DappRadar reported a decrease in the trading volumes of Non-Fungible Tokens (NFTs) following the collapse of Smart Valor (SVB).
The number of people trading in NFTs on March 11 was the fewest since last November, with only 11,440 participants.
A recent report has found that NFT sales have taken a dramatic dip, with the daily sale count dropping 27.9% between March 9 to March 11. This is the largest decrease in sales since the start of the year, raising concerns among the NFT industry.
According to a recent report from DappRadar, the number of active Non-Fungible Token (NFT) traders has hit its lowest point since November 2021, with 11,440 active traders on March 11. This is a stark contrast to the all-time high of 109,423 traders recorded in January of this year.
Traders have shifted their attention away from the NFT market following the depeg of USD Coin (USDC) to as low as $0.88. According to a recent report, the depeg caused a decrease in the value of USDC and traders took the opportunity to invest in other markets.
Despite the recent downturn in the crypto markets, the trading of non-fungible tokens (NFTs) has remained resilient. Popular collections such as the Bored Apes Yacht Club (BAYC) and CryptoPunks have seen only slight decreases in their floor prices, suggesting that the market value of NFTs deemed to be of "blue chip" quality has been largely unaffected. These results demonstrate that NFTs may be relatively more resistant to market fluctuations when compared to other digital assets.
In a disrupted market, investors are finding solace in blue-chip non-fungible tokens (NFTs). According to DappRadar, these top-tier NFTs have shown resilience, with a swift recovery after drops in the market. As a result, these NFTs have revealed themselves as a steady investment even in the midst of volatile market conditions.
The Moonbirds collection, one of the hottest Non-Fungible Token (NFT) series of the season, suffered a major setback today as its floor price on OpenSea plummeted 35.3%, from 6.18 ETH to 4 ETH. The cause of the sharp decline can be attributed to the news that PROOF – the team behind the NFTs – had considerable exposure to SVB, a cryptocurrency project that recently announced plans to shut down its network.
Investors on the Non-Fungible Token (NFT) marketplace Blur suffered a heavy financial loss today, with sell-offs totaling 700 Ether (ETH). NFTs are digital assets that are unique and cannot be replaced, and until now, have been considered a safe investment.