ask you guys for some input on each data section here so let’s start at the general overview. I have over here a map of the different areas with an indication of the popularity of the nft search vole how many people in which geographic area are looking for nfts the list is led by Taiwan then we have japan South Korea and actually interesting the like more developed nations like Germany and the united states are really far from the top position somewhere around 27, 25. What do you guys think of this data?
Anchor: Yeah actually for this data you know as what I see oh we can notice right actually the nft industry actually where it started is from the states and started from nft top shot with all those collectibles and they expand really to like Europe, Southeast Asia like for quite some good projects right in Asia, Southeast Asia and from last year actually based on those influence right by some you know like especially like what Taiwan ranks first here is right it’s really led by some really super famous celebrities in Taiwan and all followed by other like singers or other celebrities follow with that so that’s why we can see his here actually Taiwan is dragging the first. For Japan actually based on what I see you know it’s mainly on the animation, and the cartoon industry because that is really a perfect match right for those nft concepts. South Korea is actually a typical and the traditional like crypto country they have really a lot of crypto products, businesses exchanges, so it doesn’t really surprise me they’re in the top three Turkey, I think it’s mainly for their national economy right so they need something like crypto and nft right to solve the issue with their economy situation but one thing i also noticed actually for some South America countries like Brazil, Venezuela, Argentina they’re really actually also growing with those kind of Crypto and nft actually field based on what I see actually there are quite some good companies they have some good ideas they have actually you know all these kind of strategies actually to start up with some really good nft projects with their resources or something really special for the European states actually they normally actually it’s more like to this kind of defi or web3 solutions so because in the market actually trend will actually sometimes very dynamic so there will be change sometimes from like nft to another like topic or something so that’s based on what I see especially for some development countries like this the states right and Europe they’re more like for that web3 solution and tech like defi and gamefi something, so that is my opinion on this.
Rob: Yeah there’s an interesting view I see that as well you know the top is basically at the moment because of course keeps changing like you said we have it split out right here through different regions where you can see there was a huge spike as well for nfts end of last year for the U.S.A but for Asian countries, we got that even stronger in the US actually compared to crypto it’s almost equal and of course, it’s kind of declining but for Asian countries, it’s going up and I’m sure we can see the same thing for South American countries is they’re also very much in the top of this list of popularity. Do you have any thoughts about this Reinhart?
Reinhart: Yeah as about for this aspect as Anchor already give his thoughts about this as for me not really much to be honest because yeah it’s amazing that we can see here that the nft trends in Asia is really you know leading around the world and even before like the first time it spikes it first spikes at November and you can see November no one no other countries I mean no other region is as strong as Asia the trend of energy is really high and that might also that might influence the other region like US, Europe and Southeast Asia that’s really you know explained in the early of January like when the Asia is also already you know strong in the nft trends the others is also following like they’re also going up and it’s kind of you know like Asia is really leading the nft trends but interestingly crypto trends in Asia is really pretty stable there, it never reaches like about 50 even before even in the last year but it is now it is going up and I think it’s about to raise 50 and more in the Asian region I think that’s really you know new here because we didn’t see that before.
Rob: Yeah it almost feels like it’s being pulled up by the nft trend here that’s Interesting, and another thing to note by the way talk about these regions China and Russia obviously this is Google data this is Google trends, and China and Russia are not really tracked by Google because they have their own systems so that’s interesting that despite that the Asian regions still peaked there and I’m sure that even Russia is in in the top six yeah so I’m sure that might be even stronger if you of the data.
Anchor: I’m not sure if they still include also some like Russian they use Yandex right browser more and in China, they’ll use Spidey also this will not really include this current data but as far as I know in China at least right there are a lot of like nft fans, there are a lot of like WeChat groups and the influencers channels they talk really a lot about the team talking about the other smart cities in Taiwan and even some china mainland right there some like team they actually funded a lot of like nft products like Ali and his friends right so it really well adds more value to this chart for this Asia data here.
