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NFT trading plummets following SVB crisis: Report

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There were only 11,440 active non-fungible token (NFT) traders on 11 March, the day after the Federal Deposit Insurance Corporation (FDIC) took control of Silicon Valley Bank (SVB).

It was the lowest count since 20 November 2021.According to a report published on 16 March by the decentralized app data aggregation platform DappRadar, NFT trading volumes took a massive hit following the collapse of SVB last week as traders fled the markets fearing the ramifications of a major U.S.

bank failure.On 11 March, single NFT trades totaled 11,440, the lowest daily total so far this year. Since the beginning of March, NFT trading volume has dropped 51%, while sales have dropped 15.88%.Before the collapse of SVB on 10 March, NFT trading volume was floating between $68 million and $74 million; it then fell to $36 million on 12 March.

The drop was accompanied by a 27.9% fall in daily NFT sales during 9-11 March.Despite the overall decline in NFT trading, the floor prices of blue-chip NFTs such as BAYC and CryptoPunks were hardly affected.It was on 8 March that SVG announced its decision to cease operations.The floor price of BAYC NFTs fell from 71.3 ETH on that day to 67.99 ETH on 11 March (a 5% drop).Source: NFTPriceFloorThe floor price of CryptoPunks NFTs fell from 66.99 ETH on that day to 64.99 ETH on 11 March (a 3% drop).Source: NFTPriceFloorThe fall in prices has not been drastic, showing the resilience of these top-tier NFTs.A Twitter handle compared CryptoPunks to USDC, saying that it was more stable than USDC, which lost its peg to the U.S.

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