NEAR targets the NFT market to capitalize on growth, but the problem persists
The NEAR protocol has gradually risen through the ranks as one of the top blockchain networks by market capitalization. However, it has mostly been overshadowed by more popular networks, but this has not hindered its growth.
The network is going through one of its most important developments this week which will allow it to exploit more growth opportunities in the NFT market.
Good news frens!!! It’s about time.
Our NFT marketplace goes live tomorrow 🤝
We can’t wait to show you what we’ve made.
💚😎 🔜 -Few and far pic.twitter.com/w5z1KTwn0Z
— Few and FAR 🏝️ – Next Generation NFT Marketplace at NEAR (@FewandFarNFT) 28 July 2022
Little and long impact on NEAR
The new NFT marketplace called Few and Far will be native to the Near protocol. This is an important development for NEAR because it will provide a path where the blockchain can effectively exploit the growth in the NFT market.
The latter has been one of the fastest growing facets of blockchain technology and is expected to continue to deliver strong growth and innovation in the long term.
The launch has so far not resulted in any major impact on NEAR’s price campaign. It was trading at $4.5 at press time after a modest 3.64% 24-hour gain.
However, a more significant change was observed in NEAR’s development measurement in the last three weeks.
Source: Sentiment
Development activity saw a significant upswing in the few days leading up to near and far launch day. This can lead to increased NEAR visibility in the short term, and thus a potential price increase. However, that remains to be seen, likely because markets have been treading cautiously ahead of key market data.
NEAR’s price has subsequently experienced a downside, especially since last week as investors prepared for the increased uncertainty.
This result also affected NFT trading volumes on the network. NFT trades increased significantly in the second week of July, peaking around the middle of the month, before slowing.
Source: Sentiment
We observe a similar result in the number of unique addresses that purchased NFTs worth more than $100,000.
Their volumes drop as soon as prices start to rise or when prices are in an uncertain zone.
On the other hand, addresses buying NFTs worth less than $1,000 were fewer, meaning NFT buyers on NEAR favored value over budget.
Source: Sentiment
Conclusion
Despite the lower NFT volumes, NEAR’s short-term price action remains promising. The social volume registered a significant increase in the last three days. This may explain its weak bullish recovery and may lead to improved price performance in the short term.