Rob: Yeah and another thing to note about this I think especially for the states that you know historically speaking crypto has been more kind of trending than nfts compared to them but now it’s actually it’s being overtaken at the end of last year and now it’s kind of back to normal where we have crypto actually being slightly more popular than nfts as well so that is an interesting trend to follow then let’s go to the kind of the Ethereum price as well I have here the different bitcoin and Ethereum price charge and then compared also to the total nft sales I think you guys found some interesting kind of like conclusions as well can you tell us a little bit more about that?
Reinhart: Yeah thanks, Rob. I did manage to see some you know like connection but it’s not a stroke connection it’s like a theory theoretically connection it’s oh what whenever the ethere and bitcoin price is going down like almost reaching its you know its problem the nft sales will go up like really high because I think that’s just natural because they they just want to collect the nft while the price is really down i mean oh this this this nft is kind of cheap now because the price of it is going down and they will feel like oh this is the right moment to collect nfts that’s why the nft total sales will go up and go higher even before like that’s just pretty natural in in the case but it’s not always like that like as you can see in March till April like there’s no really a significant you know connection there but theoretically speaking we want to collect nft as much as possible when it is when the price is down right when the price is reaching the bottom otherwise we will buy it on the highest price possible and that’s would be you know not really makes sense.
Rob: Yeah it’s also there’s I mean the correlation that you’re talking about I think you can see the end of last year where the floor price went down and you have like a negative correlation with nft sales companies exactly, and you know after February, March there is less kind of structure there but we had a lot of things happening in the macroeconomic space right with like the, of course, the war and the inflation and a lot of things that the equity markets in general so maybe that’s part of the reason.
Anchor: Yeah and one more thing like besides what’s Reinhart just mentioned right about the ether price drop and more people actually they can buy they will attempt to buy more nfts it’s also something because anyway right the whole market is led by bitcoin or Ethereum and if that mainstream token drops you know the people actually that invest they actually want to participate a project that got profits right and by end of last year it’s actually a lot of nft projects it’s really a lot of hype in the nft industry so a lot of people will join because they see a lot of nft projects once they’re listed on segregated markets they really get like a lot of profit.
Rob: Yeah exactly, and then finally we have some nft trends here in terms of which blockchains are used so Ethereum is still leading by far compared to the alternatives like savannah flow let’s go to the next page here so we have some data about the active wallets a little bit kind of flattening out just like what Anchor just mentioned I think that the market is not in a curve it’s more on a flat right now and we have in terms of the marketplace mainly opensea doing still kind of taking the market leader by far any input on this guys.
Reinhart: Yeah you see there like from January I think looks rare it’s a little bit new compared to others and looks rare it’s a little bit popular like not January in January but up until now like you know it’s like degrading their names is no longer you know can be heard by us because I think this they just you know like kind of overpowered by opensea names because opensea is just like literally everywhere whenever you see like what social media they just mentioned let’s see yeah especially here in Indonesia like people only know like opensea but there are so much you know marketplaces there not just opensea but yeah I think it’s because yeah itself right.
Rob: Part of the reason I think Anchor you probably know about this as well looks where they had a trading competition I think at the beginning of the year which might have boosted their trading volume because this chart is about trading vole so maybe they got a boost yet and after this competition ended.
Anchor: Yeah that’s true because actually when I first see this stat it amazed me a bit because I thought that rarible actually would be more like a percentage here right and then it looks rare I didn’t really aware but definitely like Rob said they did some trading competition that gets really some quick growth and after that, they really don’t do much hype or something but you know when I but for rival actually originally I thought that will actually take more like percentage here but it seems like the opensea is very dominant right I’m not sure if that’s really healthy or not for this significant market for nft but might be yeah it’s maybe also better with another like guys that can compete together right to keep a more healthy market here for these kinds of the markets.
Rob: Yeah but there are competitors coming out every day including big brands maybe even like Facebook and Instagram will have their own marketplace one interesting by the way trading volume is up by a lot of courses it’s just trading volume but still says something about the activity as well as the active wallets they are going up since March to April so we have some good activity there it’s not all flat so on that note thanks everybody for listening and see you in the next episode and thank you, Anchor and Reinhart, as well. Bye.
Reinhart: Thank you for having me Rob, bye-bye.
Anchor: Bye.