NFTs Are In Their First Crypto Winter - Here’s What Investors Can Expect Next
— Heres, Crypto, Assets, Nfts, Winter, Market, Collections, Bitcoin, Expect, Investors — 1 min read
NFTs held out longer than mainstream crypto assets earlier this year, but market participation has fallen dramatically. Even blue chip assets and collections such as the Bored Ape Yacht Club have seen their prices crash. Investors are trying to determine how they are going to perform in the second half of the year. The total crypto market cap declined from $2.97 trillion to a recent low of $792 billion, representing a drawdown of 73%. The market cap of all collections listed on data aggregation platform NFTGo dropped 40% from $37.2 billion to $22 billion from peak to trough. Daily trading volume amongst these collections has declined precipitously by 95% from its peak of ~$800 billion in January to $40 billion now. Source