- According to a recent report from DappRadar, NFT trading volumes took a massive drop following the SVB crash last week.
- There were just 11,440 active NFT traders the day after the FDIC took control of SVB, the lowest number since November 2021.
There were only 11,440 active non-fungible token (NFT) traders on March 11, one day after the Federal Deposit Insurance Corporation (FDIC) took control of Silicon Valley Bank (SVB). This was the lowest count since November 20, 2021.
according to a Report Posted on March 16 by decentralized application data aggregation platform DappRadar, NFT trading volumes fell sharply following the collapse of SVB last week as traders left the market amid fears of a bank failure. US Major
On March 11, individual NFT transactions totaled 11,440, the lowest daily totals so far this year. Since the beginning of March, NFT trading volume has decreased by 51%, while sales have decreased by 15.88%.
Prior to the SVB collapse on March 10, NFT trading volume ranged from $68 million to $74 million; It fell to $36 million on March 12. There was a decrease in daily NFT sales from March 9 to 11 with a drop of 27.9%.
Frontline NFTs unaffected by SVB crisis
Despite the general decline in NFT trading, the price floors of top-tier NFTs such as BYC and Cryptopunks were barely affected.
It was on March 8 that the SVG Announced decision to cease operations.
Minimum BAYC NFT Value fell From 71.3 ETH that day to 67.99 ETH on March 11 (a 5% drop).
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Cryptopunks NFT Minimum Value fell From 66.99 ETH that day to 64.99 ETH on March 11 (a 3% drop).
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The price has not fallen drastically, which shows the resilience of these top-tier NFTs.
a twitter handle Compare Cryptopunks pegged USDC, saying it was more stable than USDC, which lost its peg to the US dollar after the SVG collapse.
On the other hand, the NFT’s Moonbirds collective was badly hurt as a result. exposure to SVB.
Moonbirds have lost 18% of their value over the weekend since the news broke. However, it rallied slightly to hit a low of $6,642.83 (3.86 ETH).
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an ethereal whale sold Nearly 500 Moonbirds NFTs traded with losses ranging from 9% to 33% on March 11. Addresses suffered losses ranging from 9% to 33% when sold in lots, with 200 Moonbirds sold at a loss of more than 32%.
The collective behind Yuga Labs, BAYC, and Cryptopunks has “super limited exposure” to the collapsed bank. Saying CEO Greg Solana; This meant that the fallout would have little impact on the company’s finances.
Yuga Labs’ success has been fueled by its investments in cryptopunks, as well as its ability to build a community, reports DappRadar.
