SNEAK PEEK
- March 11 recorded the lowest figure since November 2021 with only 11,440 traders being active.
- Popular Projects like CryptoPunks and Bored Ape Yacht Club witnessed a slight decline in floor prices though they quickly recovered.
- The depeg of USD Coin hit as low as $0.88 and shifted trader attention away from the NFT market.
Silicon Valley Bank’s crash has massively impacted NFT trading volumes, with traders fleeing the markets for fear of the consequences a prominent US bank is facing.
DappRadar’s March 16 report mentioned that NFT trading volumes were drifting between $68 million and $74 million on March 10 in the event of SVB’s collapse, after which they declined to $36 million on March 12. The fall took place along with a 27.9% fall in the count of daily NFT sales that happened between March 9 and March 11.
According to DappRadar, on March 11, 11,440 NFT traders were active and it was the day with the lowest figure since November 2021.
The report also discussed the depeg of USD Coin, which was as low as $0.88 and diverted the attention of traders away from the non-fungible token market. As was obvious, it led to less activity by traders.
Blue chip NFTs’ market value wasn’t affected since the floor prices of projects like CryptoPunks and Bored Ape Yacht Club decreased slightly.
However, the recovery was quick and showed the flexibility of such reputed NFTs. In a disturbed market, blue-chip NFTs are still a steady investment.
Yuga Labs is the reason behind the steady floor prices of CryptoPunks and BAYC, and it has been confirmed that it has highly limited exposure to Silicon Valley Bank.
The floor price of the Moonbirds collection on OpenSea declined 35.3% from 6.18 ETH to 4 ETH after the news of PROOF having exposure to Silicon Valley Bank.
This was partially triggered by an Etherum address that sold over 500 Moonbirds NFTs for losses between 9% to 33%. Talking about the marketplace Blur, the sell-offs experienced a loss of 700 ETH.
