Silicon Valley Bank's (SVB) collapse has negatively impacted NFT trading volumes, according to a recent report from Web3 data platform DappRadar.
The
volumes declined to $36M on March 12, down from between $68M and $74M
on March 10, the day that brought the U.S.' 16th largest bank to
closure.
- Daily NFT sales also fell by 27.9% from March 9 to 11.
- Only 11,440 active NFT traders left on March 11, the lowest number since November last year.
- On the same day, single NFT trades also regressed to 33,112, the lowest figure so far in 2023.
- The
report also pointed out that NFT trading volumes and NFT sales have
declined 51% and 16% since the beginning of March, respectively.
- The
floor prices of the projects from Yuga Labs, the firm behind the famous
Bored Ape Yacht Club (BAYC) and CryptoPunks NFTs, quickly recovered,
though they fell slightly on March 11.
- Yuga Labs co-founder Greg Solano said the company had very limited exposure to SVB.
- On the other hand, the floor prices of Moonbirds NFTs fell by 35.3% from 6.18 ETH to 4 ETH on the NFT marketplace OpenSea.
- Moonbirds decreased 18% in value after the firm behind the collection, Proof, tweeted that it had some funds invested in SVB.
- Trading
volume refers to the amount of cryptocurrencies exchanged during the
sales, while the NFT sales account for the number of NFTs traded.
- NFT trading volumes surpassed $2.04B in February, reaching the highest levels since the Terra ecosystem's collapse in May 2022, which triggered the crypto winter.
