The non-fungible NFT space is struggling to make sense of the banking crisis.
According to a report by DappRadar, NFT trading volume has dropped by 51% since the beginning of March. The sales count fell by nearly 16%, and the sales count fell by nearly 16%.
Market participants are questioning the stability of stable coin, which is why NFT traders are becoming less active. The number of traders at the Silicon Valley Bank was approximately 12,000 on March 11, a figure not seen since November 2021, a figure that was not seen since November 2021 when the Federal Deposit Insurance Corp. took control of the Silicon Valley Bank. The NFT trades totaled 33,112 that day, the lowest daily tally in 2023.
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Proof, the NFT collective behind the popular collection Moonbirds, shared that the company had some funds invested in the bank after news of SVB's collapse. The moonbirds lost 18% of its value over the weekend.
Several top-tier NFTs have remained strong throughout the latest fiscal fiasco, according to DappRadar. Floor prices of the blue-chip NFT issuer Yuga Labs, including those of Bored Ape Yacht Club BAYC and CryptoPunks, were slightly dipped. After a minor dip below $100,000 on March 11, the NFTs recovered quickly.
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