The NFT market continues to undergo big changes. Total market cap is still near all-time lows. Art projects are starting to enter the top ranks in a huge way. The top 10 in market cap now includes three art projects, it used to be completely dominated by PFP projects. Outside of CryptoPunks, there is no project with a market cap of more than $100M USD. Multi-chain is dead, all of the most valuable projects are on Ethereum (Hypurrs is the exception). Previously Solana and Bitcoin also played a big role. Only seven collections have a 30-day trading volume of more than $1M USD. Opensea is back to total domination of market share (59%)

Art over PFPs is the major pivot here. Liquidity is thin, but it's becoming more intentional. Ethereum's Lindy effect is proving itself once again while the multi chain thesis takes a backseat. Great summary