Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
While the cryptocurrency market might be struggling to hold levels of support, the non-fungible token (NFT) market is looking at massive increases with a massive sales of billions of dollars pouring in over the past week.
The week before saw $2.53 billion USD in NFT sales, up from 161% the week before. This week has seen a further $4.7 billion USD come in, an 80% increase on top of the week before. Looking at the data from the week, Ethereum (ETH) is looking at a 26.9% dip in value, but Ethereum tokens and applications are seeing a consistent rise.
The crypto market struggles to keep strong
Ethereum isn’t the only cryptocurrency to take a loss this week. Bitcoin is looking at an 18.5% drop, Binance Coin took a 25.0% knock and Cardano’s price took a 15.8% dive. Looking at Bitcoin over the week, the token saw a $43,445.73 USD high in the last seven days compared to a $34,527.65 USD low point. The Bitcoin bulls are in trouble as Bitcoin has shed nearly 49% in the past two months, dropping nearly half its value since tagging its all-time high of $69,044.77 in November.
Source: Coingecko
However, despite that the crypto market might be suffering from slashed prices, the blockchain-based assets are still flourishing. In the past week, we’ve seen an 81.4% increase in the NFT sales volumes, according to cryptoslam.io statistics.
Source: Cryptoslam.io
Ethereum sales took the highest of the blockchains recorded with an 84.04% jump in trading volume, with Ronin NFT sales in seconf with nearly 30%. The NFT market overall saw increases, but Solana and Flow both took a sales drop from the previous week of 20.29% and 5.11% drops respectively.
Out of the ten blockchains recorded, Ethereum sales jumped 84.04% this week while Ronin NFT sales increased by 29.99%. The third and fourth largest blockchains in terms of NFT sales, Solana and Flow, have seen sales drop this past week.
Which NFT projects are making the most sales?
Over the past week, Meebits have taken the top spot in terms of sales. This rank one in NFT sales is a continuation of the previous week, where the Meebits collection was the top-performing NFT collection in the market. Over the last seven days, Meebits took in a tidy $1.9 billion USD in sales – an increase of over 104% since the previous week. Terraforms made massive waves in the NFT market in the past week, looking at a huge 212.29% increase in sales volumes after a $1.2 billion USD sales week. Loot stood as the third top-performing NFT project with a 60.87% increase in sales, taking in $468 million USD over the past week.
Despite the claim to NFT fame, the Bored Ape Yacht Club collections took a loss this week, looking at a 26.55% decline in trading volume. With only 129 buyers, compared to the 310 of Meebits and the 246 of Terraforms, the Bored Apes collection still saw over $40 million USD worth of NFTs move hands.
Can NFTs save the crypto market from entering a bear run?
While they might both be blockchain-based assets and stem from the same technology, the NFT market can’t speak directly for the cryptocurrency market. It seems cryptocurrency holders involved in the NFT market have not been scared from NFT investement or trading. It’s possible that some traders have moved funds from crypto to NFTs, but time will tell whether the NFT market will take a similar knock as the crypto industry or whether it will impact the crypto market to see a positive trajectory.