How FTX Crisis Has Impacted the NFT Ecosystem – Details

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  • The NFT market has seen faded interest since the news about FTX’s potential collapse emerged.
  • NFTs have seen market caps, transaction counts, and sales volume declines within the past four days.

The NFT market suffered as the broad market endured the effects of FTX’s potential collapse. The non-fungible token market has seen declines in sales volumes, daily trade counts, and market caps since the FTX crisis surfaced on November 7. Also, market players seem to have fled the NFT sector.

The blue-chip NFTs’ performance showed a substantial decline in BCI (Blue Chip Index) (over the past four days). Blue Chip Index comes from weighting the blue-chip collections’ market cap (ETH/USD) to assess their performance.

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Some of the Blue Chip NFT collections include CloneX, Art Blocks, Bored Ape Yacht Club (BAYC), CryptoPunks, and Cool Cats. NFTGo data (calculated in ETH) showed the BCI hovered at 8,801 during this publication. Nevertheless, the metric has declined by 6% since November 7.

There’s Still More

Besides the Blue Chip NFT index drop, the past four days have witnessed plunges in sales volume and market capitalization in the non-fungible token marketplace. NFTGo confirmed the NFTs’ overall market cap slumped by 8% since November 7. Moreover, sales volume plunged by 32% in that timeframe.

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In that context, 24hr NFT transactions on leading networks such as LooksRare, NFTX, and OpenSea plunged substantially within the past 96 hours. Dune Analytics data showed OpenSea daily transactions plummeted by 41%, LooksRare by 48%, and NFTX by 11% within the previous four days.

Also, the overall NFT transaction during the timeframe under review plummeted by 41% (Dune Analytics data). Finally, the number of individuals that traded non-fungible tokens since November 7 declined in several marketplaces.

The metric saw a 29% drop within the past four days, wavering at 24,559 traders during this publication. Around 34,804 traders purchased and sold several NFTs as of November 7. The broad crypto space remained downbeat during this publication.

Bitcoin changed hands near $16,856, attempting revivals following its recent free fall. Meanwhile, the leading crypto lost more than 20% on its 7-day chart.

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