Forex Trading Review
  • LyoPay
  • VXL Dollar
  • Hyperfund
  • Darren Yaw
What's Hot

FTX seeks to claw back $460M from Bankman-Fried-backed VC firm

March 23, 2023

‘How did this happen’ — Powell says Fed stumped over the collapse of SVB

March 23, 2023

CFTC’s tech committee gathered in DC to talk DeFi — Here’s what was discussed

March 23, 2023
Facebook Twitter Instagram
  • LyoPay
  • VXL Dollar
  • Hyperfund
  • Darren Yaw
Facebook Twitter Instagram
Forex Trading Review
  • Crypto

    Digital currency firms eye operations in Hong Kong: Financial secretary

    March 23, 2023

    Philippines places 54th in UNCTAD ranking for innovative tech adoption

    March 23, 2023

    Swiss Banking Association proposes deposit tokens focusing on interoperability

    March 23, 2023

    Tron founder Justin Sun, 8 celebrities hit with market manipulation and illegal securities charges

    March 23, 2023

    ‘The aim of Bitcoin is to be a micropayment system’: Dr. Craig Wright

    March 23, 2023
  • Forex

    VXL Dollar – Bijan Burnard – Scam Warning 2023

    January 22, 2023

    Golden Brokers Ltd: Why You Must Avoid This Shady Broker

    January 20, 2023

    Alpho Review: A Suspicious Broker You Should Avoid

    December 29, 2022

    Gulf Brokers DMCC: Shady and Suspicious

    December 19, 2022
  • Alerts

    ClearPath Lending – Veteran Scam – 2023

    January 30, 2023

    Golden Brokers Ltd: Why You Must Avoid This Shady Broker

    January 20, 2023

    Lear Capital – Shady Firm Scamming Investors & Facing Multiple Lawsuits

    January 20, 2023

    Is Birch Gold Group a Scam? Let’s find out.

    January 18, 2023

    Stanislav Kondrashov – Financier of Wagner ’s Army

    December 27, 2022
  • News

    FTX seeks to claw back $460M from Bankman-Fried-backed VC firm

    March 23, 2023

    ‘How did this happen’ — Powell says Fed stumped over the collapse of SVB

    March 23, 2023

    CFTC’s tech committee gathered in DC to talk DeFi — Here’s what was discussed

    March 23, 2023

    Coinbase CEO on its Wells notice: SEC is like soccer referees in a game of pickleball

    March 23, 2023

    Aussie crypto exchange hints interest in Hong Kong base

    March 23, 2023
  • Scams

    DaVinci Biosciences and DV Biologics – Human Organ Traffickers

    February 19, 2023

    Vito Glazers – Perjury and Fraud – Investigation 2023

    February 18, 2023

    VXL Dollar – Bijan Burnard – Scam Warning 2023

    January 22, 2023

    GulfBrokers – GulfBrokers.com – Review 2023

    January 20, 2023

    Ravi Melwani – Sexual Harassment Charges, Rape Accusations – 2023 Investigation

    January 13, 2023
  • Reviews
    1. Darren Yaw
    2. Hyperfund
    3. LyoPay
    4. VXL Dollar
    5. View All

    VIRAROSO Review 2023: ViraRoso Crypto Cryptocurrency Broker Experience, Fees, Discussions, Scam

    March 23, 2023

    TradeStation Review 2023: Experience with the broker, fees, instructions, demo, discussion, scam

    March 23, 2023

    The ORLEN UNIPETROL Review 2023: Platform promises a fabulous valuation, but it is an elaborate scam

    March 23, 2023

    Firstrade Review 2023: Experience with the broker, fees, instructions, demo, discussion, scam

    March 23, 2023
Report Scam
Forex Trading Review
Home»News and Views»SVB collapse chilled NFT trading volumes: DappRadar
News and Views

SVB collapse chilled NFT trading volumes: DappRadar

March 17, 2023Updated:March 17, 2023No Comments
Share
Facebook Twitter LinkedIn Pinterest Email

 

 

Just 11,440 NFT traders were active on March 11, which was the lowest figure recorded since November 2021.

SVB collapse chilled NFT trading volumes: DappRadar

News

Own this piece of history

Collect this article as an NFT

Nonfungible token trading volumes took a massive beating following the collapse of Silicon Valley Bank last week as traders fled the markets, fearing the repercussions of a major United States bank going under.

According to a March 16 report from data aggregation platform DappRadar, NFT trading volumes were hovering between $68 million to $74 million in the lead-up to SVB’s collapse on March 10, then fell to $36 million on March 12.

The dip was accompanied by a 27.9% drop in daily NFT sales count between March 9 to March 11.

NFT trading volume and sales count on all networks between March 1-13. Source: DappRadar

Just 11,440 NFT traders were “active”  on March 11, the lowest figure recorded since November 2021, according to DappRadar.

The report said that the depeg of USD Coin (USDC) — which dropped as low as $0.88 — moved trader attention away from the NFT market:

As a result, “NFT traders became less active,” Dappradar explained.

Despite the trading chills the market value of “blue chip” NFTs was not materially impacted, with the floor prices of collections such as the Bored Apes Yacht Club (BAYC) and CryptoPunks only slightly falling.

The floor price of BAYC NFTs fell 2%, from 68.4 ETH to 67 ETH, since the SVB collapse. Source: OpenSea

“The recovery was quick, showing the resilience of these top-tier NFTs,” DappRadar said. “Blue-Chip NFTs remain a steady investment in a disrupted market.”

The steady floor prices of the BAYC and CryptoPunks may be attributed to the team behind the collections, Yuga Labs, confirming it only had a “super limited exposure” to SVB, according to co-founder Greg Solano.

Related: 74% of survey participants say they buy NFTs for status

However, the floor price of the Moonbirds collection fell a significant 35.3% from 6.18 Ether (ETH) to 4 ETH on OpenSea, following the news that PROOF — the team behind the NFTs — had considerable exposure to SVB.

The floor price of Moonbird since the SVB collapse. Source: OpenSea

This was partially triggered by one Ethereum address selling almost 500 Moonbirds NFTs for losses ranging between 9% to 33%, DappRadar said.

The sell-offs on the NFT marketplace Blur totaled a loss of 700 Ether.

 

 

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Michael Esber
  • Website

Related Posts

FTX seeks to claw back $460M from Bankman-Fried-backed VC firm

March 23, 2023

‘How did this happen’ — Powell says Fed stumped over the collapse of SVB

March 23, 2023

CFTC’s tech committee gathered in DC to talk DeFi — Here’s what was discussed

March 23, 2023

Coinbase CEO on its Wells notice: SEC is like soccer referees in a game of pickleball

March 23, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Subscribe to Updates

Get the latest creative news from xBTCh for Forex and Crypto Alerts and Reviews

Your source for the serious news on crypto and forex. This website is crafted specifically to empower the consumer to exchange ideas and information freely, and anonymously.

We're social. Connect with us:

Facebook Twitter Instagram YouTube
Top Insights

FTX seeks to claw back $460M from Bankman-Fried-backed VC firm

March 23, 2023

‘How did this happen’ — Powell says Fed stumped over the collapse of SVB

March 23, 2023

CFTC’s tech committee gathered in DC to talk DeFi — Here’s what was discussed

March 23, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from xBTCh for Forex and Crypto Alerts and Reviews

Forex Trading Review
Facebook Twitter Instagram
  • Home
  • About us
  • Privacy Policy
  • Terms of Service
  • Report Scam
  • Get In Touch
© 2023 FTR. Designed by FTR Research LLC.

Type above and press Enter to search. Press Esc to cancel.