A day after the Federal Deposit Insurance Corp. took control of Silicon Valley banks, the number of active NFT traders dropped to just 12,000, according to DappRadar, a number not seen since November 2021.
since the beginning of March NFT trading volume was also down 51%, with sales down about 16%, according to DappRadar.
However, not all NFT collections are affected in the same way. Projects from Yuga Labs, Bored Ape Yacht Club and CryptoPunks saw floor prices drop slightly on Saturday. But it recovered quickly.
One Twitter user compared CryptoPunks to USDC, claiming to be more stable than the stablecoin that pegged against the US dollar following the Silicon Valley Bank meltdown.
But not all collections escaped the Silicon Valley Bank debacle shortly after the news broke on March 10, according to Proof, the NFT group behind popular collection Moonbirds. posted on Twitter to share that the company has invested in Silicon Valley Bank, which caused uncertainty among holders
2/5: In the spirit of transparency, here’s everything we know about the situation with SVB:
Proof holds cash at SVB, however…
We’ve thankfully diversified our assets across ETH, stablecoins, as well as fiat—so financially and operationally, we’re going to be OK.— PROOF (,
) (@proof_xyz) March 10, 2023
Over the weekend, Moonbirds lost about 18% of their value, according to DappRadar, with one major holding selling 500 Moonbirds on Saturday. with a loss of between 9% and 33% totaling more than 700 ETH or about 1.1 million dollars
refer : LINK
The post After the Silicon Valley bank collapse, the number of NFT traders dropped to its lowest point since November 2021 appeared first on Bitcoin Addict.