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NFT Trading Volumes Plunge Following Silicon Valley Bank Collapse

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On March 17th, according to a report by DappRadar on March 16th, before the collapse of the Silicon Valley bank on March 10th, NFT trading volume hovered betwee

NFT Trading Volumes Plunge Following Silicon Valley Bank Collapse

On March 17th, according to a report by DappRadar on March 16th, before the collapse of the Silicon Valley bank on March 10th, NFT trading volume hovered between $68 million and $74 million, and then fell to $36 million on March 12th. From March 9 to March 11, the daily sales volume of NFT decreased by 27.9%.

DappRadar: The collapse of banks in Silicon Valley has led to a significant impact on NFT trading volume

Analysis based on this information:


The recent report by DappRadar on March 16th revealed that Non-Fungible Token (NFT) trading volumes experienced a significant decline in the aftermath of the collapse of the Silicon Valley bank on March 10th. Before the incident, NFT trading volumes were estimated to be between $68 million and $74 million. However, the figures plummeted to $36 million on March 12th, indicating a significant reduction in NFT trading activity.

The report by DappRadar further highlighted the impact of the Silicon Valley bank’s collapse on NFT daily sales volume. According to the report, from March 9th to March 11th, the daily sales volume of NFTs experienced a decline of 27.9%. This decline in sales suggests that traders and investors are still reeling from the shock of the Silicon Valley bank’s collapse and are hesitant to invest heavily in NFTs.

The plummeting NFT trading volumes can also be attributed to the overall decline in the cryptocurrency market. Generally, cryptocurrencies, including Bitcoin and Ethereum, have experienced a downtrend in the past few weeks. This decline in asset value may have resulted in a lack of confidence in the emerging NFT market, leading to a decline in trading volumes.

The report also revealed that the outage on the OpenSea platform may have further contributed to the decline in NFT trading volumes. OpenSea is one of the largest NFT marketplaces, and on March 11th, the platform experienced an outage, preventing users from accessing the platform. This outage could have frustrated NFT traders and investors, leading to a further decline in NFT trading volumes.

In conclusion, the decline in NFT trading volumes is a consequence of the recent collapse of the Silicon Valley bank, the overall decline in the cryptocurrency market, and the outage experienced on the OpenSea platform. These events have led investors to be more cautious in their approach to investing in NFTs, and as a result, NFT trading volumes have plummeted. However, it remains to be seen if this decline in trading activity will continue or if it signals a more significant dip in the emerging market.

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