The NFT market value has plunged 46% in 30 days, after dropping from $6.6B to $3.5B. Here are the details of what happened.
The global NFT market value has fallen, even as trading activity picked up.
According to CoinGecko, total market cap dropped 46% in the last 30 days after slipping from around $6.6 billion on October 5 to $3.5 billion by early November.
The weight of this decline thus shows how fragile investor confidence can be, despite more users engaging in NFT trades.
A Closer Look at the NFT Market
CryptoSlam reported that NFT sales reached about $631 million in October. This stood as a 13% increase from September’s $556 million. Despite the uptick, most major networks suffered declines in value.
Ethereum, the largest blockchain for NFTs, saw a 25.5% drop, while Solana, Immutable, and Avalanche recorded losses between 31% and 35%.
BNB Chain and…
