SVB Fiasco Led Crypto-Rally But NFT Volumes Suffered: Report
The collapse of financial institutions like Silicon Valley Bank left a mark on the financial landscape. However, the cryptocurrency industry was spared and instead of slumping, it was on an uptrend. But one part of the crypto ecosystem took a major hit. Nonfungible tokens or NFTs were making headlines once again, but the fervor around the space did not seem to last too long. According to recent data, the NFT trading volumes witnessed a slump as the failure of SVB came to light. DappRadar noted that the NFT trading volumes dipped to a low of $38 million on March 12. This plummet was from a high of $68 million to $74 million on March 10. According to DappRadar, NFT trading volume has decreased by 51%, since the beginning of March, while revenues have dropped by around 16%. Source The above chart also sheds light on the daily NFT sales count that dropped by 27.9% between March 9 to March 11. Additionally, the number of “active” NFT traders on March 11 was just 11,440, the lowest si...