WebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Facebook X (Twitter) LinkedIn Telegram
WebsCryptoWebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Bitcoin (BTC) $26,389.07 0.56%Ethereum (ETH) $1,607.02 0.89%BNB (BNB) $211.91 0.34%XRP (XRP) $0.497907 1.00%Cardano (ADA) $0.2438 0.60%Solana (SOL) $19.22 1.43%Dogecoin (DOGE) $0.060497 0.30%Polkadot (DOT) $3.98 0.37%Shiba Inu (SHIB) $0.000007 0.40%Dai (DAI) $1.00 0.06%TRON (TRX) $0.084691 0.41%Polygon (MATIC) $0.506335 0.46%Avalanche (AVAX) $8.95 0.98%Uniswap (UNI) $4.26 0.74%Litecoin (LTC) $63.40 0.81%
Crypto Prices
WebsCrypto
News

NFT Trading Takes a Hit After Silicon Valley Bank Collapse

By Simon LawsonMarch 17, 20232 Mins Read
NFT Trading Takes a Hit After Silicon Valley Bank Collapse
Share
Facebook Twitter Telegram LinkedIn Reddit Email

On March 16, DappRadar released a report stating that the recent failure of Silicon Valley Bank has had a serious impact on the transaction volume of NFT. Before the bank collapsed on March 10, NFT transaction volume was hovering between $68 million and $74 million.

However, on March 12, it dropped to just $36 million. Additionally, the number of NFT sales per day fell by 27.9% between March 9 and 11.

Advertisements

According to DappRadar, there were only 11,440 “active” NFT traders on March 11, the lowest number since November 2021.

Despite the decline in trading activity, the market capitalization of “blue chip” NFTs such as Bored Apes Yacht Club (BAYC) and CryptoPunks has not been materially affected, with only a slight drop in floor prices.

Related News:
  • Binance Announces New Stablecoin Amidst Plans to Discontinue BUSD Support

The news is a blow to the NFT market, which has been growing steadily over the past year. Many industry experts have predicted that NFTs will be the future of art and collectibles, and they have seen great success, especially with the rise of digital art.

The collapse of Silicon Valley Bank highlights the need for a more stable and secure financial infrastructure in the NFT market.

As the industry continues to evolve, it is critical that participants take steps to ensure the stability and safety of the market to prevent similar incidents in the future.

Despite recent setbacks, the NFT market remains optimistic about its future prospects.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
CryptoPunks DApp NFT SEC
Simon Lawson
  • X (Twitter)

Simon Lawson has been a professional financial reporter for 6 years. He has in-depth research on the crypto industry and will release major crypto news in a timely manner.

Recommended Reading

News September 27, 2023

Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community

News September 27, 2023

Federal Reserve Report Explores Financial Stability Implications of Tokenized Assets, Citing Growth and Interconnectivity Concerns

Business September 27, 2023

Grayscale Faces Fee War in US Bitcoin ETF Race

Markets September 25, 2023

Bonds Surge in Appeal as Bitcoin and S&P 500 Navigate Third Quarter Downturn

Markets September 25, 2023

NFT Market Faces Significant Decline Amidst Broader Crypto Challenges

Business September 24, 2023

Crypto Companies Shift Focus Outside the U.S. Amid Regulatory Pressures

The Latest
News September 27, 2023

Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community

News September 27, 2023

Federal Reserve Report Explores Financial Stability Implications of Tokenized Assets, Citing Growth and Interconnectivity Concerns

Business September 27, 2023

Grayscale Faces Fee War in US Bitcoin ETF Race

Markets September 25, 2023

Bonds Surge in Appeal as Bitcoin and S&P 500 Navigate Third Quarter Downturn

Markets September 25, 2023

NFT Market Faces Significant Decline Amidst Broader Crypto Challenges

EDITOR’S CHOICE
Ether (ETH) Prices are Trading at 27% Discount to Fair Value, New Research Shows
Robert Kiyosaki: Cryptocurrency is the Future, Fiat Money is on the Decline
Bonds Surge in Appeal as Bitcoin and S&P 500 Navigate Third Quarter Downturn
Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community
News
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Markets
Information
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Price Indexes
  • Market Cap
  • Bitcoin Price
  • Ethereum Price
  • Cardano Price
  • Solana Price
  • Polkadot Price
  • Polygon Price
Services
  • About Us
  • Contact Us
  • Advertise
  • Privacy Policy
  • Terms of Service
WebsCrypto
X (Twitter) Facebook Telegram LinkedIn RSS
© 2023 WebsCrypto

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