At going market prices, this amounted to about $4.7 billion, a steep fall from the $3 trillion valuation clocked during the bull run of November 2021.
The fall could be primarily attributed to the broader bearish market conditions which triggered a sharp decline in crypto prices, including ETH. After hitting yearly peaks in February, the sales volumes have gone downhill. The downfall intensified right through the second and third quarters, with no signs of a recovery in sight.The month of October saw a total of just 535k buyers and 496k sellers. In contrast, over a million traders in both segments were active in January 2022.The NFT winter froze popular blue-chip NFT collections.floor price tumbled to 29 ETH at press time.
As of this writing, the Yuga Labs-owned collection’s floor value was down 25% since the start of the year.Indeed, the NFT landscape was in need of a turnaround. Nansen’s benchmark NFT -500 index underperformed not just major crypto assets like the In fact, the NFT index saw the most consistent decline of all asset classes. These grim developments suggested that the NFT winter was far from over and spring would have to wait a bit more.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance.