“It is also important to consider that ETH lost 60% of its value last year, which had a strong influence on the value of the NFTs.”
The NFT market peaked in February 2022 at $19.1 billion, outperforming Bitcoin and Ether until the Terra collapse in May. By the following month, NFTs had lost 88% of their value. The market hit its year low at $2.2 billion at the end of November, the month of the FTX collapse. The market finished the year up 68% from that low. The report notes:
“This retraction of the NFT market was not a reflection of NFT’s utility, but rather a result of bad actors and market manipulations.” Yuga Labs accounted for two-thirds of the market in 2022, with its CryptoPunks and Bored Ape Yacht Club collections holding 46.7% of the market by themselves. The Otherdeed collection
I think this has more to do with people wanting utility from their NFTs instead of just cool art 🤷♂️
No wonder so many junk nft out there
look at trading volume. The only remaining volume is probably wash trading
Lower Low 😃🔻🔻 Bitcoin heading back down to $15k for 'Double Bottom' 😃💯