SVB collapse chilled NFT trading volumes: Nifty Newsletter, March 15–21
The recent collapse of the Silicon Valley Bank (SVB) resulted in dwindling numbers for NFT trading volumes, with traders holding on to their assets amid the banking crisis in the United States.
Before the crisis, NFT trading volumes were around $68 million to $74 million. After SVB collapsed on March 10, the trading volume declined, falling to $36 million on March 12. In addition, the daily NFT sales count also dropped by 27.9% between March 9 and 11.
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As the UAE welcomes developments within the blockchain space, NFTs continue to thrive in the region. Cointelegraph explored various places to find out how NFTs are being used in the UAE.
At the Ultra Abu Dhabi event on March 5, organizers used NFT tickets. The tickets were similar to regular tickets but had the benefit of being recorded on-chain. This allows the organizers to combat fake tickets more efficiently. Meanwhile, in Dubai, NFTs are being used to help researchers get data and funding and as rewards for philanthropy.
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A new report from the crypto statistic website CoinGecko showed that NFT wash trading rose by 126% in February. The data showed that the top six NFT marketplaces had a total volume of $580 million in wash trading.
This marks the fourth continuous month that wash trading increased in the NFT space. According to the report, the increase in NFT wash trading may correlate to the overall NFT trading volume recovery in February.
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Software firm Salesforce jumped into NFTs after a limited release of Salesforce Web3, a platform that aims to help companies create and manage NFTs. The platform aims to connect brands with consumers and help companies understand how their customers interact with their
Read more on cointelegraph.com
