• The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active NFT traders, according to DappRadar.
• Since the beginning of March, NFT trading volume has fallen 51%, with sales declining about 16%.
• Projects from NFT issuer Yuga Labs, including Bored Ape Yacht Club and CryptoPunks, saw their floor prices dip slightly on Saturday.
Tanked NFT Trading Volumes
The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active non-fungible token (NFT) traders – a number not seen since November 2021 – according to DappRadar. Additionally, single NFT trades totaled 33,112 on that day – the lowest daily tally so far this year – and since the beginning of March, overall NFT trading volume has fallen by 51%, with sales declining about 16%.
Yuga Labs Project Performance
Projects from NFT issuer Yuga Labs fared better than most during this period: their floor prices dipped slightly on Saturday but recovered quickly afterwards. One Twitter user even compared CryptoPunks to USDC stablecoin in terms of stability; USDC had lost its peg to the U.S. dollar following Silicon Valley Bank’s collapse.
Animoca Brands Co-Founder Reacts
Animoca Brands co-founder and Executive Chairman Yat Siu reacted to this report and discussed his outlook for the Non Fungible Token market as well as broader state of Web3 technology; he also shared insights into Animoca’s backing of Nuqtah, Saudi Arabia’s first ever NFT marketplace platform.
Industry Outlook
While these numbers are concerning and paint a bleak picture for the current state of affairs in regards to Non Fungible Token markets and Web3 technologies generally speaking, industry experts remain optimistic that things will turn around in due time; given its rapid growth over such a short period thus far it isn’t difficult to understand why some view this momentary setback as an opportunity for innovation rather than cause for concern or despair.
Conclusion
Overall it appears that while recent events have caused significant disruption within the Non Fungible Token marketspace at present time many within the industry remain confident for a positive turnaround moving forward as new opportunities arise out of these unexpected circumstances allowing more innovative avenues through which individuals may engage with digital assets and blockchain technology alike in exciting new ways!